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checklist & procedure

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(Querist)
19 February 2010 Hi all,

If any body having checklist & procedure of conversion of preference shares into equity shares. please provide the same.

thanking you

ashish wadhwa
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Rasesh

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Rasesh (Expert)
20 February 2010 1) Verify the terms and conditions of the pref shares. If the shares are issued without any option for being converted into equity, the complete the procedure for variation in rights of members.

2) For the above, your company's board resolution and consent from preference shareholders is required.

3) Now, when the pref shares have a conversion option, the pref shareholders have to exercise their right for conversion of their pref shares into equity shares.

4) Pass a board resolution converting the pref shares into equity.

5) File form 5 for conversion of pref shares and Form 2 and Form 3 for allotment of equity shares.
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