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Zettai Pte Ltd. today announced the successful revote for its Amended Scheme of Arrangement (“Amended Scheme”). With around 95.7% of participating Scheme Creditors voting in favor of the proposed Amended Scheme, the revote has surpassed the strong support received from Scheme Creditors in the last voting round. Under the Amended Scheme, the distribution of recoveries to Scheme Creditors will be managed through Zanmai India, a reporting entity under the Financial Intelligence Unit of India.
All WazirX users with positive crypto balances on the WazirX platform as at the 18 July 2024 Ascertainment Date were eligible to vote on the Amended Scheme as Scheme Creditors. The voting process was conducted on the Kroll Issuer Services platform from 30 July 2025 to 6 August 2025.
149,559 Scheme Creditors participated in the revote, holding USD 206,892,988.7 in Approved Claims.
Of Scheme Creditors who participated in the revote, 143,190 Scheme Creditors representing USD 195,751,998.5 in Approved Claims cast a vote ‘FOR’ the Amended Scheme. This represents 95.7% by count and 94.6% by value of Approved Claims among Scheme Creditors in support of the Scheme, and marks a percentage increase of ~2.7% in Creditor count and
<0.1% in value of Approved Claims, respectively. This outcome reinforces confidence in a distribution pathway designed to deliver access to crypto balances with speed, transparency, and compliance at its core.
Similar to the last time, the level of support has significantly exceeded the statutory voting threshold requirement under Section 210(3AB) of the Singapore Companies Act 1967, which requires support from a majority by count and at least 75% of the total value of claims held by creditors present and voting.
"A second round of voting having such strong numbers is a testament to our approach towards the restructuring which has been fair, transparent, and the quickest option for users to recover funds. This has been an incredibly challenging year for all of us, and we are deeply grateful for the unwavering trust and support we've received throughout this journey. Should the Singapore Court sanction the Scheme, we are committed to restarting operations within 10 business days of the scheme taking effect." said Nischal Shetty, Founder of WazirX.
As per protocol, once the voting was concluded, 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”). This independent verification safeguards the process for every Scheme Creditor, ensuring the integrity of the outcome.
With the verified voting results, the next step is for the Singapore Court to sanction the Amended Scheme. Zettai will shortly file an application with the Singapore Court for the sanction of the creditor-approved Amended 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.
Once the Amended Scheme is sanctioned and takes effect, the First Distribution will begin within 10 business days, ensuring swift access to crypto balances for Scheme Creditors.
