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NOTE 25 - SUBSEQUENT EVENTS | 12 Months Ended
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Mar. 31, 2014
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | NOTE 25 – SUBSEQUENT EVENTS On July 14, 2014, India Globalization Capital, Inc. (“IGC”) and its subsidiary, India Globalization Capital Mauritius (“IGC-M”), entered into a new employment agreement (the “2014 Employment Agreement”) with Ram Mukunda, pursuant to which he will continue to receive a salary of $300,000 per year for services to IGC and IGC-M as executive Chairman and Chief Executive Officer through July 2019. The Agreement provides that the Board of Directors of IGC may establish performance targets and bonuses on an annual basis. The Agreement also provides for benefits, including insurance, paid vacation, a car (subject to partial reimbursement by Mr. Mukunda of lease payments) and reimbursement of business expenses. The term of the 2014 Employment Agreement is five years, after which employment will become at-will. The 2014 Employment Agreement is terminable by IGC and IGC-M for death, disability and cause. In the event of a termination without cause, change of control or non-renewal at the end of the term, IGC would be required to pay Mr. Mukunda his full compensation for 36 months. The 2014 Employment Agreement also contains indemnity, confidentiality and non-competition provisions. On June 27, 2014, IGC entered into an agreement with TerraSphere Systems, LLC and Greenlife Ventures, Inc. to develop multiple facilities to produce organic leafy green vegetables utilizing TerraSphere’s advanced pesticide-free organic indoor farming technology. Under the agreement, IGC will own 51% of each venture once production is operational, and will have a right of first refusal to participate in all future build-outs. On June 20, 2014, IGC announced that it has entered into a joint venture agreement to produce organic leafy green vegetables through advanced vertical indoor farming technology. The venture has been formed among three companies: IGC, Greenlife Ventures ("GLV"), and GoLocalProduceRI ("GLPRI") and will be located in Rhode Island. On June 8, 2014, IGC entered into an ATM Agency Agreement with Enclave Capital LLC ("Enclave"). Pursuant to the terms of the Agreement, the Company may offer and sell shares of its common stock having aggregate gross proceeds of up to $1.5 million from time to time through Enclave, as its sales agent. On May 31, 2014, IGC completed the acquisition of 51% of the issued and outstanding share capital of Golden Gate Electronics Limited, a corporation organized and existing under the laws of Hong Kong ("Golden Gate"), from Sunny Tsang Hon Sang, the sole shareholder of Golden Gate, pursuant to the terms of a Stock Purchase Agreement by and among the parties. Golden Gate, headquartered in Hong Kong, operates an e-commerce platform for trading of commodities and electronic components. The purchase price of the acquisition consists of up to 1,209,765 shares of IGC common stock, valued at approximately $1,052,496 on the closing date of the Stock Purchase Agreement. On May 6, 2014 IGC announced that it has retained William Wilkerson as Director Operations to drive the development of the Company's newly launched initiative into the medicinal and legal cannabis industry. The initial strategy includes developing partnerships with companies in Canada and Indian in an effort to gain intellectual property and position IGC for what may eventually become a potential U.S. legal marijuana market. On April 2, 2014, IGC entered into a securities purchase agreement with certain institutional investors relating to the sale and issuance by our company to the investors of an aggregate of 750,000 shares of our common stock, for a total purchase price of $506,250.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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