v3.25.1
Related Party Transactions
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Related Party Transactions [Abstract]    
Related Party Transactions
29 Related Party Transactions

 

Key managerial personnel (KMP)    
     
Gregory Bradford Moran   Chief Executive Officer & Director (until June 20, 2024)
     
Hiroshi Nishijima   Chief Executive Officer (w.e.f. June 20, 2024)
     
Uri Levine   Director (until July 20, 2023)
     
David Ishag   Director (until January 31, 2024)
     
Evelyn D’An   Director (w.e.f. April 19, 2023)
     
Graham Gullan   Director (until June 18, 2024)
     
Swatick Majumdar   Director (w.e.f. August 9, 2023)
     
Mohan Ananda   Director (w.e.f. December 28, 2023)
     
Madan Menon   Director (w.e.f. December 28, 2023)
     
Lisbeth McNabb   Director (until April 18, 2023)
     
John Robert Clarke   Director (w.e.f. June 20, 2024)
     
Mark Bailey*   Director (until December 06, 2024)

 

Investor in Indian subsidiary    
     
Mahindra & Mahindra Limited**   Investor in Indian subsidiary (until December 28, 2023)
     
Enterprises owned or significantly influenced by above    
     
Mahindra & Mahindra Financial Services Limited**    
     
Mahindra First Choice Wheels Limited**    
     
Yard Management Services Limited**    
     
Ananda Small Business Trust    

 

Related party transactions pertaining to debt, investments, and other current liabilities have been stated on the face of the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations.

The Company had following transactions with related parties:

 

   Three months ended   Nine months ended 
   December 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023 
Interest expense                
Mahindra & Mahindra Financial Services Limited**  $
-
   $12,427   $
-
   $38,203 
                     
Interest income                    
Mahindra & Mahindra Financial Services Limited**  $
-
   $5,548   $
-
   $11,224 
                     
Parking charges                    
Yard Management Services Limited**  $
-
   $241,866   $
-
   $241,866 
                     
Debt - principal repayment                    
Mahindra & Mahindra Financial Services Limited**  $
-
   $66,525   $
-
   $119,576 
                     
Debt - foreclosure charges                    
Mahindra & Mahindra Financial Services Limited**  $
-
   $
-
   $
-
   $153 
                     
Amount received for November 2024 Offering                    
Mark Bailey*  $2,499,959   $
-
   $2,499,959   $
-
 
                     
Amount received for December 2024 Offering                    
Hiroshi Nishijima  $50,001   $
-
   $50,001   $
-
 

 

The Company has the following outstanding balances with related parties:

 

As at  December 31,
2024		   March 31,
2024		 
Convertible promissory note (non-current and current)        
Ananda Small Business Trust  $
-
   $2,027,840 
           
Payable to Director          
Mohan Ananda  $152,435   $152,435 
           
Advance to director (net)          
Gregory Bradford Moran  $
-
   $44,168 
           
Derivative financial instruments          
Hiroshi Nishijima  $8,464   $
-
 
   $160,899   $2,224,443 

 

*Mark Bailey was considered a related party until December 6, 2024. Accordingly, transactions until December 6, 2024 with him has been disclosed. However, outstanding balances as of December 31, 2024, have not been disclosed, as he was no longer classified as a related party on that date.

 

**Mahindra & Mahindra Financial Services Limited, Mahindra First Choice Wheels Limited and Yard Management Services Limited were related parties until December 28, 2023, hence, the transactions until December 28, 2023 with these related parties have been disclosed. The outstanding balances with these related parties have not been disclosed since they were not related parties as on March 31, 2024 and December 31, 2024.
32Related Party Transactions

 

  Key managerial personnel (KMP)  
     
  Gregory Bradford Moran Chief Executive Officer & Director
  Uri Levine Director (untill July 20, 2023)
  David Ishag Director (untill January 31, 2024)
  Evelyn D’An Director (w.e.f. April 19, 2023)
  Graham Gullan Director
  Swatick Majumdar Director (w.e.f. August 9, 2023)
  Mohan Ananda Director (w.e.f. December 28, 2023)
  Madan Menon   Director (w.e.f. December 28, 2023)
  Lisbeth McNabb Director (until April 18, 2023)
     
  Investor in Indian subsidiary  
  Mahindra & Mahindra Limited*  Investor in Indian subsidiary (Until December 28, 2023)
     
  Enterprises owned or significantly influenced by above  
  Mahindra & Mahindra Financial Services Limited*  
  Mahindra First Choice Wheels Limited*  
  Yard Management Services Limited*  
  Ananda Small Business Trust  

 

Related party transactions pertaining to debt, investments, and other current liabilities have been stated on the face of the Consolidated Balance Sheet and Consolidated Statement of Operations.

 

The Company had following transactions with related parties:

 

   March 31, 2024   March 31, 2023 
Interest expense        
Mahindra & Mahindra Financial Services Limited*  $38,203   $64,844 
           
Interest income          
Mahindra & Mahindra Financial Services Limited*   11,224    15,804 
           
Parking charges          
Yard Management Services Limited*   241,866    - 
           
Debt - principal repayment          
Mahindra & Mahindra Financial Services Limited*   119,576    251,700 
           
Debt - foreclosure charges          
Mahindra & Mahindra Financial Services Limited*   153    1,123,384 
           
Proceeds from sale of assets held for sale          
Mahindra First Choice Wheels Limited*   (3,144)   3,187,157 
           
Legal Fees          
Mahindra First Choice Wheels Limited*   -    668 

The Company has the following outstanding balances with related parties:

 

As at  March 31, 2024   March 31, 2023 
Convertible promissory note (non-current and current)        
Ananda Small Business Trust  $2,027,840   $- 
           
Payable to Director          
Mohan Ananda   152,435    - 
           
Debt (non-current and current maturities)          
Mahindra & Mahindra Financial Services Limited*   -    1,054,887 
           
Fixed deposits (including interest accrued)          
Mahindra & Mahindra Financial Services Limited*   -    262,117 
           
Advance received for sale of property and equipment          
Mahindra First Choice Wheels Ltd*   -    15,067 
           
Advance to director (net)          
Gregory Bradford Moran   44,168    19,682 
    2,224,443    1,351,753 

 

*Mahindra & Mahindra Financial Services Limited, Mahindra First Choice Wheels Limited and Yard Management Services Limited were related parties untill December 28, 2023, as post Reverse Recapitalization, they were no longer beneficiary owner of more than 5% of the company securities, hence, the transactions till December 28, 2023, as post Reverse Recapitalization, they were no longer beneficiary owners of more than 5% of Company's securities, hence, the transaction till December 28, 2023 with these related parties have been disclosed. The outstanding balances with these related parties have not been disclosed since they were not related parties as on March 31, 2024.