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FORM DPT-3 (RETURN OF DEPOSITS)

By CS Ashish Sharma | May 29, 2019

MCA has notified the Companies (Acceptance of Deposits) Second Amendment Rules, 2019 which shall come into force on the date of their publication in the Official Gazette i.e 30-04-2019. A welcome step by MCA by replacing 31-03-2019 for the words "the date of publication of this notification in the Official Gazette". Stakeholders are now required to capture the data in the Form DPT – 3

up to the date of 31-03-2019 instead of 22-01-2019, as notified earlier. Further, the form is also required to be filed within 90 days 29-06-2019 instead of earlier of 31-03-2019 which means the stakeholders have time to file the said Form up to notified date of 30-05-2019.

1) What is Form DPT-3

It is a form to file the details of deposits, particulars of transactions not considered as deposit as per rule 2(1)(c) of the Companies (Acceptance of Deposit) Rules, 2014 or both.

2) Who need to file Form DPT-3

Every companies except government companies, banking companies and NBFC have to file form DPT-3. Accordingly, if you are falling under any of the following category then you are required to file the Form DPT-3

v Private Limited Company

v Public Limited Company

v One Person Company (OPC)

v Section 8 Company

v Small Company

3) What is the due date to file the Form DPT-3

Form is required to be filed within 90 days of 31-03-2019 which means the stakeholders have time to file the said Form up to 29-06-2019 instead of earlier notified date of 30-05-2019.

4) What is the change brought by Companies (Acceptance of Deposits) Amendment Rules, 2019?

The Companies (Acceptance of Deposits) Amendment Rules, 2019 have set to widen the reporting requirements. Previously, only deposits or items in nature of deposits were required to be reported but after the
amendment rules, it has also included in its scope loans, advances and other outstanding receipts.

Companies (Acceptance of Deposits) Amendment Rules, 2019
Rule 16 Explanation (Yearly Return)	Rule 16A (3) (One Time Return)
Every Company other than Government company shall file the return of deposits or transactions not considered as deposits or both	Every Company other than Government company shall file One Time return of outstanding receipt of money or loan by a company not considered as deposits
Return to be filed till 30th June	Return to be filed till 29th June

5) Which category of Loans, Advances, Securities (other than deposits) are required to be reported in Form DPT-3

Outstanding receipt of Money and Loan, not considered as deposits, from 1st April 2014 to 31st March, 2019 is required to be reported in e-form DPT-3. Any loan which is due before 1st April 2014 and is
still due in the records of the Company as on 31/03/2019 shall also be reported. However in case a Company has already paid loans on or before 31/03/2019 then such loans are not longer to be considered
as outstanding and accordingly not required to be reported in Form DPT-3.

There is no exemption in the said notification and accordingly, it can be concluded that information about each and every outstanding loan, advances, securities whether secured or unsecured,
External Commercial Borrowings, received from holding Company / Subsidiary Company / Associate Company / Director / Customers etc. which is outstanding as on 31.03.2019 is required to be furnished.
It also means that pre finalization of books is also required as on 31/03/2019.

6) Whether Certificate of Auditor is mandatory in Form DPT-3?

Certificate of Auditor in not mandatory for every purpose as mentioned in the Form DPT-3.

There are four purposed defined in the Form DPT-3 wherein certificate of auditor is mandatory in two purposes as given below:-

1) Return of Deposit

2) Return of Deposit and Particulars of transactions by a Company not considered as deposit.

It means Certificate of Auditors is not mandatory to attach in the following two purposes:-

1) Onetime Return for disclosure of details of outstanding money or loan received by a company but not considered as deposits in terms of rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014

2) Particulars of transactions by a company not considered as deposit as per rule 2(1)(c) of the Companies (Acceptance of Deposit) Rules, 2014

7) If the company has not accepted any loan or has no outstanding, whether still a Nil return has to be filed?

No, where the company has not accepted any loan or has no outstanding as on 31.03.2019, form DPT-3 need not to be filed.

8) What are the documents required for Form DPT-3

1. Auditors Certificate

2. Deposit Insurance Contract

3. Copy of Trust Deed

4. Copy of the Instrument creating charge

5. List of Depositors

6. Details of Liquid Assets

7. Outstanding receipts of money or loans taken by company which has not been considered as deposits in terms of rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014

9) What will be the Penalties and Consequences in case of non-compliance?

The penalties and consequences can be categorized under two heads

· Not filing of Form DPT-3

Not filing of Form DPT 3 within the given due dates shall attract a penalty of Rs 5,000 and Rs 500 per day in case of a continuing default, on the company and its officers in default.

· Accepting Deposits

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 repay the amount of deposits together with the due interest and also be chargeable
with fine of Rs 1 Crore or twice the amount of deposits (whichever is lower) but the same may extend to Rs 10 Crore.

Every officer who is in default shall be chargeable with fine of Rs 25,000 to Rs 2 Crore and imprisonment up to 7 years.

For wilful defaults, punishment as per Section 447 of the companies act 2013 shall be levied.

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