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*Conversion of Loan into capital[Sec 62(3)* Sec 62(3) states if company takes a loan on the term that loan will be converted into share capital & such an option have been approved before raising of loan by a special resolution, subscribed capital can be increased. *Procedure for conversion of loan into shares:* i. Approve terms of loan by passing special resolution before taking of loan & file special resolution in E-Form MGT14 within 30 days. ii. Convert loan into shares by passing resolution in Board Meeting & File Eform PAS3 for allotment of shares within 30 days. iii. Also issue share certificate by passing Board resolution & file Eform MGT 14 within 30 days for issue of shares. My query: Can we convert Loan taken by a company before the commencement of the CA, 2013 to shares and file pas-3 form?

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Posted By: Kamal 9 year(s) ago

This question has been closed if you want to answer,you have to re-open.


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Pramod Prabhudesai
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