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Conversation unsecured loan into equity

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(Querist)
14 May 2018 Hello Expert

Private company taken unsecured loan from director and relative of director by passing Board Resolution in Second Board Meeting .
Now company plan to convert such loan into equity.

can company eligible to pass special resolution in General Meeting in respect of above loan.
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CA Ankit R Momaya

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CA Ankit R Momaya (Expert)
14 May 2018 Yes, the company can convert the same provided the person from whom loan was taken has given consent. Related forms have to be filed with ROC
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