Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 975

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1C
Chunk 975
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 minimum of two of the board of directors of a should be composed
of “independent directors,”. As per the OTCQX Rules the following persons shall not be considered independent: A) a director
who is, or at any time during the past three years was, employed by the Company; (B) a director who accepted or has a Family Member
who accepted any compensation from the Company in excess of $120,000 during any fiscal year within the three years preceding the determination
of independence, other than compensation for board or board committee service; compensation paid to a Family Member who is an employee
(other than an executive officer) of the Company; or benefits under a tax-qualified retirement plan, or non-discretionary compensation;
or (C) A director who is the Family Member of a Person who is, or at any time during the past three years was, employed by the Company
as an executive officer. The Company’s Board has determined that each of Mohan Ananda, Evelyn D’An, Swatick Majumdar,
and John Clarke are independent directors under the OTCQX Rules and that the Audit Committee composes of independent directors and meets
the heightened independence standards of Rule 10A-3 of the Exchange Act.

110

Item 14. Principal Accounting Fees and Services

For the fiscal year ended
March 31, 2025, Grant Thornton Bharat LLP (“GT”), served as our independent registered public accounting firm and during such
time, billed the approximate fees set forth in the table below. On December 28, 2023, as contemplated by the Merger Agreement, Innovative
International Acquisition Corp. merged with Zoomcar Inc., resulting in Zoomcar Holdings, Inc. The Merger was accounted for as a reverse
recapitalization with Zoomcar, Inc. as the accounting acquirer and Innovative International Acquisition Corp.as the acquired company for
accounting purposes. Accordingly, GT, which has been Zoomcar Inc., auditor since 2021, assumed the role of the Zoomcar Holdings independent
registered public accounting firm.

The table below sets forth
the aggregate fees billed to the Company by GT for services rendered in the fiscal year ended March 31, 2025.

    March 31, 2025 
  
    Audit fees 
    $586,961 
  
    Audit-related fees 
     — 
  
    Tax fees 
     — 
  
    All other fees 

    Total 
    $586,961