Conversion of Loan into Equity_Pas-3

    Posted By : CS Shiriti / Published on : 03-Apr-2020 07:32 AM / View : 55 / Comment : 0
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    Dear Member,

    In case of conversion of loan into Equity under Section 62(3) for client Company, The date of allotment is 31.03.2020.

    My Query is:

    1. Whether Form PAS-3 is to be filed within 15 days or within 30 days of allotment?

    Note- As Prospectus and allotment of securities, Rule 2014

    Its Rule -12- Say that PAS-3 shall be filed within 30 days.

    Its Rule -14- Say that PAS-3 shall be filed within 15 days.

    Since there is no time limit mentioned under section 62 and in Rule 13 of Share Capital and debenture Rule 2014- for filling of pas-3 and It says that the Company should comply Section 42 and its Rule 14 of Prospectus and allotment of securities, Rule 2014 mentioned above.

    Does it mean the company needs to file pas-3 within 15 days? Am I Right.? Please guide me in this case.



    Please also guide whether a Chartered account in practice having experience of 10 years can provide a valuation report in this case? Thank you.
    Read more on : equitypas into loan conversion



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