India, Nov. 9 -- 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, ...