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Issue of shares

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(Querist)
25 June 2015 can we issue equity shares by converting unsecured loans of directors into equity. Loan was accepted under Co.Act 1956 without any spl resolution being passed as to the terms of loan.what are the forms to b filed ?
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CS JAY GOHIL

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CS JAY GOHIL (Expert)
26 June 2015 yes you can do so with consent of loan holders only accounting entry is required. nothing else

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