Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 63

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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31, 
  
    Net leave encashment cost includes the following components 
    2024  
    2023  
    2024  
    2023 
  
    Service cost 
    $(1,933) 
    $(6,569) 
    $24,007  
    $119,187 
  
    Interest cost 
     4,309  
     3,672  
     14,045  
     14,084 
  
    Recognized net actuarial loss 
     3,003  
     29,683  
     (34,032) 
     (4,857)
  
    Net periodic benefit cost 
    $5,379  
    $26,786  
    $4,020  
    $128,414 

    III.
    Defined contribution plan

The Indian subsidiary makes provident
fund contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Indian subsidiary is required
to contribute a specified percentage of the payroll costs to fund the benefits. The contributions are made to provident fund in accordance
with the fund rules. The interest rate payable to the beneficiaries every year is notified by the Government. The amount of contributions
made to provident fund is $54,704 and $213,263 for the three months and nine months ended December 31, 2024 respectively ($98,424 and
$317,248 for the three months and nine months ended December 31, 2023 respectively).

42

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)

    29
    Related Party Transactions

    Key managerial personnel (KMP)

    Gregory Bradford Moran
    Chief Executive Officer & Director (until June 20, 2024)

    Hiroshi Nishijima
    Chief Executive Officer (w.e.f. June 20, 2024)

    Uri Levine
    Director (until July 20, 2023)

    David Ishag
    Director (until January 31, 2024)

    Evelyn D’An
    Director (w.e.f. April 19, 2023)

    Graham Gullan
    Director (until June 18, 2024)

    Swatick Majumdar
    Director (w.e.f. August 9, 2023)