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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 4pt solid; font-size: 1pt; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>WASHINGTON,
D.C. 20549 </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
<span id="xdx_909_edei--DocumentType_c20220401__20230331_z30ppeoh2Tgb"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:DocumentType">20-F</ix:nonNumeric></span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Mark
One)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--DocumentRegistrationStatement_c20220401__20230331_zA2rokhlxgbk"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleanfalse" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--DocumentAnnualReport_c20220401__20230331_zl054bo94ini"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleanfalse" name="dei:DocumentAnnualReport">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the fiscal year ended <span id="xdx_905_edei--DocumentPeriodEndDate_c20220401__20230331_zwt6xzTfG1d9"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate"><span id="xdx_90F_edei--CurrentFiscalYearEndDate_c20220401__20230331_zn01awn5LBRl"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:datemonthdayen" name="dei:CurrentFiscalYearEndDate">March
31</ix:nonNumeric></span>, <span id="xdx_902_edei--DocumentFiscalYearFocus_c20220401__20230331_zyklXrc9ywY1"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:DocumentFiscalYearFocus">2023</ix:nonNumeric></span></ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--DocumentTransitionReport_c20220401__20230331_zsV1gNJSe5qe"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleanfalse" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--DocumentShellCompanyReport_c20220401__20230331_zgQyQEzi1x69"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleantrue" name="dei:DocumentShellCompanyReport">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
of event requiring this shell company report: <span id="xdx_907_edei--DocumentShellCompanyEventDate_c20220401__20230331_zaLN5RFHiaO8"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:datemonthdayyearen" name="dei:DocumentShellCompanyEventDate">December 8, 2023</ix:nonNumeric></span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission
File Number: <span id="xdx_904_edei--EntityFileNumber_c20220401__20230331_ztJXebgxly73"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityFileNumber">333-272717</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_90E_edei--EntityRegistrantName_c20220401__20230331_zittXRkbFGMb"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityRegistrantName">SRIVARU
Holding Limited</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Exact
name of Registrant as specified in its charter) </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Not
    applicable</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--EntityIncorporationStateCountryCode_c20220401__20230331_zSS1eFxlfIQ1"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Cayman
    Islands</ix:nonNumeric></span></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Translation
    of Registrant&#8217;s name into English)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Jurisdiction
    of incorporation or organization)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="xdx_90E_edei--EntityAddressAddressLine1_c20220401__20230331_zfZ6NMVovhJk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityAddressAddressLine1">2<sup>nd
</sup>Floor, Regatta Office Park</ix:nonNumeric></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, <span id="xdx_909_edei--EntityAddressAddressLine2_c20220401__20230331_zJYIc0iBYZ0j"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityAddressAddressLine2">West
Bay Road</ix:nonNumeric></span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityAddressAddressLine3_c20220401__20230331_zJKxQwXrh5tl"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityAddressAddressLine3">P.O.
Box 10655</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><b><span id="xdx_90A_edei--EntityAddressCityOrTown_c20220401__20230331_zqwtSpy5uMkh"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityAddressCityOrTown">Grand
Cayman</ix:nonNumeric></span>, <span id="xdx_908_edei--EntityAddressPostalZipCode_c20220401__20230331_ziD4wAKZm6db"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityAddressPostalZipCode">KY1-1006</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90F_edei--EntityAddressCountry_c20220401__20230331_zbZeF7zt6xW9"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Cayman
Islands</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address
of Principal Executive Offices) </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_901_edei--ContactPersonnelName_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zNM8Wzk2Y3e6"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:ContactPersonnelName">SRIVARU
Holding Limited</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="xdx_900_edei--EntityAddressAddressLine1_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zV2PQ3qArnok" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1">2<sup>nd
</sup>Floor, Regatta Office Park,</ix:nonNumeric></b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--EntityAddressAddressLine2_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zWxGoyDxqGmi"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine2">West Bay Road</ix:nonNumeric></span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--EntityAddressAddressLine3_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zgUxWSjvs4Vd"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine3">P.O.
Box 10655</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_901_edei--EntityAddressCityOrTown_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zopgnqT2JkWk"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Grand
Cayman</ix:nonNumeric></span>, <span id="xdx_909_edei--EntityAddressPostalZipCode_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zucLr8PETnL6"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:EntityAddressPostalZipCode">KY1-1006</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_901_edei--EntityAddressCountry_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zuxPalQrAuO6"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Cayman
Islands</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone:
<span id="xdx_900_edei--CityAreaCode_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zQ6yhdzF6pG"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:CityAreaCode">+1 (888)</ix:nonNumeric></span> <span id="xdx_903_edei--LocalPhoneNumber_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zJJRtqbyZwii"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:LocalPhoneNumber">227-8066</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Email:
ir@srivarumotors.com</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Name,
Telephone, Email and/or Facsimile number and Address of Company Contact Person)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(b) of the Act: </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol(s)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
                                            of each exchange</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>on
    which registered</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    shares</ix:nonNumeric></span></b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_edei--Security12bTitle_c20220401__20230331__us-gaap--StatementClassOfStockAxis__custom--WarrantsMember_zlxKwS2FCP16"><ix:nonNumeric contextRef="From2022-04-012023-03-31_custom_WarrantsMember" name="dei:Security12bTitle">Warrants</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(g) of the Act: </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Title
of Class) </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Title
of Class) </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the shell company report: <span id="xdx_90A_edei--EntityCommonStockSharesOutstanding_iI_c20230331_zEKF1E3xKKo2"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,946,286</ix:nonFraction></span> ordinary shares and 10,005,000 warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes &#9744; <span id="xdx_90F_edei--EntityWellKnownSeasonedIssuer_c20220401__20230331_zZg8rpbPqCv7"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744; <span id="xdx_905_edei--EntityVoluntaryFilers_c20220401__20230331_zcBSKKoaaOM2"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes &#9744; <span id="xdx_904_edei--EntityCurrentReportingStatus_c20220401__20230331_zT7FnB2qwxe4"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityCurrentReportingStatus">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). <span id="xdx_90B_edei--EntityInteractiveDataCurrent_c20220401__20230331_zgm5wuIiHxf7"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.&#8239;<span id="xdx_90E_edei--DocumentFinStmtErrorCorrectionFlag_c20220401__20230331_zEatMBCItMsc"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleanfalse" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b).&#8239;&#9744;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%">&#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--EntityFilerCategory_c20220401__20230331_zREDxsH0C003"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--EntityEmergingGrowthCompany_c20220401__20230331_zBVe4LH6tGS5"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleantrue" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_904_edei--EntityExTransitionPeriod_c20220401__20230331_zhNcgGtYB18k"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;The
term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board
to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting over Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_90B_edei--IcfrAuditorAttestationFlag_c20220401__20230331_zqTTX3pB5ZDl"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleanfalse" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--DocumentAccountingStandard_c20220401__20230331_zLWSoK6ngh5c"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 55%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Financial Reporting Standards as issued</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
    the International Accounting Standards Board</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question indicate by check mark which financial statement item the registrant
has elected to follow. Item 17 &#9744; Item 18 &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
<span id="xdx_904_edei--EntityShellCompany_c20220401__20230331_z396rWH4cmZ4"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span> &#9746;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#sj_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary Note Regarding Forward-Looking Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#sj_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined Terms</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#sj_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Explanatory Note</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right">4</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#sj_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART I</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right">5</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1. Identity of Directors, Senior Management and Advisers</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right">5</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 2. Offer Statistics and Expected Timetable</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right">5</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 3. Key Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right">5</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 4. Information on the Company</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right">6</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 4A. Unresolved Staff Comments</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right">8</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 5. Operating and Financial Review and Prospects</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right">8</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 6. Directors, Senior Management and Employees</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right">8</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 7. Major Shareholders and Related Party Transactions</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right">8</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 8. Financial Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 9. The Offer and Listing</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 10. Additional Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 11. Quantitative and Qualitative Disclosures About Market Risk</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 12. Description of Securities Other than Equity Securities</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#sj_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART II</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#sj_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART III</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 17. Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 18. Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><a href="#sj_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 19. Exhibits</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td>
    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_001"></span><span style="font-size: 10pt"><b>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Shell Company Report on Form 20-F (including information incorporated by reference herein, the &#8220;Report&#8221;) includes statements
that express SVH&#8217;s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future
results of operations or financial condition and therefore are, or may be deemed to be, &#8220;forward looking statements&#8221; as defined
in Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and Section 21E of the Securities Exchange
Act of 1934, as amended (the &#8220;Exchange Act&#8221;), that involve significant risks and uncertainties. All statements other than
statements of historical facts are forward-looking statements. These forward-looking statements include information about our possible
or assumed future results of operations or our performance. Words such as &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221;
&#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;estimates,&#8221; and variations of such words and similar expressions are
intended to identify the forward-looking statements. The risk factors and cautionary language referred to or incorporated by reference
in this Report provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations
described in our forward-looking statements, including among other things, the items identified in the section entitled &#8220;<i>Risk
Factors</i>&#8221; of the Company&#8217;s Amendment No. 3 of the Registration Statement on Form F-4 (333-272717) filed with the Securities
and Exchange Commission (the &#8220;SEC&#8221;) on August 22, 2023 (the &#8220;Form F-4&#8221;), which are incorporated by reference
into this Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Readers
are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Report. Although
we believe that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations
will prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which
are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ
materially from those expressed or implied by such forward-looking statements. We undertake no obligation to publicly update or revise
any forward-looking statements contained in this Report, or the documents to which we refer readers in this Report, to reflect any change
in our expectations with respect to such statements or any change in events, conditions or circumstances upon which any statement is
based.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_002"></span><span style="font-size: 10pt"><b>DEFINED
TERMS </b></span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Amended
and Restated Warrant Agreement</i>&#8221; means the amended and restated warrant agreement entered into by and between SVH and
Continental in connection with Closing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Business
Combination</i>&#8221; means the Merger and the other transactions contemplated by the Business Combination Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Business
Combination Agreement</i>&#8221; means the Agreement and Plan of Merger dated March 13, 2023, as amended from time to time, by and among
SRIVARU Holding Limited, Pegasus Merger Sub Inc., and Mobiv Acquisition Corp.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Business
Combination Agreement Parties</i>&#8221; means MOBV, SVH, and Merger Sub.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Business
Day</i>&#8221; means a day other than a Saturday, Sunday, or other day on which commercial banks in New York (New York), Cayman Islands,
Delhi (India) and Gurugram (India) are authorized or required by law to remain closed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Cayman
Companies Act</i>&#8221; means the Companies Act (As Revised) of the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Closing</i>&#8221;
means the consummation of the Transactions contemplated by the Business Combination Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Closing
Date</i>&#8221; means the date of closing of the Transactions as contemplated by the Business Combination Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Companies
Act</i>&#8221; or &#8220;<i>Companies Act 2013</i>&#8221; is an act of the parliament of India which regulates incorporation of a company,
responsibilities of a company, directors, dissolution of a company, and includes all amendments thereafter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Company
Board</i>&#8221; means the board of directors of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Continental</i>&#8221;
means Continental Stock Transfer &amp; Trust Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Date
of Adoption</i>&#8221; has the meaning specified under the section titled &#8220;<i>Description of SVH Securities</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Distributions</i>&#8221;
has the meaning specified under the section titled &#8220;<i>Description of SVH Securities</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>DGCL</i>&#8221;
means the General Corporation Law of the State of Delaware.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>DTC</i>&#8221;
means the Depository Trust Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Exchange</i>&#8221;
means the series of transactions immediately following the Merger by which certain shareholders of SVM will have a right to transfer
one or more shares owned by them in SVM to SVH in exchange for the delivery of SVH Shares or cash payment, subject to the terms and conditions
set forth in the exchange agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Exchange
Act</i>&#8221; means the U.S. Securities Exchange Act of 1934, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>ITA</i>&#8221;
means the Indian Income Tax Act, 1961.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>MAT</i>&#8221;
means the minimum alternate tax under the Income Tax Act, 1961.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Merger</i>&#8221;
means the merger pursuant to the terms of the Business Combination Agreement whereby Merger Sub will merge with and into MOBV, with MOBV
surviving the Merger as a wholly owned subsidiary of SVH.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Merger
Sub</i>&#8221; means Pegasus Merger Sub Inc., a Delaware corporation..</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>MOBV</i>&#8221;
means Mobiv Acquisition Corp, a Delaware corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>MOBV
Board</i>&#8221; means the board of directors of MOBV.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>MOBV
Public Shares</i>&#8221; means the Class A common stock of MOBV, par value $0.000001 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>MOBV
Public Warrant</i>&#8221; means a warrant entitling the holder to purchase one share of common stock at an exercise price of $11.50 per
share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>MOBV
Securities</i>&#8221; means, collectively, the MOBV Shares and the MOBV Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>MOBV
Shares</i>&#8221; means the shares of Class A common stock, par value $0.000001 per share, and Class B common stock, par value $0.000001
per share, of MOBV, together.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Nasdaq</i>&#8221;
means The Nasdaq Stock Market LLC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>RBI</i>&#8221;
means the Reserve Bank of India.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Registration
Rights Agreement</i>&#8221; means the registration rights agreement contemplated by the Business Combination Agreement, and entered into
by SVH, certain SVH shareholders, and the Sponsor dated March 13, 2023, to be effective upon the Closing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Sarbanes-Oxley
Act</i>&#8221; means the Sarbanes-Oxley Act of 2002.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Subsidiary</i>&#8221;
means, with respect to any person, any corporation or other organization (including a limited liability company or a partnership), whether
incorporated or unincorporated, of which such person directly or indirectly owns or controls a majority of the securities or other interests
having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions with
respect to such corporation or other organization or any organization of which such person or any of its Subsidiaries is, directly or
indirectly, a general partner or managing member.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>SVH</i>&#8221;
or the &#8220;<i>Company</i>&#8221; means SRIVARU Holding Limited, a Cayman Islands exempted company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>SVH
A&amp;R Articles</i>&#8221; means the amended and restated memorandum and articles of association of SVH.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>SVH
Shares</i>&#8221; means the ordinary shares of SRIVARU Holding Limited, having the conditions and rights set out in the SVH A&amp;R Articles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>SVH
Securities</i>&#8221; means, collectively, the SVH Shares and the SVH Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>SVH
Warrants</i>&#8221; means the warrants to purchase SVH Shares at a price of $11.50 per SVH Share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>SVM</i>&#8221;
means SRIVARU Motors Private Limited, a company incorporated under the laws of India and a majority-owned subsidiary of SVH.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Transactions</i>&#8221;
means the series of transactions contemplated by the Business Combination Agreement, including the Merger and the Exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<i>Transfer
Agent</i>&#8221; means Continental.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="sj_003"></span><b>EXPLANATORY
NOTE </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 13, 2023, MOBV, SVH and Merger Sub entered into the Business Combination Agreement, pursuant to which, subject to the terms and
conditions set forth therein, several transactions occurred, and in connection therewith, SVH became the ultimate parent company of SVM
and MOBV, or the &#8220;Business Combination.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Business Combination was consummated on December 8, 2023. The transaction was unanimously approved by MOBV&#8217;s Board of Directors
and was approved at the special meeting of MOBV&#8217;s shareholders held on September 28, 2023 or the &#8220;MOBV Special Meeting&#8221;.
As a result of the business combination, MOBV has become a wholly owned subsidiary of SVH. On December 11, 2023, SVH&#8217;s Ordinary
Shares and Warrants commenced trading on The Nasdaq Stock Market LLC, or &#8220;Nasdaq&#8221; under the symbols &#8220;SVMH&#8221; and
&#8220;SVMHW,&#8221; respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
amounts that appear in this Report may not sum due to rounding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sj_004"></span>PART
I </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_005"></span><span style="font-size: 10pt"><b>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Senior Management </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors and executive officers of SVH upon the consummation of the Business Combination are set forth in the Form F-4, in the section
entitled &#8220;<i>Management of SVH Following the Business Combination</i>,&#8221; which is incorporated herein by reference. The business
address for each of SVH&#8217;s directors and executive officers is 2<sup>nd</sup> Floor, Regatta Office Park, West Bay Road, P.O. Box
10655, Grand Cayman, KY1-1006, Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Advisers
    </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Norton
Rose Fulbright US LLP, 1301 Avenue of the Americas, New York, New York 10019, U.S.A. has acted as US counsel for the Company and will
continue to act as counsel to the Company upon and following the consummation of the Business Combination. Walkers (Cayman) LLP, 190
Elgin Avenue, George Town, Grand Cayman KY1-9001, Cayman Islands, has acted as Cayman counsel for the Company and will continue to act
as counsel to the Company upon and following the consummation of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Auditors
    </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manohar
Chowdhry &amp; Associates acted as SVH&#8217;s (and its predecessor, SVM&#8217;s) independent auditor for each of the three years
in the period ended March 31, 2023, and is expected to continue to act as SVH&#8217;s independent auditor after the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_006"></span><span style="font-size: 10pt"><b>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_007"></span><span style="font-size: 10pt"><b>ITEM
3. KEY INFORMATION </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selected
    Financial Data </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SVH</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selected
financial information regarding SVH is included in the Form F-4 in the sections entitled &#8220;<i>SVH&#8217;s Selected Historical Financial
Information</i>&#8221; and is incorporated herein by reference. The financial statements of SVH have been prepared in Indian Rupee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capitalization
    and Indebtedness </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the capitalization of SVH on an unaudited pro forma combined basis as of March 31, 2023, after giving effect
to the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>As of March 31, 2023
    (pro forma for Business Combination)</b></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>$</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(in
                                            thousands)</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: left">Cash and cash equivalents</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">3,110</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(66,328</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Debt</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,158</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Loans and borrowings (current)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,158</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Loans and borrowings (non-current)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total debt</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,1158</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Total capitalization(2)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(65,170</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Cash and cash equivalents</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,110</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(66,328</td><td style="text-align: left">)</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reasons
    for the Offer and Use of Proceeds </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
    Factors </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
risk factors associated with SVH are described in the Form F-4 in the section entitled &#8220;<i>Risk Factors,</i>&#8221; which is incorporated
herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_008"></span><span style="font-size: 10pt"><b>ITEM
4. INFORMATION </b>O<b>N </b>T<b>HE COMPANY </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History
    and Development of the Company </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVH
is considered a foreign private issuer as defined in Rule 3b-4 under the Exchange Act. SVH was incorporated in the Cayman Islands on
June 16, 2021, solely to serve as the holding company for 94.02% of the outstanding equity of SVM. SVH is a holding company with no current
operations of its own. SVH has been the consolidating entity for purposes of SVH&#8217;s financial statements since the consummation
of the Business Combination on December 8, 2023. The history and development of SVH are described in the Form F-4 under the headings
&#8220;<i>Summary of the Proxy Statements/Prospectus</i>,&#8221; &#8220;<i>The Business Combination Proposal</i>,&#8221; &#8220;<i>Information
Related to SVH</i>&#8221; and &#8220;<i>Description of SVH Securities</i>,&#8221; which are incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVH&#8217;s
registered address is 2nd Floor, Regatta Office Park, West Bay Road, PO BOX 10655, Grand Cayman KY1-1006, Cayman Islands., and its telephone
number is +1 (888) 227-8066. SVH&#8217;s principal website address is https://srivarumotors.com/. We do not incorporate the information
contained on, or accessible through, SVH&#8217;s websites into this Report, and you should not consider it a part of this Report. The
SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that
file electronically with the SEC. The SEC&#8217;s website is <i>www.sec.gov</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
    Overview </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
and as a result of the Business Combination, all of SVH&#8217;s business is conducted through its subsidiary, SVM. A description of the
business is included in the Form F-4 in the sections entitled &#8220;<i>SVH&#8217;s Business</i>,&#8221; and &#8220;<i>SVH Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operation</i>,&#8221; which are incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organizational
    Structure </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of the Business Combination, MOBV became a wholly owned subsidiary of SVH. The following diagram depicts the simplified
organizational structure of SVH as of the date hereof. Percentages refer to voting power of the ordinary shares held by the respective
shareholders or shareholder groups.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
significant subsidiaries of SVH are listed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Name</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Country
                                            of Incorporation and</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place
                                            of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
                  Address</b></span></p></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Nature
    of Business</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proportion
                                            of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares
                                            Held</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>by
                    SVH</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">SRIVARU MOTORS PRIVATE LIMITED</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">India</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">India</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 30%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">Personal Electric
    Transportation</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">94.00</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mobiv Acquisition Corp</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">USA</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">USA</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">Holding unit</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.00</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property,
    Plants and Equipment </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVH&#8217;s
property, plants and equipment is held through SVM. Information regarding SVH&#8217;s property, plants and equipment is described in
the Form F-4 under the headings &#8220;<i>SVH&#8217;s Business&#8212;Facilities</i>,<i>&#8221;</i> which information is incorporated
herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_009"></span><span style="font-size: 10pt"><b>ITEM
4A. UNRESOLVED STAFF COMMENTS </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
/ Not applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_010"></span><span style="font-size: 10pt"><b>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion and analysis of the financial condition and results of operation of SVH is included in the Form F-4 in the section entitled
&#8220;<i>SVH Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operation</i>,&#8221; which information
is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_011"></span><span style="font-size: 10pt"><b>ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Senior Management </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors and executive officers upon the consummation of the Business Combination are set forth in the Form F-4, in the section entitled
&#8220;<i>Management of SVH Following the Business Combination</i>,&#8221; which is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
    </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVH
has entered into employment agreements with its Chief Executive Officer and Chief Financial Officer that became effective as of December
8, 2023, the closing date of the business combination with Mobiv Acquisition Corp.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mohanraj
Ramaswamy Employment Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Ramaswamy&#8217;s employment agreement has an initial term extending through March 31, 2026, which will be renewed automatically on an
annual basis thereafter unless either party gives 90 days&#8217; notice of termination prior to the end of the term. Pursuant to the
employment agreement, Mr. Ramaswamy serves as the Chief Executive Officer of SVH. The employment agreement entitles Mr. Ramaswamy to
receive an annual base salary equal to $271,000, an annual target bonus equal to 25% of his base annual salary (currently $67,750) subject
to the terms and conditions of the annual bonus plan adopted by the board, and an additional performance bonus of $24 million, payable
in ordinary shares of the Company in four tranches of 25% (collectively, the &#8220;Additional Bonus Shares&#8221;), each of which is
payable upon the successful completion of each of the following four milestones: (1) when the Company completes a strategic battery supplier
agreement for continued battery supply for the Company&#8217;s product lines; (2) when the PRANA Elite is approved by the required government
authorities and officially launched into the targeted market; (3) once the ALIVE product is approved by the required government authorities
and officially launched into the targeted market; and (4) once the PRANA Class product is approved by the required government authorities
and officially launched into the targeted market. The Additional Bonus Shares shall be deemed fully allocated, vested and owned by Mr.
