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Unsecured loan by director

This query is : Resolved 
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(Querist)
28 November 2013 Please Suggest:
1) The Company is a Private Limited Company.
2) One of the Directors had given unsecured loan to the Company.
3) Can those loan can be converted into Equity shares by Allotment otherwise than on Cash through Board Resolution.
4) Whether any provisions under New Cos Act will be attracted.

Please reply.
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Ajay Mishra

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Ajay Mishra (Expert)
28 November 2013 Yes, you can convert it read section 41 and 292 of the Companies Act, 1956.
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