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NOTE 25 - SUBSEQUENT EVENTS | 12 Months Ended
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Mar. 31, 2013
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | NOTE 25 – SUBSEQUENT EVENTS On July 14, 2013, the Board of directors approved granting Mr. John Selvaraj, Treasurer and Principal Financial and Accounting Officer, an extended leave of absence for health reasons. The Board of directors appointed Mr. Danny Ngai as Interim Treasurer and Principal Financial and Accounting Officer. Based on the recommendation of the Compensation Committee, the Board of Directors also agreed to a one-year extension of IGC’s CEO Mr. Ram Mukunda’s employment contract thru May 22, 2014 on the same terms as the existing agreement. In July 2013, the Company signed Letter of Intent (LOI) for the acquisition of a 25% interest in an iron ore mine located in Aohan Banner, Inner Mongolia and 25% of a nearby beneficiation plant. Production is slated to begin in early August 2013. We expect to close the acquisition in FYE March 31, 2014. In July 2013, IGC also signed an iron ore sale and purchase agreement with Mon Resources International LLC., a supplier of iron ore mined in Mongolia. The contract encompasses an aggregate shipment of up to 126,000 metric tons of 54% Fe content ore. The shipments are expected to commence in August. To become compliant with all NYSE MKT listing requirements, the Company effected a reverse split of its common stock at a ratio of 1-for-10 commencing at the open of the NYSE MKT Exchange on April 19, 2013. IGC’s common stock started trading under a new CUSIP number 45408X 308, but the Company's ticker symbol, IGC, remained unchanged. Effective March 31, 2013, the Company and Bricoleur Partners, L. P. agreed to amend the outstanding $1,800,000 promissory note (“2012 Security”), subject to the same terms of the 2012 Agreement, to extend the maturity date of the 2012 Security from December 31, 2012 to July 31, 2014.

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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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