Conversion of director loan in equity shares

Ashish Sharma (Service) (1028 Points)

03 December 2014  

What is the Proceedure to covert the Director loans taken prior to application of Compnies Act 2013 in Equity Share Capital in Private Limited company as no SR passed at that time for any terms of loan as required in section 62(3) of companies Act, 2013

Is there any simple way to convet them in Equity Shares or we need to follow the private placement.