Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 143

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 143
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, 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.                                                                         |

| (G) | On November 7, 2024, the Company                                                                                                          
 received a notice from ACM Zoomcar Convert LLC (“ACM”) regarding a breach of obligations under the Unsecured Convertible                  
 Note executed on December 28, 2023. The Company had defaulted on its payment obligations to ACM on June 25, 2024, resulting in the entire 
 outstanding amount becoming payable on demand. ACM has initiated litigation with the Court to recover the principal amount of $5,656,087, 
 unpaid interest of $341,746, and interest at the contractual rate until the date of judgment. The Company has filed an opposition to      
 the claim and is currently awaiting the Court’s decision.                                                                                 |

| (H) | Zoomcar Holdings, Inc. files tax                                                                                                               
 returns in the U.S. federal, various state, and foreign jurisdictions. In the normal course of business, the Company is subject to examination 
 by tax authorities. Our major tax jurisdiction is in India. The Indian tax authority is currently examining our 2016 through 2022 tax          
 returns.                                                                                                                                       |

As at December 31, 2024, tax returns for years ended March 31, 2020 and onward remain subject to examination by tax authorities in India. There are other ongoing audits in various other jurisdictions that are not material to our financial statements. The Company received an order for fiscal year 2015-16 in relation to non-deduction of tax deducted at source withholding taxes on certain payments to resident payees/service providers amounting to $125,660 (March