Zodiac Energy Limited has informed the Exchange about Rumour Verification - Regulation 30(11)
ZODIAC · price
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Zodiac Energy has issued a clarification under SEBI Regulation 30(11) regarding a news article published by Fundsmap Private Limited (ScoutQuest). ScoutQuest reported that UGVCL (Uttar Gujarat Vij Company Limited) had imposed penalties of Rs. 64.96 crore and Rs. 92.22 crore on the company. The company clarified this is grossly incorrect — the actual penalty notices from UGVCL demand Rs. 64.96 lakhs and Rs. 92.22 lakhs, not crores (a 100x exaggeration). Zodiac Energy stated it will contest the matter with UGVCL. The company has also formally asked ScoutQuest to remove the incorrect article immediately.
This clarification removes a major overhang on the stock caused by the wildly inflated penalty figures. While the underlying UGVCL dispute still exists and the company plans to contest it, the corrected amounts (lakhs vs. crores) significantly reduce the perceived financial risk for shareholders.