SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

UBS AG

(Last)

(First)

(Middle)

BAHNHOFSTRASSE 45

(Street)

CH-8001, ZURICH, SWITZERLAND

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
India Globalization Capital, Inc. [ IGC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2008

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/02/2008		S		5,915	D	$5.28	48,382	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/02/2008		S		300	D	$5.18	48,082	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/02/2008		S		424	D	$5.15	47,658	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/02/2008		S		16,100	D	$5.32	31,558	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/03/2008		P		3,900	A	$5.66	35,458	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/03/2008		P		10,723	A	$5.65	46,181	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/03/2008		S		6,000	D	$5.76	40,181	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/03/2008		S		4,723	D	$5.5	35,458	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/03/2008		S		1,000	D	$5.65	34,458	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/03/2008		S		2,100	D	$5.53	32,358	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/03/2008		S		1,400	D	$5.84	30,958	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/03/2008		P		100	A	^{( 2 )}	31,058	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/03/2008		S		100	D	^{( 2 )}	30,958	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/03/2008		S		100	D	^{( 2 )}	30,858	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/04/2008		P		1,500	A	$5.85	32,358	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/04/2008		P		850	A	$5.82	33,208	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/04/2008		P		200	A	$6.02	33,408	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/04/2008		S		100	D	$5.81	33,308	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/04/2008		S		500	D	$5.8	32,808	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/04/2008		S		200	D	$6.02	32,608	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/04/2008		S		700	D	$5.88	31,908	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/04/2008		S		250	D	$5.81	31,658	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/06/2008		P		400	A	$5.67	32,058	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/06/2008		P		200	A	$5.77	32,258	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/06/2008		P		400	A	$5.65	32,658	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/06/2008		P		500	A	$5.45	33,158	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/06/2008		S		1,300	D	$5.57	31,858	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/06/2008		S		500	D	$5.45	31,358	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/06/2008		S		1,026	D	$5.63	30,332	I ^{( 1 )}	See Footnote ^{( 1 )}
Common Stock	06/06/2008		S		8	D	$5.64	30,324	I ^{( 1 )}	See Footnote ^{( 1 )}

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Warrants (Right to Buy)	$5	05/20/2008		P		2,940		03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	2,940	$0.73	1,103,523	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/20/2008		S			100	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	100	$0.78	1,103,423	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/20/2008		S			2,940	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	2,940	$0.73	1,100,483	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/21/2008		P		10,000		03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	10,000	$0.79	1,110,483	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/21/2008		P		1,000		03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	1,000	$0.8	1,111,483	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/21/2008		P		1,760		03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	1,760	$0.7	1,113,243	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/21/2008		S			300	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	300	$0.7	1,112,943	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/21/2008		S			1,460	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	1,460	$0.7	1,111,483	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/21/2008		S			1,100	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	1,100	$0.76	1,110,383	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/21/2008		S			1,500	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	1,500	$0.8	1,108,883	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/21/2008		S			6,000	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	6,000	$0.8	1,102,883	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		P		100,000		03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	100,000	$0.85	1,202,883	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		P		2,000		03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	2,000	$0.96	1,204,883	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		P		19,086		03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	19,086	$0.94	1,223,969	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		P		66,355		03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	66,335	$1	1,290,324	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		P		24,800		03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	24,800	$0.99	1,315,124	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		S			386	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	386	$0.91	1,314,738	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		S			1,100	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	1,100	$0.99	1,313,638	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		S			2,600	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	2,600	$1	1,311,038	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		S			17,800	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	17,800	$0.99	1,293,238	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		S			1,325	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	1,325	$0.95	1,291,913	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		S			20,000	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	20,000	$0.99	1,271,913	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		S			7,130	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	7,130	$0.97	1,264,783	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		S			2,100	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	2,100	$0.91	1,262,683	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		S			5,000	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	5,000	$0.92	1,257,683	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/22/2008		S			56,200	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	56,200	$1	1,201,483	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/23/2008		P		6,600		03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	6,600	$0.96	1,208,083	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/23/2008		S			200	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	200	$0.98	1,207,883	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/23/2008		S			1,600	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	1,600	$1.01	1,206,283	I ^{( 1 )}	See Footnote ^{( 1 )}
Warrants (Right to Buy)	$5	05/23/2008		S			6,400	03/07/2008 ^{( 3 )}	03/03/2011	Common Stock	6,400	$0.96	1,199,883	I ^{( 1 )}	See Footnote ^{( 1 )}

Explanation of Responses:

1. THE REPORTED SECURITIES ARE OWNED DIRECTLY IN PART BY UBS FINANCIAL SERVICES, INC. AND IN PART BY UBS SECURITIES LLC, BOTH OF WHICH ARE WHOLLY OWNED SUBSIDIARIES OF UBS AG. UBS AG IS INDIRECT BENEFICIAL OWNER OF THE REPORTED SECURITIES.

2. THE REPORTED SECURITIES REFLECT A PURCHASE OF 100 UNITS FOR $8.25 PER UNIT, A SALE OF 100 UNITS FOR $8.18 PER UNIT AND A SALE OF 100 UNITS FOR $8.10 PER UNIT.

3. INDIA GLOBALIZATION CAPITAL, INC. FILED ITS ANNUAL REPORT FOR THE FISCAL YEAR ENDED MARCH 31, 2008 ONE DAY AFTER ITS EXTENDED DEADLINE FOR FILING, AND THUS THE ISSUER'S REGISTRATION STATEMENT ON FORM S-3 REGISTERING THE REPORTED SECURITIES ISSUABLE UPON EXERCISE OF THE WARRANTS CEASED TO BE EFFECTIVE. AS A RESULT, ON JULY 16, 2008, THE WARRANTS BECAME UNEXERCISABLE, AND THE REPORTING PERSON CEASED TO HAVE A REPORTING OBLIGATION WITH RESPECT TO THE REPORTED SECURITIES. THIS FORM 4 REFLECTS BENEFICIAL OWNERSHIP OF THE REPORTING PERSON AS OF JULY 15, 2008, AND DOES NOT REFLECT ANY SUBSEQUENT ACTIVITY.

	/s/ Gordon Kiesling, Executive Director, UBS AG	09/17/2008
	/s/ Anthony DeFilippis, Executive Director, UBS AG	09/17/2008
	** Signature of Reporting Person	Date
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