J Gopikrishnan | New Delhi
November 9, 2025
The number of Indian companies and individuals debarred by the World Bank for fraudulent and corrupt practices is increasing. Latest in the list is Transformers and Rectifiers (India) Limited, which was banned on November 4 for bribery charges. Gujarat-based Transformers and Rectifiers (India) Limited, known as TARIL, is caught by the World Bank for bribery charges of 486 Million Dollars involved in a power project upgrade in Nigeria.
Transformers and Rectifiers (India) Limited is a stock exchange-listed company, currently priced at Rs 396, promoted by Jitendra Mamtora, Karuna Mamtora, and Satyen Mamtora. The company, founded in 1994, was earlier named Triveni Electric Company Limited. According to World Bank officials, the company was caught for bribery charges in the supply of upgrading equipment to the Nigerian Powergrid project, financed by the Bank. The TRAL is banned for four years, up to June 2029, in dealings with World Bank projects.
As per the latest list of “Ineligible Firms and Individuals” of the World Bank, more than 50 companies and individuals are debarred from supplies and contracts due to fraudulent and corrupt practices. In June 2025, Mumbai-based Company IQVIA Consulting and Information Services India was also debarred for “fraudulent practices.” In 2024 alone, five companies and one individual from India were banned by the World Bank from supply and contracts in international projects. Kolkata-based companies — Zytron Systems, Venus Softwares, Venus IT Solutions Private Limited, Future Netwings Solutions Private Limited, Chennai-based Perfect Dredging Company Private Limited, and its promoter Arputharaj Job Robinson are debarred by the World Bank for “Collusive and Fraud Practices”.
In 2022, six Indian firms were barred for corrupt practices. The firms are: Chennai-based Lotte Data Communication R&D Centre India LLP, Hyderabad-based Madhucon Mega Mall Private Limited, and its linked firms Madurai-Tuticorin Expressways Limited, Namma Hotels Private Limited, Madhucon Heights Private Limited, and Madhucon Infra Limited.
In 2021, one of India’s emerging waste management companies and its many linked firms were also barred by the World Bank. Gurugram-headquartered A2Z Waste Management’s two companies faced delisting for corrupt practices. The companies are A2Z Waste Management (Nainital) Private Limited and A2Z Waste Management (Jaipur) Limited, faced the debarring.
The group’s A2Z Powertech Limited, A2Z Infraservices Limited and A2Z Powercom Limited, Mansi Bijlee and Rice Mills Limited, Ecogreen Envirotech Solutions Limited, Magic Genie Smartech Solutions Limited, A2Z Waste Management (Aligarh) Limited, A2Z Waste Management (Ludhiana) Limited, and Rishikesh Waste Management (formerly known as A2Z Powertech Limited) also faced debarring from the World Bank in 2021.
A2Z Infra Engineering Limited (previously known as A2Z Maintenance and Engineering Services) was first caught by the World Bank for corrupt practices in November 2020 for violating supply and procurement rules. This group now faces legal actions in many Municipal Corporations for violating contracts in waste management, and some of its companies are also closed down.
In 2016, the World Bank cracked its whip on more than 10 Indian companies for fraudulent practices involving bribery charges. More than 50 companies are on the debarred list of the World Bank, published since 1999.
World Bank debarred Transformers and Rectifiers shares tank 28%
Pioneer News Service
November 12, 2025
The World Bank’s debarring has seriously affected Transformers and Rectifiers (India) Ltd (TARIL). ‘The Pioneer’ reported on Sunday that the Indian company was debarred by World Bank for fraudulent corruption practices in Nigerian powergrid supply. The company’s shares were Rs 396 on Friday tanked to Rs 313 on Monday after the report and on Tuesday further collapsed to Rs 282 in Stock Exchanges. Interestingly, TARIL shares were only priced Rs 7.40 only in January 1, 2020 and in January 2025, the company shares shot up to to Rs 650. ‘The Pioneer’ reported that more than 50 Indian companies and individuals were debarred by the World Bank for corruption, bribery and fraudulent practices.
The company CFO Chanchal S Rajora on Tuesday told media that the firm was caught in Nigerian politics. Explaining the issues in supply of equipments in the Nigerian projects, he said that the issues will be sort out in six months. The World Bank has banned the company for four years till June 2029. Gujarat based TARIL was debarred by the World Bank on November 4 for 486 Million Dollars contract in Nigerian power sector.
Share price of Transformers and Rectifiers (India) Ltd (TARIL) extended their sharp fall on Tuesday, slipping 10 per cent to a one-year low of Rs 282.80 on BSE. With this, the stock has lost nearly 28 per cent over the last two trading sessions, following a World Bank debarment notice. The company issued a clarification stating, “We wish to inform that Transformers and Rectifiers (India) Ltd has received a Notice of Uncontested Sanctions Proceedings dated November 4, 2025, from the World Bank in connection with Sanctions Case No. 788 relating to the Nigeria Electricity Transmission Project (IDA Credit Nos. 6185-NG and 6186-NG).”
TARIL said the communication referred to an earlier Notice of Sanctions Proceedings dated July 30, 2025, which the company had not received. “Accordingly, the Company has initiated steps to contest the matter and will submit its reply to the World Bank, seeking an opportunity to review and address the allegations in detail,” it added. The proceedings have been initiated under the Sanctions Proceedings and Settlements in Bank-Financed Projects, issued by the World Bank on November 30, 2023.
Providing background, TARIL said it had received an order worth Rs 24.74 million in FY20 for the supply of 70 transformers on a CFR basis to Nigeria. The order was executed in FY22 and as per the terms, 90 per cent payment was received under a letter of credit during the same year. “During shipment of last consignment, while it was being transported from Nigerian Port to its Storage, 3 Nos transformers got damage due to accident. Claim filed by TCN and Insurance was passed during FY22, but payment was received under the insurance during FY24 in staggered manner, due to shortage of USD in Nigeria. We manufactured new Transformers against the previous 3 Nos damaged and supplied them during FY25 end, against which balance payment of 10 per cent was released by World Bank and received during Q1 FY26.”
The company clarified that the debarment relates to “certain alleged irregularities concerning a past supply order executed under a World Bank-funded project for Transmission Company of Nigeria Plc (TCN), Abuja.” It further noted that all required documents had been submitted during the World Bank’s 2023 enquiry and since then, there had been no communication. “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,” it said. TARIL added that it will “reply to World Bank for chance to represent the case and get the debarment uplifted. TARIL will represent its case with World Bank and prove that TARIL is not involved into any illegal or restricted transactions with any of the thirdparty.”
The company also said it will work to “satisfy World Bank’s requirement (a) and (b) as mentioned in page 2 of the notice, which would enable withdrawal of its ineligibility for participation in World Bank funded projects.” For the July–September quarter (Q2 FY26), TARIL reported flat revenue of Rs 460 crore on a year-on-year (YoY) basis. Margins declined, with EBITDA down 26 per cent YoY to Rs 52 crore and PAT falling 19 per cent to Rs 37 crore, mainly due to higher employee costs. In the corresponding quarter last year, the company had posted an EBITDA of Rs 80.97 crore and a PAT of Rs 46.02 crore. As of September 2025, promoters held a 64.36 per cent stake in the smallcap firm.