Solution: In the application, I was doing this:
CefSingleProcess = false;
Application->Initialize();
Application->MainFormOnTaskBar = true;
Application->CreateForm(__classid(TForm2), &Form2);
Application->Run();
I had skipped a call to CefLoadLibDefault(). To fix it, I did this.
CefSingleProcess = false;
if( !CefLoadLibDefault())
return 0;
Application->Initialize();
Application->MainFormOnTaskBar = true;
Application->CreateForm(__classid(TForm2), &Form2);
Application->Run();
All working fine now. @pac, hope you find this useful.