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Dear Tribe! 🙏
We have reached the most crucial phase of the restart journey.
Singapore High Court’s decision to allow the revote based on the amended Scheme of Arrangement is a chance to move forward and rebuild together.
Your patience, strength, and faith in us have carried us this far. And, as we enter the revote phase, we need your support once again.
Scheme Revoting Process
- 9th Townhall (Third Online Webinar): Scheduled to take place on 30 July 2025, 5:30 PM IST, to explain the amendments to the Scheme and address questions of the Creditors.
- Revoting Timeline: 30 July, 2025, 7:30 PM IST – 6 August, 2025, 7:30 PM IST.
- 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 Token Distribution: If the amended Scheme is approved by creditors and sanctioned by the Court, Zanmai India (Zettai’s India-incorporated subsidiary) will facilitate access to tokens within 10 business days of the effective date of the approved Scheme.
What Has Changed?
One of the key changes in the Amended Scheme of Arrangement is that once the Scheme becomes effective, Zanmai will now facilitate access to tokens and manage WazirX operations, instead of Zettai.
You will receive all tokens as shown on the Rebalanced NLPA page. Zanmai will facilitate access to tokens within 10 business days from the effective date of the Scheme. All other benefits remain the same — including market upside, a share of potential future profits, and any additional recoveries.
Why Is The Revote Happening?
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”).
Among other reasons, the Scheme was amended because of a change in the regulatory landscape in Singapore. On 30 May 2025, the Monetary Authority of Singapore announced that certain provisions of the Financial Services and Markets Act 2022 would come into effect on 30 June 2025, which introduced a new licensing regime for digital token service providers providing such services outside Singapore. Although Zettai Pte Ltd was advised and believed that this change in regulatory landscape would not impact the Token Distribution under the scheme as proposed, WazirX took steps to find a solution that would minimise regulatory risks under Singapore law for such distribution, which would be in the best interests of creditors.
This included, among others, amending the terms of the proposed scheme to include the involvement of Zanmai Labs Private Limited (“Zanmai Labs”), an India-incorporated subsidiary of Zettai.
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 amended scheme by way of a revote.
All promised benefits: you will receive all tokens as shown on the Rebalanced NLPA page, market upside, and future recoveries, remain the same. If the amended Scheme is approved by the requisite majority of creditors and sanctioned by the court, the Token Distribution will take place within 10 business days of the effective date of the Scheme, as originally envisioned.
By When Will You Get Access To Tokens?
Once the amended Scheme is approved by the requisite majority of Creditors and sanctioned by the Court, all the tokens as shown on the Rebalanced NLPA page will be distributed within 10 business days of the effective date of the Scheme, as originally envisioned.
Why Should You Vote ‘Yes’ in the Revote?
- Facilitate Access to Tokens
You will get access to Rebalanced NLPA in tokens within 10 business days after the Scheme is approved and effective.
- Market Upside Potential
Since distribution will be in TOKENS, you can benefit from future market movements.
- Future Recoveries Included
The Scheme isn’t just about immediate distributions—it also ensures that recoveries from Illiquid and Stolen Assets will be distributed over time.
- Profit-Sharing Opportunities
The approved Scheme will let Creditors earn from future platform profits, including revenue from new business initiatives.
Important Documents To Read
All Creditors are urged to read the following documents to make an informed decision:
- Notice of Revote (dated 23 July, 2025)
- Amended Scheme of Arrangement (dated 23 July, 2025)
- Explanatory Statement Addendum (dated 23 July, 2025)
- Original Explanatory Statement (dated 12 March, 2025)
Make Your Vote Count
Your support and positive participation in the voting process are important to help complete the restructuring efficiently and transparently.
Please note that you must cast the vote again during the revote window, as earlier votes will not be considered.
We understand how long this journey has been, and this revote is the final bridge between where we were and where we can be together. Each vote counts and every vote matters 🙏
As we stand on the threshold of a new beginning, we ask you to take this important step with us.
Make your vote count. Let’s move forward, together 🙏
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
