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.
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.
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.”