Ramaswamy in the event of a termination of his employment for any reason whatsoever.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the employment agreement, if the Company terminates Mr. Ramaswamy without &#8220;cause&#8221; or Mr. Ramaswamy resigns for &#8220;good
reason&#8221; (as each such term is defined in the employment agreement), subject to Mr. Ramaswamy&#8217;s execution of a release of
claims in favor of the Company, Mr. Ramaswamy will be entitled to receive (i) 12 months&#8217; base salary, (ii) his target annual bonus
for the year of termination, and (iii) continued medical coverage paid by the Company for 18 months following such qualifying termination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Weng
Kiat (Adron) Leow Employment Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Leow&#8217;s employment agreement has an initial term extending through March 31, 2026, which will be renewed automatically on an annual
basis thereafter unless either party gives 90 days&#8217; notice of termination prior to the end of the term. Pursuant to the employment
agreement, Mr. Leow serves as the Chief Financial Officer of SVH. The employment agreement entitles Mr. Leow to receive an annual base
salary equal to $216,000, a signing bonus of $24,000, and an annual target bonus equal to 25% of his base annual salary (currently $54,000)
subject to the terms and conditions of the annual bonus plan adopted by the board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the employment agreement, if the Company terminates Mr. Leow without &#8220;cause&#8221; or Mr. Leow resigns for &#8220;good reason&#8221;
(as each such term is defined in the employment agreement), subject to Mr. Leow&#8217;s execution of a release of claims in favor of
the Company, Mr. Leow will be entitled to receive (i) 12 months&#8217; base salary, (ii) his target annual bonus for the year of termination,
and (iii) continued medical coverage paid by the Company for 18 months following such qualifying termination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Director
&amp; Officer Indemnity Agreements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVH
has entered into indemnification agreements with each of its current directors and executive officers, and plans on entering into indemnification
agreements with each director that joins the board. Under these agreements, SVH may agree to indemnify its directors against certain
liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director of SVH.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Further <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">information
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pertaining to the compensation of the directors
and executive officers of SVH is set forth in the Form F-4, in the sections entitled &#8220;<i>Management of SVH Following the Business
Combination&#8212;Officer and Director Compensation,</i>&#8221; and &#8220;<i>Management of SVH Following the Business Combination&#8212;Compensation
Discussion and Analysis,</i>&#8221; which are incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
    Practices </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
pertaining to the Company&#8217;s board practices is set forth in the Form F-4, in the section entitled &#8220;<i>Management of SVH Following
the Business Combination</i>,&#8221; which is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees
    </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
pertaining to SVH&#8217;s employees is set forth in the Form F-4, in the section entitled <i>&#8220;SVH&#8217;s Business&#8212;Employees,&#8221;
</i>which is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Ownership </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ownership
of the Company&#8217;s shares by its directors and executive officers upon consummation of the Business Combination is set forth in Item
7.A of this Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_012"></span><span style="font-size: 10pt"><b>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major
    Shareholders </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding the beneficial ownership of Ordinary Shares as of the date thereof by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person known by us to be the beneficial owner of more than 5% of Ordinary Shares; </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of our directors and executive officers; and </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    our directors and executive officers as a group. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if he, she or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently
exercisable or exercisable within 60 days. A person is also deemed to be a beneficial owner of any securities of which that person has
a right to acquire beneficial ownership within 60 days, provided that any person who acquires any such right with the purpose or effect
of changing or influencing the control of the issuer, or in connection with or as a participant in any transaction having such purpose
or effect, immediately upon such acquisition shall be deemed to be the beneficial owner of the securities which may be acquired through
the exercise of such right. Under these rules, more than one person may be deemed to be a beneficial owner of the same securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date hereof, there are 37,236,763 Ordinary Shares issued and outstanding. There are also 10,798,300 Warrants outstanding,
each exercisable at $11.50 per 1 SVH Share, of which 10,005,000 are public warrants listed on Nasdaq and 543,300 private placement warrants
held by Mobiv Pte. Ltd and 250,000 private warrants issued in connection with the settlement of debt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, we believe that all persons named in the table below have sole voting and investment power with respect to all shares
of voting shares beneficially owned by them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, the business address of each of the individuals from the business address of each of the individuals from SVH is
2nd Floor, Regatta Office Park, West Bay Road, P.O. Box 10655, Grand Cayman, KY1-1006.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Name
    and Address of Beneficial Owner</span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
                                            </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>common
                                            stock</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%
                                            of Total </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Voting
                                            </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Power</b>(4)</span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobiv Pte. Ltd.<sup>(1) (2)</sup></span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; width: 14%"><span style="font-family: Times New Roman, Times, Serif">3,477,060</span></td><td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; width: 14%"><span style="font-family: Times New Roman, Times, Serif">7.23</span></td><td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter Bilitsch<sup>(2)</sup></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,477,060</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.23</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mohanraj Ramasamy</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,419,795</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.03</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Walleye Capital</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><p style="margin: 0">3,144,998</p><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6.54</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mobiv Srivaru Trust</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,855,022</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">24.63</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">SVM Trust</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,020,913</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.98</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">ACP</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">All 5% Beneficial owners
    of SVH as a group</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">35,517,768</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">73.80</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Directors
    and Executive Officers of SVH</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mohanraj Ramasamy</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,419,795</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5.03</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weng Kiat (Adron) Leow<sup>(3)</sup></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ganesh Iyer</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mohsen Moazami</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Jonathan Reichental</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lata Gullapalli</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter Bilitsch<sup>(2)</sup></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,477,060</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.23</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">All
    Directors and Executive Officers of SVH  as a Group</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,901,855</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12.26</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    than 1%. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobiv
    Pte. Ltd., Mobiv&#8217;s sponsor, is the record holder of the securities reported herein. Includes 543,300 Placement Units purchased
    in a private placement that closed simultaneously with the closing of the Initial Public Offering. Post-Business Combination, includes
    (i) 543,300 Private Shares, (ii) shares issuable upon exercise of 543,300 Private Warrants, (ii) shares issuable upon exercise of
    250,000 Private Warrants which are expected to be issued in connection with the conversion of working capital loans related to expenses
    in conjunction with the Business combination. The business address of each of these entities and individuals is 850 Library Avenue,
    Suite 204, Newark, Delaware 19711. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milan
    Vido Partners Pte. Ltd. owns 100% of Mobiv Pte. Ltd. and Peter Bilitsch, chief executive officer of the company, owns 100% of Milan
    Vido Partners Pte. Ltd. Includes 543,300 Placement Units purchased in a private placement that closed simultaneously with the closing
    of MOBV&#8217;s initial public offering. Post-Business Combination, includes (i) 543,300 Private Shares, (ii) 543,300 SVH Shares
    issuable upon exercise of 543,300 Private Warrants, (ii) 250,000 SVH Shares issuable upon exercise of 250,000 Private Warrants which
    are expected to be issued in connection with the conversion of working capital loans related to expenses in conjunction with the
    Business Combination. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Weng Kiat (Adron) Leow is director of our Sponsor, Mobiv Pte. Ltd., and its, holding company, Milan Vido Partners Pte. Ltd.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Excludes Earnout Shares.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
    Party Transactions </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
pertaining to SVH&#8217;s related party transactions is set forth in the Form F-4, in the section entitled &#8220;<i>Certain Relationships
and Related Party Transactions&#8212;SVH&#8217;s Related Party Transactions,</i>&#8221; which is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests
    of Experts and Counsel </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
/ Not applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_013"></span><span style="font-size: 10pt"><b>ITEM
8. FINANCIAL INFORMATION </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
    Statements and Other Financial Information </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
Statements </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
financial statements have been filed as part of this report. See Item 18 &#8220;Financial Statements.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
Proceedings </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
or arbitration proceedings are described in the Form F-4 under the heading &#8220;<i>SVH&#8217;s Business&#8212;Legal Proceedings,</i>&#8221;
which is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividend
Policy </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVH&#8217;s
policy on dividend distributions is described in the Form F-4 under the heading &#8220;<i>Price Range of Securities and Dividends&#8212;SVH&#8212;Dividend
Policy,</i>&#8221; which is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
    Changes </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None/
Not applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_014"></span><span style="font-size: 10pt"><b>ITEM
9. THE OFFER AND LISTING </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer
    and Listing Details </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVH
Ordinary Shares and Warrants are listed on the Nasdaq under the symbols &#8220;SVMH&#8221; and &#8220;SVMHW,&#8221; respectively. Holders
of Ordinary Shares and Warrants should obtain current market quotations for their securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plan
    of Distribution </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets
    </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVH
Ordinary Shares and Warrants are listed on the Nasdaq under the symbols &#8220;SVMH&#8221; and &#8220;SVMHW,&#8221; respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling
    Shareholders </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution
    </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses
    of the Issue </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_015"></span><span style="font-size: 10pt"><b>ITEM
10. ADDITIONAL INFORMATION </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Capital </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date hereof, subsequent to the closing of the Business Combination, there were 37,236,763 Ordinary Shares outstanding and
issued, excluding the Earnout Shares. There are also 10,798,300 Warrants outstanding, each exercisable at $11.50 per 1
SVH Share, of which 10,005,000 are public warrants listed on Nasdaq and 543,300 private placement warrants held by Mobiv
Pte. Ltd and 250,000 private warrants issued in connection with the settlement of debt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum
    and Articles of Association </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SVH A&amp;R Articles dated as of July 28, 2023 are filed as part of this Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
description of the SVH A&amp;R Articles contained in the Form F-4 in the section entitled &#8220;<i>Description of SVH Securities&#8221;
</i>is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    Contracts </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Material
Contracts Relating to SVH&#8217;s Operations </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
pertaining to SVH&#8217;s material contracts is set forth in the Form F-4, in the section entitled &#8220;<i>Description of SVH&#8217;s
Material Indebtedness</i>&#8221; and &#8220;<i>Certain Relationships and Related Party Transactions</i>,&#8221; each of which is incorporated
herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Material
Contracts Relating to the Business Combination </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
Combination Agreement </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
description of the Business Combination Agreement in the Form F-4 in the sections entitled <i>&#8220;The Business Combination Proposal&#8212;The
Business Combination Agreement,&#8221;</i> which is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
Agreements </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
description of the material provisions of certain additional agreements entered into or to be entered into pursuant to the Business Combination
Agreement in the Form F-4 in the section entitled &#8220;<i>The Business Combination Proposal&#8212;Related Agreements&#8221; </i>is
incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
    Controls </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
    </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
pertaining to tax considerations is set forth in the Form F-4, in the sections entitled &#8220;<i>Material Tax Considerations&#8212;Material
U.S. Federal Income Tax Considerations</i>&#8221; which is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
    and Paying Agents </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
regarding SVH&#8217;s policy on dividends is described in the Form F-4 under the heading &#8220;<i>Price Range of Securities and Dividends&#8212;SVH&#8212;Dividend
Policy,</i>&#8221; which is incorporated herein by reference. Because SVH does not expect to issue dividends for the foreseeable future,
it has not identified a paying agent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
    by Experts </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of SVH as of March 31, 2023 and March 31, 2022, and for each of the two years in the period ended March
31, 2023, included in this Form 20-F, have been audited by Manohar Chowdhry &amp; Associates, independent registered public accounting
firm, as set forth in their report appearing elsewhere herein, and are included in reliance upon such report given on the authority of
such firm as experts in auditing and accounting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents
    on Display </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to certain of the informational filing requirements of the Exchange Act. Since we are a &#8220;foreign private issuer,&#8221;
we are exempt from the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and our
officers, directors and principal shareholders are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions
contained in Section 16 of the Exchange Act, with respect to their purchase and sale of our shares. In addition, we are not required
to file reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered
under the Exchange Act. However, we are required to file with the SEC an Annual Report on Form 20-F containing financial statements audited
by an independent accounting firm. We also furnish to the SEC, on Form 6-K, unaudited financial information after each of our first three
fiscal quarters. The SEC also maintains a website at <i>http://www.sec.gov</i> that contains reports and other information that we file
with or furnish electronically with the SEC. You may read and copy any report or document we file, including the exhibits, at the SEC&#8217;s
public reference room located at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information
on the public reference room.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary
    Information </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_016"></span><span style="font-size: 10pt"><b>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information set forth in the section entitled &#8220;<i>SVH Management&#8217;s Discussion and Analysis of Financial Condition and Results
of Operation&#8212;Quantitative and Qualitative Disclosure about Market Risk</i>&#8221; in the Form F-4 is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_017"></span><span style="font-size: 10pt"><b>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants
</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
prior to the Merger Effective Time, SVH, MOBV, and Continental entered into an assignment and assumption agreement pursuant to which
MOBV assigned to SVH all of its rights, interests, and obligations in and under the Warrant Agreement, converting the MOBV Warrants as
set forth in the Business Combination Agreement and providing that the SVH Warrants issued upon exchange of the MOBV Warrants held by
the Sponsor are not redeemable and are exercisable for cash or on a cashless basis, at the holder&#8217;s option, so long as they are
held by the Sponsor or its permitted transferees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of this filing, there are 10,050,000 SVH Warrants outstanding, representing up to 10,050,000 SVM Shares upon exercise. Each SVH Warrant
entitles its holder to purchase one SVM Share at an exercise price of $11.50 per share. The SVH Warrants are exercisable until their
expiration on December 8, 2028. The exercise price of the SVH Warrants may be adjusted in accordance with their terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_018"></span><span style="font-size: 10pt"><b>PART
II </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sj_019"></span>PART
III </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_020"></span><span style="font-size: 10pt"><b>ITEM
17. FINANCIAL STATEMENTS </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_021"></span><span style="font-size: 10pt"><b>ITEM
18. FINANCIAL STATEMENTS </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements are filed as part of this Report beginning on page F-1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_022"></span><span style="font-size: 10pt"><b>ITEM
19. EXHIBITS </b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBIT
INDEX</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.65in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    Number</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/ex3-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Memorandum of Association of SRIVARU Holding Limited (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/ex3-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Association of SRIVARU Holding Limited (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1931691/000119312522215896/d386712dex44.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Agreement, dated as of August 3, 2022, between Continental Stock Transfer &amp; Trust Company and Mobiv Acquisition Corp (incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K filed with the SEC on August 9, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex2-2.htm">Warrant
    Assignment and Assumption Agreement dated December 8, 2023, by and between SRIVARU Holding Limited, Mobiv Acquisition
    Corp, and Continental Stock Transfer &amp; Trust Company.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/ex4-6.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Share Certificate of SRIVARU Holding Limited (incorporated by reference to Exhibit 4.6 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/ex4-7.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Warrant Certificate of SRIVARU Holding Limited (incorporated by reference to Exhibit 4.7 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/formf-4a.htm#k_001" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement and Plan of Merger, dated as of March 13, 2023, by and among Mobiv Acquisition Corp, Pegasus Merger Sub. Inc. and SRIVARU Holding Limited (incorporated by reference to Exhibit 2.1 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/formf-4a.htm#vi_001" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Amendment dated August 4, 2023, to the Agreement and Plan of Merger, dated as of March 13, 2023, by and among Mobiv Acquisition Corp, Pegasus Merger Sub. Inc. and SRIVARU Holding Limited (incorporated by reference to Exhibit 2.2 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/formf-4a.htm#Hp_002" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor Support Agreement, dated as of March 13, 2023, by and between Mobiv Pte. Ltd. and SRIVARU Holding Limited (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/formf-4a.htm#Hp_001" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction Support Agreement, dated as of March 13, 2023, by and among Mobiv Acquisition Corp and certain stockholders of SRIVARU Holding Limited (incorporated by reference to Exhibit 10.2 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/formf-4a.htm#Hp_005" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement, dated as of March 13, 2023, by and among SRIVARU Holding Limited, Mobiv Pte. Ltd. and certain stockholders of SRIVARU Holding Limited (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/formf-4a.htm#Hp_004" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lockup Agreement, dated as of March 13, 2023, by and among SRIVARU Holding Limited, Mobiv Pte. Ltd. and certain stockholders of SRIVARU Holding Limited (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-7.htm">Exchange
    Agreement, dated December 8, 2023, by and among SRIVARU Holding Limited, SRIVARU Motors Private Limited, and certain
    shareholders of SRIVARU Motors Private Limited.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-8.htm">Earnout Escrow Agreement, dated December 8, 2023, by and between SRIVARU Holding Limited, Continental Stock Transfer &amp; Trust Company and Mohanraj Ramasamy, as representative of the Earnout Group.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/ex10-7.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnity Agreement, effective as of October 5, 2022, by and between SRIVARU Holding Limited and Mohanraj Ramasamy (incorporated by reference to Exhibit 10.7 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/ex10-8.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnity Agreement, effective as of October 5, 2022, by and between SRIVARU Holding Limited and Sharmila Mohanraj (incorporated by reference to Exhibit 10.8 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/ex10-9.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Employment Agreement between SRIVARU Holding Limited and executive officers of SRIVARU Holding Limited (incorporated by reference to Exhibit 10.9 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1973368/000149315223029823/ex10-10.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of SRIVARU Holding Limited Incentive Plan (incorporated by reference to Exhibit 10.10 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717))..</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1931691/000119312522215896/d386712dex101.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Management Trust Agreement, dated as of August 3, 2022, between Continental Stock Transfer &amp; Trust Company and Mobiv Acquisition Corp (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on August 9, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex8-1.htm">List of Subsidiaries.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex15-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Manohar Chowdhry &amp; Associates *</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    herewith</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SRIVARU
    Holding Limited</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    28, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Mohanraj Ramasamy</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Mohanraj Ramasamy</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Chief Executive Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO FINANCIAL STATEMENTS </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 0.5in"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No.</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SRIVARU
    HOLDING LIMITED CONSOLIDATED FINANCIAL STATEMENTS</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fin_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report
    of Independent Registered Public Accounting Firm</span></a> (PCAOB ID: <span id="xdx_903_edei--AuditorFirmId_c20220401__20230331_zUEa8YQAIVsb"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:AuditorFirmId">5341</ix:nonNumeric></span>)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fin_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Balance Sheet as of March 31, 2023</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fin_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Operations and Comprehensive Income for the years ended March 31, 2023 and 2022</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fin_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statement of Stockholders&#8217; Equity for the years ended March 31, 2023 and 2022</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fin_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated statements of Cash Flows for the years ended March 31, 2023 and 2022</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fin_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SRIVARU
    Holding Limited</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fin_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited pro forma condensed combined financial information as at and for the year ended March 31, 2023</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-17</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fin_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited pro forma condensed combined statement of financial position</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-21</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fin_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited pro forma condensed combined statement of operations for the year ended March 31, 2023</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-22</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -12pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_001"></span>Report
of Independent Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>To
the shareholders and the board of directors of Srivaru Holding Limited</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Consolidated Financial Statements </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying Consolidated balance sheets of Srivaru Holding Limited and its subsidiary (the &#8220;Company&#8221;) as
of March 31, 2023 and 2022, the related Consolidated statements of operations and comprehensive Income, stockholders&#8217; equity and
Consolidated cash flows, for the each of the two years in the year ended March 31, 2023, and the related notes (collectively referred
to as the &#8220; Consolidated financial statements&#8221;). In our opinion, the Consolidated financial statements present fairly, in
all material respects, the Consolidated financial position of the Company as at March 31, 2023 and 2022, and the Consolidated results
of its operations and its cash flows for each of the two years in the year ended March 31, 2023, in conformity with accounting principles
generally accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
Consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s Consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. As part
of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provides a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Audit Matters</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Critical
audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required
to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial
statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit
matters</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--AuditorName_c20220401__20230331_zeASH6yYDD98"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:AuditorName">Manohar
Chowdhry &amp; Associates</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chartered
Accountants</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are serving as the Company&#8217;s auditor for the second year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--AuditorLocation_c20220401__20230331_zNsmuLp8n5r7"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:AuditorLocation">Chennai,
India</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
25, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UDIN:
<span>23228596BHAIDX3742</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_002"></span>Srivaru
Holding Limited (Successor)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Srivaru Motors Private Limited
(Predecessor)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
BALANCE SHEET</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(all
amounts are in $, except share data)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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  <tr id="xdx_408_eus-gaap--Assets_i01TI_mtAzhEF_zRYnJTlQYvtd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_z5MaA9uFvZdd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--LiabilitiesCurrentAbstract_i01B_zbR1sw1Vi086" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--AccountsPayableCurrent_i02I_maLCzbwt_zYPyLPdaXX2c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eus-gaap--ShortTermBorrowings_i02I_maLCzbwt_zTHA1psmXMEe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0121">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_40C_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_maLNzEP6_zqo8kINfacGi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes should be read in connection with these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Srivaru
Holding Limited </b></span><b>(Successor)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Srivaru Motors Private
Limited (Predecessor)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_003"></span>CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(all
amounts are in $, except share data)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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  <tr id="xdx_40F_eus-gaap--OperatingIncomeLoss_iT_mtOILzhmL_maILFCOzCpd_znjksSMjIST4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_mtILFCOzCpd_maNILzQFB_zw3w09Dhyd78" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-left: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Weighted-average number of shares used in computing loss per share amounts:</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes should be read in connection with these Consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Srivaru
Holding Limited (Successor)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Srivaru Motors Private
Limited (Predecessor)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_004"></span>STATEMENT
OF STOCKHOLDERS</b>&#8217; <b>EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(all
amounts are in $, except share data)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Srivaru
Holding Limited (Successor)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Srivaru Motors Private
Limited (Predecessor)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fin_005"></span><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(all
amounts are in $, except share data)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes should be read in connection with these Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_04D_c20220401__20230331_z5jFLxXvsp2f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Srivaru
Holding Limited</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_006"></span>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
Fiscal Year Ended March 31, 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context requires otherwise, all references in this report to &#8220;SVH,&#8221; &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221;
refer to Srivaru Holding Limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:NatureOfOperations"><p id="xdx_800_eus-gaap--NatureOfOperations_z18ZEKJaB4K2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 </b>&#8211; <b><span id="xdx_823_zgtfYxGoKD48">NATURE OF OPERATIONS AND MANAGEMENT&#8217;S PLANS</span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVH
is an investment Company incorporated outside India. The registered office of the Company is at the offices of Amicorp Cayman Fiduciary
Limited, 2<sup>nd</sup> Floor, Regatta office Park, West Bay Road, P.O. Box 10655, Grand Cayman KY1 &#8211; 1006, Cayman Islands
or at such other place as the Directors may from time to time decide. The Company has invested in one subsidiary, SVM, which is a clean
tech electric two-wheeler manufacturer and with the goal to produce the best riding E2W vehicles for personal commuting. SVH believes
that there is significant untapped engineering talent in India who are starving for an environmentally-friendly opportunity. While SVH
invents, manufactures, and sells E2W vehicles it will create many opportunities at all levels for the people who are truly passionate.
SVH wants these engineers to follow their hearts to create something useful for the larger community.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 78.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_805_eus-gaap--SignificantAccountingPoliciesTextBlock_z5HClB0iYDfg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2</b> &#8211; <b><span id="xdx_821_zBUBfCi90MFa">SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_842_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zlxWvz35Cq76" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a)
<span id="xdx_860_zMn1SGYGUqL8">Basis of Preparation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States
of America (GAAP).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Business
Combination</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVH
(&#8220;Successor&#8221;) was formed as an investment Company incorporated outside India on June 16, 2021. SVH Acquired 94% shares of
Srivaru Motors Private Limited (Predecessor or SVM). As a result of this business combination, SVH is the acquirer for accounting purposes
and SVM is the acquiree. SVM was deemed the Predecessor (the &#8220;Predecessor&#8221;) for periods prior to the Business Combination,
and does not include the consolidation of the Company.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_843_eus-gaap--UseOfEstimates_zRbuasigrf8b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b)
<span id="xdx_86C_zoErmLoLWnnk">Use of estimates</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (U.S. GAAP) requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
believes that the estimates and assumptions used in the preparation of the financial statements are prudent and reasonable. Significant
estimates and assumptions are generally used for, but not limited to allowance for uncollectible accounts receivable; sales returns;
normal loss during production; inventory write-downs; future obligations under employee benefit plans; the useful lives of property,
plant, equipment; intangible assets; valuations; impairment of goodwill and investments; recoverability of advances; the valuation of
options granted, and warrants issued; and income tax and deferred tax valuation allowances, if any. Actual results could differ from
those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates.
Critical accounting estimates could change from period to period and could have a material impact on SVH&#8217;s results, operations,
financial position, and cash flows. Changes in estimates are reflected in the financial statements in the period in which changes are
made and, if material, their effects are disclosed in the notes to the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_84C_eus-gaap--RevenueRecognitionPolicyTextBlock_zXuHd5pEYNja" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c)
<span id="xdx_86E_zjrd6AzmKt9a">Revenue recognition</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue under ASC 606, <i>Revenue from Contracts with Customers </i>(&#8220;ASC 606&#8221;). The core principle of
this standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount
that reflects the consideration to which the company expects to be entitled in exchange for those goods or services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
606 prescribes a 5-step process to achieve its core principle. The Company recognizes revenue from trading, rental, or product sales
as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identify
    the contract with the customer.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">II.
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identify
    the contractual performance obligations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">III.
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determine
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IV.
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocate
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">V.
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognize
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consideration/price for the transaction (performance obligation(s)) is determined as per the agreement or invoice (contract) for the
services and products in the automobile segment. Refer to Note 14 - &#8220;Revenue Recognition.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 25; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="SVMHW:CostOfRevenuePolicyTextBlock"><p id="xdx_849_ecustom--CostOfRevenuePolicyTextBlock_zYpL6sQ6cM91" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>d)
<span id="xdx_862_zAcwILnxE0m7">Cost of Revenue</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cost of revenue includes costs associated with labor expense, components, manufacturing overhead, and outbound freight for our products
division.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_845_eus-gaap--EarningsPerSharePolicyTextBlock_zCHH0SXyMKMd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(e)
<span id="xdx_860_zL3avdU05r5f">Earnings/(Loss) per Share</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
net loss per share attributable to common stockholders is computed by dividing the net loss by the number of weighted-average outstanding
common shares. Diluted net loss per share attributable to common stockholders is determined by giving effect to all potential common
equivalents during the reporting period, unless including them yields an antidilutive result.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted average number of shares outstanding for the years ended March 31, 2023 and 2022, used for the computation of basic earnings
per share (&#8220;EPS&#8221;) is <span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20220401__20230331_ztWeTSjPpr4d" title="Weighted average shares outstanding, basic"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">19,145,415</ix:nonFraction></span> and <span id="xdx_90D_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20210401__20220331_zVKwcdnKFrt9" title="Weighted average shares outstanding, basic"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,155,318</ix:nonFraction></span> respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_840_eus-gaap--IncomeTaxPolicyTextBlock_zY46hhWkaYV4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>f)
<span id="xdx_86F_z9b7MGL10L5c">Income taxes</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes under the asset and liability method, in accordance with ASC 740, Income Taxes, which requires an entity
to recognize deferred tax liabilities and assets. Deferred tax assets and liabilities are recognized for the future tax consequence attributable
to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating
loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to
taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. A valuation allowance
is established and recorded when management determines that some or all of the deferred tax assets are not likely to be realized and
therefore, it is necessary to reduce deferred tax assets to the amount expected to be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
evaluating a tax position for recognition, management evaluates whether it is more-likely-than-not that a position will be sustained
upon examination, including resolution of related appeals or litigation processes, based on technical merits of the position. If the
tax position meets the more-likely-than-not recognition threshold, the tax position is measured and recognized in the Company&#8217;s
financial statements as the largest amount of tax benefit that, in management&#8217;s judgment, is greater than 50% likely of being realized
upon settlement. As of March 31, 2023, there was no significant liability for income tax associated with unrecognized tax benefits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:ReceivablesPolicyTextBlock"><p id="xdx_84E_eus-gaap--ReceivablesPolicyTextBlock_zggAHxtExeXb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>g)
<span id="xdx_86F_zqbxfU9IfIU7">Accounts receivable</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
make estimates of the collectability of our accounts receivable by analyzing historical payment patterns, customer concentrations, customer
creditworthiness, and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required.
We had $<span id="xdx_900_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_c20230331_zjS71t0zZBd1" title="Accounts receivable"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0.00</ix:nonFraction></span> accounts receivable, net of provision for doubtful debt of $<span id="xdx_90B_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20230331_zJvQW0tcuuY4" title="Net of provision for doubtful debt"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0.00</ix:nonFraction></span> as of March 31, 2023 (March 31, 2022; $<span id="xdx_90A_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20220331_zlftf3ccwlXf" title="Net of provision for doubtful debt"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0.00</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy"><p id="xdx_842_eus-gaap--CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy_zxsGzHxBj3D7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>h)
<span id="xdx_86E_zgy13J29Wf21">Cash and cash equivalents</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
financial statement purposes, the Company considers all highly liquid debt instruments with maturity of three months or less, to be cash
equivalents. The Company maintains its cash in bank accounts in India. The cash and cash equivalents in the Company on March 31, 2023
was approximately $<span id="xdx_908_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20230331_znTFioibPU7" title="Cash"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">21</ix:nonFraction></span> thousand (March 31, 2022; $<span title="Cash"><span id="xdx_908_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20220331_zzvWGSfPfT4" title="Cash equivalents, at carrying value"><ix:nonFraction name="us-gaap:CashEquivalentsAtCarryingValue" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">76</ix:nonFraction></span></span> thousand).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:EquityMethodInvestmentsPolicy"><p id="xdx_846_eus-gaap--EquityMethodInvestmentsPolicy_zELxAyqfsblh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>i)
<span id="xdx_86E_zjOQGSj2SNWh">Short-term and long-term investments</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
policy for short-term and long-term investments is to establish a high-quality portfolio that preserves principal, meets liquidity needs,
avoids inappropriate concentrations, and delivers an appropriate yield in relationship to our investment guidelines and market conditions.
