WazirX parent to launch revote on amended scheme starting July 30

WazirX's parent company Zettai will allow users in India to revote on an amended scheme of arrangement from July 30 to August 6 after the Singapore High Court rejected the previous plan

WazirX parent Zettai said its users in India will be able to revote on its amended scheme of arrangement between July 30 and August 6 this year, after the Singapore High Court rejected the previous restructuring plan of the company last month.

 

The company said eligible users will be able to recast their votes for the amended scheme. While the company has not immediately disclosed the poll result dates, it said the results will be announced shortly after the voting process concludes.

 

“A simple ‘FOR’ or ‘AGAINST’ option will be provided, and the voting results will be independently verified by an Independent Assessor (Joshua Taylor and Henry Anthony Chambers of Alvarez & Marsal),” WazirX said in a statement.

 

 

If the scheme is approved by a majority of its eligible users, the company will make an application before the Singapore High Court for the approval of the amended scheme.

 

“Following recent regulatory changes in Singapore, the proposed scheme has been updated to enable our India entity, Zanmai, to facilitate access to the token distribution. As a result, the Singapore Court has directed a revote. We aim to complete this process in the next few weeks,” said Nischal Shetty, founder, WazirX. 

 

The Singapore High Court had rejected a proposed restructuring plan by WazirX’s parent firm, Zettai, in June after it did not disclose the incorporation details of the Panama entity during the process.

 

Now, the court has set aside its June 4 order regarding WazirX parent Zettai’s proposed scheme of arrangement, allowing a revote for the amended scheme.

 

WazirX suffered an alleged cybersecurity hack, resulting in losses of over $230 million in July 2024.

 

The company had previously conducted its voting round in March this year. In April, Zettai had said that 93.1 per cent of eligible voting creditors, representing 94.6 per cent in value of claims, voted in favour of the scheme, months after the company proposed restructuring in the Singapore HC.

 

The platform has 4.3 million creditors in total. Creditors are the investors and users affected by the cyberattack.