There are 7 members in a Unlisted Public limited company. Out of these two are promoter Companies . Both of them have funded the company as advances and these advances will be converted to equity share capital. It means the advances are standing in the Balance sheet for further issue of share capital?
What is the procedure to be adopted for conversion of such advances into equity capital as per Old Companies Act,1956?
If Conversion is to be done after 31st March 2014, what is the procedure to be complied as per new act. What will be beneficial in this case?
