Dear Members
Sundry Creditor of Rs. 3 Lacs to be converted into Shares
Is it Possible
If yes, then procedures, Resolutions, and necessary forms to be filed?
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 18 March 2014
It will be better to make payment to creditors and then take share application money from them. In case of public co. follow Unlisted Public Cos. (Preferential Allotment) Rules 2003.
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