Conversion of loan into share capital
This query is : Resolved
15 September 2011
if it is proposed that the loan is converted into shares , and new increased share capital will exceed authorised share capital.
So the company should increase its authorised share capital prior to accepting application money ? or it can accept application money prior to increasing authorised share capital
So the company should increase its authorised share capital prior to accepting application money ? or it can accept application money prior to increasing authorised share capital
15 September 2011
Share application money can be accepted if there is sufficient balance in authorised capital (Authorised capital minus capital subscribed & issued).
Since the company does not have authorised capital, share application money
can not be accepted.
first increase authorised capital then accept share capital.
Since the company does not have authorised capital, share application money
can not be accepted.
first increase authorised capital then accept share capital.
15 September 2011
Thanx a lot Sir for such a quick reply .
Can You Please Tell me relevant section of company law ?.
Can You Please Tell me relevant section of company law ?.
15 September 2011
Section 81 Further issue of share capital.
There are different views on acceptance of share application money. I expressed my view.
There are different views on acceptance of share application money. I expressed my view.
15 September 2011
Thankyou very much . m facing this problem while auditing a firm . m an intern .
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