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Conversion of loan to equity

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(Querist)
07 March 2015 CAN ANYONE PLEASE TELL WHAT IS THE PROCEDURE OF CONVERSION OF UNSECURED LOAN TO EQUITY AS PER SECTION 62(3) OF COMPANIES ACT, 2013?
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CS JAY GOHIL

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CS JAY GOHIL (Expert)
07 March 2015 there is no procedure for the same.
transfer loan amount to share application money a/c and issue shares and allot the same
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