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Mytrah Energy launches review after unauthorised loan to chairman

Chairman Ravi Kailas has made arrangements for a US$2.4mln loan to be repaid to the company by the end of next week

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Mytrah intends to hire an independent law firm for the review

Mytrah Energy Limited (LON:MYT) has announced there will be a review into a recent transaction connected to chairman Ravi Kailas.

The India-based power group said in a statement that its independent board members have been advised that a US$2.4mln loan to Kailas last month was made without approval.

READ: Mytrah Energy revenues climb as new capacity comes on stream

It added that the loan was for the purchase of property not related to the company’s operations.

Kailas has now made arrangements for the full amount of the loan to be repaid by the end of next week.

READ: Renewables group Mytrah Energy gets US$277mln funding boost from Piramal Group

The company added: “The board intends to engage an independent law firm in order to assist in a comprehensive review of the transaction. Following completion of the review, the board will update shareholders.”

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