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Can private Limited and Unlisted Public Company can convert unsecured loan taken from shareholders and person other than shareholders into Equity Shares by issue of further shares under provisions of section 62 (1)(c )of companies ct, 2013 and If yes then company need to comply with the provisions of section 42 of Co. act 2013 for issue of shares to creditors of unsecured loans ?

Section 62- Further issue of share capital.

Posted By: Vasant patel 9 year(s) ago

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Expert Ankit Singhi

Yes compliance of section 42 is required but the main problem when the money is already recieved, how to transfer the same into separate account and allotment have to be met within 60 days.

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