query
This query is : Resolved
20 February 2009
Can a private ltd company convert its unsecured loan into equity share capital.
20 February 2009
Yes, you can convert it. But before conversion you should check whether there is gap between authorised share capital and paid up captial and also you should get a letter from the person who have given loan that he intends to invest in the shares of the comany and the company can transfer Rs._________ from the loan account and shareapplcation account and should mention that he is attaching filled in share form towards applying for shares.
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