<SUBMISSION>
<ACCESSION-NUMBER>0000950137-06-009327
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20060814
<ITEMS>2.02
<ITEMS>4.02
<ITEMS>9.01
<FILING-DATE>20060818
<DATE-OF-FILING-DATE-CHANGE>20060818
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>India Globalization Capital, Inc.
<CIK>0001326205
<ASSIGNED-SIC>6770
<IRS-NUMBER>202760393
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-32830
<FILM-NUMBER>061044249
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>4336 MONTGOMERY AVENUE
<CITY>BETHESDA
<STATE>MD
<ZIP>20814
<PHONE>301-983-0998
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>4336 MONTGOMERY AVENUE
<CITY>BETHESDA
<STATE>MD
<ZIP>20814
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c07967e8vk.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Date of Report (Date of earliest event reported): <B>August&nbsp;14, 2006</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>INDIA GLOBALIZATION CAPITAL, INC</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of small business issuer as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland</B><BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0001326205</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>20-2760393</B><BR>
(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>4336 Montgomery Ave., Bethesda, Maryland 20814</B><BR>
(Address of principal executive offices)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>(301)&nbsp;983-0998</B><BR>
(Issuer&#146;s telephone number)
</DIV>

<!-- &nbsp; -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following
provisions (<I>see</i> General Instruction A.2. below):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">India Globalization Capital, Inc. (the &#147;Company&#148;) is in the process of preparing a restatement of:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its audited financial statements for the period from April&nbsp;29, 2005 (inception)&nbsp;through
March&nbsp;8, 2006, and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its audited financial statements for fiscal year March&nbsp;31, 2006.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company intends to file amendments to its Form 8-K filed March&nbsp;17, 2006 and Annual Report on
Form 10-KSB for the fiscal year ended March&nbsp;31, 2006 that will include restated financial
statements and amendments to related disclosures for the fiscal periods covered by those reports.
Item&nbsp;4.02 contains additional information about adjustments to the financial results of the
Company, and is incorporated herein by reference.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or
Completed Interim Review</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;14, 2006, the Company determined that it will be required to restate its previously
issued financial statements for the period from April&nbsp;29, 2005 (inception)&nbsp;through March&nbsp;8, 2006,
appearing in the Company&#146;s Form 8-K filed March&nbsp;17, 2006 and its financial statements for the years ended March&nbsp;31, 2006, appearing
in the Company&#146;s Form 10-KSB for the year ended March&nbsp;31, 2006. The Company proposes to amend its
financial statements to record stock compensation expense for the fair value of the shares of
common stock issued to its founders and advisors in February&nbsp;2006. While the review process is not
yet complete, the restatement will increase previously reported operating losses and net losses for
the indicated interim and fiscal periods. Other than corrections to classifications resulting from
the restatement, previously reported cash flows are not expected to be impacted. In addition, the
Company&#146;s current cash position is not expected to be impacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The authorized officers of the Company have discussed with Goldstein Golub Kessler LLP, the
Company&#146;s independent registered public accounting firm (&#147;GGK&#148;), the matters disclosed in this
Current Report on Form 8-K. In addition, GGK, has notified the Company that GGK has withdrawn its
opinion included in the Form 8-K filed March&nbsp;17, 2006 covering the financial statements for the
period from April&nbsp;29, 2005 (inception)&nbsp;through March&nbsp;8, 2006 and in Form 10-K for the year ended
March&nbsp;31, 2006 covering the financial statements for the year ended March&nbsp;31, 2006. (The letter of
withdrawal was delivered to the Company on August&nbsp;18, 2006, is being filed as Exhibit&nbsp;99.2 to this
Current Report on Form 8-K and is incorporated into this Item&nbsp;4.02 by reference.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company and GGK continue to work together to complete the audit of the restated periods
included in the Form 8-K filed March&nbsp;17, 2006 and Form 10-K for the year ended March&nbsp;31, 2006. GGK
discussed the withdrawal of its opinion with a member of the Company&#146;s Audit Committee and has
reviewed the matters set forth in this Current Report on Form 8-K.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;18, 2006, the Company issued a press release addressing those matters, which is attached
hereto as Exhibit&nbsp;99.1 and is incorporated herein by reference.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Exhibits
</DIV>
<DIV align="center">
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<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
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    <TD width="90%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Exhibit&nbsp;No.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>Description</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Press Release dated August&nbsp;18, 2006</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Letter from Goldstein Golub Kessler, LLP regarding non-reliance on previously issued financial statements, dated August&nbsp;18, 2006.</TD>
</TR>
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</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">INDIA GLOBALIZATION CAPITAL, INC..<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Dated:  August 18, 2006&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John Cherin
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John Cherin, Treasurer and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c07967exv99w1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<TITLE>exv99w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Contact:<BR>
Ram Mukunda<BR>
Chief Executive Officer and President<BR>
India Globalization Capital, Inc.<BR>
(301)&nbsp;983-0998

