[aaykarbhavan] Re: [CS_yahoogroups) Conversion of Loan in to Equity

Then a fresh agreement has to be followed for the conversion clause in agreement , then proceed for the resolution for conversion of loan to Equity shares appropriately.

Shah D J

On Thursday, 28 May 2015 8:57 PM, "cs.parekh@gmail.com [company_secretary]" <company_secretary@yahoogroups.com> wrote:

 

Dear Friends,

I refer to Section 62(3) which states a loan can be converted into equity as per the terms of loan/debenture which is approved by special resolution at the time of borrowing of loan by the Company.

So it means at the time of borrowing, the terms of conversion must be mentioned and approved by way of special resolution.

Can a company convert loan in to equity in absence of such special resolution?

Please share your views

Regards,

Sandeep

Sent from my BlackBerry 10 smartphone.

Sandeep P Parekh & Co
Company Secretaries
424 & 425, Grohitam, Plot 14B
Sector 19, Vashi, Navi Mumbai 400705
Tel: (022) 27650660

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Posted by: Dipak Shah <djshah1944@yahoo.com>

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