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SEC Comment Letter for IGC Pharma, Inc. (IGC) (CIK 0001326205) (IGC) — Nov 2, 2010

IGC Pharma, Inc. (IGC) (CIK 0001326205)
Date: Nov. 2, 2010 · CIK: 0001326205 · Accession: 0000000000-10-065114

AI Filing Summary & Sentiment

Sentiment
Urgency
Document Type
Confidence
SEC Posture
Company Posture

Summary

Reasoning

Date
October 27, 2010
Author
Assistant Director
Form
UPLOAD
Company
IGC Pharma, Inc. (IGC) (CIK 0001326205)

Letter

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -4631 DIVISION OF CORPORATION FINANCE November 2 , 2010 By facsimile to ( 202) 828-5393 and U.S. Mail Mr. Ram Mukunda Chief Executive Officer and President India Globalization Capital, Inc. 4336 Montgomery Avenue Bethesda, MD 20814

Re: India Globalization Capital , Inc. Pre-effective Am endment 6 to Registration Statement on Form S -1 Filed October 27, 2010 File No. 333 -163867

Dear Mr. Mukunda :

We reviewed the filing and have the comments below.

1. We reissue comment 1 from our October 19, 2010 letter. Please revise your prospectus to state that the placement agents are underwriters .

2. Please disclose the price at which you are selling the warrants.

3. We note that purchasers of your common stock will automatically receive a warrant to purchase one share of common stock for each three share s of common stock that they purchase in this offering. Pl ease clarify whether you are registering for sale these warrants.

4. Please remove the assumptions in subparagraphs iv, vii, viii, ix, and x from the legal opinion filed as exhibit 5.1.

5. Please file a n executed version of the placement agent agreement.

Closing

As appropriate, please amend your registration statement in response to the se comments. You may wish to provide us marked courtesy copies of the amendment to expedite our review. Please furn ish a cover letter with your amendment that keys your responses to our comments and provides any requested information. Detailed cover letters greatly facilitate our review. Please

Mr. Ram Mukunda November 2 , 2010 Page 2

understand that we may have additional comments after review of your amen dment and responses to our comments.

We urge all persons who are responsible for the accuracy and adequacy of the disclosures in the filing to be certain that the filing includes all information required under the Securities Act of 1933 and that they hav e provided all information that investors require for an informed investment decision. Since the company and its management are in possession of all facts relating to a company’s disclosures, they are responsible for the adequacy and accuracy of the discl osures that they have made.

Notwithstanding our comments, when the company requests acceleration of the effective date of the pending registration statement, it should furnish a letter at the time of the request, acknowledging t hat:

Should the Commission or the staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing .

The action of the Commission or the staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the company from its full responsibility for the adequacy and accuracy of the disclosure in the filing .

The company may not assert staff comments and the declaration of effectiveness as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

Also , please be advised that the Division of Enforcement has access to all information that you provide to the staff of the Division of Corporat ion Finance in connection with our review of your filing or in response to our comments on your filing.

We will consider a written request for acceleration of the effective date of the registration statement as confirmation of the fact that those requesti ng acceleration are aware of their respective responsibilities under the Securities Act of 1933 and the Securities Exchange Act of 1934 as they relate to the proposed public offering of the securities specified in the above registration statements. We wil l act on the request and, pursuant to delegated authority, grant acceleration of the effective date.

We direct your attention to Rules 460 and 461 regarding requesting acceleration of a registration statement. Please allow adequate time after the filing of any amendment for further

Mr. Ram Mukunda November 2 , 2010 Page 3

review before submitting a request for acceleration. Please provide this request at least two business days in advance of the requested effective date.

You may direct questions on comments and disclosure issues to Edward M . Kelly, Senior Counsel, at (202) 551 -3728 or Craig E. Slivka , Special Counsel, at (202) 551 -3729.

