RESTRICTED CASH |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| RESTRICTED CASH | RESTRICTED CASH Restricted cash for the periods ended March 31, 2022 and 2021, consisted of:
As of March 31, 2022 and 2021, the Company's restricted cash included the cash portion of the funds segregated in a special custody account for the exclusive benefit of its brokerage customers, as well as required reserves with the Central Bank of the Russia which represents cash on hand balance requirements. Restricted cash also included a deferred distribution payment amount, which is a reserve held for distribution to shareholders who have not yet claimed their distributions from the 2011 sale of the Company's oil and gas exploration and production operations of $8,534. This distribution is currently payable, subject to the entitled shareholders completing and submitting to the Company the necessary documentation and establishing his, her or its legal right to his, her or its distribution payments. The Company has no control over when, or if, an entitled shareholder will submit the necessary documentation to establish his, her or its legal right to their distribution payment.
The entire deferred distribution payment amount was held in cash at March 31, 2022 and 2021. A Company shareholder entitled to a portion of the distribution amount died before claiming the distribution. As a result of disputes between the individual's putative heirs and potential owners of an entity that also claimed through the shareholder, the Company has been unable to determine who is legally entitled to receive a significant portion of the distribution payment. During the fiscal year ended March 31, 2022, the putative estate asserted claims in Utah state court seeking, among other things, payment of the distribution. The Company and the putative estate have agreed to attempt to mediate the dispute. For additional information regarding this matter see Part I Item 3 "Legal Proceedings" of this annual report.
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