outstanding loan - strike off

sheetal khandelwal

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Feb 7, 2020, 2:05:29 AM2/7/20

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Hi,

If a company wants to file for strike-off and there is loan outstanding to director cum shareholder, Please let me know which option is good:-

1. Filing a waiver letter from Director cum shareholder for outstanding loan amount

2. Converting Loan to equity

3. Doing Right Issue & then paying of loan.

It's Mumbai ROC, I don't know whether first option is acceptable or not.

Thanks & Regards

Satish Jain

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Feb 7, 2020, 2:30:08 AM2/7/20

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I too have same case. I am thinking of conveying such amount to equity which is outstanding till 2014 and writing off the remaining amount which was taken after 2014.

Other views please.

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sheetal khandelwal

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Feb 7, 2020, 2:47:06 AM2/7/20

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Dear Satish,

Why two different stands?

Thanks

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Govinda Patil

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Feb 7, 2020, 12:03:23 PM2/7/20

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1. If waived off and written back company will have income tax to pay as it would amout to income

2. Rights isse - seems ok . But do you have gap between authorised capital and issued capital Even if there then arithmetic should match

3. Immediately going in for strike off may invite problems if the ROC is vigialant

SHIPRA SINGH

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Mar 16, 2022, 4:51:18 AM3/16/22

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Go for first option only. second is not advisable as you are going for strike off.

On Wed, Mar 16, 2022 at 1:33 PM Nikita Mutha <nik...@risefinconnect.com> wrote:

First option works. Tried in a LLP closure in Delhi ROC.

Regards,
Nikita Mutha
Company Secretary & Legal

R J M J & Associates
No.14, 1st Floor, 80 Feet Road,
Koramangala 1st Block,
Bangalore 560 034

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