Board Can Call Shareholders to Pay Off Partly Paid Shares, Converting Them to Fully Paid Status.

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....Conversion of partly up equity shares into fully paid-up equity shares - the board of directors are well within the powers to make a call on the shareholders in respect of unpaid shares to make them as fully paid. The company is entitled to issue partly paid shares. The petitioner became shareholder long after the company issued partly paid equity shares. Therefore, there is no irregularity in converting the partly paid shares into fully paid shares. - Tri....