WE HAVE A PVT LIMITED COMPANY WHICH RECEIVED CERTAN AMOUNT OF DONATIONS FROM SEVERAL PERSONS . THESE AMOUNTS ARE NOT TO BE REFUNDED.SOME OF THEM WERE RECEIVED BEFORE THE INTRODUCTION OF THE COMPANIES ACT 2013.NOW WE WANT TOCONVERT THEM IN TO EQUITY SHARES . WILL IT BE POSSIBLE? CAN WE CONVERT THEM IN TO SHARE APLLICATION MONEY AND LATER ON ALLOT THE SAHRES?I KNOW THAT SHARE APPLICATION MONEY RECEIVED SHOULD BE KEPT IN A SEPERATE BANK ACCOUNT AND THE ALLOTTMENT HAS TO BE MADE WITHIN 60 DAYS ASPER THE NEW COMPANIES ACT 2013. IF NOT ALLOTEED IT HAS TO BE REFUNDED WITHIN 15 DAYS.OTHER WISE IT WILL BE TREATED AS DEPOSITS. IS THERE ANY WAY OUT OF THIS . PLEASE ADVISE.
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