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conversion of loan into share capital

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 January 2011 Whether unsecured loan of a director can be converted into Share Capital of the private company ?
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
14 January 2011 There is no restriction either under IT Act or under Companies Act.But , it is advisable to get a confirmation letter from the loan provider to treat it as share application money. Share application form can also be signed by the loan provider to company.
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