Short-term and long-term investments consist of corporate, various government agency and municipal debt securities, as well as certificates
of deposit that have maturity dates that are greater than 90 days. Certificates of deposit are carried at cost which approximates fair
value. Available-for-sale securities: Investments in debt securities that are classified as available for sale shall be measured subsequently
at fair value in the statement of financial position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
are initially measured at cost, which is the fair value of the consideration given for them, including transaction costs. Where the Company&#8217;s
ownership interest is in excess of 20% and the Company has a significant influence, the Company has accounted for the investment based
on the equity method in accordance with ASC Topic 323, &#8220;<i>Investments </i>&#8211; <i>Equity method and Joint Ventures.</i>&#8221;
Under the equity method, the Company&#8217;s share of the post-acquisition profits or losses of the equity investee is recognized in
the consolidated statements of operations and its share of post-acquisition movements in accumulated other comprehensive income / (loss)
is recognized in other comprehensive income / (loss). Where the Company does not have significant influence, the Company has accounted
for the investment in accordance with ASC Topic 321, &#8220;<i>Investments-Equity Securities.</i>&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2023, investment in marketable securities is valued at fair value and investment in non-marketable securities with ownership
less than 20% is valued at cost as per ASC Topic 321, &#8220;<i>Investments-Equity Securities.</i>&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_84E_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z5BsupDeHQ9k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>j)
<span id="xdx_860_z9zXGb90gy42">Property, plant, and equipment (PP&amp;E)</span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are recorded at cost net of accumulated depreciation and depreciated over their estimated useful lives using the Written
down value method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
retirement or disposition, cost and related accumulated depreciation of the property and equipment are de-recognized, and any gain or
loss is reflected in the results of operation. Cost of additions and substantial improvements to property and equipment are capitalized.
The cost of maintenance and repairs of the property and equipment are charged to operating expenses as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_845_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zZqnjH9frH95" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>k)
<span id="xdx_868_zimKhICggTCh">Fair value of financial instruments</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
820, &#8220;Fair Value Measurement&#8221; defines fair value as the exchange price that would be received for an asset or paid to transfer
a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between
market participants on the measurement date. It also establishes a three-tier fair value hierarchy, which prioritizes the inputs used
in measuring fair value as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1: Observable inputs such as quoted prices in active markets;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts of the Company&#8217;s financial instruments include cash and cash equivalents, accounts receivable, accounts payable
and accrued liabilities, approximate their fair values due to the nature of the items. Please refer to Note 15, &#8220;Fair value of
financial instruments,&#8221; for further information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_z0Rl8Q1anWR8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>l)
<span id="xdx_86E_zOyui15gCwAg">Concentration of credit risk and significant customers</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments, which potentially expose the Company to concentrations of credit risk, are primarily comprised of cash and cash equivalents,
investments, accounts receivable and unbilled accounts receivable, if any. The Company places its cash, investments in highly rated financial
institutions. The Company adheres to a formal investment policy with the primary objective of preservation of principal, which contains
credit rating minimums and diversification requirements. Management believes its credit policies reflect normal industry terms and business
risk. The Company does not anticipate non-performance by the counterparties and, accordingly, does not require collateral. During Fiscal
2023, sales were spread across customers in India and the credit concentration risk is low.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock"><p id="xdx_845_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zZ91QcGac12d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>m)
<span id="xdx_865_zR9lA9jIl10f">Commitments and contingencies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recorded when it is probable
that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. We record associated
legal fees as incurred. Information regarding our commitments and contingencies is incorporated by reference in Note 11, &#8220;Commitments
and contingencies&#8221; of these financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_847_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zxUI5ogvNPol" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>n)
<span id="xdx_86E_z4NbnJCSmc3k">Impairment of long &#8211; lived assets</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company reviews its long-lived assets, with finite lives, for impairment whenever events or changes in business circumstances indicate
that the carrying amount of assets may not be fully recoverable. Such circumstances include, though are not limited to, significant or
sustained declines in revenues or earnings, future anticipated cash flows, business plans and material adverse changes in the economic
climate, such as changes in operating environment, competitive information, and impact of changes in government policies. For assets
that the Company intends to hold for use, if the total of the expected future undiscounted cash flows produced by the assets or subsidiary
company is less than the carrying amount of the assets, a loss is recognized for the difference between the fair value and carrying value
of the assets. For assets, the Company intends to dispose of by sale, a loss is recognized for the amount by which the estimated fair
value less cost to sell is less than the carrying value of the assets. Fair value is determined based on quoted market prices, if available,
or other valuation techniques including discounted future net cash flows. Unlike goodwill, long-lived assets are assessed for impairment
only where there are any specific indicators for impairment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_843_eus-gaap--InventoryPolicyTextBlock_zqxYRMY41iU2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>o)
<span id="xdx_86F_zzgqSPzcPHMb">Inventory</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory
is valued at the lower of cost or net realizable value, which is defined as estimated selling prices in the ordinary course of business,
less reasonably predictable costs of completion, disposal, and transportation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory
consists of raw materials, finished goods related to manufacture of Electric vehicles. Inventory is primarily accounted for using the
weighted average cost method. Primary costs include raw materials, packaging, direct labor, overhead, shipping and the depreciation of
manufacturing equipment. Manufacturing overhead and related expenses include salaries, wages, employee benefits, utilities, maintenance,
and property taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electric
Vehicles are measured at net realizable value, with changes recognized in profit or loss only when the Vehicle:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
  <td style="font: 10pt Times New Roman, Times, Serif">-</td>
  <td style="font: 10pt Times New Roman, Times, Serif">has relatively insignificant and predictable costs of disposal; and</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
  <td style="font: 10pt Times New Roman, Times, Serif">-</td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Abnormal
amounts of idle facility expense, freight, handling costs, scrap, discontinued products and wasted material (spoilage) are expensed in
the period they are incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<i><span id="xdx_86C_z5nF2ldGrxd1">Foreign currency translation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Company operates in India, Cayman Islands and a substantial portion of the Company&#8217;s financials are denominated in the Indian Rupee
(&#8220;INR&#8221;). As a result, changes in the relative values of the U.S. Dollar (&#8220;USD&#8221;), or the INR affect financial
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements are reported in USD. The INR is the functional currencies for subsidiary of the Company. The translation
of the functional currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect at the balance
sheet date and for revenues and expenses using average exchange rates prevailing during the reporting periods. Adjustments resulting
from the translation of functional currency financial statements to reporting currency are accumulated and reported as other comprehensive
income/(loss), a separate component of shareholders&#8217; equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8A2_zfRE9TiI0fj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="SVMHW:LeasesPolicyTextBlock"><p id="xdx_847_ecustom--LeasesPolicyTextBlock_zMoUMCzZ91N1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>q)
<span id="xdx_86C_zjyyk4lVC96h">Leases</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lessor
Accounting</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current ASU guidance, contract consideration will be allocated to its lease components and non-lease components (such as maintenance).
For the Company as a lessor, any non-lease components will be accounted for under ASC Topic 606, &#8220;<i>Revenue from Contracts with
Customers,</i>&#8221; unless the Company elects a lessor practical expedient to not separate the non-lease components from the associated
lease component. The amendments in ASU 2018-11 also provide lessors with a practical expedient, by class of underlying asset, to not
separate non-lease components from the associated lease component and, instead, to account for those components as a single component
if the non-lease components otherwise would be accounted for under the new revenue guidance (&#8220;Topic 606&#8221;). To elect the practical
expedient, the timing and pattern of transfer of the lease and non-lease components must be the same and the lease component must meet
the criteria to be classified as an operating lease if accounted for separately. If these criteria are met, the single component will
be accounted for under either Topic 842 or Topic 606 depending on which component(s) are predominant. The lessor practical expedient
to not separate non-lease components from the associated component must be elected for all existing and new leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
lessor, the Company expects that post-adoption substantially all existing leases will have no change in the timing of revenue recognition
until their expiration or termination. The Company expects to elect the lessor practical expedient to not separate non-lease components
such as maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease
component. The timing of revenue recognition is expected to be the same for the majority of the Company&#8217;s new leases as compared
to similar existing leases; however, certain categories of new leases could have different revenue recognition patterns as compared to
similar existing leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
leases that are accounted for as operating leases, income is recognized on a straight-line basis over the term of the lease contract.
Generally, when a lease is more than 180 days delinquent (where more than three monthly payments are owed), the lease is classified as
being on nonaccrual and the Company stops recognizing leasing income on that date. Payments received on leases in nonaccrual status generally
reduce the lease receivable. Leases on nonaccrual status remain classified as such until there is sustained payment performance that,
in the Company&#8217;s judgment, would indicate that all contractual amounts will be collected in full.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lessee
Accounting</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted ASU 2016-02 effective April 1, 2020 using the modified retrospective approach. The standard establishes a right-of-use
model (&#8220;ROU&#8221;) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with
a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification
of expense recognition in the income statement. In connection with the adoption, the Company will elect to utilize the modified retrospective
presentation whereby the Company will continue to present prior period financial statements and disclosures under ASC Topic 840. In addition,
the Company will elect the transition package of three practical expedients permitted within the standard, which eliminates the requirements
to reassess prior conclusions about lease identification, lease classification and initial direct costs. Further, the Company will adopt
a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e.,
leases with terms of 12 months or less), and an accounting policy to account for lease and non-lease components as a single component
for certain classes of assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
ASU 2016-02 (Topic 842), lessees are required to recognize the following for all leases (with the exception of short-term leases) on
the commencement date: (i) lease liability, which is a lessee&#8217;s obligation to make lease payments arising from a lease, measured
on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee&#8217;s right to use, or control the
use of, a specified asset for the lease term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company&#8217;s incremental borrowing
rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the
initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease
incentives received. All right-of-use assets are reviewed for impairment. There was <span id="xdx_90E_eus-gaap--ImpairmentExcludingLessorAssetUnderOperatingLease_do_c20220401__20230331_zV4tbAT9QZ21" title="Impairment for right-of-use lease assets"><ix:nonFraction name="us-gaap:ImpairmentExcludingLessorAssetUnderOperatingLease" contextRef="From2022-04-01to2023-03-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></span> impairment for right-of-use lease assets as of
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company categorizes leases at their inception as either operating or finance leases. On certain lease agreements, the Company may receive
rent holidays and other incentives. The Company recognizes lease costs on a straight-line basis without regard to deferred payment terms,
such as rent holidays, that defer the commencement date of required payments. Please refer to Note 9, &#8220;Leases,&#8221; for further
information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_840_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zNb9A4eJu5i7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>r)
<span id="xdx_86C_zTVUZgdpf6pd">Recently issued and adopted accounting pronouncements</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
to U.S. GAAP are established by the Financial Accounting Standards Board (&#8220;FASB&#8221;) in the form of accounting standards updates
(&#8220;ASUs&#8221;) to the FASB&#8217;s Accounting Standards Codification. The Company considers the applicability and impact of all
ASUs. Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected
to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements
that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows,
or disclosures.</span></p>

</ix:nonNumeric><p id="xdx_855_zUfaBnxZcmG8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_801_eus-gaap--InventoryDisclosureTextBlock_zz36vohyY8Eg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 </b>&#8211; <b><span id="xdx_82A_zd6hToHQdLv7">INVENTORY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zngXmubFWNd3" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zhoLXzh7vPj1">SCHEDULE OF INVENTORY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_401_eus-gaap--InventoryRawMaterials_iI_maINzqgj_zSViECTM4Cnd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--InventoryWorkInProcess_iI_maINzqgj_zjolUvB0MkGc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0618">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_402_eus-gaap--InventoryFinishedGoods_iI_maINzqgj_zhidMDxfzO6e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Finished Goods</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:InventoryFinishedGoods" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">80,275</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40C_eus-gaap--InventoryNet_iTI_mtINzqgj_zZrn8o3yfQWh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">331,548</ix:nonFraction></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0E_zdRKJkFAmbk4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F15_z65mr0PUifYi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000626" xml:lang="en-US">During Fiscal 2023,
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Industry Standards (AIS)-156 and AIS-038 regulations issued by the Govt of India w.r.t EV batteries. These charges were recorded in Cost
of Revenue in the consolidated statements of operations.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A7_zx4P65V0dsr6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="SVMHW:DepositsAndAdvancesTextBlock"><p id="xdx_801_ecustom--DepositsAndAdvancesTextBlock_zjd04wKdtNic" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 </b>&#8211; <b><span id="xdx_823_zXW4HCx95XY6">DEPOSITS AND ADVANCES</span></b></span></p>

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="SVMHW:ScheduleOfDepositsAndAdvancesTableTextBlock"><p id="xdx_890_ecustom--ScheduleOfDepositsAndAdvancesTableTextBlock_zclifZvqwiB7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_zflrpzpef493" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF DEPOSITS AND ADVANCES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_403_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_maDAAzn3J_zjiCagPB7qwk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_ecustom--AdvanceToSuppliers_iI_maDAAzn3J_zLVgkx49cE26" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_ecustom--AdvanceToEmployees_iI_maDAAzn3J_z3rpU9UwTsi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0642">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--DepositsAndAdvances_iTI_mtDAAzn3J_zQ9O2eMroLZc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A8_zfKG2V2WmtMd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
and other current assets include approximately $<span id="xdx_901_ecustom--GoodAndServiceTaxCredit_iI_pn3n3_c20230331_z6SdTZ6Dmlt6" title="Good and service tax credit"><ix:nonFraction name="SVMHW:GoodAndServiceTaxCredit" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">42</ix:nonFraction></span> thousand (March 31, 2022: $<span id="xdx_909_ecustom--GoodAndServiceTaxCredit_iI_pn3n3_c20220331_zkjOVwiPW7g6" title="Good and service tax credit"><ix:nonFraction name="SVMHW:GoodAndServiceTaxCredit" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">128</ix:nonFraction></span> thousand) Good and Service tax credit for Fiscal
Year 2023. The Advances to suppliers primarily relate to advances to suppliers of component suppliers in the Vehicle manufacturing segment
and also towards supply of capital equipment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 30; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80E_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_z9Vi11DrUwr2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;</span></b></span></p>

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OF PROPERTY, PLANT, AND EQUIPMENT</span></span></p>

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  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zDFs2Ykw2BKc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-03-31_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">27,047</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zuGFJJgRibmc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Office Equipment</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantAndMachineryMember_zHYk4LbTU4B9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zN35ita21N2l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-03-31_us-gaap_VehiclesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,678</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENz1Es_zidRZKVPWVX7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Less: Accumulated depreciation</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">81,302</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz1Es_zSE5fjmNmAyd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8AC_zgvvlUMGNLp8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock"><p id="xdx_805_eus-gaap--InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_z30NqaHfIOy1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6 </b>&#8211; <b><span id="xdx_820_z86viJNgUSge">INVESTMENTS IN MARKETABLE SECURITIES</span></b></span></p>

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:MarketableSecuritiesTextBlock"><p id="xdx_89F_eus-gaap--MarketableSecuritiesTextBlock_zQl18cR2moza" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zelRKZ1ZRaO8" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF MARKETABLE SECURITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
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<!-- Field: Split-Segment; Name: 003 -->
</ix:nonNumeric><p id="xdx_8AA_zOW32OCLHDP3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="SVMHW:ClaimsAndAdvancesDisclosureTextBlock"><p id="xdx_806_ecustom--ClaimsAndAdvancesDisclosureTextBlock_zVtkEZsB1mdg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7 </b>&#8211; <b><span id="xdx_823_zOqzUehFa356">CLAIMS AND ADVANCES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="SVMHW:SchedulesOfClaimsAndAdvancesDisclosureTextBlock"><p id="xdx_89C_ecustom--SchedulesOfClaimsAndAdvancesDisclosureTextBlock_zomPW9ug3Nu3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zUhJMENPpdb4">SCHEDULE OF CLAIMS AND ADVANCES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReceivable" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">86</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReceivable" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">531</ix:nonFraction></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0B_zEApNaSaCq05" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_ztkYF8gqdqx1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000706" xml:lang="en-US">The
    balance represents Tax deducted by the Vendors/ Suppliers which will be refunded to the Company upon filing of income tax return
    for the respective year. </ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AA_zQEFqY3eQoi2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_806_eus-gaap--LesseeOperatingLeasesTextBlock_z8NQymQHYNkc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock"><p id="xdx_804_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zYkrzKvtfbtd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9 </b>&#8211; <b><span id="xdx_82D_z7NFIj1GByG5">ACCRUED LIABILITIES AND OTHERS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zkXDq7IqtsV1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zrJj8U0FqyUk" style="display: none">SCHEDULE OF ACCRUED LIABILITIES AND OTHERS</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableTradeCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,827</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A7_zExNtgeS5yai" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
and other contribution related liabilities consist of accrued salaries to employees. Other current liability also includes $ <span id="xdx_905_eus-gaap--Deposits_iI_pn3n3_c20230331_z1CwGWsXTxgf" title="Dealer deposits"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28</ix:nonFraction></span> thousand
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 31; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_80F_eus-gaap--DebtDisclosureTextBlock_z8pRbmJCZMHl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 </b>&#8211; <b><span id="xdx_82C_z3VM091Svmf1">LOANS AND OTHER LIABILITIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short-term
loans:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2023, the Company has the following loans:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Working
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                                            Corporation Limited (as renewed from time to time, the &#8220;HSBC Facility&#8221;). The
                                            current balance as of March 31, 2023, under the HSBC Facility is approximately USD <span id="xdx_90D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn4n6_c20230331__us-gaap--LineOfCreditFacilityAxis__custom--HSBCFacilityMember_z7atKRkTovxc" title="Current balance"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2023-03-31_custom_HSBCFacilityMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">0.72</ix:nonFraction></span> million.
                                            These loans are repayable on demand. The HSBC Facility carries interest rates set using the
                                            MCLR/3M T-Bill standards or any other external benchmark determined by the bank annually.
                                            Interest is calculated daily on the outstanding balances. The HSBC Facility is secured by
                                            SVM&#8217;s current assets.</p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
    from the related Party is taken from the Managing Director of the Company. These loans are unsecured and are repayable
    on demand.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_806_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zJnOgITfdbTd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11 </b>&#8211; <b><span id="xdx_82D_zviaiFyohlC1">COMMITMENTS AND CONTINGENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject
to many uncertainties, and outcomes are not predictable with assurance. There are no such matters that are deemed material to the financial
statements as of March 31, 2023 (March 31, 2022: Nil).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Merger
agreement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 13, 2023, the Company entered into the Merger Agreement with Mobiv Acquisition Corp (&#8216;MOBV&#8217;), and Pegasus Merger Sub
Inc., a Delaware corporation (&#8220;Merger Sub&#8221;). Pursuant to the terms of the Merger Agreement, a business combination between
the Company and MOBV will be effected through the merger of Merger Sub with and into the MOBV, with the Company surviving the merger
as a wholly owned subsidiary of SVH.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Earnout</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Merger Agreement, certain shareholders of SVH (the &#8220;Pre-Closing Company Shareholders&#8221;) and certain shareholders of
SVM India (as defined below) (the &#8220;Other SVM India Stockholders&#8221; and together with the Pre-Closing Company Shareholders,
the &#8220;Earnout Group&#8221;) are entitled to receive their Pro Rata Portion (as defined in the Merger Agreement) of up to <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220401__20230331__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--RangeAxis__srt--MaximumMember_zAdOqVPbsrM9" title="Earnout shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-04-012023-03-31_custom_MergerAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000,000</ix:nonFraction></span>
SVH Shares (the &#8220;Earnout Shares&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
Agreements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Closing, certain shareholders of SRIVARU Motors Private Limited , a private limited company organized under the laws of India and
a majority-owned subsidiary of SVH (&#8220;SVM India&#8221;) will enter into exchange agreements (the &#8220;Exchange Agreements&#8221;)
with SVH, pursuant to which, among other things, such shareholders of SVM India will have a right to transfer one or more of the shares
owned by them in SVM India to SVH in exchange for the delivery of SVH Shares or cash payment, subject to the terms and conditions set
forth in the Exchange Agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:FairValueDisclosuresTextBlock"><p id="xdx_800_eus-gaap--FairValueDisclosuresTextBlock_zaxzrDeyoFWe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12 </b>&#8211; <b><span id="xdx_823_z1S3rsE1cQQ3">FAIR VALUE OF FINANCIAL INSTRUMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2023, the Company&#8217;s marketable securities consist of liquid funds, which have been classified as Level 1 of the fair
value hierarchy because they have been valued using quoted prices in active markets. The Company&#8217;s cash and cash equivalents have
also been classified as Level 1 on the same principle. Financial instruments are classified as current if they are expected to be liquidated
within the next twelve months. The Company&#8217;s remaining investments have been classified as Level 3 instruments as there is little
or no market data. Level 3 investments are valued using cost-method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents information about the Company&#8217;s assets that are measured at fair value on a recurring basis as of March
31, 2023, and March 31, 2022, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair
value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock"><p id="xdx_898_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zYIFF6fmw728" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zcQdtZPW4Pv8" style="display: none">SCHEDULE OF FAIR VALUE MEASUREMENT</span>&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>($)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_c20230331__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z59VOCnv0oue" title="Total cash and cash equivalents" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0762">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_c20220331__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zqUo54UtlaH4" title="Total cash and cash equivalents" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0794">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_c20220331__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zuRAiiR2vyCb" title="Total cash and cash equivalents" style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2022-03-31_us-gaap_FairValueMeasurementsRecurringMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">75,605</ix:nonFraction></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--InvestmentsFairValueDisclosure_iI_c20220331__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z8aEMFLfH969" title="Marketable securities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0802">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--InvestmentsFairValueDisclosure_iI_c20220331__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zbqZTbfwAAY7" title="Marketable securities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AsOf2022-03-31_us-gaap_FairValueMeasurementsRecurringMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,880</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80D_eus-gaap--IncomeTaxDisclosureTextBlock_z0cu7nziX7eh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">deferred income tax expense/(benefit)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AC_zh63XaD11Wp7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
valuation allowance is recognized against deferred tax assets when, based on the consideration of all available positive and negative
evidence using a more likely than not criteria, it is determined that all or a portion of these tax benefits may not be realized. This
assessment requires consideration of all sources of taxable income available to realize the deferred tax asset including taxable income
in prior carry-back years, future reversals of existing temporary differences, tax planning strategies and future taxable income exclusive
of reversing temporary differences and carryforwards. The Company incurred losses on a cumulative basis for the two-year period ended
March 31, 2023, which is considered to be significant negative evidence. The positive evidence considered in support was insufficient
to overcome this negative evidence. As a result, the Company established a full valuation allowance for its net deferred tax asset in
the amount of $<span id="xdx_90D_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn3n3_c20230331_zMRiioObAxMg" title="Valuation allowance"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64</ix:nonFraction></span> thousand as of March 31, 2023 (March 31, 2022: $<span id="xdx_909_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn1n3_dxL_c20220331_zErfTlcSEAB1" title="Valuation allowance::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0832">0.00</span></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company files the income tax returns in India.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RESULTS
OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><p id="xdx_804_eus-gaap--RevenueFromContractWithCustomerTextBlock_z07mttYbvqb3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 </b>&#8211; <b><span id="xdx_820_zBlfRVZ346qa">REVENUE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, discounts,
sales incentives, goods &amp; service tax. The Company recognizes revenue when the amount of revenue and its related cost can be reliably
measured and it is probable that future economic benefits will flow to the entity and degree of managerial involvement associated with
ownership or effective control have been met for each of the Company&#8217;s activities. Revenue is recognized for domestic sales of
vehicles, spare parts, and accessories when the Company transfers control over such products to the customer on dispatch from the factory.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><p id="xdx_892_eus-gaap--DisaggregationOfRevenueTableTextBlock_z7oTPXmNECo8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_z7wkshMSdw1" style="display: none">SCHEDULE OF NET SALES DISAGGREGATED BY SIGNIFICANT PRODUCTS AND SERVICES</span>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0C_zClLmaselNrc" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F19_z0bqRbAmn093" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000849" xml:lang="en-US">Revenue from Sales
of Vehicle represents sale of Electric Bikes to Authorized dealers in and around India.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8AB_zBkPTNlyShVc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 33; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_800_eus-gaap--SegmentReportingDisclosureTextBlock_zz37RwczrT3b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15 </b>&#8211; <b><span id="xdx_827_zWer8lso5iG7">SEGMENT INFORMATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB
ASC 280, &#8220;<i>Segment Reporting</i>&#8221; establishes standards for reporting information about reportable segments. Operating
segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly
by the chief operating decision maker, or decision-making group (&#8220;CODM&#8221;), in deciding how to allocate resources and in assessing
performance. The CODM evaluates revenues and gross profits based on product lines and routes to market. Based on our integration and
Management strategies, we operate in one reportable segment which is vehicle manufacturing. There are no other significant reportable
segments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80D_eus-gaap--SubsequentEventsTextBlock_zgfzKcIkrXs8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
16 </b>&#8211; <b><span id="xdx_822_zxN2J1psO8E2">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no significant subsequent events to reported as at the Reporting date.</span></p>

</ix:nonNumeric><p id="xdx_81D_zeHqyOGZ3QFd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Controls
and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no changes in and disagreements with accountants on accounting and financial disclosure<b>s.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)
Evaluation of disclosure controls and procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Management maintains disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act
of 1934 (the &#8220;Exchange Act&#8221;) that are designed to provide reasonable assurance that information required to be disclosed
in our reports filed or submitted under the Exchange Act is processed, recorded, summarized and reported within the time periods specified
in the SEC&#8217;s rules and forms, and that such information is accumulated and communicated to Management, including our Chief Executive
Officer and Principal Financial Officer (our principal executive officer and principal financial officer, respectively), as appropriate,
to allow for timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Management, including the Chief Executive Officer and Principal Financial Officer, carried out an evaluation of the effectiveness of
our disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, our Chief Executive
Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective to ensure that the information
required to be disclosed in the reports filed or submitted by us under the Exchange Act was recorded, processed, summarized and reported
within the requisite time periods and that such information was accumulated and communicated to our Management, including our Chief Executive
Officer and Principal Financial Officer, as appropriate to allow for timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)
Changes in internal control over financial reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Management, including our Chief Executive Officer and Principal Financial Officer, evaluated our &#8220;internal control over financial
reporting&#8221; as defined in Exchange Act Rule 13a-15(f) to determine whether any changes in our internal control over financial reporting
occurred during Fiscal 2023, that materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting. Based on that evaluation, there were no changes in our internal control over financial reporting during Fiscal 2023, that
have materially affected or are reasonably likely to materially affect our internal control over financial reporting</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<!-- Field: Page; Sequence: 34; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fin_007"></span>UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL
INFORMATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introduction</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following unaudited pro forma condensed combined
financial information presents the combination of financial information of MOBV and SVH, adjusted to give effect to the terms of the Business
Combination Agreement (the &#8220;Transaction&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following unaudited pro forma condensed combined
balance sheet as of March 31, 2023, combines the historical audited consolidated balance sheet of SVH as of March 31, 2023, with the historical
unaudited balance sheet of MOBV as of March 31, 2023, giving pro forma effect to the Transaction as if it had occurred as of March 31,
2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following unaudited pro forma condensed combined
statement of operations for the year ended March 31, 2023, combines the historical audited statement of operations of SVH for the year
ended March 31, 2023 and the historical audited statement of operations of MOBV for the period from January 7, 2022 (inception) through
December 31, 2022 adjusted to remove the unaudited statement of operations for the period from January 7, 2022 (inception) through March
31, 2022, and add the unaudited statement of operations for the three months ended March 31, 2023, to reflect the year ended March 31,
2023, on a pro forma basis as if the Transaction had occurred on April 1, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited pro forma condensed combined balance
sheet as of March 31, 2023, has been derived from:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited pro forma condensed combined statement
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following unaudited pro forma condensed combined
financial information has been prepared in accordance with Article 11 of Regulation S-X as in effect on the date of this proxy statement/prospectus
which incorporates Transaction Accounting Adjustments. SVH and MOBV have elected not to present any estimates related to potential synergies
and other transaction effects that are reasonably expected to occur or have already occurred and will only be presenting Transaction Accounting
Adjustments in the unaudited pro forma condensed combined financial information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This information should be read together with the
financial statements and related notes, as applicable, of each of SVH and MOBV included in this proxy statement/prospectus and SVH&#8217;s
and MOBV&#8217;s &#8220;<i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</i>&#8221; and
other financial information included elsewhere in this proxy statement/prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of the Transactions</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Combination/Transaction</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On March 13, 2023, MOBV
entered into the Business Combination Agreement with SVH, and Pegasus Merger Sub, Inc, a Delaware corporation (&#8220;Merger Sub&#8221;).
