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PROCEDURE FOR CONVERSION OF LOAN TO EQUITY

VENKAT S

In case of loan taken from director shareholder in a private limited , what is the procedure to be followed to convert it to equity share capital. The loan was obtained under Companies Act 1956 hence MGT-14 was not applicable at that time. Can the company directly convert such loan now?

Conversion of loan to equity may not be permissible where loan originated under prior companies law, expert says. Conversion of a director/shareholder loan in a private limited company-originally taken under the Companies Act 1956 when MGT-14 was not applicable-was queried. The recorded expert reply states that direct conversion of such a loan into equity share capital is not possible, presented as an opinion and seeking further views; no procedural steps or statutory justification are provided. (AI Summary)
Corporate Laws / SEBI / LLP
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DR.MARIAPPAN GOVINDARAJAN on Jul 9, 2020

In my view it is not possible. Other views are expected.

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