Defendant Name: India Globalization Capital, Inc.

Defendant Type: Public Company
SIC Code: 7359
CUSIP: 45408X30

Initial Case Details

Legal Case Name In the Matter of India Globalization Capital, Inc. and Ramachandra "Ram" Mukunda
First Document Date 21-Dec-2020
Initial Filing Format Administrative Action
File Number 3-20180
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)
Additionally, Ramachandra "Ram" Mukunda is alleged to have caused India Globalization Capital, Inc.'s violation of Sec 17(a)(2) of the Securities Act.
Ramachandra "Ram" Mukunda is alleged to have caused India Globalization Capital, Inc.'s violation of Sec 17(a)(3) of the Securities Act.

Resolutions

First Resolution Date 21-Dec-2020
Headline Total Penalty and Disgorgement $175,000

Related Documents:

33-10908 21-Dec-2020 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Making Findings, and Imposing a Cease-and-Desist Order
On December 21, 2020, the SEC instituted settled cease-and-desist proceedings against India Globalization Capital, Inc. and Ramachandra "Ram" Mukunda, stating: "These proceedings arise out of India Globalization Capital’s announcement on March 26, 2018, that its first cannabis-based product, called Hyalolex, a formulation aimed at Alzheimer’s Disease symptom relief, “will be on the shelves in April [2018].” When it made this announcement, IGC was not ready to begin sales of Hyalolex by the following month. In fact, Hyalolex was not “on the shelves” at any time in 2018. At that time, IGC lacked experience in selling cannabis products, and was not able to meet the significant hurdles that needed to be cleared before sales could begin in such a regulated industry. Since Hyalolex was IGC’s self-described “lead product” and its first cannabisrelated item expected to produce revenues, the March 2018 announcement was material to investors. "
33-10908-s 21-Dec-2020 Administrative Summary
SEC Files Settled Charges Against India Globalization Capital and its CEO for Disclosures Regarding Availability of its First Cannabis Product
The SEC "announced settled charges against India Globalization Capital, Inc., a Maryland-based company traded on the NYSE American Exchange, and its CEO, Ramachandra "Ram" Mukunda, for misstating in a press release that its first cannabis-based product was ready for sale."

Other Defendants in Action:

Ramachandra "Ram" Mukunda