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Convert into pvt ltd. under chapter ix

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 June 2013 We are going to convert one proprietorship firm into private limited company. In that proprietorship firm proprietor is having 70.00 lacs of capital. So, here whether we can start the pvt ltd co. with 1.00 lacs authorised capital & can we convert the 70.00 share captal into unsecured loan to company.
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Ajay Mishra

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Ajay Mishra (Expert)
23 June 2013 Generally not, it will be alloted as per shareholders agreement and the same is mentioned in MOA & AOA.

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