The Singapore High Court has given Zettai, the parent company of WazirX, the green light to conduct a fresh revote on its amended restructuring plan. This comes after the court set aside its earlier June 4 order that had rejected the proposal.
The decision was confirmed following hearings held on July 15 and 16, where Zettai presented further arguments addressing regulatory concerns raised previously. A key change in the amended scheme, if approved, is that instead of Panama-based Zensui, India-based Zanmai Labs will now handle fund distributions.
In its official statement, WazirX said, “The High Court of Singapore has set aside its 4th June order in respect of Zettai’s proposed scheme of arrangement and has allowed a revote to be conducted based on an amended scheme.”
The court also extended Zettai’s moratorium, allowing time for creditors to be updated and for the revote process to move forward.
Nischal Shetty, WazirX Co-founder, shared, “The scheme will need a revote due to amendments made in light of the crypto-related regulatory changes in Singapore. The broad amendment is that instead of Zettai, it will be Zanmai helping with the fund distribution if the scheme is approved.”
He also stated, “It’s been a while since I tweeted. It was a stressful time since there were too many factors impacting the scheme. Team will move fast on launching a revote. We will announce the voting date soon. If majority creditors vote in favour then funds can be distributed asap.”
Previously, the plan had secured strong backing from creditors, over 93% by headcount and 94.6% by value. But it was rejected due to concerns under Singapore’s Financial Services and Markets Act.
The revised proposal now satisfies those requirements after Singapore’s Monetary Authority clarified that Zettai would not be in breach of rules if distributions happen outside the country.
If the amended plan is approved by creditors and sanctioned by the court, WazirX is expected to reopen for trading, withdrawals, and other platform services.
Zettai stated, “We are committed to completing this process as soon as possible and will ensure that all necessary steps are taken swiftly to bring the matter to a conclusion. We are grateful for this opportunity and thank users for their patience.”
The voting date is expected to be announced shortly as Zettai moves to complete the process.
Also Read: Hack, Hide, Repeat: How WazirX Fooled Singapore and Robbed India