Pursuant to the Business Combination Agreement, subject to the terms and conditions set forth therein, (a) Merger Sub will merge with
and into MOBV, with MOBV surviving the Merger as a wholly owned subsidiary of SVH. The Business Combination closed on December 8,
2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange Consideration</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Each MOBV Share (except
for the Excluded Shares, as defined below) was automatically converted as of the Effective Time into the right to receive the
Per Share Consideration and each of the MOBV Warrants has automatically become a SVH Warrant and all rights with respect to MOBV
Shares underlying the MOBV Warrants have automatically converted into rights with respect to SVH Shares and thereupon assumed
by the SVH. The Excluded Shares refer to any MOBV Public Shares (a) held in the treasury of MOBV, (b) otherwise held by MOBV or (c) for
which a public shareholder of MOBV has demanded that MOBV redeem.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each issued and outstanding share of capital stock
of Merger Sub issued and outstanding immediately prior to the Effective Time was converted into and become one validly issued,
fully paid and non-assessable share of common stock, par value $0.01 per share, of the Surviving Company, which constitutes the
only outstanding share of capital stock of the Surviving Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Excluded Share was surrendered and cancelled
and has cease to exist and no consideration was be delivered exchange therefor.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange Agreement with
SVM shareholders</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the Closing, certain shareholders of SVM have
enter into exchange agreements (the &#8220;<span style="text-decoration: underline">Exchange Agreements</span>&#8221;) with SVH, pursuant to which, among other things, such
shareholders of SVM have a right to transfer one or more shares owned by them in SVM to SVH in exchange for the delivery of SVH Shares
or cash payment, subject to the terms and conditions set forth in the Exchange Agreements. In connection with the Exchange Agreement,
SVH has reserved 951,327 shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVH Shareholders</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SVH has effected a stock split, such
that the number of outstanding SVH shares immediately prior to the closing of the Transaction (after giving effect to the stock split)
is 14,946,286.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Per Share Consideration and other dependent items
were adjusted appropriately to reflect the effect of any stock or share split, reverse stock or share split, including a reverse
stock or share split prior to the Effective Time in order to cause the value to be $150 million and therefore the value of each SVH Share
to equal $10.04, stock or share issuance, stock or share dividend, reorganization, recapitalization, reclassification, combination, exchange
of shares or other like change with respect to the number of SVH Shares outstanding after the date hereof and prior to the Effective
Time, so as to provide the holders of MOBV Public Shares, Private Shares, founder shares, Private Warrants, and MOBV Public Warrants
and the recipients of the Per Share Consideration and SVH Warrants, as applicable, with the same economic effect as contemplated by the
Business Combination Agreement prior to such event and as so adjusted shall, from and after the date of such event, be the Per Share
Consideration and SVH Warrants and other dependent items.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earn Out Shares</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders of SVH as of immediately prior to the
Effective Time are entitled to receive their pro rata share based on the number of outstanding SVH shares as of immediately prior to the
Closing of up to 25,000,000 Earn Out Shares (the &#8220;Pre-Closing Company Shareholders&#8221;) as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) Each of the Pre-Closing Company Shareholders will
receive their Pro Rata Portion of 1,450,000 Earn Out Shares (the &#8220;2024 Earn Out&#8221;) to be released from the Earn Out Escrow
Account within ten (10) Business Days following the filing with the SEC by the Company of an Annual Report on Form 20-F for the fiscal
year ended March 31, 2024 (&#8220;the 2024 20-F&#8221;) which reflects Vehicle Sales Revenue of the Company for the fiscal year 2024 of
$39,000,000 or more;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) Each of the Pre-Closing Company Shareholders
will receive their Pro Rata Portion of 4,125,000 Earn Out Shares (the &#8220;2025 Earn Out&#8221;) to be released from the Earn Out Escrow
Account within ten (10) Business Days following the filing with the SEC by the Company of an Annual Report on Form 20-F for the fiscal
year ended March 31, 2025 (&#8220;the 2025 20-F&#8221;) which reflects Vehicle Sales Revenue of the Company for the fiscal year 2025 of
$117,000,000 or more;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iii) Each of the Pre-Closing Company Shareholders
will receive their Pro Rata Portion of 19,425,000 Earn Out Shares (the &#8220;2026 Earn Out&#8221;) to be released from the Earn Out Escrow
Account within ten (10) Business Days following the filing with the SEC by the Company of an Annual Report on Form 20-F for the fiscal
year ended March 31, 2026 (&#8220;the 2026 20-F&#8221;) which reflects Vehicle Sales Revenue of the Company for the fiscal year 2025 of
$553,000,000 or more;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iv) If either or both of the 2024 Earn Out and the
2025 Earn Out are not earned as set forth in (i) and (ii), respectively, each of the Pre-Closing SVH Shareholders will receive their Pro
Rata Portion of the amount of the 2024 Earn Out and the 2025 Earn Out not so earned to be released from the Earn Out Escrow Account on
the 2026 Earn Out Release Date if the aggregate total Vehicle Sales Revenue for the fiscal years ended March 31, 2024, 2025, and 2026
is $709,000,000 or more; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(v) In the event that any of the Vehicle Sales Revenue
triggers set forth in (i) &#8211; (iv) above are not met on the applicable Earnout Release Date, but Vehicle Revenue is at least 50% of
the stated trigger, then the Company Board shall have discretion to waive the applicable Vehicle Sales Revenue trigger and release all
or any portion of the applicable Earn Out Shares available to be released as of such Earnout Release Date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The SVH Shares that may be issued shall be fully paid
and free and clear of all Liens other than applicable securities Laws restrictions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the Closing, the full amount of the Earn Out Shares
will be placed in an escrow account with Continental (the &#8220;Earn Out Escrow Account&#8221;) for the benefit of the Pre-Closing Company
Shareholders pursuant to an Escrow Agreement between SVH and Continental (the &#8220;Earn Out Escrow Agreement&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any Earn Out Shares remaining in the Earn Out Escrow
Account following the 2026 Earn Out Release Date will be automatically returned to the Company and canceled.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Earn Out Shares shall be adjusted appropriately
to reflect the effect of any share split, reverse share split, share issuance, share dividend, reorganization, recapitalization, reclassification,
combination, exchange of shares or other like change with respect to the number of SVH Shares outstanding after the date hereof and prior
to the time when such Earn Out Shares are delivered to the Pre-Closing SVH Shareholders so as to provide the Pre-Closing Shareholders
with the same economic effect contemplated by the Business Combination Agreement prior to such event and as so adjusted shall, from and
after the date of such event, be the Earn Out Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting for the Transaction</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">SVH is both the legal and
accounting acquirer as the shares of MOBV will convert into the right to receive SVH Shares (the &#8220;Per Share Consideration&#8221;)
and MOBV has legally become SVH&#8217;s wholly owned subsidiary as a result of the merger with Merger Sub.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Transaction will be accounted
for as an asset acquisition. MOBV does not qualify as a Business per ASC 805-10-55-3A. Since the acquisition is based on a monetary exchange,
and most of the assets of MOBV are marketable securities in the Trust Account, the fair value of the assets is the more evident value.
The liabilities assumed are all of short-term nature which are deemed to be at fair value. As such the fair value of the consideration
given, in this case the transaction costs incurred, one to one share exchange and the Earn Out consideration should be allocated using
the relative fair value approach based on the net asset value acquired from MOBV. Given the nature of the assets acquired and liabilities
assumed from MOBV, an allocation of the transaction costs and Earnout consideration cannot be made to the net assets acquired. Accordingly,
an immediate charge to operations would be recognized for the difference between the relative value allocated to the earnout and the fair
value, as well as for the value of the transaction costs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets out share ownership of SVH on a pro forma basis based on actual redemption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">46.2</td><td style="width: 1%; text-align: left">%</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">913,555</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.8</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">MOBV public shares under Non-redemption Agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,286,239</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.1</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">MOBV Sponsor&#8217;s shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,495,460</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.7</td><td style="text-align: left">%</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following unaudited pro forma condensed combined balance sheet as of March 31, 2023, and the unaudited pro forma condensed combined statement
of operations for the year ended March 31, 2022, are based on the historical financial statements of MOBV and SHV and the amounts are
presented in USD (see Note 2 &#8211; &#8220;Basis of Presentation&#8221; for more detail). The unaudited pro forma adjustments are based
on information currently available, assumptions, and estimates underlying the pro forma adjustments and are described in the accompanying
notes. Actual results may differ materially from the assumptions used to present the accompanying unaudited pro forma condensed combined
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fin_008"></span>Srivaru and Mobiv Acquisition Corp</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Pro Forma Condensed Combined Statement
of Financial Position</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2023</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>K</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>L</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(50,000</td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>M</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">260</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>L</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">260</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,158,390</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,158,390</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">443,034</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>M</b></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,501,750</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,201,750</td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">300,000</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">9,547,459</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,547,459</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">104,135,566</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,540,298</td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(99,439,690</td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>K</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,844,422</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">191,477</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(191,477</td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">149,463</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,998</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">31,388</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">103,138</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>L</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>N</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">42,014</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,533,301</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,495,750</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(31,385</td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    unaudited pro forma condensed combined balance sheet as of March 31, 2023, combines the historical audited consolidated balance sheet
    of SVH as of March 31, 2023, with the historical unaudited balance sheet of MOBV as of March 31, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock, $ 0.01 par value: Authorized is 100,000,000; Outstanding: 31,783,463.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    A common stock, $0.000001 par value; 100,000,000 shares authorized; 643,350 issued and outstanding (excluding 10,005,000 shares subject
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    B common stock, par value $0.000001; 10,000,000 shares authorized; 2,501,250 issued and outstanding.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fin_009"></span>Srivaru and Mobiv</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Pro Forma Condensed Combined Statement
of Profit or Loss</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Year Ended March 31, 2023</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to Note 2 &#8211; &#8220;Basis of Presentation&#8221; where the MOBV historical operating results adjustments are described in order to align with SVH&#8217;s year end. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please refer to Note 6 &#8212; &#8220;Net Earnings (Loss) per Share&#8221; for details.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED
FINANCIAL STATEMENTS</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note 1 &#8212; Description
of the Proposed Transactions</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On March 13, 2022, MOBV
entered into the Business Combination Agreement with SVH and Merger Sub. Pursuant to the Business Combination Agreement, subject to the
terms and conditions set forth therein, (a) MOBV will merge with and into Merger Sub, with MOBV continuing as the surviving entity (the
&#8220;Merger&#8221;), and with holders of MOBV securities receiving substantially identical securities of SVH, as a result MOBV becoming
a wholly-owned subsidiary of SVH. The Business Combination closed on December 8, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange Consideration</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Each MOBV Share (except
for the Excluded Shares, as defined below) have be automatically converted as of the Effective Time into the right to receive
one SVH Share (the &#8220;Per Share Consideration&#8221;), provided that each MOBV Public Share (except for Excluded Shares) were
entitled to receive two times the Per Share Consideration, and each of the MOBV Warrants have automatically become a SVH Warrant
and all rights with respect to MOBV Shares underlying the MOBV Warrants have automatically converted into rights with respect
to SVH Shares and thereupon assumed by the SVH. The Excluded Shares refer to any MOBV Public Shares (a) held in the treasury of MOBV,
(b) otherwise held by MOBV or (c) for which a public shareholder of MOBV has demanded that MOBV redeem.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Shareholders of SVH as of
immediately prior to the Effective Time are entitled to receive their pro rata share based on the number of outstanding SVH shares as
of immediately prior to the Closing of up to 25,000,000 Earn Out Shares</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">For a description of the
Business Combination and certain agreements executed in connection therewith, see &#8220;<i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of the Proxy Statement/Prospectus
&#8212; The Business Combination</i>&#8221; and &#8220;<i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Agreements Related to the Business Combination</i>.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note 2 &#8212; Basis of
Presentation and Accounting Policies</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The unaudited pro forma condensed
combined financial information is for illustrative purposes only. The financial results may have been different had the companies always
been combined. You should not rely on the unaudited pro forma condensed combined financial information as being indicative of the historical
results that would have been achieved had the companies always been combined or the future results that SVH will experience. SVH and MOBV
have not had any historical relationship prior to the Transaction. Accordingly, no pro forma adjustments were required to eliminate activities
between the companies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The following unaudited pro
forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final
rule, Release No. 33-10786 &#8220;Amendments to Financial Disclosures about Acquired and Disposed Businesses.&#8221; Release No. 33-10786
replaces the existing pro forma adjustment criteria with simplified Transaction Accounting Adjustments and present the Management&#8217;s
Adjustments. MOBV has elected not to present Management&#8217;s Adjustments and will only be presenting Transaction Accounting Adjustments
in the following unaudited pro forma condensed combined financial information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">MOBV does not meet the definition
of a &#8220;business&#8221; pursuant to per ASC 805-10-55-3A as it is an empty listed shell holding only cash raised as part of its original
equity issuance. As a result, the Transaction does not qualify as a &#8220;business combination&#8221; within the meaning of ASC 805,
<i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Combinations</i>; rather, the Transaction will be accounted for as an asset acquisition. See Note 3 &#8211; Accounting for
the Transaction for more details.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The historical financial
statements of SVH have been prepared in accordance with U.S. GAAP and in its functional and presentation currency of the United States
Dollar (&#8220;USD&#8221;). The historical financial statements of MOBV have been prepared in accordance with U.S. GAAP and in its functional
and presentation currency of the United States dollar (&#8220;USD&#8221;). The unaudited pro forma condensed combined financial information
reflects U.S. GAAP, the basis of accounting used by SVH.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As SVH and MOBV have different
fiscal year ends, in order to meet the SEC&#8217;s pro forma requirements of combining operating results for an annual period that ends
within 93 days of the end of SVH&#8217;s latest year ended March 31, 2023, MOBV&#8217;s financial results for the calculated year ended
March 31, 2023, have been calculated by taking (i) MOBV&#8217;s results for the year ended December 31, 2022, minus MOBV&#8217;s results
for the period from January 7, 2022 (inception) through March 31, 2022, plus the three months ended March 31, 2023. SVH&#8217;s annual
fiscal year ended March 31. 2023 was combined with MOBV&#8217;s financial results for the calculated year ended March 31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets out share ownership of SVH on a pro forma basis based on actual redemption.</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,050</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The pro forma adjustments
do not have an income tax effect as they are either (i) incurred by legal entities that are not subject to a corporate income tax, or
(ii) permanently non-deductible or non-taxable based on the laws of the relevant jurisdiction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The share amounts and ownership
percentages set forth above are not indicative of voting percentages and do not take into account MOBV Warrants that remain outstanding
immediately following the Transaction and may be exercised thereafter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon consummation of the Transaction, management will
perform a comprehensive review of the two entities&#8217; accounting policies. As a result of the review, management may identify differences
between the accounting policies of the two entities which, when conformed, could have a material impact on the financial statements of
the post-combination company. Management did not identify any differences that would have a material impact on the unaudited pro forma
condensed combined financial information. As a result, the unaudited pro forma condensed combined financial information does not assume
any differences in accounting policies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note 3 &#8212; Accounting
for the Transaction</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Transaction will be accounted
for as an asset acquisition. SVH is both the legal and accounting acquirer as the shares of MOBV will convert into the right to receive
SVH Shares (the &#8220;Per Share Consideration&#8221;) and MOBV will legally become SVH&#8217;s wholly owned subsidiary as a result of
the merger with Merger Sub.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Transaction will be accounted
for as an asset acquisition. MOBV does not qualify as a Business per ASC 805-10-55-3A. Since the acquisition is based on a share exchange,
and most of the assets of MOBV are marketable securities in the Trust Account, the fair value of the assets is the more evident value.
The liabilities assumed are all of short-term nature which are deemed to be at fair value. As such the fair value of the consideration
given, in this case the transaction costs incurred, one to one share exchange and the Earn Out consideration should be allocated using
the relative fair value approach based on the net asset value acquired from MOBV. Given the nature of the assets acquired and liabilities
assumed from MOBV, an allocation of the transaction costs and Earnout consideration cannot be made to the net assets acquired. Accordingly,
an immediate charge to operations would be recognized for the difference between the relative value allocated to the earnout and the fair
value, as well as for the value of the transaction costs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Exchange Agreement does
provide the Company with the obligation to purchase the SVM shares for cash. &#8220;Cash Exchange Payment&#8221; means with respect to
a particular Call Exchange for which the Company has elected to make a Cash Exchange or a particular Put Exchange for which the Shareholder
has elected to receive a Cash Exchange Payment: The terms both a call and a put option with same strike price and exercise dates applied
and have a fixed redemption price. As such the Exchange Agreement should be classified as a liability under ASC 480 and the NCI removed
from equity with the subsidiary reported at 100% by the parent.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Earn Out Share payments are
within the scope of ASC 480. The Company agreed to issue 25,000,000 Earn Out Shares over a three-year period based on Vehicle Sales Revenue
earned at each year, or in the aggregate for the three years. However, the number of shares to be delivered can vary based on the discretion
of the Company Board to waive the applicable Vehicle Sales Revenue trigger and release all or any portion of the Earnout shares available,
accordingly a liability will be record for the fair value of the Earn Out shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note 4 &#8212; Adjustments
to Unaudited Pro Forma Condensed Combined Balance Sheet as of March 31, 2023</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The pro forma adjustments
to the unaudited pro forma condensed combined balance sheet as of March 31, 2023 are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    the cash payment of $0.7 million of the deferred underwriting commissions due by MOBV payable upon the closing of the Transaction
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
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                                            for legal, accounting, advisory services, and due diligence fees incurred as part of the
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the MOBV transaction costs of $1.7 million, $0.62 million costs have been accrued as of the pro forma balance sheet date $0.37
    represents the payment of D&amp;O premium and the remaining $0.79 million is reflected as an adjustment to accumulated losses.
    The premium payment is related to the tail D&amp;O insurance policy to cover officers and directors of the post combined entity for
    a six-year term. The payment has been recorded as a prepayment of the insurance policy and will be amortized over the six-year policy
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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    reflected as an adjustment to accumulated losses. The premium payment is related to the tail D&amp;O insurance policy to cover officers
    and directors of the post combined entity for a six-year term. The payment has been recorded as a prepayment of the insurance policy
    and will be amortized over the six-year policy term in accordance with U.S. GAAP.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
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    par value of $0.01 per share upon the closing of the Transaction.</span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the elimination of MOBV&#8217;s historical accumulated losses as the transaction between MOBV and SVH is considered an asset purchase as MOBV does not meet the definition of a Business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects the conversion of Class B common stock into shares of SVH on a one-for-one basis at a par value of $0.01.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Reflects the fair value of the Earn Out Shares liability
    in accordance with ASC 480 as the Earn Out shares represents an obligation to issue a variable number of shares where the variations in
    based on something other than the fair value of the issuer&#8217;s equity shares, in this case revenue thresholds. No further consideration
    was made under ASC 815 as the features represent an obligation under ASC 480. The fair value of the Earnout shares was based on the Monte
    Carlo Simulation Analysis taking the following inputs into considerations. Revenue Volatility of 40.0%, EBITA Volatility of 45.0%, Revenue
    Discount rate of 23.0%, Equivalent Required Matric Risk Premium of 16.8%, Credit Adjusted Discount Rate of 10.1% and Risk-free rate of
    6.2%. The valuation applied 100,000 simulations and produced a range of value between $50 million to $70 million. For pro forma purposes
    the mid-range was utilized of $60 million to record the liability as of the merger date. The Company in accordance with ASC 480 will record
    the Earnout shares as a liability at fair value at closing and at each reporting period with changes in fair value recognized in the statement
    of operations. Refer to Note 5 Adjustments and Reclassifications to Unaudited Pro Forma Condensed Combined Statement of Operations for
    the Year Ended March 31, 2023, adjustment EE for further detail.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Earn Out shares were first analyzed under ASC
    718 to determine if the shares should be considered compensation or part of the consideration paid in the asset purchase transaction.
    The indications under ASC 805-10-55-25 were considered in making the determination. Considering the facts and circumstances of the arrangement
    there were no elements that would suggest compensation such as the Earn Out Shares were deemed to be part of the consideration paid in
    the transaction.</p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects the minority interest liability as a result of the put and call option granted to the SVM shareholder under the Exchange Agreement the value of the minority interest was based on the estimated value of the shares at $10.04.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Reflects the non-cash payment for Advisory Services
under an engagement letter entered into between SVH and Mr. Calicchia and Mr. Shiv. The engagement as amended on November 8, 2023, calls
for transaction fees payable in 2,600,000 SVH Shares and 250,000 SVH Warrants and a cash payment of $0.70 million. The value of the 2,600,000
shares was based on the closing price on December 8, 2023 of $1.0936 resulting in compensation expense of $2.84 million. The warrants
are to be issued with terms substantially equal to the warrants that are outstanding or issuable that are most favorable. Currently the
only warrants outstanding are the MOBV warrants as such the value of the warrants was based on the closing price of $0.0315 on December
8, 2023 under trading symbol MOBVW. The number of warrants is not expected to change.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In additional the MOBV entered into a non-redemption agreement with
an investor to assist the Company to ensure listing requirements, resulting in additional consideration of 7,713,760 shares being issued
at closing of the Business Combination. Non-redeeming investors to as such now hold 10,000,000 as a result. The shares were recorded
as compensation expense valued at the closing price on December 8, 2023 of $1.0936 resulting in compensation expense of $8.44 million.</p>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects
    the redemption of 4,331,613 Public Shares for a cash payment of $45.8 million, or $10.58 per share on July 7, 2023 to extend the
    date by which the Company has to close on a business combination from July 15, 2023 to August 8, 2023 and the redemption of 4,973,593
    Public Shares for a cash payment of $53.59 million, or $10.78 as a result of the meeting to vote for the Business Combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">L</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflect
    the borrowings from Sponsor of $666,334 in order to fund extension payments into the&#160;Trust&#160;Account and $500,000 deposits
    made into to trust as part of the monthly extension payment of $100,000 from August 8, 2023 through December 8, 2023. In additional
    $115,000 proceeds received for working capital purpose. The adjustment also reflect the issuance of 128,113 share for the conversion
    of $1.28 million in extension loans and working capital loans into Public Shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects
    the interest earned in the trust subsequent to March 31, 2023 of $2.22 million and the payment of tax payable of $0.49 through the&#160;November&#160;2023
    extension payment&#160;date.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflect
                                            the issuance of common stock shares as a Bonus Plan Adjustment pool of 2,500,000 to the MOBIV
                                            stockholders for non redeeming shareholders. The shares valued at the transaction price of
                                            $10.04 per share and recording as offering cost against additional paid in capital.</span></p>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">O</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects
    the accretion of the redemption value of the redeemable shares through the redemption dates that occurred subsequent to March 31,
    2023. </span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note 5 &#8212; Adjustments
and Reclassifications to Unaudited Pro Forma Condensed Combined Statement of Operations for the Year Ended March 31, 2023</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The pro forma adjustments
included in the unaudited pro forma condensed combined statement of operations for year ended March 31, 2023 are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AA.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects the elimination of interest income generated from the investments held in the Trust Account.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">100,406,792</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FF.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note 6 &#8212; Net Earnings
(Loss) per Share</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Represents the earnings (loss) per share calculated
using the historical weighted average shares outstanding, and the issuance of additional shares in connection with the Transaction, assuming
the shares were outstanding since April 1, 2021. As the Transaction is being reflected as if it had occurred at the beginning of the period
presented, the calculation of weighted average shares outstanding for basic and diluted earnings (loss) per share assumes that the shares
issued in connection with the Transaction have been outstanding for the entire period presented.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The unaudited pro forma
condensed combined financial information has been prepared based on the shares issued and exchanged on December 8, 2023 as a result
of the closing of the Business Combination:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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                                            Scenario</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Weighted average shares outstanding &#8211; basic and diluted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 76%; text-align: left">SVH shareholders</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 20%; text-align: right">14,946,286</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MOBV public shareholders
    <i><sup>(2)</sup></i></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">913,555</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MOBV public shareholders-
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    <td style="text-align: left">&#160;</td><td style="text-align: right">2,286,239</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">MOBV Sponsor&#8217;s shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,495,460</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">MOBV Private Placement shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">543,300</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">MOBV representative shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,050</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">MOBV Sponsor converted loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">128,113</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">600,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Non-redemption Agreement shareholders compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,713,760</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Pro forma net loss</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">(76,393,939</td><td style="width: 1%; text-align: left">)</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Weighted average shares outstanding of common stock &#8211; basic and diluted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">32,326,763</td><td style="text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net loss per share &#8211; basic and diluted</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(2.36</td><td style="text-align: left">)</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Public Warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,005,000</td><td style="text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">543,300</td><td style="text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Financial Advisory Warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">250,000</td><td style="text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Minority interest exchange agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">951,327</td><td style="text-align: left">&#160;</td>
    </tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) The potentially dilutive outstanding securities
were excluded from the computation of pro forma net loss per share, basic and diluted, because their effect would have been anti-dilutive.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Includes the issuance of 2,500,000 share as part
of the Bonus Plan Adjusment to non-redeeming shareholders</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 1126847}]
{"company-data": {"conformed-name": "SRIVARU Holding Ltd", "cik": "0001973368", "assigned-sic": "3711", "organization-name": "04 Manufacturing", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41884", "film-number": "231523009"}, "business-address": {"street1": "WEST BAY ROAD", "street2": "P.O. BOX 10655", "city": "GRAND CAYMAN", "state": "E9", "zip": "KY1-1006", "phone": "(888) 227-8066"}, "mail-address": {"street1": "WEST BAY ROAD", "street2": "P.O. BOX 10655", "city": "GRAND CAYMAN", "state": "E9", "zip": "KY1-1006"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
March
31
,
2023
OR
☐
TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report:
December 8, 2023
Commission
File Number:
333-272717
SRIVARU
Holding Limited
(Exact
name of Registrant as specified in its charter)
Not
    applicable
Cayman
    Islands
(Translation
    of Registrant's name into English)
(Jurisdiction
    of incorporation or organization)
2
nd
Floor, Regatta Office Park
,
West
Bay Road
P.O.
