Dear All,
A private limited company has share application money pendng since last two years and has convered it into unsecured loan on March 31, 2014 before the applicability of the Companies Act, 2013. Is there any specific section / rule that prohibits the conversion of the share application money to loan under the Companies Act, 1956 or the rules thereunder.
Pls share your views.
Before or after such unalloted share application money cant be treated as a Loan,
Refer Bharti Airtel Vs ACIT [ 11.3.2014]
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