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India Globalization Capital, Inc. ('IGC') Appoints New Auditors
India Globalization Capital, Inc. ('IGC') Appoints New Auditors
BETHESDA, Md., May 9 /PRNewswire-FirstCall/ -- India Globalization Capital, Inc. (AMEX: IGC.U, IGC.WT, IGC, "Company") today announced that it is replacing its present auditors with the firm of Yoganandh and Ram, an accounting firm located inIndia and registered with the Public Company Accounting Oversight Board (PCAOB). IGC operates on a fiscal year that ends March 31 and expects to file its annual consolidated financial statements with the SEC before June 30, 2008.
From the Company's inception in 2005 to October 3, 2007, IGC's auditors had been the accounting firm of Goldstein Golub Kessler LLP (GGK). On October 3, 2007, the partners of GGK became partners of McGladrey & Pullen, LLP. As a result, McGladrey & Pullen, LLP reviewed the Company's financial statements for the quarter ended December 31, 2007.
On March 7, 2008, IGC's shareholders approved the acquisitions of Sricon Infrastructure and Techni Bharathi, Ltd. With these acquisitions, most of our operations are now based inIndia and our Board of Directors made the decision to retain an auditor based inIndia.
Effective May 5, 2008, the Audit Committee of IGC dismissed McGladrey & Pullen, LLP and appointed Yoganandh and Ram (Y&R), Chartered Accountants as our auditors. Y&R was responsible for auditing both Sricon Infrastructure and Techni Bharathi for the financial years ending March 31, 2005, 2006 and 2007.
About IGC
Based inBethesda, Maryland, IGC controls two infrastructure companies, Sricon Infrastructure Private Limited ("Sricon") and Techni Bharathi Limited ("TBL"), inIndia. We have three core competencies: 1) highway and other heavy construction, 2) mining & quarrying and 3) civil construction and engineering of high temperature plants. The Company's medium term plans are to expand each of these lines of business.
Our operations are based inIndia with offices inMaryland,Mauritius, Nagpur,Cochin,Delhi andBangalore, India. Copies of the Form S-3 and IGC's other filings with the SEC containing information about IGC, the Indian companies and other relevant documents, are available at no charge at the SEC's Internet site (http://www.sec.gov). The Company maintains a web site at www.indiaglobalcap.com.
Forward-Looking Statements:
This press release may contain forward-looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those projected, expressed or implied in these statements. Factors, which could cause actual results to differ, relate to: (i) the ability of the parties to successfully execute on the contracts and business plan, (ii) our ability to raise additional capital and the structure of such capital including the exercise of warrants, and (iii) changes in the exchange rate between the US dollar and the Indian Rupee. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward looking statements have been discussed in greater detail in the company's definitive proxy statement and supplement filed with the SEC and incorporated by reference into the Form S-3.
SOURCE India Globalization Capital, Inc.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
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