Conversion of loan to preference shares

[CS Nidhi Parekh]

Has anyone done conversion ?

[CS Nidhi Parekh]

Can anyone revert few urgent queries 

[Vineet Maheshwari]

Yes can convert, what are the queries?

Thanks

Vineet Maheshwari

--
--
************************************************
Mail your comments, feedback and suggestions on CSMysore to Moderator: datta...@gmail.com and Manager: vivekhe...@gmail.com
---
You received this message because you are subscribed to the Google Groups "CSMysore" group.
To unsubscribe from this group and stop receiving emails from it, send an email to csmysore+u...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/CAG%2BnASbknt7tEPb7sBvKG7D4WhAn%3DWm-VZt2rsPKkqDhOBuZwg%40mail.gmail.com.

[CS Nidhi Parekh]

Incase of conversion from loan to preference shares for allotment company is supposed to convene board meeting or shareholders meeting 

To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/CACNcuJQ51MEbhtkzj%3D5M7%2B1YPgcsCU6-hbMM8f-Z5S981TOtbA%40mail.gmail.com.

[Abhay Kulkarni]

As per Section 62(3) of the Companies Act 2013 resolution, there is a procedure for conversion of loan into preference shares: Approve terms of the loan by passing a special resolution before taking of loan & file special resolution in e-Form MGT-14 within 30 days.

To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/CAG%2BnASbAX5t3%2BCVMf7mbGO6cmPf1%3DC-CWq__WfBavrNrHBcN6g%40mail.gmail.com.

--

Respected Sir/Madam,

Please find the attached files.

 

 

Thanking you,

 

Best Regards

Abhay Kulkarni

Company Secretary

Off. Add : Jaduban Plaza, 

1108/34, 1st Floor, F-6, E Ward, 

Near Panch Banglow, New Shahupuri

Kolhapur - 416001,, MH.

Contact :(Mob): (+91) 95 52 52 40 04

[Abhay Kulkarni]

As per Section 62(3) of the Companies Act 2013 resolution, there is a procedure for conversion of loan into preference shares:

• Approve terms of the loan by passing a special resolution before taking of loan & file special resolution in e-Form MGT-14within 30 days.

• Convert loan into shares by passing a resolution in the Board Meeting & File e-form PAS-3 for allotment of shares under the Companies Act, 2013 within 30 days
• Also, issue share certificate by passing Board Resolution & file e-form MGT-14 within 30 days to start the procedure for issue of shares by the private limited company.

[Vineet Maheshwari]

Hi,

1) In case the terms of conversion is already approved by the shareholder by passing SR u/s. 62(3) before raising of loan: then only Board resolution is required. 

2) If the terms of conversion are not approved by shareholders and these are CCPS, then pass SR U/s. 62, 55 and 42 + obtained Valuation Report (62(1)(c)  and also follow all conditions of Sec. 42 and 55 and Rules thereunder 

3) If the terms of conversion are not approved and these are Non-convt. Pref. shares, then SR and follow Sec. 42 and Sec. 55 + Rules thereunder.

Thanks

Vineet Maheshwari

To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/CAG%2BnASbAX5t3%2BCVMf7mbGO6cmPf1%3DC-CWq__WfBavrNrHBcN6g%40mail.gmail.com.

[satish Jain]

At the time of taking loan share holders approval by way of special resolution is mandatory for conversion

To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/CAG%2BnASbAX5t3%2BCVMf7mbGO6cmPf1%3DC-CWq__WfBavrNrHBcN6g%40mail.gmail.com.

--

​S. V. JAIN & Associates

Company Secretaries

201, Zeba Apartments, 33-B,

Hill Road, Bandra West,

Mumbai-400050

8898666576/8850463751

​​Navi Mumbai Office

G-1905, Balaji Symphony Phase II,

Sukhapur, Panvel-410206

“Trust your own instinct. Your mistakes might as well be your own, instead of someone else’s.”

Disclaimer:The content of this email is confidential and intended for the recipient specified in THIS message only. It is strictly forbidden to share any part of this message with any third party, without a written consent of the sender. If you received this message by mistake, please reply to this message and follow with its deletion, so that we can ensure such a mistake does not occur in the future.

Please do not print this email unless it is necessary. Every non printed email helps the environment.