Unlisted company (preferential allotment) amendment rules

Hi

It is mentioned there specifically Rule 8(4) that 60 days from "receipt of applicaion money", And also practically it should be from date of receipt also

agreee with above

Kindly reply

We have a Unlisted public company in which we have received some amount as loans & advances

now we want to issue shares to the companies from which we recd money. Now can we take a letter from the co's that the loans & advances shall be treated as Share application money. & then we will transfer the money into separate bank account after getting that letter.

whther this can be done?