Can right issue of share be done against the unsecured loan of directors

Pankaj Mishra (6 Points)

15 June 2019  
can we do right issue of share at face value, to the director who are also the share holder of the company against the unsecured loan provided by each one of them in the same proportion.

please note director has not filed mgt 14 at the time of providng the loan for conversion rights.