Plea filed against WazirX, partners in NCLT over crypto asset theft

A petition has been filed against Zanmai Labs Private Limited (WazirX), its infrastructure partner Liminal, and other associated entities in the National Company Law Tribunal (NCLT) Indore following a $230 million crypto asset theft, according to news reports.

“We are aware of the petition filed against us before the NCLT, Indore, and we are taking necessary legal action. Since it is an ongoing legal proceeding, we cannot discuss the details of the petition. We will respond as per the prescribed procedure under law before the NCLT. The NCLT will decide the weight of the petition on legal grounds," a WazirX spokesperson said.

According to reports, the plea was filed on August 5 in Indore and invokes Section 213(b) and Section 221 of the Companies Act, 2013. Section 213(b) allows any person to seek an investigation into a company's affairs if there are reasons to believe in mismanagement, malpractices, or fraudulent activities. Under Section 221, the petitioner can request to freeze the company's assets following an inquiry and investigation.

The respondents reportedly also include the Ministry of Home Affairs through the principal secretary, the Ministry of Finance through the principal secretary, the Ministry of Corporate Affairs through the principal secretary, and the Serious Fraud Investigation Office.

As per the NCLT website, the case was filed by a law student named Gauransh Vyas from Indore.