SEC Filing Summary: India Globalization Capital, Inc.
Business Context and Reporting Period
This Form 8-K was filed on January 25, 2008, by India Globalization Capital, Inc. (not IGC Pharma, Inc., as noted in the request metadata). The filing reports a change in the registrant's certifying accountant. The company is incorporated in Maryland with principal executive offices in Bethesda, Maryland.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the transition of the independent registered public accounting firm.
Material Changes
- Accountant Resignation: Goldstein Golub Kessler LLP (GGK) resigned as the independent registered public accounting firm on January 25, 2008. This resignation resulted from the partners of GGK becoming partners of McGladrey & Pullen, LLP via a limited asset purchase agreement.
- New Appointment: McGladrey & Pullen, LLP was engaged as the new independent registered public accounting firm on January 30, 2008, approved by the board of directors.
- Audit History: GGK's audit reports for the periods ended March 31, 2006, and March 31, 2007, did not contain adverse opinions or disclaimers. However, the report for the year ended March 31, 2007, included a going concern explanatory paragraph.
Guidance, Risks, and Contingencies
The filing states there were no disagreements between the company and GGK regarding accounting principles, financial statement disclosures, or auditing scope during the two most recent fiscal years or through the date of the report. Similarly, no reportable events occurred. The company confirmed no consultations with the new firm, McGladrey & Pullen, LLP, on accounting principles or audit opinions prior to their engagement. The former accountant, GGK, agreed with the statements made in this filing.
Investor Verification Checklist
- Verify the company name discrepancy: The filing is for India Globalization Capital, Inc., not IGC Pharma, Inc.
- Review the "going concern" explanatory paragraph in the March 31, 2007, audit report for details on liquidity or operational risks.
- Confirm the status of the transition between GGK and McGladrey & Pullen, LLP to ensure no disruption in audit continuity.
- Check subsequent filings for the first financial statements audited by the new firm.