Company: ZCARW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110391
Chunk: 71

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 71
---
 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.

50

ZOOMCAR
HOLDINGS, INC.

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

29Commitments
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,
$96,000 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