India-focused wind and solar group Mytrah Energy has ordered an investigation after disclosing a $2.4m loan to founder chairman Ravi Kailas was made without its board approving the transaction.
London-listed Mytrah said it has hired a law firm to help with a “comprehensive review” of the unauthorised loan, which Kailas used to buy a property “not related to the company’s operation” and has arranged to repay by the end of next week.
