Loan to foreign subsidiary, can convert to redeemable preference share

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Rohit S (Querist)
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17 June 2022 Can a loan given to foreign subsidiary given by indian holding company converted into redeemable preference share. pls help.
Pls provide comment as per companies Act 2013.

Thanks & regard

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 June 2022 As per Section 62(3) of the Companies Act 2013 resolution, there is a procedure for conversion of loan into preference shares: Approve terms of the loan by passing a special resolution before taking of loan & file special resolution in e-Form MGT-14 within 30 days.

Rohit S

Rohit S (Querist)
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18 June 2022 Thanks, but sir here Indian holding comp provided the loan to foreign subsidiary. Now Indian company had a asset wants to convert it in a preference share.

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