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After hearing Zettai Pte Ltd’s (“Zettai“) further arguments in HC/SUM 940/2025, the Singapore High Court has set aside its order of 4 June 2025 and has allowed a revote to be conducted based on an amended Scheme of Arrangement (“Scheme“).
This marks a significant development in the ongoing efforts to restart the WazirX platform and initiate fund distributions to our users. The Court has also extended the moratorium till 16 September 2025.
What Happens Next
Zettai will now move forward with the following steps:
- Share Amended Scheme of Arrangement and Explanatory Statement: Zettai will provide an updated Scheme, along with an addendum to the Explanatory Statement, to clarify the modifications in the amended Scheme and outline its proposals for creditors.
- Conduct a Townhall for Creditors: A live Townhall will be hosted to explain the amended Scheme, allowing creditors to understand the changes made, address questions from creditors, and gain clarity on what will happen once the Scheme is approved by the majority of creditors’ votes and sanctioned by the Singapore High Court.
- Hold a Revote: Following the Townhall, a revote on the amended Scheme will take place. Scheme Creditors are encouraged to vote in favour of the amended Scheme, as it will allow for faster distribution and restart of the Platform.
- Independent Verification and Court Submissions: Once the voting concludes, the votes will be verified by an Independent Assessor. After verifying the votes, the voting results will be shared with Zettai and the Scheme Manager. Zettai will then make an application to the Court for the sanction of the amended Scheme. The Court will then make further directions on the application, which may include another hearing.
- Begin the First Distribution: If the amended Scheme is approved by creditors and sanctioned by the Court, Zanmai India (Zettai’s India-incorporated subsidiary) will facilitate the First Distribution to creditors within 10 business days of the effective date of the approved Scheme.
Why the Revote Matters
The Court generally accepted our proposed amendments to the Scheme at the further arguments and now wants to confirm that creditors like you are also on board with this updated plan by way of a revote. We look forward to receiving the same overwhelming support from creditors, obtaining the Singapore Court’s approval of the Scheme, and moving forward with the First Distributions and restarting the Platform.
A favourable vote will enable:
- The Court to consider sanctioning the amended Scheme
- Initiation of the First Distribution to Creditors, subject to court sanction and effectiveness of the Scheme.
- Restarting the WazirX platform, subject to court sanction and effectiveness of the Scheme.
Your support and positive participation in the voting process are important to help complete the restructuring efficiently and transparently.
Thank you for your continued patience and support. We remain committed to doing everything we can for our community 🙏
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