Treat the unseured loan as share application money
This query is : Resolved
09 May 2012
An unlisted public company has accepted inter corporate deposit from other company in the year 2007 and insted of repayment of the deposit amount the company wants the shares of the company
Is there any restriction in the Companies Act regarding the matter above and if not then Board Resolution in both the Companies will be enough
Is there any restriction in the Companies Act regarding the matter above and if not then Board Resolution in both the Companies will be enough
09 May 2012
Hi
You can not made automatically allot the deposited amount in shares, for this you should made a fresh subscription agreement with depositor for becoming members of the company.
You can not made automatically allot the deposited amount in shares, for this you should made a fresh subscription agreement with depositor for becoming members of the company.
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