Draft Resolution for Conversion of Loan Into Equity

Resolution-Conversion-Loan-Into-Equity

Draft Resolution for Conversion of Loan Into Equity


RESOLVED THAT Pursuant to section 62 and other applicable provisions of the Companies Act, 2013 consent of the Company be and is hereby accorded to the issue and allotment of ..... equity shares of Rs.10 each to ........, at a premium of Rs..... per share credited as fully paid up, in lieu of and against conversion of part of the rupee loan to the extent of Rs…… taken by the Company from ......;

FURTHER RESOLVED THAT The new equity shares shall rank pari passu in all respects with the existing equity shares of the Company except that, they shall only rank for dividend in the year of allotment pro rata from the date of such allotment upto the end of the Company's financial year next following;
FURTHER RESOLVED THAT For the purpose of giving effect to this Resolution, the Board of directors of the Company be and is hereby authorised to do and perform all such acts, deeds, matters and things as they may in their absolute discretion deem necessary, desirable or appropriate to settle any question, difficulty or doubt that may arise in regard to the new equity shares as they may think fit."
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