Mytrah Energy discloses unauthorised loan to company chairman

Mytrah Energy, one of the largest players in the Indian renewable energy space, disclosed that an unapproved loan was extended to its chairman last month.

The loan of up to $2.4m was made to Mr Ravi Kailas for the purchase of a property unrelated to the company's operations and without prior approval of the board, the company said in a statement.

Mr Kailas, however, had made arrangements for the full amount of the monies to be repaid by the end of the week, Mytrah said.

The board said it would provide a further update to shareholders following a review of the transaction by an independent law firm.