Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1247

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 3
Chunk 1247
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, no provision has been recorded as of March 31, 2025, and March 31, 2024.

(C) In February 2023, a former employee of Zoomcar India instituted
a suit before the City Civil and Sessions Judge at Mayo Hall, Bengaluru against Zoomcar India, Zoomcar, Inc. and Zoomcar Holdings, Inc.
(formerly IOAC) challenging his termination, claiming damages amounting to $397,023 and claiming that 100,000 options to purchase shares
of Zoomcar, Inc. have vested. On March 3, 2023, the City Civil and Sessions Judge at Mayo Hall, Bengaluru, issued an interim injunction
to restrain each of Zoomcar, Inc. and Zoomcar Holdings, Inc. from “alienating or dealing” the 100,000 shares of Zoomcar,
Inc. claimed by the former employee while the suit is pending. Zoomcar believes that such claims are baseless and is attempting to have
the interim order vacated. In addition, Zoomcar India filed an application in the former employee’s suit, seeking that Zoomcar
Holdings, Inc. be deleted from the array of parties in the suit.

(D) On November 1, 2024, Gregory Moran, a former employee of Zoomcar
India, has filed a case with the Superior Court, Delaware, challenging his termination without a cause or a sufficient notice, claiming
$100,000 payment that was agreed to be paid on the 6 month anniversary of the effective date of closing of the SPAC transaction along
with a 8% fully diluted equity interest in Zoomcar Holdings, Inc., non-payment of “vacation” valued at approximately $30,000,
leave encashment of approximately $42,000, $96,000 entitled to him for severance pay and gratuity as per India’s Payment of Gratuity
Act, 1972. Additionally, he has claimed 210,520 stock units already existing, fully vested. The Company filed a motion to dismiss the
matter on November 27, 2024. On January 7, 2025, the Company subsequently filed the opening brief in support of the motion to dismiss
filed on November 27, 2024. The Company further filed the opening brief in support of the motion to dismiss on 7 January 2025. Mr. Moran
filed opposition to Zoomcar’s motion on February 5, 2025 and Zoomcar filed a reply