Box 10655
Grand
Cayman
,
KY1-1006
Cayman
Islands
(Address
of Principal Executive Offices)
SRIVARU
Holding Limited
2
nd
Floor, Regatta Office Park,
West Bay Road
P.O.
Box 10655
Grand
Cayman
,
KY1-1006
Cayman
Islands
Telephone:
+1 (888)
227-8066
Email:
ir@srivarumotors.com
(Name,
Telephone, Email and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    Symbol(s)
Name
                                            of each exchange
on
    which registered
Ordinary
    shares
SVMH
The
Nasdaq
Global Market
Warrants
SVMHW
The
Nasdaq
Global Market
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the shell company report:
14,946,286
ordinary shares and 10,005,000 warrants.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes
☐
No
☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☐
No
☒
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).
Yes
☒ No ☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☐
Non-accelerated
    filer
☒
Emerging
    growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
☐
†The
term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board
to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting over Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International
    Financial Reporting Standards as issued
☐
Other
    ☐
by
    the International Accounting Standards Board
If
"Other" has been checked in response to the previous question indicate by check mark which financial statement item the registrant
has elected to follow. Item 17 ☐ Item 18 ☐
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes
☐
No
☒
TABLE
OF CONTENTS
Cautionary Note Regarding Forward-Looking Statements
1
Defined Terms
2
Explanatory Note
4
PART I
5
Item 1. Identity of Directors, Senior Management and Advisers
5
Item 2. Offer Statistics and Expected Timetable
5
Item 3. Key Information
5
Item 4. Information on the Company
6
Item 4A. Unresolved Staff Comments
8
Item 5. Operating and Financial Review and Prospects
8
Item 6. Directors, Senior Management and Employees
8
Item 7. Major Shareholders and Related Party Transactions
8
Item 8. Financial Information
10
Item 9. The Offer and Listing
11
Item 10. Additional Information
12
Item 11. Quantitative and Qualitative Disclosures About Market Risk
14
Item 12. Description of Securities Other than Equity Securities
14
PART II
14
PART III
14
Item 17. Financial Statements
14
Item 18. Financial Statements
14
Item 19. Exhibits
15
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Shell Company Report on Form 20-F (including information incorporated by reference herein, the "Report") includes statements
that express SVH's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future
results of operations or financial condition and therefore are, or may be deemed to be, "forward looking statements" as defined
in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), that involve significant risks and uncertainties. All statements other than
statements of historical facts are forward-looking statements. These forward-looking statements include information about our possible
or assumed future results of operations or our performance. Words such as "expects," "intends," "plans,"
"believes," "anticipates," "estimates," and variations of such words and similar expressions are
intended to identify the forward-looking statements. The risk factors and cautionary language referred to or incorporated by reference
in this Report provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations
described in our forward-looking statements, including among other things, the items identified in the section entitled "
Risk
Factors
" of the Company's Amendment No. 3 of the Registration Statement on Form F-4 (333-272717) filed with the Securities
and Exchange Commission (the "SEC") on August 22, 2023 (the "Form F-4"), which are incorporated by reference
into this Report.
Readers
are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Report. Although
we believe that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations
will prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which
are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ
materially from those expressed or implied by such forward-looking statements. We undertake no obligation to publicly update or revise
any forward-looking statements contained in this Report, or the documents to which we refer readers in this Report, to reflect any change
in our expectations with respect to such statements or any change in events, conditions or circumstances upon which any statement is
based.
1
DEFINED
TERMS
In
this Report:
"
Amended
and Restated Warrant Agreement
" means the amended and restated warrant agreement entered into by and between SVH and
Continental in connection with Closing.
"
Business
Combination
" means the Merger and the other transactions contemplated by the Business Combination Agreement.
"
Business
Combination Agreement
" means the Agreement and Plan of Merger dated March 13, 2023, as amended from time to time, by and among
SRIVARU Holding Limited, Pegasus Merger Sub Inc., and Mobiv Acquisition Corp.
"
Business
Combination Agreement Parties
" means MOBV, SVH, and Merger Sub.
"
Business
Day
" means a day other than a Saturday, Sunday, or other day on which commercial banks in New York (New York), Cayman Islands,
Delhi (India) and Gurugram (India) are authorized or required by law to remain closed.
"
Cayman
Companies Act
" means the Companies Act (As Revised) of the Cayman Islands.
"
Closing
"
means the consummation of the Transactions contemplated by the Business Combination Agreement.
"
Closing
Date
" means the date of closing of the Transactions as contemplated by the Business Combination Agreement.
"
Companies
Act
" or "
Companies Act 2013
" is an act of the parliament of India which regulates incorporation of a company,
responsibilities of a company, directors, dissolution of a company, and includes all amendments thereafter.
"
Company
Board
" means the board of directors of the Company.
"
Continental
"
means Continental Stock Transfer & Trust Company.
"
Date
of Adoption
" has the meaning specified under the section titled "
Description of SVH Securities
."
"
Distributions
"
has the meaning specified under the section titled "
Description of SVH Securities
."
"
DGCL
"
means the General Corporation Law of the State of Delaware.
"
DTC
"
means the Depository Trust Company.
"
Exchange
"
means the series of transactions immediately following the Merger by which certain shareholders of SVM will have a right to transfer
one or more shares owned by them in SVM to SVH in exchange for the delivery of SVH Shares or cash payment, subject to the terms and conditions
set forth in the exchange agreements.
"
Exchange
Act
" means the U.S. Securities Exchange Act of 1934, as amended.
"
ITA
"
means the Indian Income Tax Act, 1961.
2
"
MAT
"
means the minimum alternate tax under the Income Tax Act, 1961.
"
Merger
"
means the merger pursuant to the terms of the Business Combination Agreement whereby Merger Sub will merge with and into MOBV, with MOBV
surviving the Merger as a wholly owned subsidiary of SVH.
"
Merger
Sub
" means Pegasus Merger Sub Inc., a Delaware corporation..
"
MOBV
"
means Mobiv Acquisition Corp, a Delaware corporation.
"
MOBV
Board
" means the board of directors of MOBV.
"
MOBV
Public Shares
" means the Class A common stock of MOBV, par value $0.000001 per share.
"
MOBV
Public Warrant
" means a warrant entitling the holder to purchase one share of common stock at an exercise price of $11.50 per
share.
"
MOBV
Securities
" means, collectively, the MOBV Shares and the MOBV Warrants.
"
MOBV
Shares
" means the shares of Class A common stock, par value $0.000001 per share, and Class B common stock, par value $0.000001
per share, of MOBV, together.
"
Nasdaq
"
means The Nasdaq Stock Market LLC.
"
RBI
"
means the Reserve Bank of India.
"
Registration
Rights Agreement
" means the registration rights agreement contemplated by the Business Combination Agreement, and entered into
by SVH, certain SVH shareholders, and the Sponsor dated March 13, 2023, to be effective upon the Closing.
"
Sarbanes-Oxley
Act
" means the Sarbanes-Oxley Act of 2002.
"
Subsidiary
"
means, with respect to any person, any corporation or other organization (including a limited liability company or a partnership), whether
incorporated or unincorporated, of which such person directly or indirectly owns or controls a majority of the securities or other interests
having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions with
respect to such corporation or other organization or any organization of which such person or any of its Subsidiaries is, directly or
indirectly, a general partner or managing member.
"
SVH
"
or the "
Company
" means SRIVARU Holding Limited, a Cayman Islands exempted company.
"
SVH
A&R Articles
" means the amended and restated memorandum and articles of association of SVH.
"
SVH
Shares
" means the ordinary shares of SRIVARU Holding Limited, having the conditions and rights set out in the SVH A&R Articles.
"
SVH
Securities
" means, collectively, the SVH Shares and the SVH Warrants.
"
SVH
Warrants
" means the warrants to purchase SVH Shares at a price of $11.50 per SVH Share.
"
SVM
"
means SRIVARU Motors Private Limited, a company incorporated under the laws of India and a majority-owned subsidiary of SVH.
"
Transactions
"
means the series of transactions contemplated by the Business Combination Agreement, including the Merger and the Exchange.
"
Transfer
Agent
" means Continental.
3
EXPLANATORY
NOTE
On
March 13, 2023, MOBV, SVH and Merger Sub entered into the Business Combination Agreement, pursuant to which, subject to the terms and
conditions set forth therein, several transactions occurred, and in connection therewith, SVH became the ultimate parent company of SVM
and MOBV, or the "Business Combination."
The
Business Combination was consummated on December 8, 2023. The transaction was unanimously approved by MOBV's Board of Directors
and was approved at the special meeting of MOBV's shareholders held on September 28, 2023 or the "MOBV Special Meeting".
As a result of the business combination, MOBV has become a wholly owned subsidiary of SVH. On December 11, 2023, SVH's Ordinary
Shares and Warrants commenced trading on The Nasdaq Stock Market LLC, or "Nasdaq" under the symbols "SVMH" and
"SVMHW," respectively.
Certain
amounts that appear in this Report may not sum due to rounding.
4
PART
I
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
A.
Directors
    and Senior Management
The
directors and executive officers of SVH upon the consummation of the Business Combination are set forth in the Form F-4, in the section
entitled "
Management of SVH Following the Business Combination
," which is incorporated herein by reference. The business
address for each of SVH's directors and executive officers is 2
nd
Floor, Regatta Office Park, West Bay Road, P.O. Box
10655, Grand Cayman, KY1-1006, Cayman Islands.
B.
Advisers
Norton
Rose Fulbright US LLP, 1301 Avenue of the Americas, New York, New York 10019, U.S.A. has acted as US counsel for the Company and will
continue to act as counsel to the Company upon and following the consummation of the Business Combination. Walkers (Cayman) LLP, 190
Elgin Avenue, George Town, Grand Cayman KY1-9001, Cayman Islands, has acted as Cayman counsel for the Company and will continue to act
as counsel to the Company upon and following the consummation of the Business Combination.
C.
Auditors
Manohar
Chowdhry & Associates acted as SVH's (and its predecessor, SVM's) independent auditor for each of the three years
in the period ended March 31, 2023, and is expected to continue to act as SVH's independent auditor after the Business Combination.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
3. KEY INFORMATION
A.
Selected
    Financial Data
SVH
Selected
financial information regarding SVH is included in the Form F-4 in the sections entitled "
SVH's Selected Historical Financial
Information
" and is incorporated herein by reference. The financial statements of SVH have been prepared in Indian Rupee.
B.
Capitalization
    and Indebtedness
The
following table sets forth the capitalization of SVH on an unaudited pro forma combined basis as of March 31, 2023, after giving effect
to the Business Combination.
As of March 31, 2023
    (pro forma for Business Combination)
$
(in
                                            thousands)
Cash and cash equivalents
$
3,110
Equity
(66,328
)
Debt
1,158
Loans and borrowings (current)
1,158
Loans and borrowings (non-current)
-
Total debt
1,1158
Total capitalization(2)
(65,170
)
Cash and cash equivalents
$
3,110
Equity
(66,328
)
C.
Reasons
    for the Offer and Use of Proceeds
Not
applicable.
D.
Risk
    Factors
The
risk factors associated with SVH are described in the Form F-4 in the section entitled "
Risk Factors,
" which is incorporated
herein by reference.
5
ITEM
4. INFORMATION
O
N
T
HE COMPANY
A.
History
    and Development of the Company
SVH
is considered a foreign private issuer as defined in Rule 3b-4 under the Exchange Act. SVH was incorporated in the Cayman Islands on
June 16, 2021, solely to serve as the holding company for 94.02% of the outstanding equity of SVM. SVH is a holding company with no current
operations of its own. SVH has been the consolidating entity for purposes of SVH's financial statements since the consummation
of the Business Combination on December 8, 2023. The history and development of SVH are described in the Form F-4 under the headings
"
Summary of the Proxy Statements/Prospectus
," "
The Business Combination Proposal
," "
Information
Related to SVH
" and "
Description of SVH Securities
," which are incorporated herein by reference.
SVH's
registered address is 2nd Floor, Regatta Office Park, West Bay Road, PO BOX 10655, Grand Cayman KY1-1006, Cayman Islands., and its telephone
number is +1 (888) 227-8066. SVH's principal website address is https://srivarumotors.com/. We do not incorporate the information
contained on, or accessible through, SVH's websites into this Report, and you should not consider it a part of this Report. The
SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that
file electronically with the SEC. The SEC's website is
www.sec.gov
.
B.
Business
    Overview
Following
and as a result of the Business Combination, all of SVH's business is conducted through its subsidiary, SVM. A description of the
business is included in the Form F-4 in the sections entitled "
SVH's Business
," and "
SVH Management's
Discussion and Analysis of Financial Condition and Results of Operation
," which are incorporated herein by reference.
6
C.
Organizational
    Structure
Upon
consummation of the Business Combination, MOBV became a wholly owned subsidiary of SVH. The following diagram depicts the simplified
organizational structure of SVH as of the date hereof. Percentages refer to voting power of the ordinary shares held by the respective
shareholders or shareholder groups.
The
significant subsidiaries of SVH are listed below.
Name
Country
                                            of Incorporation and
Place
                                            of
Business
                  Address
Nature
    of Business
Proportion
                                            of
Ordinary
Shares
                                            Held
by
                    SVH
SRIVARU MOTORS PRIVATE LIMITED
India
India
Personal Electric
    Transportation
94.00
%
Mobiv Acquisition Corp
USA
USA
Holding unit
100.00
%
D.
Property,
    Plants and Equipment
SVH's
property, plants and equipment is held through SVM. Information regarding SVH's property, plants and equipment is described in
the Form F-4 under the headings "
SVH's Business—Facilities
,
"
which information is incorporated
herein by reference.
7
ITEM
4A. UNRESOLVED STAFF COMMENTS
None
/ Not applicable.
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The
discussion and analysis of the financial condition and results of operation of SVH is included in the Form F-4 in the section entitled
"
SVH Management's Discussion and Analysis of Financial Condition and Results of Operation
," which information
is incorporated herein by reference.
ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors
    and Senior Management
The
directors and executive officers upon the consummation of the Business Combination are set forth in the Form F-4, in the section entitled
"
Management of SVH Following the Business Combination
," which is incorporated herein by reference.
B.
Compensation
SVH
has entered into employment agreements with its Chief Executive Officer and Chief Financial Officer that became effective as of December
8, 2023, the closing date of the business combination with Mobiv Acquisition Corp.
Mohanraj
Ramaswamy Employment Agreement
Mr.
Ramaswamy's employment agreement has an initial term extending through March 31, 2026, which will be renewed automatically on an
annual basis thereafter unless either party gives 90 days' notice of termination prior to the end of the term. Pursuant to the
employment agreement, Mr. Ramaswamy serves as the Chief Executive Officer of SVH. The employment agreement entitles Mr. Ramaswamy to
receive an annual base salary equal to $271,000, an annual target bonus equal to 25% of his base annual salary (currently $67,750) subject
to the terms and conditions of the annual bonus plan adopted by the board, and an additional performance bonus of $24 million, payable
in ordinary shares of the Company in four tranches of 25% (collectively, the "Additional Bonus Shares"), each of which is
payable upon the successful completion of each of the following four milestones: (1) when the Company completes a strategic battery supplier
agreement for continued battery supply for the Company's product lines; (2) when the PRANA Elite is approved by the required government
authorities and officially launched into the targeted market; (3) once the ALIVE product is approved by the required government authorities
and officially launched into the targeted market; and (4) once the PRANA Class product is approved by the required government authorities
and officially launched into the targeted market. The Additional Bonus Shares shall be deemed fully allocated, vested and owned by Mr.
Ramaswamy in the event of a termination of his employment for any reason whatsoever.
Under
the employment agreement, if the Company terminates Mr. Ramaswamy without "cause" or Mr. Ramaswamy resigns for "good
reason" (as each such term is defined in the employment agreement), subject to Mr. Ramaswamy's execution of a release of
claims in favor of the Company, Mr. Ramaswamy will be entitled to receive (i) 12 months' base salary, (ii) his target annual bonus
for the year of termination, and (iii) continued medical coverage paid by the Company for 18 months following such qualifying termination.
Weng
Kiat (Adron) Leow Employment Agreement
Mr.
Leow's employment agreement has an initial term extending through March 31, 2026, which will be renewed automatically on an annual
basis thereafter unless either party gives 90 days' notice of termination prior to the end of the term. Pursuant to the employment
agreement, Mr. Leow serves as the Chief Financial Officer of SVH. The employment agreement entitles Mr. Leow to receive an annual base
salary equal to $216,000, a signing bonus of $24,000, and an annual target bonus equal to 25% of his base annual salary (currently $54,000)
subject to the terms and conditions of the annual bonus plan adopted by the board.
Under
the employment agreement, if the Company terminates Mr. Leow without "cause" or Mr. Leow resigns for "good reason"
(as each such term is defined in the employment agreement), subject to Mr. Leow's execution of a release of claims in favor of
the Company, Mr. Leow will be entitled to receive (i) 12 months' base salary, (ii) his target annual bonus for the year of termination,
and (iii) continued medical coverage paid by the Company for 18 months following such qualifying termination.
Director
& Officer Indemnity Agreements
SVH
has entered into indemnification agreements with each of its current directors and executive officers, and plans on entering into indemnification
agreements with each director that joins the board. Under these agreements, SVH may agree to indemnify its directors against certain
liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director of SVH.
Further
information
pertaining to the compensation of the directors
and executive officers of SVH is set forth in the Form F-4, in the sections entitled "
Management of SVH Following the Business
Combination—Officer and Director Compensation,
" and "
Management of SVH Following the Business Combination—Compensation
Discussion and Analysis,
" which are incorporated herein by reference.
C.
Board
    Practices
Information
pertaining to the Company's board practices is set forth in the Form F-4, in the section entitled "
Management of SVH Following
the Business Combination
," which is incorporated herein by reference.
D.
Employees
Information
pertaining to SVH's employees is set forth in the Form F-4, in the section entitled
"SVH's Business—Employees,"
which is incorporated herein by reference.
E.
Share
    Ownership
Ownership
of the Company's shares by its directors and executive officers upon consummation of the Business Combination is set forth in Item
7.A of this Report.
ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major
    Shareholders
The
following table sets forth information regarding the beneficial ownership of Ordinary Shares as of the date thereof by:
●
each
    person known by us to be the beneficial owner of more than 5% of Ordinary Shares;
●
each
    of our directors and executive officers; and
●
all
    our directors and executive officers as a group.
Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if he, she or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently
exercisable or exercisable within 60 days. A person is also deemed to be a beneficial owner of any securities of which that person has
a right to acquire beneficial ownership within 60 days, provided that any person who acquires any such right with the purpose or effect
of changing or influencing the control of the issuer, or in connection with or as a participant in any transaction having such purpose
or effect, immediately upon such acquisition shall be deemed to be the beneficial owner of the securities which may be acquired through
the exercise of such right. Under these rules, more than one person may be deemed to be a beneficial owner of the same securities.
8
As
of the date hereof, there are 37,236,763 Ordinary Shares issued and outstanding. There are also 10,798,300 Warrants outstanding,
each exercisable at $11.50 per 1 SVH Share, of which 10,005,000 are public warrants listed on Nasdaq and 543,300 private placement warrants
held by Mobiv Pte. Ltd and 250,000 private warrants issued in connection with the settlement of debt.
Unless
otherwise indicated, we believe that all persons named in the table below have sole voting and investment power with respect to all shares
of voting shares beneficially owned by them.
Unless
otherwise indicated, the business address of each of the individuals from the business address of each of the individuals from SVH is
2nd Floor, Regatta Office Park, West Bay Road, P.O. Box 10655, Grand Cayman, KY1-1006.
Name
    and Address of Beneficial Owner
Total
common
                                            stock
%
                                            of Total
Voting
Power
(4)
Mobiv Pte. Ltd.
(1) (2)
3,477,060
7.23
%
Peter Bilitsch
(2)
3,477,060
7.23
%
Mohanraj Ramasamy
2,419,795
5.03
%
Walleye Capital
3,144,998
6.54
%
Mobiv Srivaru Trust
11,855,022
24.63
%
SVM Trust
12,020,913
24.98
%
ACP
All 5% Beneficial owners
    of SVH as a group
35,517,768
73.80
%
Directors
    and Executive Officers of SVH
Mohanraj Ramasamy
2,419,795
5.03
%
Weng Kiat (Adron) Leow
(3)
5,000
*
Ganesh Iyer
—
Mohsen Moazami
—
Jonathan Reichental
—
Lata Gullapalli
—
Peter Bilitsch
(2)
3,477,060
7.23
%
All
    Directors and Executive Officers of SVH  as a Group
5,901,855
12.26
*
Less
    than 1%.
(1)
Mobiv
    Pte. Ltd., Mobiv's sponsor, is the record holder of the securities reported herein. Includes 543,300 Placement Units purchased
    in a private placement that closed simultaneously with the closing of the Initial Public Offering. Post-Business Combination, includes
    (i) 543,300 Private Shares, (ii) shares issuable upon exercise of 543,300 Private Warrants, (ii) shares issuable upon exercise of
    250,000 Private Warrants which are expected to be issued in connection with the conversion of working capital loans related to expenses
    in conjunction with the Business combination. The business address of each of these entities and individuals is 850 Library Avenue,
    Suite 204, Newark, Delaware 19711.
(2)
Milan
    Vido Partners Pte. Ltd. owns 100% of Mobiv Pte. Ltd. and Peter Bilitsch, chief executive officer of the company, owns 100% of Milan
    Vido Partners Pte. Ltd. Includes 543,300 Placement Units purchased in a private placement that closed simultaneously with the closing
    of MOBV's initial public offering. Post-Business Combination, includes (i) 543,300 Private Shares, (ii) 543,300 SVH Shares
    issuable upon exercise of 543,300 Private Warrants, (ii) 250,000 SVH Shares issuable upon exercise of 250,000 Private Warrants which
    are expected to be issued in connection with the conversion of working capital loans related to expenses in conjunction with the
    Business Combination.
(3)
Mr.
    Weng Kiat (Adron) Leow is director of our Sponsor, Mobiv Pte. Ltd., and its, holding company, Milan Vido Partners Pte. Ltd.
(4)
Excludes Earnout Shares.
B.
Related
    Party Transactions
Information
pertaining to SVH's related party transactions is set forth in the Form F-4, in the section entitled "
Certain Relationships
and Related Party Transactions—SVH's Related Party Transactions,
" which is incorporated herein by reference.
C.
Interests
    of Experts and Counsel
None
/ Not applicable.
9
ITEM
8. FINANCIAL INFORMATION
A.
Consolidated
    Statements and Other Financial Information
Financial
Statements
Consolidated
financial statements have been filed as part of this report. See Item 18 "Financial Statements."
Legal
Proceedings
Legal
or arbitration proceedings are described in the Form F-4 under the heading "
SVH's Business—Legal Proceedings,
"
which is incorporated herein by reference.
Dividend
Policy
SVH's
policy on dividend distributions is described in the Form F-4 under the heading "
Price Range of Securities and Dividends—SVH—Dividend
Policy,
" which is incorporated herein by reference.
B.
Significant
    Changes
None/
Not applicable.
10
ITEM
9. THE OFFER AND LISTING
A.
Offer
    and Listing Details
SVH
Ordinary Shares and Warrants are listed on the Nasdaq under the symbols "SVMH" and "SVMHW," respectively. Holders
of Ordinary Shares and Warrants should obtain current market quotations for their securities.
B.
Plan
    of Distribution
Not
applicable.
C.
Markets
SVH
Ordinary Shares and Warrants are listed on the Nasdaq under the symbols "SVMH" and "SVMHW," respectively.
D.
Selling
    Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses
    of the Issue
Not
applicable.
11
ITEM
10. ADDITIONAL INFORMATION
A.
Share
    Capital
As
of the date hereof, subsequent to the closing of the Business Combination, there were 37,236,763 Ordinary Shares outstanding and
issued, excluding the Earnout Shares. There are also 10,798,300 Warrants outstanding, each exercisable at $11.50 per 1
SVH Share, of which 10,005,000 are public warrants listed on Nasdaq and 543,300 private placement warrants held by Mobiv
Pte. Ltd and 250,000 private warrants issued in connection with the settlement of debt.
B.
Memorandum
    and Articles of Association
The
SVH A&R Articles dated as of July 28, 2023 are filed as part of this Report.
The
description of the SVH A&R Articles contained in the Form F-4 in the section entitled "
Description of SVH Securities"
is incorporated herein by reference.
C.
Material
    Contracts
Material
Contracts Relating to SVH's Operations
Information
pertaining to SVH's material contracts is set forth in the Form F-4, in the section entitled "
Description of SVH's
Material Indebtedness
" and "
Certain Relationships and Related Party Transactions
," each of which is incorporated
herein by reference.
Material
Contracts Relating to the Business Combination
Business
Combination Agreement
The
description of the Business Combination Agreement in the Form F-4 in the sections entitled
"The Business Combination Proposal—The
Business Combination Agreement,"
which is incorporated herein by reference.
Related
Agreements
The
description of the material provisions of certain additional agreements entered into or to be entered into pursuant to the Business Combination
Agreement in the Form F-4 in the section entitled "
The Business Combination Proposal—Related Agreements"
is
incorporated herein by reference.
D.
Exchange
    Controls
None.
E.
Taxation
Information
pertaining to tax considerations is set forth in the Form F-4, in the sections entitled "
Material Tax Considerations—Material
U.S. Federal Income Tax Considerations
" which is incorporated herein by reference.
