Zodiac Energy Limited has received intimation from Jay Kunjbihari Shah, a member of the promoter group, regarding his acquisition of equity shares in the company. The acquisition was completed on March 18, 2026, and disclosed in compliance with SEBI regulations.

Share Acquisition Details

Jay Kunjbihari Shah acquired 9,208 equity shares of Zodiac Energy Limited on March 18, 2026. The shares carry a face value of Rs. 10/- each and were acquired through regular market transactions.

Shareholding Pattern Changes

The acquisition resulted in a change in Jay Kunjbihari Shah's shareholding pattern in Zodiac Energy Limited. His holding increased from 10,358 shares to 19,566 shares, representing a percentage increase from 0.07% to 0.13% of the total equity share capital.

Promoter Group Structure

The promoter group of Zodiac Energy Limited comprises multiple individuals and entities. The major promoter group members include Kunjbihari Jugalkishor Shah holding 9,464,290 shares (62.58%), Jugalkishor Harikrishnadas Shah with 640,223 shares (4.23%), and Parul Kunjbihari Shah holding 424,800 shares (2.81%).

Other promoter group members include various family members and associated entities such as Zenith Power Projects Private Limited, Rosemoor Infrastructure Limited, and several solar project LLPs including Radhavallabh Solar Projects LLP, Priyapritam Solar Projects LLP, Dharmik Solar Projects LLP, and Shamli Solar Projects LLP.

Company Share Capital

Zodiac Energy Limited's total equity share capital remains unchanged at Rs. 15,12,36,900, comprising 15,123,690 equity shares of Rs. 10/- each. The company's shares are listed on both the National Stock Exchange of India Limited and BSE Limited.

Regulatory Compliance

The disclosure was made in accordance with Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The intimation was submitted to the company's Audit Committee, BSE Limited, and National Stock Exchange of India Limited on March 20, 2026.

Following this acquisition, the total promoter group holding in Zodiac Energy Limited stands at 10,581,479 shares, representing 69.97% of the company's total equity share capital. The acquisition reflects the promoter group's continued confidence in the company's prospects and business operations.

Zodiac Energy Limited has initiated legal proceedings to challenge a GST demand notice, filing both a Special Civil Application before the Gujarat High Court and an appeal to tax authorities. The company announced these developments under Regulation 30 of SEBI listing requirements on March 13, 2026.

GST Demand Notice Details

The Assistant Commissioner of State Tax, Ahmedabad issued a Show Cause Notice dated June 30, 2025, alleging demands for multiple tax categories for FY 2018-19:

Legal Actions Initiated

Zodiac Energy has pursued a dual-track legal strategy to contest the GST demand. The company filed a Special Civil Application before the Hon'ble High Court of Gujarat on March 03, 2026, seeking appropriate relief including a stay on further proceedings by the tax authority.

Subsequently, on March 13, 2026, the company's management decided to file an appeal before the Deputy Commissioner of State Tax (Ahmedabad). This appeal seeks comprehensive relief including setting aside and quashing the entire demand covering tax, interest, and penalty components.

Previous Successful Challenge

The company's legal strategy draws strength from a recent favorable precedent. In a previous case involving Zodiac Energy Limited, the Hon'ble High Court of Gujarat delivered a significant ruling on July 17, 2025. The court quashed and set aside both the Show Cause Notice dated August 5, 2024, and the Order-in-Original dated February 4, 2025, issued by the respondent authority.

Current Case Strategy

The present case arises on identical facts and legal grounds as the previously successful challenge. This similarity forms the foundation of the company's current appeal strategy, as they are preferring the present appeal on the same grounds that proved successful in the earlier matter.

Regulatory Compliance

The company has provided detailed disclosures as required under SEBI regulations, including reasons for any delay in communication. The Special Civil Application was filed on March 03, 2026, but due to procedural formalities and internal administrative processes, the matter was communicated to Authorized Officers subsequently, resulting in the disclosure delay.

The developments represent ongoing litigation management by Zodiac Energy Limited as the company works to resolve tax-related disputes through established legal channels.