• Defeating provision of any other law

Conversion of paid up Equity duly alloted into a Term Loan. Is it unlawful act?
Asked 3 years ago in Business Law from Pune, Maharashtra
what are facts of your case .? generally in term loan agreement there is clause for conversion of loan amount into equity
Ajay Sethi
Advocate, Mumbai
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What are the circumstances which preceded the conversion? What are the provisions in agreement?
Ashish Davessar
Advocate, Jaipur
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What are the provisions in agreement
Rajeev Bari
Advocate, New Delhi
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once ABC/ LMN ltd   has signed agreement   with XYZ   giving XYZ   an option  convert paid   up equity into term loan at its discretion it would be binding on ABC /LMN .  

  if subsequently new company has becoming NPA chairman is not personally responsible . 

if LMN became NPA in 2009 and no legal proceedings were taken to recover the loan claim would be barred by limitation as on date . suit ought to have been filed within period of 3 years to recover loan
Ajay Sethi
Advocate, Mumbai
26071 Answers
1418 Consultations
5.0 on 5.0

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