Here are a few options for a formal title, depending on your preference:
Option 1 (Most direct):
KSRTC Clarifies Misinformation Regarding Priyadarshini Free Travel Scheme in Thiruvananthapuram
Option 2 (More formal/authoritative):
KSRTC Issues Formal Rebuttal to Misinformation Concerning Priyadarshini Free Travel Scheme
Option 3 (Concise and professional):
KSRTC Addresses Inaccuracies Regarding the Priyadarshini Free Travel Scheme in Thiruvananthapuram