Company: ZCARW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110391
Chunk: 609

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 3
Chunk 609
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 15d-15(d) of the Exchange Act that occurred during the period covered by this Quarterly Report on Form 10-Q that have
materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Remediation Plans

We have commenced measures
to remediate the identified material weaknesses, including:

(i)We
have been working with consultants to assist in the preparation and presentation of financial statements in accordance with US GAAP and
PCAOB guidelines. Furthermore, we are putting a framework in place to properly manage the review and approval process of work prepared
by our third-party advisors.

(ii)We
will work on scheduling training sessions on a quarterly basis to provide relevant USGAAP knowledge. In addition to this management would
look to hire people with USGAAP knowledge to bridge the gap over the next few quarters.

(iii)Management
will be finalizing work commenced on developing accounting manuals, policies, and standard operating procedures in consultation with
Deloitte, our external SOX consultants.

(iv)We
are designing and implementing additional review procedures within our accounting and finance department to provide more robust and comprehensive
internal controls over financial reporting.

(v)We
have properly concluded that ITGC controls over SAP (our accounting software) are operating effectively as of March 31, 2025. We are
in the midst of reviewing and implementing proper ITGC controls in all other areas relevant to the preparation of the Company’s
financial statements.

We intend to continue to
take steps to remediate the material weaknesses described above and further evolving our accounting processes. The actions we are taking
are subject to ongoing executive management review and are also subject to the oversight of the Audit Committee. We will not be able to
fully remediate these material weaknesses until these steps have been completed and have been operating effectively for a sufficient period
of time. If we are unable to successfully remediate these material weaknesses, or if in the future, we identify further material weaknesses
in our internal control over financial reporting, we may not detect errors on a timely basis and our Unaudited Condensed Consolidated
Financial Statements may be materially misstated.

This Quarterly Report on
Form 10-Q does not include an attestation report of our registered public accounting firm due to a transition period established by rules
of the SEC for an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 201