conversation of preference shares into equity shares

Madam,

What if the Company get approval from Members also. I mean is there any restrictions on the same. Because in of our case the Authorized Capital is wholly exhausted and there is no room to accommodate the converted capital so, we have concluded that, we should increase the authorized capital to accommodate the converted capital and to convert the CCPS into the equity.

Whether this route is okay, can you please suggest better compliance on the same.

Also, our conversion ratio is that, for every 100 CCPS will issue 1 Equity so, how to give accounting solution to that 99 CCPS and how to fill the form SH-7.

Please do consider and give your comments and do the needful.