12
F.
Dividends
    and Paying Agents
Information
regarding SVH's policy on dividends is described in the Form F-4 under the heading "
Price Range of Securities and Dividends—SVH—Dividend
Policy,
" which is incorporated herein by reference. Because SVH does not expect to issue dividends for the foreseeable future,
it has not identified a paying agent.
G.
Statement
    by Experts
The
consolidated financial statements of SVH as of March 31, 2023 and March 31, 2022, and for each of the two years in the period ended March
31, 2023, included in this Form 20-F, have been audited by Manohar Chowdhry & Associates, independent registered public accounting
firm, as set forth in their report appearing elsewhere herein, and are included in reliance upon such report given on the authority of
such firm as experts in auditing and accounting.
H.
Documents
    on Display
We
are subject to certain of the informational filing requirements of the Exchange Act. Since we are a "foreign private issuer,"
we are exempt from the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and our
officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions
contained in Section 16 of the Exchange Act, with respect to their purchase and sale of our shares. In addition, we are not required
to file reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered
under the Exchange Act. However, we are required to file with the SEC an Annual Report on Form 20-F containing financial statements audited
by an independent accounting firm. We also furnish to the SEC, on Form 6-K, unaudited financial information after each of our first three
fiscal quarters. The SEC also maintains a website at
http://www.sec.gov
that contains reports and other information that we file
with or furnish electronically with the SEC. You may read and copy any report or document we file, including the exhibits, at the SEC's
public reference room located at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information
on the public reference room.
I.
Subsidiary
    Information
Not
applicable.
13
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The
information set forth in the section entitled "
SVH Management's Discussion and Analysis of Financial Condition and Results
of Operation—Quantitative and Qualitative Disclosure about Market Risk
" in the Form F-4 is incorporated herein by reference.
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
Warrants
Immediately
prior to the Merger Effective Time, SVH, MOBV, and Continental entered into an assignment and assumption agreement pursuant to which
MOBV assigned to SVH all of its rights, interests, and obligations in and under the Warrant Agreement, converting the MOBV Warrants as
set forth in the Business Combination Agreement and providing that the SVH Warrants issued upon exchange of the MOBV Warrants held by
the Sponsor are not redeemable and are exercisable for cash or on a cashless basis, at the holder's option, so long as they are
held by the Sponsor or its permitted transferees.
As
of this filing, there are 10,050,000 SVH Warrants outstanding, representing up to 10,050,000 SVM Shares upon exercise. Each SVH Warrant
entitles its holder to purchase one SVM Share at an exercise price of $11.50 per share. The SVH Warrants are exercisable until their
expiration on December 8, 2028. The exercise price of the SVH Warrants may be adjusted in accordance with their terms.
PART
II
Not
applicable.
PART
III
ITEM
17. FINANCIAL STATEMENTS
Not
applicable.
ITEM
18. FINANCIAL STATEMENTS
The
financial statements are filed as part of this Report beginning on page F-1.
14
ITEM
19. EXHIBITS
EXHIBIT
INDEX
Exhibit
    Number
Description
1.1
Memorandum of Association of SRIVARU Holding Limited (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
1.2
Articles of Association of SRIVARU Holding Limited (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
1.3
Amended and Restated Memorandum and Articles of Association of SRIVARU Holding Limited effective July 28, 2023 (incorporated by reference to Exhibit 3.3 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
2.1
Warrant Agreement, dated as of August 3, 2022, between Continental Stock Transfer & Trust Company and Mobiv Acquisition Corp (incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K filed with the SEC on August 9, 2022).
2.2*
Warrant
    Assignment and Assumption Agreement dated December 8, 2023, by and between SRIVARU Holding Limited, Mobiv Acquisition
    Corp, and Continental Stock Transfer & Trust Company.
2.3
Specimen Share Certificate of SRIVARU Holding Limited (incorporated by reference to Exhibit 4.6 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
2.4
Specimen Warrant Certificate of SRIVARU Holding Limited (incorporated by reference to Exhibit 4.7 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
4.1
Agreement and Plan of Merger, dated as of March 13, 2023, by and among Mobiv Acquisition Corp, Pegasus Merger Sub. Inc. and SRIVARU Holding Limited (incorporated by reference to Exhibit 2.1 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
4.2
First Amendment dated August 4, 2023, to the Agreement and Plan of Merger, dated as of March 13, 2023, by and among Mobiv Acquisition Corp, Pegasus Merger Sub. Inc. and SRIVARU Holding Limited (incorporated by reference to Exhibit 2.2 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
4.3
Sponsor Support Agreement, dated as of March 13, 2023, by and between Mobiv Pte. Ltd. and SRIVARU Holding Limited (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
4.4
Transaction Support Agreement, dated as of March 13, 2023, by and among Mobiv Acquisition Corp and certain stockholders of SRIVARU Holding Limited (incorporated by reference to Exhibit 10.2 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
4.5
Registration Rights Agreement, dated as of March 13, 2023, by and among SRIVARU Holding Limited, Mobiv Pte. Ltd. and certain stockholders of SRIVARU Holding Limited (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
4.6
Lockup Agreement, dated as of March 13, 2023, by and among SRIVARU Holding Limited, Mobiv Pte. Ltd. and certain stockholders of SRIVARU Holding Limited (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
4.7*
Exchange
    Agreement, dated December 8, 2023, by and among SRIVARU Holding Limited, SRIVARU Motors Private Limited, and certain
    shareholders of SRIVARU Motors Private Limited.
4.8*
Earnout Escrow Agreement, dated December 8, 2023, by and between SRIVARU Holding Limited, Continental Stock Transfer & Trust Company and Mohanraj Ramasamy, as representative of the Earnout Group.
4.9
Indemnity Agreement, effective as of October 5, 2022, by and between SRIVARU Holding Limited and Mohanraj Ramasamy (incorporated by reference to Exhibit 10.7 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
4.10
Indemnity Agreement, effective as of October 5, 2022, by and between SRIVARU Holding Limited and Sharmila Mohanraj (incorporated by reference to Exhibit 10.8 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
4.11
Form of Employment Agreement between SRIVARU Holding Limited and executive officers of SRIVARU Holding Limited (incorporated by reference to Exhibit 10.9 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717)).
4.12
Form of SRIVARU Holding Limited Incentive Plan (incorporated by reference to Exhibit 10.10 to the Registration Statement on Form F-4/A filed on August 22, 2023 (File No. 333-272717))..
4.13
Investment Management Trust Agreement, dated as of August 3, 2022, between Continental Stock Transfer & Trust Company and Mobiv Acquisition Corp (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on August 9, 2022).
8.1
List of Subsidiaries.*
15.1
Consent of Manohar Chowdhry & Associates *
*
Filed
    herewith
15
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this report on its behalf.
SRIVARU
    Holding Limited
December
    28, 2023
By:
/s/
    Mohanraj Ramasamy
Name:
Mohanraj Ramasamy
Title:
Chief Executive Officer
16
INDEX
TO FINANCIAL STATEMENTS
Page
No.
SRIVARU
    HOLDING LIMITED CONSOLIDATED FINANCIAL STATEMENTS
Report
    of Independent Registered Public Accounting Firm
(PCAOB ID:
5341
)
F-2
Consolidated Balance Sheet as of March 31, 2023
F-3
Consolidated Statements of Operations and Comprehensive Income for the years ended March 31, 2023 and 2022
F-4
Consolidated Statement of Stockholders' Equity for the years ended March 31, 2023 and 2022
F-5
Consolidated statements of Cash Flows for the years ended March 31, 2023 and 2022
F-6
Notes to Consolidated Financial Statements
F-7
SRIVARU
    Holding Limited
Unaudited pro forma condensed combined financial information as at and for the year ended March 31, 2023
F-17
Unaudited pro forma condensed combined statement of financial position
F-21
Unaudited pro forma condensed combined statement of operations for the year ended March 31, 2023
F-22
F-
1
Report
of Independent Registered Public Accounting Firm
To
the shareholders and the board of directors of Srivaru Holding Limited
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying Consolidated balance sheets of Srivaru Holding Limited and its subsidiary (the "Company") as
of March 31, 2023 and 2022, the related Consolidated statements of operations and comprehensive Income, stockholders' equity and
Consolidated cash flows, for the each of the two years in the year ended March 31, 2023, and the related notes (collectively referred
to as the " Consolidated financial statements"). In our opinion, the Consolidated financial statements present fairly, in
all material respects, the Consolidated financial position of the Company as at March 31, 2023 and 2022, and the Consolidated results
of its operations and its cash flows for each of the two years in the year ended March 31, 2023, in conformity with accounting principles
generally accepted in the United States of America.
Basis
for Opinion
These
Consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's Consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. As part
of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provides a reasonable basis for our opinion.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required
to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial
statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit
matters
Manohar
Chowdhry & Associates
Chartered
Accountants
We
are serving as the Company's auditor for the second year.
Chennai,
India
May
25, 2023
UDIN:
23228596BHAIDX3742
F-
2
Srivaru
Holding Limited (Successor)
Srivaru Motors Private Limited
(Predecessor)
CONSOLIDATED
BALANCE SHEET
(all
amounts are in $, except share data)
March
31, 2023
($)
March
31, 2022
($)
ASSETS
Current assets:
Cash and cash equivalents
21,378
75,605
Marketable securities
14,415
14,880
Accounts receivable, net
-
-
Inventory
331,548
435,103
Deposits and advances
288,842
418,590
Total current assets
656,183
944,178
Property, plant and equipment, net
55,196
66,250
Non-Marketable securities
-
-
Deferred tax assets
-
64,241
Operating lease asset
Total long-term assets
55,196
130,491
Total assets
711,379
1,074,669
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
3,976
7,776
Accrued liabilities and others
55,571
82,982
Borrowings
1,158,390
886,808
Total current liabilities
1,217,937
977,566
Long-term loans
-
-
Other liabilities
-
-
Operating lease liability
-
-
Total non-current liabilities
-
-
Total liabilities
1,217,937
977,566
Commitments and Contingencies – See Note 11
Stockholders' equity:
Common stock, $
0.01
par value:
20,000,000
shares authorised as of March 31, 2023 (March 31, 2022;
20,000,000
shares);
19,147,698
(March 31, 2022;
19,140,849
) shares issued or outstanding as of March 31, 2023.
191,477
191,408
Share Premium
149,614
124,682
Profit on Consolidation
87,756
87,756
Non Controlling Interest
(
14,979
)
5,696
Other Comprehensive income
51,057
4,771
Accumulated deficit
(
971,483
)
(
317,210
)
Total stockholders' equity
(
506,558
)
97,103
Total liabilities and stockholders' equity
711,379
1,074,669
The
accompanying notes should be read in connection with these consolidated financial statements.
F-
3
Srivaru
Holding Limited
(Successor)
Srivaru Motors Private
Limited (Predecessor)
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(all
amounts are in $, except share data)
Successor
Predecessor
Year ended March 31, 2023
Period from June 16, 2021 through March 31, 2022
Period from April 1, 2021 through June 15, 2021
($)
($)
($)
Revenue
112,409
152,207
87,764
Cost of goods Sold
(
132,780
)
(
124,834
)
(
76,883
)
Inventory write-down
(
113,724
)
-
-
Total Cost of Revenue
(
246,504
)
(
124,834
)
(
76,883
)
Gross Profit
(
134,095
)
27,373
10,881
General and administrative expenses
(
405,078
)
(
268,656
)
(
59,586
)
Selling and Distribution expenses
(
2,814
)
(
36,447
)
(
4,713
)
Depreciation and Amortisation
(
24,545
)
(
27,974
)
-
Operating loss
(
566,532
)
(
305,704
)
(
53,418
)
Other income, net
11,771
10,529
432
Finance Expenses
(
55,946
)
-
-
Loss before income taxes
(
610,707
)
(
295,175
)
(
52,986
)
Income tax expense/benefit
(
64,241
)
(
34,155
)
-
Net loss attributable to common stockholders
(
674,948
)
(
329,330
)
(
52,986
)
Loss attributable to Common Stock holders of Parent Company
(
654,273
)
(
317,210
)
(
49,813
)
Loss attributable to minority Stock holders
(
20,675
)
(
12,120
)
(
3,173
)
Loss per share attributable to common stockholders:
Basic & diluted
(
0.04
(
0.03
-
0.02
Weighted-average number of shares used in computing loss per share amounts:
19,145,415
15,155,318
2,611,260
The
accompanying notes should be read in connection with these Consolidated financial statements.
F-
4
Srivaru
Holding Limited (Successor)
Srivaru Motors Private
Limited (Predecessor)
STATEMENT
OF STOCKHOLDERS
'
EQUITY
(all
amounts are in $, except share data)
Predecessor
Number
                                            of Common Shares
Common Stock
Share Premium
Accumulated Deficit
Capital
                                            Reserve
Non-
                                            Controlling Interest
Other Comprehensive
    Income
Total
                                            Stockholders'
Equity
Balances as of April 01, 2021
2,611,260
34,446
600,278
(
284,811
)
-
-
-
349,913
Common stock issued during the year
-
-
-
-
-
-
-
-
Net loss
-
-
-
(
52,986
)
-
-
-
(
52,986
)
Exchange gain on translation of Foreign
    Subsidiaries
-
-
-
-
-
-
-
-
Balances as of June 15, 2021
2,611,260
34,446
600,278
(
337,797
)
-
-
-
296,927
Successor
Number of
Common Shares
Common Stock
Share Premium
Accumulated Deficit
Capital Reserve
Non-Controlling
                                            Interest
Other Comprehensive Income
Total Stockholders'
Equity
Balances as of June 16, 2021
-
-
-
-
-
-
-
-
Common stock issued during the year
19,140,849
191,408
124,682
-
-
-
-
316,090
Net loss
-
-
-
(
367,023
)
-
(
15,293
)
-
(
382,316
)
Adjustments Pertaining to Business Combination
-
-
-
49,813
-
-
-
49,813
Profit on Consolidation
-
-
-
-
87,756
20,989
-
108,745
Exchange gain on translation of Foreign Subsidiaries
-
-
-
-
-
-
4,771
4,771
Balances as of March 31, 2022
19,140,849
191,408
124,682
(
317,210
)
87,756
5,696
4,771
97,103
Number of
Common Shares
Common Stock
Share Premium
Accumulated Deficit
Capital Reserve
Non-
Controlling Interest
Other Comprehensive Income
Total Stockholders'
Equity
Balances as of April 01 , 2022
19,140,849
191,408
124,682
(
317,210
)
87,756
5,696
4,771
97,103
Common stock issued during the year
6,849
69
24,932
-
-
-
25,001
Net loss
-
-
-
(
654,273
)
-
(
20,675
)
-
(
674,948
)
Adjustments Pertaining to Business Combination
-
-
-
-
-
-
-
-
Profit on Consolidation
-
-
-
-
-
-
-
-
Exchange gain on translation of Foreign Subsidiaries
-
-
-
-
-
-
46,286
46,286
Balances as of March 31, 2023
19,147,698
191,477
149,614
(
971,483
)
87,756
(
14,979
)
51,057
(
506,558
)
The
accompanying notes should be read in connection with these consolidated financial statements.
F-
5
Srivaru
Holding Limited (Successor)
Srivaru Motors Private
Limited (Predecessor)
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(all
amounts are in $, except share data)
Successor
Predecessor
Year Ended March 31, 2023
Period from June 16, 2021 through March 31, 2022
Period from April 1, 2021 through June 15, 2021
($)
($)
($)
Cash flows from operating activities:
Net loss
(
610,707
)
(
295,175
)
(
52,986
)
Adjustment to reconcile net loss to net cash:
Depreciation and amortization
24,545
27,974
-
Changes in operating assets and liabilities:
Accounts receivables, net
-
-
3,978
Inventory
103,555
(
160,640
)
72,320
Deposits and advances
129,748
(
750
)
(
161,167
)
Claims and advances
-
-
-
Accounts payable
(
3,800
)
(
9,336
)
7,928
Accrued and other liabilities
(
27,411
)
30,316
14,521
Net cash used in operating activities
(
384,070
)
(
407,611
)
(
115,406
)
Cash flow from investing activities:
Net sale/(purchase) of property, plant, and equipment
(
13,491
)
(
17,694
)
(
3,858
)
Investment in/sale of marketable securities/Subsidiaries
465
(
191,812
)
(
455
)
Net cash provided by/ (used in) investing activities
(
13,026
)
(
209,506
)
(
4,313
)
Cash flows from financing activities:
Issuance of equity stock through offering (net of expenses)
25,001
316,090
-
Proceeds from/Repayment of borrowings
271,582
342,010
110,273
Net cash provided by financing activities
296,583
658,100
110,273
Effects of exchange rate changes on cash and cash equivalents
46,286
4,771
-
Net decrease in cash and cash equivalents
(
54,227
)
45,754
(
9,446
)
Cash and cash equivalents at the beginning of the period
75,605
29,851
39,297
Cash and cash equivalents at the end of the period
21,378
75,605
29,851
The
accompanying notes should be read in connection with these Consolidated Financial Statements
F-
6
Srivaru
Holding Limited
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
For
Fiscal Year Ended March 31, 2023
Unless
the context requires otherwise, all references in this report to "SVH," "we," "our" and "us"
refer to Srivaru Holding Limited.
NOTE
1
–
NATURE OF OPERATIONS AND MANAGEMENT'S PLANS
SVH
is an investment Company incorporated outside India. The registered office of the Company is at the offices of Amicorp Cayman Fiduciary
Limited, 2
nd
Floor, Regatta office Park, West Bay Road, P.O. Box 10655, Grand Cayman KY1 – 1006, Cayman Islands
or at such other place as the Directors may from time to time decide. The Company has invested in one subsidiary, SVM, which is a clean
tech electric two-wheeler manufacturer and with the goal to produce the best riding E2W vehicles for personal commuting. SVH believes
that there is significant untapped engineering talent in India who are starving for an environmentally-friendly opportunity. While SVH
invents, manufactures, and sells E2W vehicles it will create many opportunities at all levels for the people who are truly passionate.
SVH wants these engineers to follow their hearts to create something useful for the larger community.
NOTE
2
–
SIGNIFICANT ACCOUNTING POLICIES
a)
Basis of Preparation
The
accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States
of America (GAAP).
Business
Combination
SVH
("Successor") was formed as an investment Company incorporated outside India on June 16, 2021. SVH Acquired 94% shares of
Srivaru Motors Private Limited (Predecessor or SVM). As a result of this business combination, SVH is the acquirer for accounting purposes
and SVM is the acquiree. SVM was deemed the Predecessor (the "Predecessor") for periods prior to the Business Combination,
and does not include the consolidation of the Company.
b)
Use of estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (U.S. GAAP) requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.
Management
believes that the estimates and assumptions used in the preparation of the financial statements are prudent and reasonable. Significant
estimates and assumptions are generally used for, but not limited to allowance for uncollectible accounts receivable; sales returns;
normal loss during production; inventory write-downs; future obligations under employee benefit plans; the useful lives of property,
plant, equipment; intangible assets; valuations; impairment of goodwill and investments; recoverability of advances; the valuation of
options granted, and warrants issued; and income tax and deferred tax valuation allowances, if any. Actual results could differ from
those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates.
Critical accounting estimates could change from period to period and could have a material impact on SVH's results, operations,
financial position, and cash flows. Changes in estimates are reflected in the financial statements in the period in which changes are
made and, if material, their effects are disclosed in the notes to the consolidated financial statements.
c)
Revenue recognition
The
Company recognizes revenue under ASC 606,
Revenue from Contracts with Customers
("ASC 606"). The core principle of
this standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount
that reflects the consideration to which the company expects to be entitled in exchange for those goods or services.
ASC
606 prescribes a 5-step process to achieve its core principle. The Company recognizes revenue from trading, rental, or product sales
as follows:
I.
Identify
    the contract with the customer.
II.
Identify
    the contractual performance obligations.
III.
Determine
    the amount of consideration/price for the transaction.
IV.
Allocate
    the determined amount of consideration/price to the contractual obligations.
V.
Recognize
    revenue when or as the performing party satisfies performance obligations.
The
consideration/price for the transaction (performance obligation(s)) is determined as per the agreement or invoice (contract) for the
services and products in the automobile segment. Refer to Note 14 - "Revenue Recognition."
F-
7
d)
Cost of Revenue
Our
cost of revenue includes costs associated with labor expense, components, manufacturing overhead, and outbound freight for our products
division.
(e)
Earnings/(Loss) per Share
Basic
net loss per share attributable to common stockholders is computed by dividing the net loss by the number of weighted-average outstanding
common shares. Diluted net loss per share attributable to common stockholders is determined by giving effect to all potential common
equivalents during the reporting period, unless including them yields an antidilutive result.
The
weighted average number of shares outstanding for the years ended March 31, 2023 and 2022, used for the computation of basic earnings
per share ("EPS") is
19,145,415
and
15,155,318
respectively.
f)
Income taxes
The
Company accounts for income taxes under the asset and liability method, in accordance with ASC 740, Income Taxes, which requires an entity
to recognize deferred tax liabilities and assets. Deferred tax assets and liabilities are recognized for the future tax consequence attributable
to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating
loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to
taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. A valuation allowance
is established and recorded when management determines that some or all of the deferred tax assets are not likely to be realized and
therefore, it is necessary to reduce deferred tax assets to the amount expected to be realized.
In
evaluating a tax position for recognition, management evaluates whether it is more-likely-than-not that a position will be sustained
upon examination, including resolution of related appeals or litigation processes, based on technical merits of the position. If the
tax position meets the more-likely-than-not recognition threshold, the tax position is measured and recognized in the Company's
financial statements as the largest amount of tax benefit that, in management's judgment, is greater than 50% likely of being realized
upon settlement. As of March 31, 2023, there was no significant liability for income tax associated with unrecognized tax benefits.
g)
Accounts receivable
We
make estimates of the collectability of our accounts receivable by analyzing historical payment patterns, customer concentrations, customer
creditworthiness, and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required.
We had $
0.00
accounts receivable, net of provision for doubtful debt of $
0.00
as of March 31, 2023 (March 31, 2022; $
0.00
).
h)
Cash and cash equivalents
For
financial statement purposes, the Company considers all highly liquid debt instruments with maturity of three months or less, to be cash
equivalents. The Company maintains its cash in bank accounts in India. The cash and cash equivalents in the Company on March 31, 2023
was approximately $
21
thousand (March 31, 2022; $
76
thousand).
i)
Short-term and long-term investments
Our
policy for short-term and long-term investments is to establish a high-quality portfolio that preserves principal, meets liquidity needs,
avoids inappropriate concentrations, and delivers an appropriate yield in relationship to our investment guidelines and market conditions.
Short-term and long-term investments consist of corporate, various government agency and municipal debt securities, as well as certificates
of deposit that have maturity dates that are greater than 90 days. Certificates of deposit are carried at cost which approximates fair
value. Available-for-sale securities: Investments in debt securities that are classified as available for sale shall be measured subsequently
at fair value in the statement of financial position.
F-
8
Investments
are initially measured at cost, which is the fair value of the consideration given for them, including transaction costs. Where the Company's
ownership interest is in excess of 20% and the Company has a significant influence, the Company has accounted for the investment based
on the equity method in accordance with ASC Topic 323, "
Investments
–
Equity method and Joint Ventures.
"
Under the equity method, the Company's share of the post-acquisition profits or losses of the equity investee is recognized in
the consolidated statements of operations and its share of post-acquisition movements in accumulated other comprehensive income / (loss)
is recognized in other comprehensive income / (loss). Where the Company does not have significant influence, the Company has accounted
for the investment in accordance with ASC Topic 321, "
Investments-Equity Securities.
"
As
of March 31, 2023, investment in marketable securities is valued at fair value and investment in non-marketable securities with ownership
less than 20% is valued at cost as per ASC Topic 321, "
Investments-Equity Securities.
"
j)
Property, plant, and equipment (PP&E)
Property
and equipment are recorded at cost net of accumulated depreciation and depreciated over their estimated useful lives using the Written
down value method.
Upon
retirement or disposition, cost and related accumulated depreciation of the property and equipment are de-recognized, and any gain or
loss is reflected in the results of operation. Cost of additions and substantial improvements to property and equipment are capitalized.
The cost of maintenance and repairs of the property and equipment are charged to operating expenses as incurred.
k)
Fair value of financial instruments
ASC
820, "Fair Value Measurement" defines fair value as the exchange price that would be received for an asset or paid to transfer
a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between
market participants on the measurement date. It also establishes a three-tier fair value hierarchy, which prioritizes the inputs used
in measuring fair value as follows:
Level
1: Observable inputs such as quoted prices in active markets;
Level
2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
Level
3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
The
carrying amounts of the Company's financial instruments include cash and cash equivalents, accounts receivable, accounts payable
and accrued liabilities, approximate their fair values due to the nature of the items. Please refer to Note 15, "Fair value of
financial instruments," for further information.
l)
Concentration of credit risk and significant customers
Financial
instruments, which potentially expose the Company to concentrations of credit risk, are primarily comprised of cash and cash equivalents,
investments, accounts receivable and unbilled accounts receivable, if any. The Company places its cash, investments in highly rated financial
institutions. The Company adheres to a formal investment policy with the primary objective of preservation of principal, which contains
credit rating minimums and diversification requirements. Management believes its credit policies reflect normal industry terms and business
risk. The Company does not anticipate non-performance by the counterparties and, accordingly, does not require collateral. During Fiscal
2023, sales were spread across customers in India and the credit concentration risk is low.
m)
Commitments and contingencies
Liabilities
for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recorded when it is probable
that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. We record associated
legal fees as incurred. Information regarding our commitments and contingencies is incorporated by reference in Note 11, "Commitments
and contingencies" of these financial statements.
F-
9
n)
Impairment of long – lived assets
The
Company reviews its long-lived assets, with finite lives, for impairment whenever events or changes in business circumstances indicate
that the carrying amount of assets may not be fully recoverable. Such circumstances include, though are not limited to, significant or
sustained declines in revenues or earnings, future anticipated cash flows, business plans and material adverse changes in the economic
climate, such as changes in operating environment, competitive information, and impact of changes in government policies. For assets
that the Company intends to hold for use, if the total of the expected future undiscounted cash flows produced by the assets or subsidiary
company is less than the carrying amount of the assets, a loss is recognized for the difference between the fair value and carrying value
of the assets. For assets, the Company intends to dispose of by sale, a loss is recognized for the amount by which the estimated fair
value less cost to sell is less than the carrying value of the assets. Fair value is determined based on quoted market prices, if available,
or other valuation techniques including discounted future net cash flows. Unlike goodwill, long-lived assets are assessed for impairment
only where there are any specific indicators for impairment.
o)
Inventory
Inventory
is valued at the lower of cost or net realizable value, which is defined as estimated selling prices in the ordinary course of business,
less reasonably predictable costs of completion, disposal, and transportation.