Very truly yours,
Pamela A. Long
Assistant Director

Show Raw Text
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 -4631

       DIVISION OF
CORPORATION FINANCE

      November 2 , 2010

By facsimile to ( 202) 828-5393  and U.S. Mail

Mr. Ram Mukunda
Chief Executive Officer and President
India Globalization Capital, Inc.
4336 Montgomery Avenue
Bethesda, MD 20814

Re: India Globalization Capital , Inc.
 Pre-effective Am endment  6 to Registration Statement on Form S -1
 Filed October 27, 2010
 File No. 333 -163867

Dear Mr. Mukunda :

We reviewed the filing and have the comments below.

1. We reissue comment 1 from our October 19, 2010 letter.  Please revise your prospectus to
state that the placement agents are underwriters .

2. Please disclose the price at which you are selling the warrants.

3. We note that purchasers of your common stock will automatically receive a warrant to
purchase one share of common stock for each three share s of common stock that they
purchase in this offering.  Pl ease clarify whether you are registering for sale these warrants.

4. Please remove the assumptions in subparagraphs iv, vii, viii, ix, and x from the legal opinion
filed as exhibit 5.1.

5. Please file a n executed version of the placement agent agreement.

Closing

 As appropriate, please amend your registration statement  in response to the se comments.
You may wish to provide us marked courtesy copies of the amendment  to expedite our review.
Please furn ish a cover letter with your amendment that keys your responses to our comments and
provides any requested information.  Detailed cover letters greatly facilitate our review.  Please

Mr. Ram Mukunda
November 2 , 2010
Page 2

 understand that we may have additional comments after review of your amen dment and
responses to our comments.

 We urge all persons who are responsible for the accuracy and adequacy of the disclosures
in the filing to be certain that the filing includes all information required under the Securities Act
of 1933 and that they hav e provided all information that investors require for an informed
investment decision.  Since the company and its management are in possession of all facts
relating to a company’s disclosures, they are responsible for the adequacy and accuracy of the
discl osures that they have made.

Notwithstanding our comments, when the company requests acceleration of the effective
date of the pending registration statement, it should furnish a letter at the time of the request,
acknowledging t hat:

 Should the Commission  or the staff, acting pursuant to delegated authority,
declare the filing effective, it does not foreclose the Commission from taking any
action with respect to the filing .

 The action of the Commission or the staff, acting pursuant to delegated authority,
in declaring the filing effective, does not relieve the company from its full
responsibility for the adequacy and accuracy of the disclosure in the filing .

 The company may not assert staff comments and the declaration of effectiveness
as a defense in any  proceeding initiated by the Commission or any person under
the federal securities laws of the United States.

 Also , please be advised that the Division of Enforcement has access to all information
that you provide to the staff of the Division of Corporat ion Finance in connection with our
review of your filing or in response to our comments on your filing.

We will consider a written request for acceleration of the effective date of the registration
statement as confirmation of the fact that those requesti ng acceleration are aware of their
respective responsibilities under the Securities Act of 1933 and the Securities Exchange Act of
1934 as they relate to the proposed public offering of the securities specified in the above
registration statements.  We wil l act on the request and, pursuant to delegated authority, grant
acceleration of the effective date.

We direct your attention to Rules 460 and 461 regarding requesting acceleration of a
registration statement.  Please allow adequate time after the filing of any amendment for further

Mr. Ram Mukunda
November 2 , 2010
Page 3

 review before submitting a request for acceleration.  Please provide this request at least two
business days in advance of the requested effective date.

 You may direct questions on comments and disclosure issues to Edward M . Kelly, Senior
Counsel, at (202) 551 -3728 or Craig E. Slivka , Special Counsel,  at (202) 551 -3729.

      Very truly yours,

      Pamela A. Long
      Assistant Director

cc: Stanley S. Jutkowitz, Esq.
 Seyfarth Shaw LLP
 975 F Street, N.W.
 Washingto n, DC 20004