Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 65

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 65
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 the progress 
 of the internal controls implemented.                                                                                                        |

| (iii) | Developing financial reporting manuals                                                                                                
 including Standard Operating Procedures for financial statement closure processes to ensure compliance with US GAAP and SEC reporting 
 requirements and monitoring controls over financial statement closure process.                                                        |

| (iv) | Management is working on hiring,                                                                                                                
 training and retention of inhouse resources with requisite US GAAP knowledge. The management has also engaged external accounting professionals 
 and is developing processes for sufficient managements reviews.                                                                                 |

| (v) | Management is currently working                                                                                         
 on developing accounting manuals, policies and standard operating procedures in consultation with external consultants. |

| (vi) | Management is in the process of                                                                                                          
 developing Information Technology General Controls (“ITGC”) policies and procedures to address identified deficiencies,                  
 ensuring controls are designed and operating effectively. This will include establishing monitoring mechanisms to regularly evaluate and 
 test the effectiveness of ITGC, including access controls, change management, and data integrity validation.                             |

32 We intend to continue to take steps to remediate the material weaknesses described above and further evolving our accounting processes. The actions we are taking are subject to ongoing executive management review and are also subject to the oversight of the Audit Committee. We will not be able to fully remediate these material weaknesses until these steps have been completed and have been operating effectively for a sufficient period of time. If we are unable to successfully remediate these material weaknesses, or if in the future, we identify further material weaknesses in our internal control over financial reporting, we may not detect errors on a timely basis and our consolidated financial statements may be materially misstated. While the Company has identified remediation plans and is working on remediating these material weaknesses, no assurance can be made that the Company will be successful in remediating any or all of the material weaknesses within the requisite timelines. We are required to comply with the SEC’s rules implementing Sections 302 and 404 of the Sarbanes-Oxley Act, which require management to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness of controls over financial reporting. Although we are required to disclose changes made in its internal controls and procedures on a quarterly basis, we will not be required to make our first annual assessment of its internal control over financial reporting pursuant to Section 404 until the year following our first annual report required to be filed with the SEC. To comply with the requirements of being a public company, we have undertaken various actions, and will