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India Globalization Capital to Regain Compliance w/ NYSE Listing Standards

October 13, 2017

 

Yesterday, India Globalization Capital Inc. (NYSE:IGC) announced that on October 11, 2017 it received notice from NYSE American LLC that it has accepted IGC’s plan to regain compliance with the exchange’s continued listing standards by November 8, 2017.

 

Currently, IGC is not in compliance with Section 704 of the listing standards, which states that each issuer listing common stock or voting preferred stock, and/or their equivalents, shall hold an annual meeting of shareholders no later than one year after the end of the issuer's fiscal year.

 

The NYSE reviewed IGC’s timeline submitted on October 10, 2017, which commits to an annual meeting on November 8, 2017, and agreed to extend the deadline for IGC to regain compliance with Section 704 to November 8, 2017, as the company will resolve the noncompliance by holding its annual meeting on such date.

 

IGC is holding its joint 2016 and 2017 Annual Shareholders Meeting on November 8th, 2017 as disclosed on the Definitive Proxy on Form 14A filed with the SEC on October 10, 2017. The meeting is to be held at 11410 Isaac Newton Sq., Suite 100, Reston, Virginia 20190 at 11:00 AM EST.

 

The company will be discussing the following matters at the Annual Meeting:

  1. To elect Mr. Ram Mukunda and Mr. Sudhakar Shenoy to the Company’s board of directors to serve as a Class C and Class A directors, respectively, until the 2019 and 2020 annual meetings of Stockholders and until such directors’ respective successors shall be duly elected and qualified, or until such directors’ earlier death, resignation or removal from office;

  2. To ratify the appointment of AJSH & Company, as the Company’s independent registered public accounting firm for the 2018 fiscal year;

  3. To approve the issuance of up to 2,000,000 additional shares of our common stock to Bricoleur Partners, L.P., to be used as payment of principal and/or interest;

  4. To approve the grant of 1,900,000 shares of common stock to be granted from time to time to the Company’s current and new employees, advisors, directors, and consultants by the board of directors, pursuant to certain metrics including performance, vesting and incentive as set by the board of directors and or the CEO;

  5. To approve the adoption of the IGC’s 2018 Omnibus Incentive Plan for a period of 10 years commencing in 2018 on substantially the same terms as the current shareholder approved 2008 Omnibus Incentive Plan as Amended set to expire in 2018.

  6. To approve, by a non-binding advisory vote, the compensation of the Company’s named executive officers as disclosed pursuant to the SEC’s compensation disclosure rules (which disclosure includes the Compensation Discussion and Analysis, the compensation tables and the narrative disclosures that accompany the compensation tables) (the “Say-on-Pay Proposal”); and

  7. To act upon such other matters as may properly come before the Annual Meeting, including any proposal to adjourn or postpone of the Annual Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies.

 

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