Darshan Batiga led the bankrupt Fuld to appoint a new CEO and board of directors to bail out the creditors
New Delhi, August 27: Founded by Darshan Batiga, Fould, a Singapore-based cryptocurrency exchange that has been in ongoing bankruptcy proceedings since last year, has been granted permission by the courts to restructure its board of directors and appoint a new CEO.
The beleaguered cryptocurrency lender will be hiring a new CEO, creditor representative, and scheme director, Batiga posted on X (formerly Twitter).
According to him, the Singaporean courts approved Fuld’s proposed restructuring plan.
The new senior management will lead the rescue of the company.
“Vauld (Defi Payments Pte Ltd) has secured approval of its scheme of arrangement in the Singapore courts. As part of the scheme, the current board of directors will be replaced by a new CEO, creditors’ representative and scheme manager,” posted Batija.
He added, “Customers are currently re-submitting their KYC information. More updates will follow shortly.”
In August 2022, Fuld’s banking assets worth Rs 370 crore were confiscated by Indian law enforcement agencies due to “predatory lending practices”.
The CEO conducted searches at various premises of Yellow Tune Technologies Pvt Ltd in Bengaluru, and froze the assets of Vauld-run cryptocurrency exchange Flipvolt in the country.
The company, like many other players providing cryptocurrency services in India, received summons from the CEO’s office “looking for certain information/documents”.
“We, like many other players providing cryptocurrency services in India, received summons from the Enforcement Directorate, Hyderabad, India in the month of July 2022, for certain information/documents. In compliance with the summons, we have fully cooperated with the enforcement authority. Fuld said. In the statement, “The Directorate has provided all required information/documents.”
Disclaimer: This story has not been edited by the WBSETCL team and is auto-generated from syndicated feed.