Unsecured loan convert to equity capital

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
11 April 2011 Dear Expert

In our Pvt Ltd Company Balance sheet show Unsecured loan from director and relatives approx Rs. 4 Crore and we want to convert to equity capital

Please give details procedures and other related issue like accounting entries roc filling etc

Thanks in Advance

Profile Image

Guest

Profile Image

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.


Regards



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries