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loans to directors

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(Querist)
15 July 2010 can a limited company transfer loans accepted from its directors to share application money account & subsequently allot shares, if so. how ?
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Rasesh

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Rasesh (Expert)
16 July 2010 If it is a private limited company, then no problem. Pass the requisite board resolutions and do the needful.

In case of public limtied co., 81(1A) will come into picture. Hence shares cannot be issued without members approval.
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