Conversion of unsecured loan into equity share capital

Page no : 2

CA Pratik (Partner) (41 Points)
Replied 05 September 2013

Can anybody send me the format for consent to be obtained from Member for converting their Unsecured loan into preference share.

Thanx

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gouri (Others) (21 Points)
Replied 22 January 2015

Can you tell me what is the procedure for conversion of unsecured loan into equity and also please give me draft Board Meeting resolution and resolution special EGM resolution for converion of loan into equity

RAJESH (PARTNER) (56 Points)
Replied 02 July 2015

Dear

I agree with above but also take in to consideration of Section 269T of income tax india . for repayment of loan otherwise than Accountpayee cheque (here converted to Shares capital) attrect 100% penalty.

Rahul Ramesh Kadam (cs) (21 Points)
Replied 21 October 2015

We want to convert our loan into equity as per section 62 but do we need to comply with the 50 members limit ? becasue we have 70 creditors ( actually Supliers ) and they are willing to take shares

Megha Choudhary (Management Trainee) (541 Points)
Replied 01 March 2016

mam please explain the procedure a bit more

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AMANPREET (CS) (22 Points)
Replied 25 March 2016

anil agarwal (student) (34 Points)
Replied 10 June 2016

WHAT IS THE SOLUTION OF THE ABOVE MENTIONED PROBLEM ABOUT PASSING THE SR UNDER SECTION 62(3) i.e. THE RESOLUTION HAS NOT BEEN PASSED NOW THE COMPANY WANTS TO ADOPT PREFERTIAL ALLOTMENT.