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Conversion of secured loan into equity

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 February 2015 What procedure we need to follow for converting loan into equity shares under Companies Act, 2013.

And if the loan amount exceeds the remaining authorised capital, do we need to increase the authorised capital.

Kindly provide the required guidance for the same.
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c.bakshi

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c.bakshi (Expert)
04 February 2015 yes, if authorised capital is equal to paid up capital of the company and the company wishes to issue more shares then the company may do so but have to alter the capital clause by passing a special resolution by conducting an EGM and take necessary approval from members of the company
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