Kushang Thakkar (Practising) (138 Points)
29 March 2016
Megha Choudhary
(Management Trainee)
(541 Points)
Replied 29 March 2016
FIRST CHECK LOAN AGREEMENT..IF IT IS ALLOWED OR NOT..
Kushang Thakkar
(Practising)
(138 Points)
Replied 29 March 2016
Loan was taken from directors and their relatives. No such loan agreement was prepared
Megha Choudhary
(Management Trainee)
(541 Points)
Replied 29 March 2016
SO PREPARE ONE ..
O BACK DATED BASIS
N INSERT A CLAUSE THEREIN FOR SUCH CONVERSION
THEN FOLLOW THE PROCEDURE AS PER THE ACT
I HAVE DONE THIS THING LAST WEEK ONLY.
Kushang Thakkar
(Practising)
(138 Points)
Replied 29 March 2016
I have already increased authorised capital for this. Can you please give me soft copy of such conversion?
Megha Choudhary
(Management Trainee)
(541 Points)
Replied 29 March 2016
I HAVE THE AGREEMENT AND RESOLUTIONS PREPARED..FILING IS LEFT OF SOME FORMS..
MAIL ID?
Kushang Thakkar
(Practising)
(138 Points)
Replied 29 March 2016
My E mail id is kushangthakkar @ gmail.com. Thanks for the help.
JAYS
(MBA)
(97 Points)
Replied 29 March 2016
Is there any threshold limit of the unsecured loans to be converted into equity shares? As i believe there was notification related to directors not allowed to give loans..
POOJA
(Student CA IPC / IPCC)
(151 Points)
Replied 01 April 2016
JAYS
(MBA)
(97 Points)
Replied 01 April 2016
Following things are required:
1.Special Resolution at the time of raising of Loan
2.File MGT-14 with ROC for Special Resolution.
3.Pass a Board Resolution at the time of conversion of same into Share Capital.
4.File form MGT-14 for issue of shares
5.File form PAS-3 for allotment of shares.
Regards,
Jay
CAclubindia
