Transformers and Rectifiers India Ltd gets stop deal notice from GETCO

Transformers and Rectifiers (India) Limited has received a "Stop Deal" notice dated 13th July, 2023,which has been physically received by RPAD on 19th July, 2023, from Gujarat Energy Transmission Corporation Limited (GETCO) intimating that GETCO has decided to stop dealing with the Company for a period of 3 years on the ground that the Company had allegedly submitted forged Material Dispatch Clearance Certificate(MDCC) relating to certain Transformers supplied by the Company under the Contract awarded to the Company for supply of total 29 Transformers and 1 Reactor to GETCO.

In this connection, we would like to clarify that till date the Company has already supplied 24 Transformers and 1 Reactor to GETCO under the said Contract. Further, based on earlier discussions on this issue with GETCO, the Company has successfully concluded additional inspection tests as per the requirements of GETCO, and the above Transformers/Reactor supplied under the said Contract are in operation in GETCO. The Company is taking necessary steps for defending its position against this allegation, and resolving this issue.

Shares of Transformers And Rectifiers (India) Limited was last trading in BSE at Rs. 107.02 as compared to the previous close of Rs. 104.14. The total number of shares traded during the day was 76250 in over 887 trades.

The stock hit an intraday high of Rs. 107.90 and intraday low of 103.01. The net turnover during the day was Rs. 8122617.00.

Source : Equity Bulls

Keywords

TransformersAndRectifiersIndia INE763I01026 TRIL GETCO StopDealNotice