Unsecured loan from director

Please guide me. Our company have an unsecured loan from Director for 5 years of Rs.46Lacs. Can it be converted in Paid up capital. Also is there any tax liability? At present the Authorised Share Capital is Rs.2L for 20000 Shares of 10 each and Paid up is for 1Lac. Can the balance money be shown as Share Premium. If yes whats the tax implication and If not whats the procedure?

Please some one reply

Thanks