Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 231

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 231
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 fees and penalty charges,
disputes on goods and service tax input availed, and GST demands on gross booking value. The Company has taken necessary steps, including
filing appeals, submissions, and deposits, and is awaiting further communication from the authorities. In relation to the GST demands
on gross booking value, the Company has filed a writ petition with various authorities challenging the order. Based on the submissions
provided and documents available, management believes that no significant outflow is expected, and therefore, 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.

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blank)

F-51

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

    34
    Commitments and contingencies (Continued)

(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,