DPT-3 information of all borrowings to ROC

As you are aware that the MCA has notified the Companies (Acceptance of Deposits) Amendment Rules, 2019 wide notification dated 22ND JANUARY, 2019, amend the Companies (Acceptance of Deposits) Rules, 2014, namely:-

1. In the Companies (Acceptance of Deposits) Rules, 2014 (hereinafter referred to as the said rules), in rule 2, in sub-rule (I), in clause (c), in sub-clause(xviii), after the words "Infrastructure Investment Trusts," the words "Real Estate Investment Trusts" shall be inserted.

2. In the said rules, in rule 16, the following Explanation shall be inserted, namely:-

"Explanation.- It is hereby clarified that Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government company.

Now Every company (other than Banking company, NBFC and Housing finance company) to which these rules apply, shall on or before the 30th day of June, of every year, file with the Registrar, a return in Form DPT-3 and furnish the information contained therein as on the 31st day of March of that year duly audited by the auditor of the company even if particulars of transaction not considered as deposit.

Particulars of Transaction Not Considered As Deposit :

These are following Particulars of Transaction not considered as deposit and required to filed in FORM DPT-3:

1. Any Amount from government or guaranteed by government, foreign government/foreign Bank.
2. Any amount received as a loan or facility from any bank/ Public Financial Institutions/Insurance Companies.
3. Any amount received by a company from any other company.
4. Subscription to securities and call in advance.
5. Any amount received from a person who, at the time of the receipt of the amount, was a director of the company or a relative of the director of the Private company.
6. Any amount received from an employee of the company
7. Any amount received in the course of, or for the purposes of, the business of the company as as an advance for the supply of goods or provision of services or as security deposit for the performance of the contract for supply of goods or provision of services.
8. Unsecured loans from promoters.
9. Any other amount which is not considered as deposit under Rule 2(1)(c).

3. In the said rules, in rule 16(A), after sub-rule (2), the following sub-rule shall be inserted, namely:-

"(3) Every company other than Government company shall file a onetime return of outstanding receipt of money or loan by a company but not considered as deposits, in terms of clause (c) of sub-rule 1 of rule 2 from the 01st April, 2014 to the date of publication of this notification in the Official Gazette, as specified in Form DPT-3 within ninety days from the date of said publication (i.e. 22ND April, 2019) of this notification along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014."

In order to protect and safeguard the interest of deposit holders or creditors of the Company, the Central Government in consultation with the Reserve Bank of India (RBI), hereby, notified the said Rules.

1. Applicability on Companies: All Companies (Private, Public, OPC, etc.) except Government Companies, Banking company, NBFC and Housing finance company are required to file DPT-3.

2. Due Date: One-time return in E-Form DPT-3 is required to be filed within 90 days of publication of this notification in Official Gazette (22ndJanuary, 2019+ 90 days i.e. by 22nd April, 2019)

3. Requirement: Filling is required to be done for both secured & unsecured outstanding money/loan not considered deposits are mentioned above which are not treated as deposits as per Rule 2(1)(c) of Companies (Acceptance of Deposits) Rules, 2014. DPT-3 needs to file in respect of these transactions.

4. Period of 'outstanding receipt of money or loan: The period which is covered for filing this return is from 01st April, 2014 till 22nd January, 2019. Also be filed in case the loan/money outstanding is taken from its holding/subsidiary or associate company.

5. Filing Fees: Fees shall be payable as per the Companies (Registration Offices and Fees) Rules,

Documents required for attachment :

a. Auditor's Certificate
b. Copy of trust deed
c. Copy of instrument creating charge
d. Particulars of Liquid assets if any
e. List of Depositors - List of deposits matured cheque issued but not yet cleared to be shown separately - Mandatory if company has balance of deposits outstanding at the end of the year.
f. Optional attachment

Consequences for non-reporting

If the company is non-compliant with the provisions of the law i.e. does not file DPT-3 and still accepts deposits then it shall :

Under section 73A:

Under Rule 21:

On company and every officer of the company who is in default shall be punishable with fine which may extend to five thousand rupees and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first day during which the contravention continues.

Conclusion: Now Every company (other than Banking company, NBFC and Housing finance company) shall file 2 DPT-3 Forms, one for the period from 01/04/2014 to 22/01/2019 on or before 22/04/2019 by pursuant of Rule 16A and other for the period ending on 31/03/2019 on or before 30/06/2019 by pursuant of Rule 16.

Please find here full notification:
http://www.mca.gov.in/Ministry/pdf/AcceptanceDepositsAmendmentRule_22012019.pdf

The author can be contacted at kumarbraj7@gmail.com