Defendant Name: India Globalization Capital, Inc.

Defendant Type: Public Company

Document Reference: 33-10908-s

Document Details

Legal Case Name In the Matter of India Globalization Capital, Inc. and Ramachandra "Ram" Mukunda
Document Name SEC Files Settled Charges Against India Globalization Capital and its CEO for Disclosures Regarding Availability of its First Cannabis Product
Document Date 21-Dec-2020
Document Format Administrative Proceeding
File Number 3-20180
Allegation Type Issuer Reporting and Disclosure
Document Summary 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."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Monetary Penalties:

Civil Penalty

Individual:     $175,000.00 Shared:    

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. "

Other Defendants in Action:

Ramachandra "Ram" Mukunda