Defendant Name:
India Globalization Capital, Inc.
Defendant Type:
Public Company
SIC Code:
7359
CUSIP:
45408X30
Document Reference:
33-10908
Document Details
Legal Case Name
In the Matter of India Globalization Capital, Inc. and Ramachandra "Ram" Mukunda
Document Name
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
Document Date
21-Dec-2020
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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.
"
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$175,000.00
Shared:
Other Defendants in Action:
