Conversion of unsecured loans into equity share capital

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can anyone clarify me whether a private limited company can convert unsecured loans received from promotors into share capital? The company has not passed any special resolution (as specified u/s 62(3) of companies act,2013) at the time of receiving the money that it may convert the loan amount into share capital in future.

If such conversion is not possible, suggest if there is any other way in which the company can convert the same amount into equity share capital?

 

Thanks in advance

Replies (2)

As such not possible, I suggest to some how repay that loan and take again with compliance of section 62 and convert it.

Thanks

Jaideep Pandya

Thanks Jaideep


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