Question : Is it possible to release a token on Zcash?

Pardon me if this sounds like an idiotic question… but I would like to get an understanding on how these token system works… I have read that a lot of companies are based on ethereum blockchain … so is it the same case with Zcash or can it happen only on ethereum bc ? Also how is it different than a fork?

Or is my question fundamentally incorrect ?

It’s not currently possible but it is planned. See point #5 here under innovation and there is a link there for more information: https://z.cash/blog/the-near-future-of-zcash.html

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Is that the same or at least similar to coloured coins on Bitcoin?

It can be used for similar things but is technically different; see https://github.com/zcash/zcash/issues/830#issuecomment-276411464

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