Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 58

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 58
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 also seeks damages under the New York Labor Law, under which he seeks
liquidated damages equal to 100% of any unpaid wages.  He claims that all of the above constitute wages under New York Labor Law.

Zoomcar believes that the
termination of Mr. Moran’s employment for cause was proper in accordance with the terms of his Employment Agreement. Mr. Moran’s
case in the District Court was dismissed on account of Mr. Moran’s stated intention to refile the case in Delaware Superior Court.
Mr. Moran refiled his lawsuit in the Superior Court of the State of Delaware on November 1, 2024. On November 27, 2024, the Company filed
a motion to dismiss certain of the causes of action for failure to state a cause of action, and the briefing on that motion was filed
on January 7, 2025.  Mr. Moran filed opposition to Zoomcar’s motion on February 5, 2025 and Zoomcar filed a reply in further
support of its motion on February 20, 2025.  Zoomcar’s oral arguments in its motion to dismiss  were heard on April 29,
2025. The court granted the motion to dismiss Mr. Moran’s quasi-contractual claims and reserved decision on the balance of the
motion. Zoomcar believes the allegations are without merit, intends to defend them vigorously and expects to prevail either at the motion
stage or at a hearing on the merits. However, there can be no assurance that the Company will be successful in defending these claims
in its entirety and such efforts may be time-consuming, costly and may have reputational and other negative effects on Zoomcar.

ACM has filed a notice of motion for summary
judgement in lieu of complaint against Zoomcar in New York courts for payment of amounts due under the Note pursuant to breach of the
terms of the Note 

On November 7, 2024, ACM
filed a notice of motion for summary judgement in in lieu of complaint (“Motion”) against Zoomcar in New York State Supreme
Court, New York County, alleging it was entitled to accelerated payment of $5,997,832.72 pursuant to the terms of an unsecured promissory
note issued by Zoomcar to ACM on December 28, 2023 (“Note”) as consideration for certain alleged, bona fide expenses that
ACM’s members had aggregated and assigned to ACM for collection from Zoomcar.  As alleged by ACM in its moving