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Issue of equity shares for unsecured loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 November 2011 Dear Experts

Urgent !!!

I would like to know can an Indian company issue equity shares to its Non Resident Director from whom the company has an unsecuredloan.

And can the amount of unsecured loan be held as share application money in the company from Non resident director without the requirement of permissions from Authorised Dealer as per RBi and under FEMA Act ??
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CS Bijoy

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CS Bijoy (Expert)
07 November 2011 No without permission of the RBI it can not be possible.
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