Company: ZCARW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110391
Chunk: 320

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 320
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 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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(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, $96,000
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. The Company further filed the opening
brief in support of the motion to dismiss on 7 January 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. Oral arguments on Zoomcar’s 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 in the next hearing held on August 15, 2025. The judgement from the hearing is currently pending with the Court.

(E)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