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7th April, 2025: Zettai Pte Ltd. is pleased to announce that its proposed Scheme of Arrangement has received overwhelming support from creditors in the recently concluded voting process. All creditors with crypto balances on the WazirX platform were eligible to vote for the proposed restructuring filed in the High Court of Singapore. The voting process was conducted on the Kroll Issuer Services platform from March 19 to March 28.
Strong approval across the board
In total, 141,476 Scheme Creditors representing USD195,650,529.03 in Approved Claims cast a vote.
Of Scheme Creditors who voted, 131,659 Scheme Creditors representing USD184,997,156.31 in Approved Claims cast a Scheme Vote ‘FOR’ the Scheme. This represents 93.1% by count and 94.6% by value of voting Scheme Creditors in support of the Scheme.
This level of support significantly exceeds the statutory voting threshold requirement under Section 210(3AB) of the Companies Act, which requires that at least a majority by count and at least 75% of the total value of claims from creditors present and voting must approve the Scheme.
Consistent Support Regardless of Claim Size
The approval rate remained remarkably consistent between 92% and 95% across all creditor segments – from creditors with the smallest claims to creditors with the largest claims. This uniform backing across Zettai’s diverse creditor base confirms broad alignment with the proposed restructuring approach, regardless of size of Approved Claim.
“We are grateful for the strong vote of confidence,” said Nischal Shetty, Founder of WazirX. “This consistent support across our entire base demonstrates shared belief in our restructuring approach and recovery plan.”
Verification and Transparency
Zettai submitted the votes for verification by an Independent Assessor (Joshua Taylor and Henry Anthony Chambers of Alvarez & Marsal) to ensure complete transparency and accuracy in the voting process. After thorough scrutiny, the Independent Assessor submitted an official verification report to Zettai and the Scheme Manager to confirm the voting results and outcome (the “Vote Report”). The Vote Report will be made available to all Scheme Creditors shortly alongside instructions on how the Updated List of Creditors (which will have been amended to present the voting results on an anonymised, per-creditor basis) can be viewed.
Next Steps: Filing with Court
With the verified voting results, the next step is sanction by the Singapore Court. We are pleased to announce that Zettai is shortly to file an application with the Singapore Court for the sanction of the creditor-approved Scheme. Once the filing is accepted by the Singapore Court, Zettai will issue an update to all Scheme Creditors with a copy of the legal filings.
Next Steps: Under an Effective Scheme (subject to Court sanction)
Subject to the Court’s sanction and the effectiveness of the Scheme, within 10 business days of the Scheme becoming legally effective, the First Distribution will begin.
The resumption of withdrawals, and trading, will happen in phases, to ensure compliance with regulatory guidelines while prioritizing user accessibility.
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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.
