Delhi High Court orders parent company of WazirX to file acquisition related documents and Restructuring details

By order dated 05th August 2025, the Delhi High Court directed Zettai Pte Ltd., the Singapore entity linked to WazirX to place on record its acquisition documentation with Binance and particulars of restructuring proceedings before the Singapore High Court. The directions arise in litigation following WazirX’s July 2024 security breach, widely reported at roughly 230 million dollars.

Background

The order arose from a pending writ petition (Sudhir Verma & Anr. v. Union of India & Ors., W.P.(C) 14969/2024) under Article 226 filed by WazirX users/creditors after the July 2024 hack, seeking court oversight of recovery and transparency around who actually controls the exchange. Earlier in April 2025, the court had issued notice on a plea challenging Zettai Pte Ltd’s proposed “Scheme of Arrangement” in Singapore, alleging that user assets were being reshuffled to meet other liabilities and asking Indian regulators to intervene.

As the Singapore proceedings evolved (June rejection, July permission for a revote on an amended scheme), the Delhi High Court pressed for documentary clarity in India. On Aug 5, 2025 it directed Zettai to place on record the Binance acquisition agreement and details of the Singapore restructuring so the court could assess ownership, control, and the implications for victim recovery. The court also scheduled follow-ups and sought regulator participation. This is why the Binance agreement disclosure matters: it goes to accountability for the hack fallout and who bears obligations to Indian users.

Impact

The court’s approach indicates limited tolerance for opacity in cross-border exchange ownership where Indian users are affected, and it strengthens creditors’ and investigators’ ability to trace assets and verify control. Expect case-management skirmishes over confidentiality, redactions, and the use of foreign-court filings in Indian proceedings. For operators, the compliance lesson is straightforward: if you service Indian users at scale, be prepared for Indian forums to demand upstream M&A and governance records even when they sit offshore. For users and counterparties seeking recovery, the order signals that documentary clarity on control and restructuring will be a central theme in determining accountability and potential recourse.