Mytrah Energy Ltd Outcome of comprehensive independent review (5803X)
November 27 2017 - 4:30AM
UK Regulatory
TIDMMYT
RNS Number : 5803X
Mytrah Energy Ltd
27 November 2017
27 November 2017
Mytrah Energy Limited
("Mytrah" or the "Company")
Outcome of the comprehensive independent review following the
unauthorised loan
Further to the previous announcements dated 10 and 16 October
2017, the Independent Members of the Board of Mytrah are now in a
position to provide an update on the results of the comprehensive
independent review undertaken following the unauthorised loan to Mr
Ravi Kailas, the Company's Chairman (which was repaid in full with
interest). The review was undertaken by a firm of international
lawyers with additional work by a 'big four' firm of auditors.
The principal conclusions and recommendations are summarised
below.
Conclusions
The principal conclusions of the review are as follows:
-- The Company did have policies in place to prevent the
unauthorised loan, notably a schedule of matters reserved for the
Board and requiring Board approval ("Reserved Matters"), as well as
limits and requirements in its Articles of Association
("Articles").
-- However, a lack of awareness amongst certain members of
senior management and the Board of the Reserved Matters and the
Articles was identified.
-- Certain weaknesses in the Company's payment processes were also identified.
-- No evidence was found of any prior incidence of any similar unauthorised payments.
Recommendations
The principal recommendations resulting from the review are as
follows:
-- The Company's payment processes are required to be improved
and better documented; a number of detailed recommendations have
been made in this regard.
-- Senior management and Board roles and responsibilities in the
payment processes are to be more clearly defined and fully
documented; this work is already underway.
-- Appropriate further senior management and Board training
should be undertaken with regard to the payment processes, as well
as the Reserved Matters and the Articles more generally.
The Board accepts all of the above conclusions and
recommendations and will take steps to implement them as soon as
practical. The Company is also considering adding the CEO and CFO
to the Board in light of the review.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please visit www.mytrah.com or
contact:
Mytrah Energy Limited (via Yellow
Jersey) +44 (0)7747
Russell Walls, Rohit Phansalkar 788 221
Investec Bank plc +44 (0)20 7597
Chris Sim / Jeremy Ellis 4000
Mirabaud Securities LLP +44 (0)20 7878
Peter Krens / Rory Scott 3360
Yellow Jersey +44 (0)7747
Charles Goodwin / Abena Affum 788 221
About Mytrah Energy Limited
Mytrah Energy Limited is a renewable power producer listed on
the AIM market of the London Stock Exchange. The Company is one of
the largest Independent Power Producers of the Indian renewable
energy sector and a pioneer in this space. Mytrah has a portfolio
of 2000MW 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. It is the only independent power producer with over 200 wind
mast locations across the country.
This information is provided by RNS
The company news service from the London Stock Exchange
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