I am the CEO. Yes, this situation is unacceptable. Unfortunately domain registrars do have extreme power this way. It could happen to any domain.
The line, "they should be fired" is so easily spoken by people who have never been in charge of something very big and involving many moving parts.
The fact is, anything of sufficient significance has innumerable potential failures waiting to happen. Even with the best, methodical effort, it is impossible to predict and protect against them all.
People who want to be angry at executives can direct their focus to the MANY huge companies that are actively evil and actively antagonistic toward their customers. Zoho should be way down on the list of targets.
Sorry, OP was a bit too hard on you, but I think you have quite a bit of egg on your face for this one.