Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1103

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 2
Chunk 1103
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 to
the Atalaya Note holders for a settlement of $2,324,696.

The change in fair value resulted in gain of $1,740,636
that is recorded for the year ended March 31, 2025 ($NIL for the year ended March 31, 2024) in the Consolidated Statements of Operations
(as no portion of such fair value adjustment resulted from instrument-specific credit risk). Also, Refer Note 33.

During the year ended March 31, 2025, the Company
received notices from Atalaya regarding equity line transactions and incurring debt without the Purchaser’s consent. Atalaya filed a case
against the Company seeking relief from the above mentioned defaults. On March 28, 2025, the Supreme Court of the state of New York ordered
the Company to pay the outstanding principal amount along with interest accrued till date amounting to $5,997,833. Further as per the
order of the court, the Company is liable to pay interest at 9% per annum till the date the ordered amount is paid in full.

F-33

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

21Other current liabilities

The components of other current liabilities were
as follows:

    (In
    USD)
    As at 
    March 31,
 2025  
    March 31,
 2024 

    Payable to renters 
    $273,591  
    $576,052 
  
    Statutory dues payable 
     1,588,047  
     1,550,688 
  
    Capital creditors 
     5,790  
     5,936 
  
    Employee benefit expenses payable 
     274,049  
     320,360 
  
    Other liabilities* 
     1,058,172  
     330,582 
  
    Other current liabilities 
    $3,199,649  
    $2,783,618 

*Includes payables related to operating leases and the residual
value of vehicles acquired from Leaseplan India Private Limited.

*Also includes liquidated damages payable by the Company at 2%
per months of the subscription amount paid by the subscribers at the closing, to the subscribers of the December 2024 offering and Second
Closing of December 2024 offering, due to the late filing of the registration statement (Form S-1) and non-effect