Inventory
consists of raw materials, finished goods related to manufacture of Electric vehicles. Inventory is primarily accounted for using the
weighted average cost method. Primary costs include raw materials, packaging, direct labor, overhead, shipping and the depreciation of
manufacturing equipment. Manufacturing overhead and related expenses include salaries, wages, employee benefits, utilities, maintenance,
and property taxes.
Electric
Vehicles are measured at net realizable value, with changes recognized in profit or loss only when the Vehicle:
-
has a reliable, readily determinable, and realizable market value;
-
has relatively insignificant and predictable costs of disposal; and
-
is available for immediate delivery.
Abnormal
amounts of idle facility expense, freight, handling costs, scrap, discontinued products and wasted material (spoilage) are expensed in
the period they are incurred.
p)
Foreign currency translation
the
Company operates in India, Cayman Islands and a substantial portion of the Company's financials are denominated in the Indian Rupee
("INR"). As a result, changes in the relative values of the U.S. Dollar ("USD"), or the INR affect financial
statements.
The
accompanying financial statements are reported in USD. The INR is the functional currencies for subsidiary of the Company. The translation
of the functional currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect at the balance
sheet date and for revenues and expenses using average exchange rates prevailing during the reporting periods. Adjustments resulting
from the translation of functional currency financial statements to reporting currency are accumulated and reported as other comprehensive
income/(loss), a separate component of shareholders' equity.
Year End Average Rate
Year End Rate
Period
(P&L rate)
(Balance sheet rate)
Year ended March 31, 2023
INR
79.0120
Per USD
INR
82.2169
Per USD
Year ended March 31, 2022
INR
74.5100
Per USD
INR
75.8071
Per USD
F-
10
q)
Leases
Lessor
Accounting
Under
the current ASU guidance, contract consideration will be allocated to its lease components and non-lease components (such as maintenance).
For the Company as a lessor, any non-lease components will be accounted for under ASC Topic 606, "
Revenue from Contracts with
Customers,
" unless the Company elects a lessor practical expedient to not separate the non-lease components from the associated
lease component. The amendments in ASU 2018-11 also provide lessors with a practical expedient, by class of underlying asset, to not
separate non-lease components from the associated lease component and, instead, to account for those components as a single component
if the non-lease components otherwise would be accounted for under the new revenue guidance ("Topic 606"). To elect the practical
expedient, the timing and pattern of transfer of the lease and non-lease components must be the same and the lease component must meet
the criteria to be classified as an operating lease if accounted for separately. If these criteria are met, the single component will
be accounted for under either Topic 842 or Topic 606 depending on which component(s) are predominant. The lessor practical expedient
to not separate non-lease components from the associated component must be elected for all existing and new leases.
As
lessor, the Company expects that post-adoption substantially all existing leases will have no change in the timing of revenue recognition
until their expiration or termination. The Company expects to elect the lessor practical expedient to not separate non-lease components
such as maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease
component. The timing of revenue recognition is expected to be the same for the majority of the Company's new leases as compared
to similar existing leases; however, certain categories of new leases could have different revenue recognition patterns as compared to
similar existing leases.
For
leases that are accounted for as operating leases, income is recognized on a straight-line basis over the term of the lease contract.
Generally, when a lease is more than 180 days delinquent (where more than three monthly payments are owed), the lease is classified as
being on nonaccrual and the Company stops recognizing leasing income on that date. Payments received on leases in nonaccrual status generally
reduce the lease receivable. Leases on nonaccrual status remain classified as such until there is sustained payment performance that,
in the Company's judgment, would indicate that all contractual amounts will be collected in full.
Lessee
Accounting
The
Company adopted ASU 2016-02 effective April 1, 2020 using the modified retrospective approach. The standard establishes a right-of-use
model ("ROU") that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with
a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification
of expense recognition in the income statement. In connection with the adoption, the Company will elect to utilize the modified retrospective
presentation whereby the Company will continue to present prior period financial statements and disclosures under ASC Topic 840. In addition,
the Company will elect the transition package of three practical expedients permitted within the standard, which eliminates the requirements
to reassess prior conclusions about lease identification, lease classification and initial direct costs. Further, the Company will adopt
a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e.,
leases with terms of 12 months or less), and an accounting policy to account for lease and non-lease components as a single component
for certain classes of assets.
Under
ASU 2016-02 (Topic 842), lessees are required to recognize the following for all leases (with the exception of short-term leases) on
the commencement date: (i) lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured
on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee's right to use, or control the
use of, a specified asset for the lease term.
F-
11
At
the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing
rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the
initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease
incentives received. All right-of-use assets are reviewed for impairment. There was
no
impairment for right-of-use lease assets as of
March 31, 2023 (March 31, 2022: $
Nil
).
The
Company categorizes leases at their inception as either operating or finance leases. On certain lease agreements, the Company may receive
rent holidays and other incentives. The Company recognizes lease costs on a straight-line basis without regard to deferred payment terms,
such as rent holidays, that defer the commencement date of required payments. Please refer to Note 9, "Leases," for further
information.
r)
Recently issued and adopted accounting pronouncements
Changes
to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates
("ASUs") to the FASB's Accounting Standards Codification. The Company considers the applicability and impact of all
ASUs. Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected
to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements
that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows,
or disclosures.
NOTE
3
–
INVENTORY
As of
March 31, 2023
($)
As of
March 31, 2022
($)
Raw Materials
*
251,273
328,621
Work in Progress
-
84,716
Finished Goods
80,275
21,766
Total
331,548
435,103
*
During Fiscal 2023,
the Company write-down approximately $
114
thousand (Fiscal Year 2022: $
Nil
) of inventory on account of compliance with the revised Automotive
Industry Standards (AIS)-156 and AIS-038 regulations issued by the Govt of India w.r.t EV batteries. These charges were recorded in Cost
of Revenue in the consolidated statements of operations.
NOTE
4
–
DEPOSITS AND ADVANCES
As of
March 31, 2023
($)
As of
March 31, 2022
($)
Prepaid expense and other current assets
52,258
165,623
Advance to Suppliers
236,584
252,637
Advance to employees
-
330
Total
288,842
418,590
Prepaid
and other current assets include approximately $
42
thousand (March 31, 2022: $
128
thousand) Good and Service tax credit for Fiscal
Year 2023. The Advances to suppliers primarily relate to advances to suppliers of component suppliers in the Vehicle manufacturing segment
and also towards supply of capital equipment.
F-
12
NOTE
5
–
PROPERTY, PLANT, AND EQUIPMENT
As of
March 31, 2023
($)
As of
March 31, 2022
($)
Computer & Software & Accessories
38,037
40,052
Electrical Fittings
5,883
6,380
Furniture & Fittings
27,047
29,263
Office Equipment
6,890
6,824
Plant & Machinery
52,963
40,168
Vehicle
5,678
6,158
Total Gross Value
136,498
128,845
Less: Accumulated depreciation
(
81,302
)
(
62,595
)
Total Property, plant and equipment, net
55,196
66,250
The
depreciation expense in Fiscal 2023 and 2022, amounted to approximately $
25
thousand and $
28
thousand, respectively. The net decrease
in total Property, Plant & Equipment is primarily due to depreciation and foreign exchange translations.
NOTE
6
–
INVESTMENTS IN MARKETABLE SECURITIES
As of
March 31, 2023
($)
As of
March 31, 2022
($)
Other Bank balances
14,415
14,880
Total
14,415
14,880
(i)
Other
    bank balances represent the fixed deposits maintained by the Company with the Banks in India which has maturity of more than 3 months
    as at the year end.
NOTE
7
–
CLAIMS AND ADVANCES
As of
March 31, 2023
($)
As of
March 31, 2022
($)
Refundable taxes (1)
86
531
Total
86
531
(1)
The
    balance represents Tax deducted by the Vendors/ Suppliers which will be refunded to the Company upon filing of income tax return
    for the respective year.
NOTE
8
–
LEASES
The
Company has short-term leases primarily consisting of spaces with the remaining lease term being less than or equal to
12 months
. The
total short- term lease expense and cash paid for Fiscal 2023 is approximately $
29
thousand (March 31, 2022; $
27
thousand).
NOTE
9
–
ACCRUED LIABILITIES AND OTHERS
As of
March 31, 2023
($)
As of
March 31, 2022
($)
Compensation and other contributions
15,193
13,244
Other current liability
37,485
66,911
Advance from customers
2,893
2,827
Total
55,571
82,982
Compensation
and other contribution related liabilities consist of accrued salaries to employees. Other current liability also includes $
28
thousand
of dealer deposits received from various dealers as of March 31, 2023 (March 31, 2022: $
66
thousand).
F-
13
NOTE
10
–
LOANS AND OTHER LIABILITIES
Short-term
loans:
As
of March 31, 2023, the Company has the following loans:
a)
Working
                                            capital loan and overdraft loan facility of USD
1.22
million with Hongkong and Shanghai Banking
                                            Corporation Limited (as renewed from time to time, the "HSBC Facility"). The
                                            current balance as of March 31, 2023, under the HSBC Facility is approximately USD
0.72
million.
                                            These loans are repayable on demand. The HSBC Facility carries interest rates set using the
                                            MCLR/3M T-Bill standards or any other external benchmark determined by the bank annually.
                                            Interest is calculated daily on the outstanding balances. The HSBC Facility is secured by
                                            SVM's current assets.
b)
Loan
    from the related Party is taken from the Managing Director of the Company. These loans are unsecured and are repayable
    on demand.
NOTE
11
–
COMMITMENTS AND CONTINGENCIES
Legal
Proceedings
The
Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject
to many uncertainties, and outcomes are not predictable with assurance. There are no such matters that are deemed material to the financial
statements as of March 31, 2023 (March 31, 2022: Nil).
Merger
agreement
On
March 13, 2023, the Company entered into the Merger Agreement with Mobiv Acquisition Corp ('MOBV'), and Pegasus Merger Sub
Inc., a Delaware corporation ("Merger Sub"). Pursuant to the terms of the Merger Agreement, a business combination between
the Company and MOBV will be effected through the merger of Merger Sub with and into the MOBV, with the Company surviving the merger
as a wholly owned subsidiary of SVH.
Earnout
Pursuant
to the Merger Agreement, certain shareholders of SVH (the "Pre-Closing Company Shareholders") and certain shareholders of
SVM India (as defined below) (the "Other SVM India Stockholders" and together with the Pre-Closing Company Shareholders,
the "Earnout Group") are entitled to receive their Pro Rata Portion (as defined in the Merger Agreement) of up to
25,000,000
SVH Shares (the "Earnout Shares").
Exchange
Agreements.
At
the Closing, certain shareholders of SRIVARU Motors Private Limited , a private limited company organized under the laws of India and
a majority-owned subsidiary of SVH ("SVM India") will enter into exchange agreements (the "Exchange Agreements")
with SVH, pursuant to which, among other things, such shareholders of SVM India will have a right to transfer one or more of the shares
owned by them in SVM India to SVH in exchange for the delivery of SVH Shares or cash payment, subject to the terms and conditions set
forth in the Exchange Agreements.
NOTE
12
–
FAIR VALUE OF FINANCIAL INSTRUMENTS
As
of March 31, 2023, the Company's marketable securities consist of liquid funds, which have been classified as Level 1 of the fair
value hierarchy because they have been valued using quoted prices in active markets. The Company's cash and cash equivalents have
also been classified as Level 1 on the same principle. Financial instruments are classified as current if they are expected to be liquidated
within the next twelve months. The Company's remaining investments have been classified as Level 3 instruments as there is little
or no market data. Level 3 investments are valued using cost-method.
The
following table presents information about the Company's assets that are measured at fair value on a recurring basis as of March
31, 2023, and March 31, 2022, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair
value:
Level 1
($)
Level 2
($)
Level 3
($)
Total
($)
March 31, 2023
Cash and cash equivalents:
21,378
-
-
21,378
Total cash and cash equivalents
21,378
-
-
21,378
Investments:
Marketable securities
14,415
-
-
14,415
Total Investment
14,415
-
-
14,415
Level 1
($)
Level 2
($)
Level 3
($)
Total
($)
March 31, 2022
Cash and cash equivalents:
75,605
-
-
75,605
Total cash and cash equivalents
75,605
-
-
75,605
Investments:
Marketable securities
14,880
-
-
14,880
Total Investment
14,880
-
-
14,880
F-
14
NOTE
13
–
INCOME TAXES
The
Company calculates its provision for Income tax based on the current tax law Prevailing in India. Due to the Company's history
of losses, there is no income tax liability accrued in the books during the current year and the previous year.
The
significant components of deferred income tax expense/(benefit) from operations for each of the years ended March 31 are approximated
as following:
Deferred income taxes
2023
($)
2022
($)
Net operating loss carry-forwards
64,241
64,241
Net deferred tax asset
64,241
64,241
Valuation allowance
(
64,241
)
-
-
64,241
A
valuation allowance is recognized against deferred tax assets when, based on the consideration of all available positive and negative
evidence using a more likely than not criteria, it is determined that all or a portion of these tax benefits may not be realized. This
assessment requires consideration of all sources of taxable income available to realize the deferred tax asset including taxable income
in prior carry-back years, future reversals of existing temporary differences, tax planning strategies and future taxable income exclusive
of reversing temporary differences and carryforwards. The Company incurred losses on a cumulative basis for the two-year period ended
March 31, 2023, which is considered to be significant negative evidence. The positive evidence considered in support was insufficient
to overcome this negative evidence. As a result, the Company established a full valuation allowance for its net deferred tax asset in
the amount of $
64
thousand as of March 31, 2023 (March 31, 2022: $
0.00
).
The
Company files the income tax returns in India.
RESULTS
OF OPERATIONS
NOTE
14
–
REVENUE
Revenue
is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, discounts,
sales incentives, goods & service tax. The Company recognizes revenue when the amount of revenue and its related cost can be reliably
measured and it is probable that future economic benefits will flow to the entity and degree of managerial involvement associated with
ownership or effective control have been met for each of the Company's activities. Revenue is recognized for domestic sales of
vehicles, spare parts, and accessories when the Company transfers control over such products to the customer on dispatch from the factory.
Net
sales disaggregated by significant products and services for Fiscal 2023 is as follows:
Successor
Predecessor
Year ended March 31, 2023
Period from June 16, 2021 through
    March 31, 2022
Period from April 1, 2021 through
    June 15, 2021
Vehicle Manufacturing
Vehicle Sales (1)
100,022
147,505
85,684
Others
12,387
4,702
2,080
Total
112,409
152,207
87,764
(1)
Revenue from Sales
of Vehicle represents sale of Electric Bikes to Authorized dealers in and around India.
F-
15
NOTE
15
–
SEGMENT INFORMATION
FASB
ASC 280, "
Segment Reporting
" establishes standards for reporting information about reportable segments. Operating
segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly
by the chief operating decision maker, or decision-making group ("CODM"), in deciding how to allocate resources and in assessing
performance. The CODM evaluates revenues and gross profits based on product lines and routes to market. Based on our integration and
Management strategies, we operate in one reportable segment which is vehicle manufacturing. There are no other significant reportable
segments.
NOTE
16
–
SUBSEQUENT EVENTS
There
are no significant subsequent events to reported as at the Reporting date.
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
Controls
and Procedures
There
were no changes in and disagreements with accountants on accounting and financial disclosure
s.
(a)
Evaluation of disclosure controls and procedures
Our
Management maintains disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act
of 1934 (the "Exchange Act") that are designed to provide reasonable assurance that information required to be disclosed
in our reports filed or submitted under the Exchange Act is processed, recorded, summarized and reported within the time periods specified
in the SEC's rules and forms, and that such information is accumulated and communicated to Management, including our Chief Executive
Officer and Principal Financial Officer (our principal executive officer and principal financial officer, respectively), as appropriate,
to allow for timely decisions regarding required disclosure.
Our
Management, including the Chief Executive Officer and Principal Financial Officer, carried out an evaluation of the effectiveness of
our disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, our Chief Executive
Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective to ensure that the information
required to be disclosed in the reports filed or submitted by us under the Exchange Act was recorded, processed, summarized and reported
within the requisite time periods and that such information was accumulated and communicated to our Management, including our Chief Executive
Officer and Principal Financial Officer, as appropriate to allow for timely decisions regarding required disclosure.
(b)
Changes in internal control over financial reporting
Our
Management, including our Chief Executive Officer and Principal Financial Officer, evaluated our "internal control over financial
reporting" as defined in Exchange Act Rule 13a-15(f) to determine whether any changes in our internal control over financial reporting
occurred during Fiscal 2023, that materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting. Based on that evaluation, there were no changes in our internal control over financial reporting during Fiscal 2023, that
have materially affected or are reasonably likely to materially affect our internal control over financial reporting
Other
Information
None.
F-
16
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL
INFORMATION
Introduction
The following unaudited pro forma condensed combined
financial information presents the combination of financial information of MOBV and SVH, adjusted to give effect to the terms of the Business
Combination Agreement (the "Transaction").
The following unaudited pro forma condensed combined
balance sheet as of March 31, 2023, combines the historical audited consolidated balance sheet of SVH as of March 31, 2023, with the historical
unaudited balance sheet of MOBV as of March 31, 2023, giving pro forma effect to the Transaction as if it had occurred as of March 31,
2023.
The following unaudited pro forma condensed combined
statement of operations for the year ended March 31, 2023, combines the historical audited statement of operations of SVH for the year
ended March 31, 2023 and the historical audited statement of operations of MOBV for the period from January 7, 2022 (inception) through
December 31, 2022 adjusted to remove the unaudited statement of operations for the period from January 7, 2022 (inception) through March
31, 2022, and add the unaudited statement of operations for the three months ended March 31, 2023, to reflect the year ended March 31,
2023, on a pro forma basis as if the Transaction had occurred on April 1, 2022.
The unaudited pro forma condensed combined balance
sheet as of March 31, 2023, has been derived from:
●
the historical unaudited financial statements of MOBV as of March 31, 2023, and the related notes thereto included elsewhere in this proxy statement/prospectus; and
●
the historical audited consolidated financial statements of SVH as of March 31, 2023, and the related notes thereto included elsewhere in this proxy statement/prospectus.
The unaudited pro forma condensed combined statement
of operations for the year ended March 31, 2023, has been derived from:
●
the historical unaudited financial statements of MOBV for the three months ended March 31, 2023, and for the period from January 7, 2022 (inception) through March 31, 2022;
●
the historical audited financial statements of MOBV for the for the period from January 7, 2022 (inception) through December 31, 2022, and the related notes thereto included elsewhere in this proxy statement/prospectus. Refer to Note 2 – "Basis of Presentation" for more detail; and
●
The historical audited consolidated financial statements of SVH for the year ended March 31, 2023, and the related notes thereto included elsewhere in this proxy statement/prospectus.
The following unaudited pro forma condensed combined
financial information has been prepared in accordance with Article 11 of Regulation S-X as in effect on the date of this proxy statement/prospectus
which incorporates Transaction Accounting Adjustments. SVH and MOBV have elected not to present any estimates related to potential synergies
and other transaction effects that are reasonably expected to occur or have already occurred and will only be presenting Transaction Accounting
Adjustments in the unaudited pro forma condensed combined financial information.
This information should be read together with the
financial statements and related notes, as applicable, of each of SVH and MOBV included in this proxy statement/prospectus and SVH's
and MOBV's "
Management's Discussion and Analysis of Financial Condition and Results of Operations
" and
other financial information included elsewhere in this proxy statement/prospectus.
F-
17
Description of the Transactions
Business Combination/Transaction
On March 13, 2023, MOBV
entered into the Business Combination Agreement with SVH, and Pegasus Merger Sub, Inc, a Delaware corporation ("Merger Sub").
Pursuant to the Business Combination Agreement, subject to the terms and conditions set forth therein, (a) Merger Sub will merge with
and into MOBV, with MOBV surviving the Merger as a wholly owned subsidiary of SVH. The Business Combination closed on December 8,
2023.
Exchange Consideration
Each MOBV Share (except
for the Excluded Shares, as defined below) was automatically converted as of the Effective Time into the right to receive the
Per Share Consideration and each of the MOBV Warrants has automatically become a SVH Warrant and all rights with respect to MOBV
Shares underlying the MOBV Warrants have automatically converted into rights with respect to SVH Shares and thereupon assumed
by the SVH. The Excluded Shares refer to any MOBV Public Shares (a) held in the treasury of MOBV, (b) otherwise held by MOBV or (c) for
which a public shareholder of MOBV has demanded that MOBV redeem.
Each issued and outstanding share of capital stock
of Merger Sub issued and outstanding immediately prior to the Effective Time was converted into and become one validly issued,
fully paid and non-assessable share of common stock, par value $0.01 per share, of the Surviving Company, which constitutes the
only outstanding share of capital stock of the Surviving Company.
Each Excluded Share was surrendered and cancelled
and has cease to exist and no consideration was be delivered exchange therefor.
Exchange Agreement with
SVM shareholders
At the Closing, certain shareholders of SVM have
enter into exchange agreements (the "
Exchange Agreements
") with SVH, pursuant to which, among other things, such
shareholders of SVM have a right to transfer one or more shares owned by them in SVM to SVH in exchange for the delivery of SVH Shares
or cash payment, subject to the terms and conditions set forth in the Exchange Agreements. In connection with the Exchange Agreement,
SVH has reserved 951,327 shares.
SVH Shareholders
SVH has effected a stock split, such
that the number of outstanding SVH shares immediately prior to the closing of the Transaction (after giving effect to the stock split)
is 14,946,286.
The Per Share Consideration and other dependent items
were adjusted appropriately to reflect the effect of any stock or share split, reverse stock or share split, including a reverse
stock or share split prior to the Effective Time in order to cause the value to be $150 million and therefore the value of each SVH Share
to equal $10.04, stock or share issuance, stock or share dividend, reorganization, recapitalization, reclassification, combination, exchange
of shares or other like change with respect to the number of SVH Shares outstanding after the date hereof and prior to the Effective
Time, so as to provide the holders of MOBV Public Shares, Private Shares, founder shares, Private Warrants, and MOBV Public Warrants
and the recipients of the Per Share Consideration and SVH Warrants, as applicable, with the same economic effect as contemplated by the
Business Combination Agreement prior to such event and as so adjusted shall, from and after the date of such event, be the Per Share
Consideration and SVH Warrants and other dependent items.
F-
18
Earn Out Shares
Shareholders of SVH as of immediately prior to the
Effective Time are entitled to receive their pro rata share based on the number of outstanding SVH shares as of immediately prior to the
Closing of up to 25,000,000 Earn Out Shares (the "Pre-Closing Company Shareholders") as follows:
(i) Each of the Pre-Closing Company Shareholders will
receive their Pro Rata Portion of 1,450,000 Earn Out Shares (the "2024 Earn Out") to be released from the Earn Out Escrow
Account within ten (10) Business Days following the filing with the SEC by the Company of an Annual Report on Form 20-F for the fiscal
year ended March 31, 2024 ("the 2024 20-F") which reflects Vehicle Sales Revenue of the Company for the fiscal year 2024 of
$39,000,000 or more;
(ii) Each of the Pre-Closing Company Shareholders
will receive their Pro Rata Portion of 4,125,000 Earn Out Shares (the "2025 Earn Out") to be released from the Earn Out Escrow
Account within ten (10) Business Days following the filing with the SEC by the Company of an Annual Report on Form 20-F for the fiscal
year ended March 31, 2025 ("the 2025 20-F") which reflects Vehicle Sales Revenue of the Company for the fiscal year 2025 of
$117,000,000 or more;
(iii) Each of the Pre-Closing Company Shareholders
will receive their Pro Rata Portion of 19,425,000 Earn Out Shares (the "2026 Earn Out") to be released from the Earn Out Escrow
Account within ten (10) Business Days following the filing with the SEC by the Company of an Annual Report on Form 20-F for the fiscal
year ended March 31, 2026 ("the 2026 20-F") which reflects Vehicle Sales Revenue of the Company for the fiscal year 2025 of
$553,000,000 or more;
(iv) If either or both of the 2024 Earn Out and the
2025 Earn Out are not earned as set forth in (i) and (ii), respectively, each of the Pre-Closing SVH Shareholders will receive their Pro
Rata Portion of the amount of the 2024 Earn Out and the 2025 Earn Out not so earned to be released from the Earn Out Escrow Account on
the 2026 Earn Out Release Date if the aggregate total Vehicle Sales Revenue for the fiscal years ended March 31, 2024, 2025, and 2026
is $709,000,000 or more; and
(v) In the event that any of the Vehicle Sales Revenue
triggers set forth in (i) – (iv) above are not met on the applicable Earnout Release Date, but Vehicle Revenue is at least 50% of
the stated trigger, then the Company Board shall have discretion to waive the applicable Vehicle Sales Revenue trigger and release all
or any portion of the applicable Earn Out Shares available to be released as of such Earnout Release Date.
The SVH Shares that may be issued shall be fully paid
and free and clear of all Liens other than applicable securities Laws restrictions.
At the Closing, the full amount of the Earn Out Shares
will be placed in an escrow account with Continental (the "Earn Out Escrow Account") for the benefit of the Pre-Closing Company
Shareholders pursuant to an Escrow Agreement between SVH and Continental (the "Earn Out Escrow Agreement").
Any Earn Out Shares remaining in the Earn Out Escrow
Account following the 2026 Earn Out Release Date will be automatically returned to the Company and canceled.
The Earn Out Shares shall be adjusted appropriately
to reflect the effect of any share split, reverse share split, share issuance, share dividend, reorganization, recapitalization, reclassification,
combination, exchange of shares or other like change with respect to the number of SVH Shares outstanding after the date hereof and prior
to the time when such Earn Out Shares are delivered to the Pre-Closing SVH Shareholders so as to provide the Pre-Closing Shareholders
with the same economic effect contemplated by the Business Combination Agreement prior to such event and as so adjusted shall, from and
after the date of such event, be the Earn Out Shares.
Accounting for the Transaction
SVH is both the legal and
accounting acquirer as the shares of MOBV will convert into the right to receive SVH Shares (the "Per Share Consideration")
and MOBV has legally become SVH's wholly owned subsidiary as a result of the merger with Merger Sub.
F-
19
The Transaction will be accounted
for as an asset acquisition. MOBV does not qualify as a Business per ASC 805-10-55-3A. Since the acquisition is based on a monetary exchange,
and most of the assets of MOBV are marketable securities in the Trust Account, the fair value of the assets is the more evident value.
