Conversion of unsecured loan into equity share capital

A Private Limited Company has received unsecured loans from its share holders/ Promoters. Amounted Rs. 34 Lakhs.

Now It wants to issue Equity Shares of  Rs. 9 Lakhs out of Rs. 34 Lakhs of unsecured Loan.

Balance of Rs. 25 Lakhs out of Rs. 34 Lakhs of Unsecured loan is going to be treat as Security premium for above mentioned Equity shares issue.

For this purpose that company what meeting should conduct to pass the resolution for the above activity?

Is this is possible to do. if yes means what are all the procedures to follow?

Any changes require in Memorandum and Articles?

Unsecured loan is showned on last year Balance sheet.

Please kindly help me to sort out the above issue.