Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 928

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1C
Chunk 928
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 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.

(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. The Indian tax authority is currently examining our 2016 through 2023 tax returns. There are other ongoing audits in various other jurisdictions that are not material to our financial statements. The Company received an order for fiscal year 2015-16 in relation to non- deduction of tax deducted at source withholding taxes on certain payments to resident payees/service providers amounting to $125,839 (March 31, 2024: $129,027). Penalty of $125,839 has been claimed but the proceedings are kept under abeyance until the above order is disposed off. The Company has filed appeals against the above orders before higher authority.

The Company has not recognized any uncertain tax position as at March 31, 2025 and March 31, 2024, respectively. The Company believes these orders are unlikely to be sustained at the higher appellate authorities.

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F-52

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

    35
    Subsequent events

(A) On May 6, 2025, the Company received a notice of delisting from the Nasdaq Stock Market. Suspension of trading in the Company’s common stock was effective at the open of trading on May 8, 2025. In connection with the delisting, the Company’s securities commenced quotation on the OTC Markets Group platform. Effective May 8, 2025, the Company’s common shares began trading on the OTCQX Best Market under the ticker symbol “ZCAR”, and its warrants began trading on the OTCQB Venture Market under the ticker symbol “ZCARW”.

(B) On April 22, 2025, the Company entered into a settlement agreement with Siddhartha Assets to settle payables related to it’s operating leases. They have granted a short-term deferral in payments and reduction in the outstanding liability. As per the terms, the outstanding liability shall be settled in four