07 October 2008
It is not necessary that AOA should contain the procedure for conversion. I advised that the procedure for allotment of shares as in AOA should be followed, as this is a pvt ltd which could have restrictive clauses if any.
Guest
Guest
(Expert)
23 June 2012
There is no bar for conversion of loan into share capital. You are required to enter into agreement with lender for conversion of loan into capital.
Call a Board meeting and pass a resolution and file Form-2 and form 3 within 30 days.