Why a Re-Vote May Not Be Needed to Restart WazirX?

The long-awaited restart of WazirX may be closer than ever—and contrary to some speculation, it might not even require another vote. As detailed in the 9th affidavit filed by Nischal Shetty in Singapore’s High Court, the legal and operational framework under the Original Scheme of Arrangement (the “Scheme”) remains fully intact and implementable without the need for a re-vote. And even if the Court opts for an Amended Scheme, a clear, time-bound execution plan has already been laid out.

Here’s a breakdown of why a re-vote may not be necessary, and what happens if the Court decides to go that route.

The Case for Moving Ahead Without a Re-Vote

WazirX’s restructuring, spearheaded by its Singapore-based entity Zettai Pte Ltd, is designed to enable a one-time crypto distribution to affected users, followed by a transfer of operational responsibility to Zanmai Labs in India. This setup, detailed in the Original Scheme submitted in the Singapore court case (HC/OA 1284/2024), has already received creditor approval during the first round of voting.

So why is a re-vote even being discussed?

At a hearing on 4 June 2025, the Court raised concerns about whether Zettai’s role in holding and distributing cryptocurrency might breach Singapore’s Financial Services and Markets Act (FSMA). But that concern has since been addressed.

In a critical development, Zettai’s counsel engaged Singapore’s Monetary Authority (MAS), which clarified that Zettai’s proposed one-time crypto distribution does not violate Section 137(3) of the FSMA, provided it’s done to users outside Singapore, as part of a court-sanctioned scheme.

This MAS clarification strongly reinforces Zettai’s legal position—and bolsters its argument that the Original Scheme can proceed without changes.

What Happens Under the Original Scheme?

Under the Original Scheme:

• Zettai will hold the crypto temporarily for the purpose of making a single distribution to users (referred to as the “First Distribution”).
• After that, Zanmai Labs, a registered entity with India’s FIU-IND, will resume full operational control of the WazirX platform, including handling both INR and crypto pairs.

Importantly, the platform would not restart full operations until after this first payout. This distinction matters: Zettai will not be running an exchange or engaging in ongoing business—it’s simply distributing assets once, under the Court’s supervision.

So if the original creditor vote approved this plan, and Singapore’s regulators have no objection, there is no legal compulsion for a re-vote.

When Might a Re-Vote Be Needed?

Still, the Court has the discretion to require a re-vote—but only if it prefers the Amended Scheme proposed as a backup.

The Amended Scheme is largely identical to the original, with one exception: instead of Zettai handling the distribution, its Panama-based subsidiary, Zensui Corporation, would perform the distribution, and assets would be routed through Zanmai Labs for user withdrawals.

This version was created to address any lingering regulatory concerns, even though MAS already confirmed that Zettai’s original role would not breach FSMA rules.

So the re-vote discussion isn’t about major changes to creditor entitlements—it’s about which entity distributes the crypto. The amounts, rights, and process for users remain the same.

Re-Vote? No Problem, It Can Be Done in 30 Days

Even if the Court prefers the Amended Scheme and asks for a re-vote, Zettai is fully prepared.

The affidavit provides a full re-vote execution plan, which includes:

• Releasing updated scheme documents
• Hosting an online webinar to explain the changes
• Opening a 7-business-day voting window
• Having an Independent Assessor verify the results
• Reporting back to the Court

The entire process is expected to take 30 business days or less—a fraction of the time such votes usually require.

Zettai has also clarified that no re-verification of creditors is needed, as the original creditor pool and claim amounts remain unchanged.

This means that even in a re-vote scenario, the restart of WazirX remains firmly on track.

The Bottom Line

Whether the Court accepts the Original Scheme or opts for a re-vote on the Amended Scheme, one thing is clear: WazirX is closer than ever to restarting.

The affidavit reflects a strong legal and operational foundation:

• MAS has ruled out FSMA violations.
• Zanmai is fully FIU-IND compliant and ready to take over platform operations.
• Zettai’s one-time crypto distribution is well within the law.
• Creditors’ rights are protected under both versions of the scheme.
• A re-vote, if required, can be completed swiftly.

The road hasn’t been easy, but it’s now paved with legal clarity, regulatory support, and a workable recovery plan. For WazirX users, the message is simple: the wait may finally be over.