Item 13. Certain Relationships and Related Transactions
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The disclosure contained in this Section is not required pursuant to Item 404 of
Regulation S-K. On December 29, 1995, IGC Energy, an indirect, wholly owned
subsidiary of the Company, entered into a subscription agreement to purchase an
interest in a limited partnership known as the Cambridge Ventures, L.P.
(Partnership) ("CVLP"). CVLP is licensed by the United States Small Business
Administration as a small business investment company. As such, CVLP operates as
a venture fund and invests in equities, debt securities with equity
participation and secured short and long-term loans; CVLP also participates in
other funds. IGC Energy has invested a total of $275,000 in CVLP, which
represents, in the opinion of the board of directors, a fair and reasonable
investment for IGC Energy. IGC Energy holds ten (10) out of the two hundred and
nineteen (219) partnership units that have been sold in CVLP as of December 31,
1997. On January 26, 1996, Xxxx X. Xxxxxxxxx was elected to the board of
directors of the Company. Xx. Xxxxxxxxx is also an Investments Director. Xx.
Xxxxxxxxx owns six (6) units in CVLP.
