Zodiac Clothing Company Limited has disclosed the voluntary liquidation approval of Zela Technologies Inc., Delaware (USA), its stepdown subsidiary. The Delaware Authorities approved the liquidation application on 7th August 2026, and the company received formal communication of this approval on 10th August 2026.
Financial Impact Details
As per the annexure disclosure required under SEBI Circular No. SEBI/HO/CFD/POD-2/CIR/P/0155 dated November 11, 2024:
- Revenue Contribution: As of 31st March 2026, Zela Technologies Inc. contributed USD 667 (equivalent to ₹58,905) in revenue from operations, representing 0.01% of the listed entity's turnover.
- Net Worth Contribution: As of 31st March 2026, the subsidiary had a negative net worth of USD (49,152) equivalent to ₹(46,13,095), representing (25%) of the listed entity's net worth.
Transaction Details
- The disclosure confirms this is a voluntary liquidation process, not a sale or disposal transaction
- No consideration is being received from the liquidation
- No buyers are involved in the process
- The transaction does not qualify as a related party transaction
- The liquidation is not part of any Scheme of Arrangement
- The process does not constitute a slump sale