Bethesda, Maryland, Dec. 14, 2012 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC), a company competing in the rapidly growing materials and infrastructure industry in India and China, announced that on Tuesday, December 11, 2012, it received a notice from the NYSE MKT LLC (the "Exchange") stating that the Company is not in compliance with Section 1003(f)(iv) of the Exchange's Company Guide.
Specifically the Exchange Staff has determined that the Company has not paid the outstanding listing fees balance for a substantial period of time and, pursuant to Section 1003(f)(iv) of the Company guide, the Company's continued listing is predicated on it submitting all unpaid listing fees due to the Exchange by January 10, 2013.
As a consequence of the Company falling below listing standards, the Company, will continue to be included in a list of issuers that are not in compliance with the Exchange's continued listing standards and will remain subject to the indicator .BC to denote its noncompliance. Both the website posting and the indicator will remain in effect until such time as the Company has regained compliance with all applicable continued listing standards.Ram Mukunda, CEO of IGC said, "The process of moving funds out of India involves applying to the Reserve Bank of India (RBI) for permission to repatriate funds. While the process is streamlined, obtaining appropriate clearances can typically take 6 months and sometimes more. In our case we applied to the RBI over 6 months ago and believe that we are close to the end of the process. It has taken inordinately long because this is the first time in five years that the Company has applied to repatriate funds. We expect to receive the approval in the next few weeks and be in a position to meet the obligation to the NYSE by January 10, 2013."