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">FOR IMMEDIATE RELEASE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INDIA GLOBALIZATION CAPITAL, INC. TO<BR>
RESTATE FINANCIAL STATEMENTS FOR PRIOR FISCAL PERIODS<BR>
Current Cash Position Not Impacted
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BETHESDA,
Maryland, August&nbsp;18, 2006 &#151; India Globalization Capital, Inc. (AMEX: IGC.U) (the
&#147;Company&#148;) today announced that the Audit Committee of the Board of Directors has undertaken a
review of certain financial accounting matters affecting previously reported financial information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of management&#146;s review to date, the Company has concluded that its financial statements
for financial statements for the period from April&nbsp;29, 2005 (inception)&nbsp;through March&nbsp;8, 2006,
appearing in the Company&#146;s Form 8-K filed March&nbsp;17, 2006 and its financial statements for the years
ended March&nbsp;31, 2006, appearing in the Company&#146;s Form 10-KSB for the year ended March&nbsp;31, 2006 will
need to be restated. Consequently, those financial statements should no longer be relied upon. The
restatement is expected to record stock compensation expense for the fair value of shares of common
stock issued to founders and advisors in February&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the review process is not yet complete, the Company believes the restatement will increase
previously reported operating losses and net losses for the indicated interim and fiscal periods.
Other than corrections to classifications resulting from the restatement, previously reported cash
flows are not expected to be impacted. In addition, the Company&#146;s current cash position is not
expected to be impacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has filed today a Form 8-K relating to this matter with the Securities and Exchange
Commission (&#147;SEC&#148;). The Company is working diligently to complete the restatements and expects to
file its Form 10-QSB for the fiscal quarter ended June&nbsp;30, 2006 within the prescribed time frame.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A note about forward-looking statements</B>:

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The statements contained herein, other than historical information, are or may be deemed to be
forward-looking statements and involve factors, risks and uncertainties that may cause actual
results in future periods to differ materially from such statements. These factors, risks and
uncertainties include our expectations about possible business combinations, our growth strategies,
our future financing plans, and our anticipated needs for working capital, as well as other risks
detailed from time to time in the our filings with the Securities and Exchange Commission.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"># # #
</DIV>



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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>c07967exv99w2.htm
<DESCRIPTION>LETTER
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><b>Exhibit&nbsp;99.2</b></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">August&nbsp;18, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Audit Committee<BR>
Board of Directors<BR>
India Globalization Capital, Inc.<BR>
4336 Montgomery Ave.<BR>
Bethesda, Maryland 20814

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gentlemen:

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s Form 8-K filed on August&nbsp;18, 2006, discloses that the previous financial statements
of the Company included in the Form 8-K for the period from April&nbsp;29, 2005 (inception)&nbsp;to March&nbsp;8,
2006 and in the Form 10-K for the period from April&nbsp;29, 2005 (inception)&nbsp;to March&nbsp;31, 2006 should
no longer be relied upon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based upon the conclusions of the Company described above, we hereby inform the Company that we
have withdrawn our opinion included in the Form 8-K relating to the period ended March&nbsp;8, 2006 and
Form 10-K for the period ended March&nbsp;31, 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GOLDSTEIN GOLUB KESSLER LLP<BR>
New York, New York

</DIV>


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