The development comes within weeks of Piramal Group investing $277 million into Mytrah's Indian subsidiaries in the form of non-convertible debentures
In an alleged case of clear corporate misgovernance, Ravi Kailas the chairman of Hyderabad based Mytrah Energy is under scanner for taking a $2.4 million unauthorised loan in early September 2017. He allegedly took the funds for the purchase of a property which is not related to the renewable focused independent power producer's operations. The development comes within weeks of Piramal Group investing $277 million into Mytrah's Indian subsidiaries in the form of non-convertible debentures.
"The Independent Members of the Board have been advised that a loan of $2.4 million was made in early September 2017 to the company's chairman, Mr Ravi Kailas, for the purchase of a property which is not related to the company's operations. The loan was made without prior approval of the Board," Mytrah Energy told shareholders in a communique.
Kailas has made arrangements for the full amount of the loan to be repaid by the end of next week, it added.
Besides Mytrah, Kailas has been a founder of a number of start-up companies, including Zip Global Network, Xius Technologies, and Altius, a real estate financial options company.
As a consequence of the development, the Mytrah Energy board plans 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," it said.
Mytrah Energy is listed on the AIM segment of the London Stock Exchange and a market value of 42.5 million pounds. Mytrah has a portfolio of 2,000 mw of operational and under-development renewable power projects across 9 Indian states (Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka and Tamil Nadu). Mytrah also has one of the largest wind data banks in India.
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