- Zanmai replaces Zettai to manage token access and WazirX operations post-scheme approval.
- Token access starts within 10 business days after scheme becomes effective.
- Scheme approval needs majority creditor vote with 75% value threshold to proceed.
WazirX has proposed an amended Scheme of Arrangement for its recovery plan and is now calling for a new vote from its creditors.
The main revision shifts operational control to Zanmai, a Financial Intelligence Unit (FIU)-India registered entity, which will now oversee token access and exchange operations once the plan is approved.
The amended scheme officially replaces the previously named Zettai with Zanmai as the facilitator. Creditors will continue to receive tokens as reflected on their Rebalanced Net Liquidation Portfolio Account (NLPA) pages.
Replaces Zettai with the FIU-registered Zanmai
According to the announcement, Zanmai is set to enable token access for users within 10 business days after the plan’s effective date.
WazirX confirmed that all other key elements of the original scheme including exposure to market appreciation and participation in future profit sharing remain intact.
Important dates and documents for the creditor re-vote
On July 23, WazirX sent an email to all scheme creditors containing the updated documentation for review. These documents included the Notice of Re-Vote and the Amended Scheme of Arrangement.
Creditors are urged to review these materials carefully ahead of the re-vote, which is scheduled to begin on July 30.
To help stakeholders understand the updates, WazirX will host a third live webinar on YouTube at 5:30 PM IST on July 30, just two hours before the voting starts. The company emphasized that even creditors who do not vote could be bound by the scheme’s terms if it is approved by the required majority.
What happens after the vote
Legally, the amended scheme must receive approval from a majority in number of creditors who represent at least 75% in the total value of votes cast. If this threshold is met, WazirX has stated it is ready to begin the token distribution process within 10 business days of the scheme’s effective date.
This amended scheme is part of WazirX’s continued efforts to resolve the issues stemming from its 2024 hack. The outcome of the upcoming vote will determine if the company can finally proceed with its updated token recovery and distribution strategy.
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