Conversion of dierctors loan
This query is : Resolved
24 October 2011
what is the procedure for converting Directors loan to share capital under companies Act for a private limited company
24 October 2011
There is no bar for conversion of loan into share capital.You are required to obtain a reuest letter from the lender of loan.call a Board meeting and pass a resolution and file Form-2.In case there is a Shareholders Agreement or some other restriction, you are to comply with the same. Also ensure your authorized share capital is sufficient i.e., your paid up share capital doesnot exceeds Authorised Share Capital.
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