The liabilities assumed are all of short-term nature which are deemed to be at fair value. As such the fair value of the consideration
given, in this case the transaction costs incurred, one to one share exchange and the Earn Out consideration should be allocated using
the relative fair value approach based on the net asset value acquired from MOBV. Given the nature of the assets acquired and liabilities
assumed from MOBV, an allocation of the transaction costs and Earnout consideration cannot be made to the net assets acquired. Accordingly,
an immediate charge to operations would be recognized for the difference between the relative value allocated to the earnout and the fair
value, as well as for the value of the transaction costs.
The
following table sets out share ownership of SVH on a pro forma basis based on actual redemption.
Actual Redemptions
Number of Shares
Percent Outstanding
SVH shareholders
14,946,286
46.2
%
MOBV public shareholders
913,555
2.8
%
MOBV public shares under Non-redemption Agreement
2,286,239
7.1
%
MOBV Sponsor's shareholders
2,495,460
7.7
%
MOBV Private Placement shareholders
543,300
1.7
%
MOBV Sponsor converted loans
128,113
0.4
%
MOBV representative shareholders
100,050
0.3
%
MOBV Underwriter fee settlement in shares
600,000
1.9
%
Non-redemption Agreement shareholders compensation
7,713,760
23.9
%
Other advisors
2,600,000
8.0
%
32,326,763
100.0
%
The
following unaudited pro forma condensed combined balance sheet as of March 31, 2023, and the unaudited pro forma condensed combined statement
of operations for the year ended March 31, 2022, are based on the historical financial statements of MOBV and SHV and the amounts are
presented in USD (see Note 2 – "Basis of Presentation" for more detail). The unaudited pro forma adjustments are based
on information currently available, assumptions, and estimates underlying the pro forma adjustments and are described in the accompanying
notes. Actual results may differ materially from the assumptions used to present the accompanying unaudited pro forma condensed combined
financial statements.
F-
20
Srivaru and Mobiv Acquisition Corp
Unaudited Pro Forma Condensed Combined Statement
of Financial Position
As of March 31, 2023
Scenario 1: Minimum Redemption
    Scenario
SVH
(U.S. GAAP
Historical)
MOBV
(U.S. GAAP Historical)
Transaction Accounting Adjustments
Pro Forma Combined
ASSETS
Current assets
Cash and cash equivalents
$
21,378
$
414,177
$
7,540,298
A
$
3,110,210
(700,000
)
B
(4,280,643
)
C
115,000
L
Marketable securities
14,415
-
-
14,415
Inventories, net
331,548
-
-
331,548
Deposits and advances
288,842
-
-
288,842
Prepaid expenses and other assets
-
288,891
123,333
C
412,224
Total current assets
656,183
703,068
2,797,988
4,157,239
Non-current assets
Property, plant, and equipment
55,196
-
-
55,196
Prepaid expenses
-
-
616,667
C
616,667
Deferred tax assets
-
-
-
-
Cash and marketable securities held in Trust Account
-
104,410,362
(7,540,298
)
A
-
(99,439,690
)
K
1,166,333
L
1,403,292
M
-
Total non-current assets
55,196
104,410,362
(103,793,695
)
671,863
Total assets
$
711,379
$
105,113,430
$
(100,995,707
)
$
4,829,102
LIABILITIES
Current liabilities
Accounts payable and accrued expenses
$
59,547
$
761,594
$
(620,052
)
C
$
151,089
(50,000
)
M
Due to related parties
-
260
-
L
260
Borrowings
1,158,390
-
-
1,158,390
Income tax payable
-
443,034
(443,034
)
M
-
Total current liabilities
1,217,937
1,204,888
(1,113,086
)
1,309,739
Non-current liabilities
Deferred underwriting commissions
-
3,501,750
(3,201,750
)
B
300,000
Exchange agreement on minority interest liability
-
-
9,547,459
I
9,547,459
Earn out liability
-
-
60,000,000
H
60,000,000
Total non-current liabilities
-
3,501,750
66,345,709
69,847,459
Total liabilities
1,217,937
4,706,638
65,232,623
71,157,198
Class A common stock subject to possible redemption
-
104,135,566
(7,540,298
)
F
-
(99,439,690
)
K
(2,844,422
)
O
EQUITY
Srivaru common stock
191,477
-
(191,477
)
D
323,268
149,463
D
6,998
F
31,388
G
103,138
J
1,281
L
25,000
N
6,000
B
Srivaru Share premium
149,614
-
42,014
D
8,388,900
(4,676,874
)
E
7,533,301
F
2,495,750
B
(31,385
)
G
(9,562,438
)
I
11,183,865
J
1,280,052
L
(25,000
)
N
Srivaru profit on consolidation
87,756
-
-
87,756
Srivaru non-controlling interest
(14,979
)
-
14,979
I
-
Srivaru other comprehensive income
51,057
-
-
51,057
Mobiv preferred stock
-
-
-
-
Mobiv Class A common stock
-
1
(1
)
F
-
Mobiv Class B common stock
-
3
(3
)
G
-
Additional paid-in capital
-
-
-
-
Accumulated deficit
(971,483
)
(3,728,778
)
(2,920,591
)
C
(75,179,077
)
4,676,874
E
(60,000,000
)
H
(2,844,422
)
O
1,896,326
M
(11,287,003
)
J
Total equity
(506,558
)
(3,728,774
)
(62,092,764
)
(66,328,096
)
Total equity and liabilities
$
711,379
$
105,113,430
$
(100,995,707
)
$
4,829,102
(1)
The
    unaudited pro forma condensed combined balance sheet as of March 31, 2023, combines the historical audited consolidated balance sheet
    of SVH as of March 31, 2023, with the historical unaudited balance sheet of MOBV as of March 31, 2023.
(2)
Common
    stock, $ 0.01 par value: Authorized is 100,000,000; Outstanding: 31,783,463.
(3)
Class
    A common stock, $0.000001 par value; 100,000,000 shares authorized; 643,350 issued and outstanding (excluding 10,005,000 shares subject
    to possible redemption).
(4)
Class
    B common stock, par value $0.000001; 10,000,000 shares authorized; 2,501,250 issued and outstanding.
F-
21
Srivaru and Mobiv
Unaudited Pro Forma Condensed Combined Statement
of Profit or Loss
For the Year Ended March 31, 2023
Year ended March 31, 2023
Year Ended March 31, 2023
Scenario 1: Minimum Redemption
    Scenario
Srivaru (U.S. GAAP
Historical)
Mobiv
(U.S. GAAP
Historical)
Transaction Accounting Adjustments
Pro Forma Combined
Revenue
$
112,409
$
-
$
-
$
112,409
Cost of sales
(246,504
)
-
-
(246,504
)
Gross profit
(134,095
)
-
-
(134,095
)
General and administrative expenses
(405,078
)
-
(60,833
)
CC
(465,911
)
Selling and Distribution expense
(2,814
)
-
-
(2,814
)
Depreciation and amortization expense
(24,545
)
-
-
(24,545
)
Transaction cost
-
-
(14,207,594
)
FF
(14,207,594
)
Formation and operating costs
-
(1,530,564
)
80,000
BB
(1,450,564
)
Total operating expenses
(432,437
)
(1,530,564
)
(14,188,427
)
(16,151,428
)
Operating loss
(566,532
)
(1,530,564
)
(14,188,427
)
(16,285,523
)
Other income (expense)
Earn out expense
(60,000,000
)
EE
(60,000,000
)
Other income, net
11,771
-
11,771
Finance expenses
(55,946
)
-
(55,946
)
Interest income on marketable securities held in Trust Account
-
2,274,112
(2,274,112
)
AA
-
Total other non-operating income and expenses
(44,175
)
2,274,112
(62,274,112
)
(60,044,175
)
Loss before income tax benefit
(610,707
)
743,548
(76,462,539
)
(76,329,698
)
Income tax expense
(64,241
)
(443,034
)
443,034
DD
(64,241
)
Net loss
$
(674,948
)
$
300,514
$
(76,019,505
)
$
(76,393,939
)
Basic and diluted net loss per Class A unit
$
(0.04
)
Basic net income per share, Class A common stock subject to possible redemption
$
0.03
Basic net income per share, Class B common stock
$
0.03
Pro forma weighted average number of shares outstanding - basic and diluted
32,326,763
Pro forma loss per share - basic and diluted
$
(2.36
)
(1)
Refer to Note 2 – "Basis of Presentation" where the MOBV historical operating results adjustments are described in order to align with SVH's year end.
(2)
Please refer to Note 6 — "Net Earnings (Loss) per Share" for details.
F-
22
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED
FINANCIAL STATEMENTS
Note 1 — Description
of the Proposed Transactions
On March 13, 2022, MOBV
entered into the Business Combination Agreement with SVH and Merger Sub. Pursuant to the Business Combination Agreement, subject to the
terms and conditions set forth therein, (a) MOBV will merge with and into Merger Sub, with MOBV continuing as the surviving entity (the
"Merger"), and with holders of MOBV securities receiving substantially identical securities of SVH, as a result MOBV becoming
a wholly-owned subsidiary of SVH. The Business Combination closed on December 8, 2023.
Exchange Consideration
Each MOBV Share (except
for the Excluded Shares, as defined below) have be automatically converted as of the Effective Time into the right to receive
one SVH Share (the "Per Share Consideration"), provided that each MOBV Public Share (except for Excluded Shares) were
entitled to receive two times the Per Share Consideration, and each of the MOBV Warrants have automatically become a SVH Warrant
and all rights with respect to MOBV Shares underlying the MOBV Warrants have automatically converted into rights with respect
to SVH Shares and thereupon assumed by the SVH. The Excluded Shares refer to any MOBV Public Shares (a) held in the treasury of MOBV,
(b) otherwise held by MOBV or (c) for which a public shareholder of MOBV has demanded that MOBV redeem.
Shareholders of SVH as of
immediately prior to the Effective Time are entitled to receive their pro rata share based on the number of outstanding SVH shares as
of immediately prior to the Closing of up to 25,000,000 Earn Out Shares
For a description of the
Business Combination and certain agreements executed in connection therewith, see "
Summary of the Proxy Statement/Prospectus
— The Business Combination
" and "
Certain Agreements Related to the Business Combination
."
Note 2 — Basis of
Presentation and Accounting Policies
The unaudited pro forma condensed
combined financial information is for illustrative purposes only. The financial results may have been different had the companies always
been combined. You should not rely on the unaudited pro forma condensed combined financial information as being indicative of the historical
results that would have been achieved had the companies always been combined or the future results that SVH will experience. SVH and MOBV
have not had any historical relationship prior to the Transaction. Accordingly, no pro forma adjustments were required to eliminate activities
between the companies.
The following unaudited pro
forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final
rule, Release No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses." Release No. 33-10786
replaces the existing pro forma adjustment criteria with simplified Transaction Accounting Adjustments and present the Management's
Adjustments. MOBV has elected not to present Management's Adjustments and will only be presenting Transaction Accounting Adjustments
in the following unaudited pro forma condensed combined financial information.
MOBV does not meet the definition
of a "business" pursuant to per ASC 805-10-55-3A as it is an empty listed shell holding only cash raised as part of its original
equity issuance. As a result, the Transaction does not qualify as a "business combination" within the meaning of ASC 805,
Business Combinations
; rather, the Transaction will be accounted for as an asset acquisition. See Note 3 – Accounting for
the Transaction for more details.
The historical financial
statements of SVH have been prepared in accordance with U.S. GAAP and in its functional and presentation currency of the United States
Dollar ("USD"). The historical financial statements of MOBV have been prepared in accordance with U.S. GAAP and in its functional
and presentation currency of the United States dollar ("USD"). The unaudited pro forma condensed combined financial information
reflects U.S. GAAP, the basis of accounting used by SVH.
As SVH and MOBV have different
fiscal year ends, in order to meet the SEC's pro forma requirements of combining operating results for an annual period that ends
within 93 days of the end of SVH's latest year ended March 31, 2023, MOBV's financial results for the calculated year ended
March 31, 2023, have been calculated by taking (i) MOBV's results for the year ended December 31, 2022, minus MOBV's results
for the period from January 7, 2022 (inception) through March 31, 2022, plus the three months ended March 31, 2023. SVH's annual
fiscal year ended March 31. 2023 was combined with MOBV's financial results for the calculated year ended March 31, 2023.
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23
The
following table sets out share ownership of SVH on a pro forma basis based on actual redemption.
Actual Redemptions
Number of Shares
Percent Outstanding
SVH shareholders
14,946,286
46.2
%
MOBV public shareholders
913,555
2.8
%
MOBV public shares under Non-redemption Agreement
2,286,239
7.1
%
MOBV Sponsor's shareholders
2,495,460
7.7
%
MOBV Private Placement shareholders
543,300
1.7
%
MOBV Sponsor converted loans
128,113
0.4
%
MOBV representative shareholders
100,050
0.3
%
MOBV Underwriter fee settlement in shares
600,000
1.9
%
Non-redemption Agreement shareholders compensation
7,713,760
23.9
%
Other advisors
2,600,000
8.0
%
31,783,463
100.0
%
The pro forma adjustments
do not have an income tax effect as they are either (i) incurred by legal entities that are not subject to a corporate income tax, or
(ii) permanently non-deductible or non-taxable based on the laws of the relevant jurisdiction.
The share amounts and ownership
percentages set forth above are not indicative of voting percentages and do not take into account MOBV Warrants that remain outstanding
immediately following the Transaction and may be exercised thereafter.
Upon consummation of the Transaction, management will
perform a comprehensive review of the two entities' accounting policies. As a result of the review, management may identify differences
between the accounting policies of the two entities which, when conformed, could have a material impact on the financial statements of
the post-combination company. Management did not identify any differences that would have a material impact on the unaudited pro forma
condensed combined financial information. As a result, the unaudited pro forma condensed combined financial information does not assume
any differences in accounting policies.
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Note 3 — Accounting
for the Transaction
The Transaction will be accounted
for as an asset acquisition. SVH is both the legal and accounting acquirer as the shares of MOBV will convert into the right to receive
SVH Shares (the "Per Share Consideration") and MOBV will legally become SVH's wholly owned subsidiary as a result of
the merger with Merger Sub.
The Transaction will be accounted
for as an asset acquisition. MOBV does not qualify as a Business per ASC 805-10-55-3A. Since the acquisition is based on a share exchange,
and most of the assets of MOBV are marketable securities in the Trust Account, the fair value of the assets is the more evident value.
The liabilities assumed are all of short-term nature which are deemed to be at fair value. As such the fair value of the consideration
given, in this case the transaction costs incurred, one to one share exchange and the Earn Out consideration should be allocated using
the relative fair value approach based on the net asset value acquired from MOBV. Given the nature of the assets acquired and liabilities
assumed from MOBV, an allocation of the transaction costs and Earnout consideration cannot be made to the net assets acquired. Accordingly,
an immediate charge to operations would be recognized for the difference between the relative value allocated to the earnout and the fair
value, as well as for the value of the transaction costs.
The Exchange Agreement does
provide the Company with the obligation to purchase the SVM shares for cash. "Cash Exchange Payment" means with respect to
a particular Call Exchange for which the Company has elected to make a Cash Exchange or a particular Put Exchange for which the Shareholder
has elected to receive a Cash Exchange Payment: The terms both a call and a put option with same strike price and exercise dates applied
and have a fixed redemption price. As such the Exchange Agreement should be classified as a liability under ASC 480 and the NCI removed
from equity with the subsidiary reported at 100% by the parent.
Earn Out Share payments are
within the scope of ASC 480. The Company agreed to issue 25,000,000 Earn Out Shares over a three-year period based on Vehicle Sales Revenue
earned at each year, or in the aggregate for the three years. However, the number of shares to be delivered can vary based on the discretion
of the Company Board to waive the applicable Vehicle Sales Revenue trigger and release all or any portion of the Earnout shares available,
accordingly a liability will be record for the fair value of the Earn Out shares.
Note 4 — Adjustments
to Unaudited Pro Forma Condensed Combined Balance Sheet as of March 31, 2023
The pro forma adjustments
to the unaudited pro forma condensed combined balance sheet as of March 31, 2023 are as follows:
A.
Reflects
    the liquidation and reclassification of $7.5 million of funds held in the Trust Account to cash and bank balances that becomes
    available following the Transaction closing.
B.
Reflects
    the cash payment of $0.7 million of the deferred underwriting commissions due by MOBV payable upon the closing of the Transaction
    and the issuance of 600,000 shares as additional compensation for the deferral of $0.3 million based on amended settlement terms
    dated November 8, 2023 and the waiving of the deferred fee of $2.5 million.
C.
Represents
                                            the transaction costs incurred by MOBV and SVH of approximately $4.28 million
                                            for legal, accounting, advisory services, and due diligence fees incurred as part of the
                                            Transaction.
For
    the MOBV transaction costs of $1.7 million, $0.62 million costs have been accrued as of the pro forma balance sheet date $0.37
    represents the payment of D&O premium and the remaining $0.79 million is reflected as an adjustment to accumulated losses.
    The premium payment is related to the tail D&O insurance policy to cover officers and directors of the post combined entity for
    a six-year term. The payment has been recorded as a prepayment of the insurance policy and will be amortized over the six-year policy
    term in accordance with U.S. GAAP.
For
    the SVH transaction costs of $2.51 million, $0.38 represents the payment of D&O premium and the remaining $2.51 million is
    reflected as an adjustment to accumulated losses. The premium payment is related to the tail D&O insurance policy to cover officers
    and directors of the post combined entity for a six-year term. The payment has been recorded as a prepayment of the insurance policy
    and will be amortized over the six-year policy term in accordance with U.S. GAAP.
D.
Represents
    the adjustment to give effect of the SVH stock split to effect 14,946,286 of outstanding SVH shares into shares of common stock at
    par value of $0.01 per share upon the closing of the Transaction.
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E.
Represents the elimination of MOBV's historical accumulated losses as the transaction between MOBV and SVH is considered an asset purchase as MOBV does not meet the definition of a Business.
F.
Represents
    the reclassification of the redeemable shares to permanent equity based on the funds held in trust subsequent to all redemption request.
G
Reflects the conversion of Class B common stock into shares of SVH on a one-for-one basis at a par value of $0.01.
H.
Reflects the fair value of the Earn Out Shares liability
    in accordance with ASC 480 as the Earn Out shares represents an obligation to issue a variable number of shares where the variations in
    based on something other than the fair value of the issuer's equity shares, in this case revenue thresholds. No further consideration
    was made under ASC 815 as the features represent an obligation under ASC 480. The fair value of the Earnout shares was based on the Monte
    Carlo Simulation Analysis taking the following inputs into considerations. Revenue Volatility of 40.0%, EBITA Volatility of 45.0%, Revenue
    Discount rate of 23.0%, Equivalent Required Matric Risk Premium of 16.8%, Credit Adjusted Discount Rate of 10.1% and Risk-free rate of
    6.2%. The valuation applied 100,000 simulations and produced a range of value between $50 million to $70 million. For pro forma purposes
    the mid-range was utilized of $60 million to record the liability as of the merger date. The Company in accordance with ASC 480 will record
    the Earnout shares as a liability at fair value at closing and at each reporting period with changes in fair value recognized in the statement
    of operations. Refer to Note 5 Adjustments and Reclassifications to Unaudited Pro Forma Condensed Combined Statement of Operations for
    the Year Ended March 31, 2023, adjustment EE for further detail.
The Earn Out shares were first analyzed under ASC
    718 to determine if the shares should be considered compensation or part of the consideration paid in the asset purchase transaction.
    The indications under ASC 805-10-55-25 were considered in making the determination. Considering the facts and circumstances of the arrangement
    there were no elements that would suggest compensation such as the Earn Out Shares were deemed to be part of the consideration paid in
    the transaction.
I.
Reflects the minority interest liability as a result of the put and call option granted to the SVM shareholder under the Exchange Agreement the value of the minority interest was based on the estimated value of the shares at $10.04.
J.
Reflects the non-cash payment for Advisory Services
under an engagement letter entered into between SVH and Mr. Calicchia and Mr. Shiv. The engagement as amended on November 8, 2023, calls
for transaction fees payable in 2,600,000 SVH Shares and 250,000 SVH Warrants and a cash payment of $0.70 million. The value of the 2,600,000
shares was based on the closing price on December 8, 2023 of $1.0936 resulting in compensation expense of $2.84 million. The warrants
are to be issued with terms substantially equal to the warrants that are outstanding or issuable that are most favorable. Currently the
only warrants outstanding are the MOBV warrants as such the value of the warrants was based on the closing price of $0.0315 on December
8, 2023 under trading symbol MOBVW. The number of warrants is not expected to change.
In additional the MOBV entered into a non-redemption agreement with
an investor to assist the Company to ensure listing requirements, resulting in additional consideration of 7,713,760 shares being issued
at closing of the Business Combination. Non-redeeming investors to as such now hold 10,000,000 as a result. The shares were recorded
as compensation expense valued at the closing price on December 8, 2023 of $1.0936 resulting in compensation expense of $8.44 million.
K
Reflects
    the redemption of 4,331,613 Public Shares for a cash payment of $45.8 million, or $10.58 per share on July 7, 2023 to extend the
    date by which the Company has to close on a business combination from July 15, 2023 to August 8, 2023 and the redemption of 4,973,593
    Public Shares for a cash payment of $53.59 million, or $10.78 as a result of the meeting to vote for the Business Combination.
L
Reflect
    the borrowings from Sponsor of $666,334 in order to fund extension payments into the Trust Account and $500,000 deposits
    made into to trust as part of the monthly extension payment of $100,000 from August 8, 2023 through December 8, 2023. In additional
    $115,000 proceeds received for working capital purpose. The adjustment also reflect the issuance of 128,113 share for the conversion
    of $1.28 million in extension loans and working capital loans into Public Shares.
M
Reflects
    the interest earned in the trust subsequent to March 31, 2023 of $2.22 million and the payment of tax payable of $0.49 through the November 2023
    extension payment date.
N
Reflect
                                            the issuance of common stock shares as a Bonus Plan Adjustment pool of 2,500,000 to the MOBIV
                                            stockholders for non redeeming shareholders. The shares valued at the transaction price of
                                            $10.04 per share and recording as offering cost against additional paid in capital.
O
Reflects
    the accretion of the redemption value of the redeemable shares through the redemption dates that occurred subsequent to March 31,
    2023.
Note 5 — Adjustments
and Reclassifications to Unaudited Pro Forma Condensed Combined Statement of Operations for the Year Ended March 31, 2023
The pro forma adjustments
included in the unaudited pro forma condensed combined statement of operations for year ended March 31, 2023 are as follows:
AA.
Reflects the elimination of interest income generated from the investments held in the Trust Account.
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BB.
Reflects the removal of $0.08 million of general and administrative expenses that will not carry over to the post combined entity.
CC.
Reflects one year of amortization of D&O insurance premium over the six-year term.
DD.
Reflects the reversal of tax payable of MOBV as it is primarily due to interest income that is removed in adjustment AA above. Although the blended statutory rate for the entity post-closing of the transaction would be 21%, the combined pro forma information under both scenarios results in a net loss for tax purposes. As such, a full valuation allowance has been applied resulting in no anticipated tax provision expenses that will not carry over to the post combined entity.
EE,
Reflects the adjustment to recognize a one-time charge in earning for the fair value of the Earn Out shares. The transaction was deemed to be an asset purchase of MOBV as MOBV did not qualify as a Business. Given the nature of the assets acquired and liabilities assumed from Mobiv (i.e., mainly cash and marketable securities held in the Trust Account and current liabilities), an allocation of the transaction costs and Earnout consideration cannot be made to the net assets acquired. Accordingly, an immediate charge to operations would be recognized for the difference between the relative value allocated to the earnout and the fair value, as well as for the value of the transaction costs. The acquisition of the asset group of MOBV is as follows:
Scenario 1
Asset Acquired
Cash and marketable securities purchased
$
104,824,539
Prepaids and other assets
288,891
Total assets acquired
105,113,430
Liabilities assumed
Accounts payable and accrued liabilities
761,854
Income tax payable
443,034
Deferred underwriting fee
3,501,750
Total liabilities assumed
4,706,638
Net assets acquired
$
100,406,792
Consideration paid
Value attributed to shares issued to MOBV shareholders
$
100,406,792
Fair value of Earn out
60,000,000
Total consideration paid
160,406,792
Charged to operations
$
60,000,000
FF.
Reflects
    the estimated transaction costs of approximately $14.21 million as if incurred on April 1, 2022, the date the Transaction
    occurred for the purposes of the unaudited pro forma condensed combined statement of operations. This is a non-recurring item. See
    Note C and Note J of the unaudited proforma balance sheet adjustment.
Note 6 — Net Earnings
(Loss) per Share
Represents the earnings (loss) per share calculated
using the historical weighted average shares outstanding, and the issuance of additional shares in connection with the Transaction, assuming
the shares were outstanding since April 1, 2021. As the Transaction is being reflected as if it had occurred at the beginning of the period
presented, the calculation of weighted average shares outstanding for basic and diluted earnings (loss) per share assumes that the shares
issued in connection with the Transaction have been outstanding for the entire period presented.
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The unaudited pro forma
condensed combined financial information has been prepared based on the shares issued and exchanged on December 8, 2023 as a result
of the closing of the Business Combination:
Minimum
Redemption
                                            Scenario
Weighted average shares outstanding – basic and diluted
SVH shareholders
14,946,286
MOBV public shareholders
(2)
913,555
MOBV public shareholders-
    held by non-redeeming agreement investors
(2)
2,286,239
MOBV Sponsor's shareholders
2,495,460
MOBV Private Placement shareholders
543,300
MOBV representative shareholders
100,050
MOBV Sponsor converted loans
128,113
MOBV Underwriter fee settlement in shares
600,000
Non-redemption Agreement shareholders compensation
7,713,760
Other advisors
2,600,000
Total
32,326,763
Assuming
No
Redemptions
Pro forma net loss
$
(76,393,939
)
Weighted average shares outstanding of common stock – basic and diluted
32,326,763
Net loss per share – basic and diluted
$
(2.36
)
Excluded securities:
(1)
Public Warrants
10,005,000
Private Placement Warrants
543,300
Financial Advisory Warrants
250,000
Minority interest exchange agreement
951,327
(1) The potentially dilutive outstanding securities
were excluded from the computation of pro forma net loss per share, basic and diluted, because their effect would have been anti-dilutive.
(2) Includes the issuance of 2,500,000 share as part
of the Bonus Plan Adjusment to non-redeeming shareholders
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