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NOTE 12 - RELATED PARTY TRANSACTIONS
 12 Months Ended
Mar. 31, 2012
Related Party Transactions Disclosure [Text Block]
NOTE 12 — RELATED PARTY TRANSACTIONS

The Company had agreed to pay Integrated Global Network, LLC (“IGN, LLC”), an affiliate of our Chief Executive Officer, Mr. Mukunda, an administrative fee of $4,000 per month for office space and general and administrative services from the closing of the Public Offering through the date of a Business Combination. For the year ended March 31, 2012, a total of $ 48,000 was accrued as rent payable to IGN LLC out of which $ 16,000 was outstanding as of March 31, 2012.

The Company used the services of Economic Law Practice (ELP), a law firm in India. A member of our Board of Directors, prior to his resignation on March 15, 2011, was a Partner of ELP.  Since inception to March 31, 2010, the Company has incurred $186,303. There were no accruals or payments regarding ELP during the year ended March 31, 2012. Accordingly, there was no balance receivable or payable to/from this party as of March 31, 2012.

The Company, specifically one of the subsidiaries of the Company, TBL, has a receivable from Sricon, an affiliate of the Company, amounting to $3,114,572. This amount was advanced by TBL to Sricon to fund a bid on a new contract and provide the working capital requirement for the contract. Subsequently, due to certain disputes that have arisen between Sricon and IGC, the receivable of $3.1 million is still outstanding. Sricon is unwilling to pay the amount as it seeks to offset the amount as an equity payment from IGC.  However the amount was advanced from TBL, not from IGC, and TBL has no equity in Sricon. Further, the two entities, IGC and TBL, are legally different companies and therefore TBL has legal remedies under Indian law.  The Company has engaged Indian counsel who is in the process of preparing the case to pursue the recovery of this receivable.  From an accounting perspective, the Company has created a full provision in respect of this receivable in the financial year ended March 31, 2011 due to the dispute.

The Company has certain related party balances towards the Chairman of the subsidiary company – PRC Ironman. As of March 31, 2012, the amount due to the related party amounted to $310,681.