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Querist : Anonymous

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Querist : Anonymous (Querist)
18 April 2014 Dear Wxpert,
can a company convert its unsecured loan to share capital?Is it violation of sec 269 T.
In my opinion a company can convert becaz it is not repayment but its conversion.

Pls suggest and give your valuable opinion.

Thanks
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Rupesh Jain

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Rupesh Jain (Expert)
19 April 2014 R/SIR

FIRSTLY COMPANY REPAY THE LOAN AFTER THAT ACCEPT APPLICATION OF SHARE AND CHEQUE OF AMOUTN THEN ALLOT THE SHARES.
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