Shares of Transformers and Rectifiers (India) Ltd hit 10% upper circuit on November 14 after World Bank removed name of TARIL from list of debarred firms and individuals on its website.
World Bank has granted an extension for submitting company’s explanation in sanctions case.
New deadline for submission of company’s explanation in sanctions case is January 12, 2026.
At 10:30 am on November 14, TARIL shares were trading 10% higher at Rs 318.2 apiece.
The World Bank had earlier barred Transformers & Rectifiers for four years, until June 2029, over an alleged bribery case involving a power project in Nigeria. The World Bank had also barred TARIL from participating in any projects funded by the World Bank. The stock had seen a sharp fall in the two sessions after the announcement.
The order that TARIL was under the lens for was received in financial year 2020 worth $24.74 million for the supply of 70 transformers in Nigeria. The order was executed in financial year 2022 and 90% of the payment was received last year itself.
"The Company believes that the findings referred to in the notice are not conclusive and do not constitute proof of any misconduct. The Company reiterates that it has acted in good faith and in compliance with all applicable laws and contractual obligations," the company said in a stock exchange filing earlier.
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