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What is the story about?
Shares of Transformers & Rectifiers Ltd. (TRIL) rallied up to 10% on Friday, November 14, after the company received a major relief from the World Bank.
In an exchange filing on Friday, the company said that the World Bank has removed the company's name from the list of Debarred firms and individuals on its website.
The World Bank has granted an extension for submitting the company's explanation in the sanctions case. The new deadline is January 12, 2026.
"We continue to adhere to all disclosure requirements and keep the exchanges informed of any further material developments," TRIL said in the filing.
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 TRIL 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 TRIL 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's management said in the filing.
Shares of Transformers & Rectifiers are now locked in a 10% upper circuit at ₹318.2.
In an exchange filing on Friday, the company said that the World Bank has removed the company's name from the list of Debarred firms and individuals on its website.
The World Bank has granted an extension for submitting the company's explanation in the sanctions case. The new deadline is January 12, 2026.
"We continue to adhere to all disclosure requirements and keep the exchanges informed of any further material developments," TRIL said in the filing.
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 TRIL 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 TRIL 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's management said in the filing.
Shares of Transformers & Rectifiers are now locked in a 10% upper circuit at ₹318.2.
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