XML 89 R29.htm IDEA: XBRL DOCUMENT

NOTE 22 - SUBSEQUENT EVENTS	3 Months Ended
NOTE 22 - SUBSEQUENT EVENTS	Jun. 30, 2013
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 22 – SUBSEQUENT EVENTS On January 21, 2013, we incorporated IGC HK Mining and Trading Limited (“IGC-HK”) in Hong Kong. IGC-HK is a wholly owned subsidiary of IGC-Mauritius. On July 23, 2013, IGC Beijing Economic and Trading Limited (“IGC- Beijing”), was incorporated by two Chinese citizens, who acted as the initial directors of this company. This is as per the regulatory requirements for incorporation of companies. Once this company was incorporated, IGC-HK took control of 95% of the shares of IGC-Beijing. The necessary regulatory requirements for the ownership of IGC-Beijing by IGC-HK is expected to take three to four months and is expected to be routine, in the meantime the company is under the control of IGC-HK. No premium was paid to the individuals for incorporating IGC-Beijing. The company was not operational at the time of purchase and therefore no revenue or earnings were recorded. The individuals were reimbursed a total of $267.56 (1,650 RMB) for the amounts they paid to incorporate the company. Therefore effectively, this company is not an acquisition but an incorporation by IGC. This incorporation is part of our internal re-structuring.