Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 210

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 210
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 stay enforcement proceedings if concurrent proceedings are being brought elsewhere.
A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court’s intention to proceed may be
final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may
be subject to an appeal the time-limit for which has not yet expired. The Grand Court of the Cayman Islands may safeguard the defendant’s
rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose
of enforcement.

Singapore

In general, the judgment
creditor is responsible for enforcing the order or judgment in all civil claims under Singapore law, and the Singapore Courts will not
be responsible for the commencement of enforcement proceedings. A judgment creditor may enforce an order or judgment through writ of
possession, writ of seizure and sale, writ of delivery and garnishee proceedings. If a party subject to a judgment does not comply with
a court order, the Singapore court may commence committal proceedings, through which the court can determine penalties against such party.
Where a foreign judgment is obtained in a court of law outside of Singapore, the party seeking enforcement may have to register the foreign
judgment with the High Court of Singapore before it can be enforced in Singapore.

With respect to the registration
of a foreign judgment, it is noted that Singapore does not have treaties providing for the reciprocal recognition and enforcement of
judgments of courts with United States. Further, it is unclear if extradition treaties currently in effect between the United States
and Singapore would permit enforcement of criminal penalties of U.S. federal securities laws. In this case, the judgment creditor may
be required to commence an action for the recovery of judgment debt in the Singapore courts under common laws to recognize and enforce
the judgment.

As a general matter, the
interpretation and enforcement of laws and regulations in Singapore involve a certain degree of uncertainty. As local administrative
and court authorities and in certain cases, independent organizations, have significant discretion in interpreting and implementing statutory
provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the level of
legal protection that our Company and its subsidiaries may enjoy in the locations that they operate in. Moreover, the local courts may
have broad discretion to reject enforcement of foreign awards. These uncertainties may affect our Company and its subsidiaries’
judgment on the relevance of legal requirements and their ability to enforce contractual rights or tort claims. In