Deposit Compliance | eform DPT 3 | One Time Return of Deposit

This article dealt with eform DPT – 3 and details to be furnished in this form.

Act Reference

eForm DPT-3 is required to be filed pursuant to Section 73 read with rule 16 and 16A of the of the Companies (Acceptance of Deposits) Rules, 2014 which are reproduced for your reference. 

Rule 16: Return of deposits to be filed with the Registrar:

Every company other than Government 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 along with the fee as provided in Companies (Registration Offices and Fees) Rules, 2014 and furnish the information contained therein as on the 31st day of March of that year duly audited by the auditor of the company.

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.

Rule 16A: Disclosures in the financial statement.-

(1) Every company, other than a private company, shall disclose in its financial statement, by way of notes, about the money received from the director.

(2) Every private company shall disclose in its financial statement, by way of notes, about the money received from the directors, or relatives of directors.”

(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(22.01.2019), as specified in Form DPT-3 within 90 days (22.04.2019) from the date of said publication of this notification along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.

The MCA clarified vide  General Circular No.05/2019 dated 12.04.2019, the additional fee shall be levied after 30 days from the date of deployment of form DPT-3 on MCA Portal.

Then MCA vide Notification dated 30.04.2019, changed the rule 16A wordings, accordingly as follows

(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 31^st March 2019, as specified in Form DPT-3 within 90 days from 31^st March, 2019 along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014

The revised version of eform DPT – 3 available from 01.05.2019 on MCA Portal.

Summary of due date for eform DPT-3

Analysis        

Form DPT-3 can be filed for the following purpose

Category

(I) Onetime Return for disclosure of details of outstanding money or loan received by a company but not considered as deposits.

(II) Return of Deposit

(III) Particulars of transactions by a company not considered as deposit

(IV) Return of Deposit and Particulars of transactions by a company not considered as deposit

Rule 2(c) – deposit definition which reproduced below briefly :–

2(c)”deposit” includes any receipt of money by way of deposit or loan or in any other form, by a company, but does not include,

(i) Amount received from central government, state government etc;

(ii) Amount received from foreign governments/ banks etc;

(iii) Amount received as loan from banks, banking companies etc;

(iv) Amount received as loan from Private Finance institutions (PFIs), any regional Financial Institutions or insurance companies or scheduled banks;

(v) Amount raised through issuance of commercial paper;

(vi) Inter- corporate deposits;

(vii) Amount received as subscription money for securities pending allotment;

(viii) Amount received from directors/ relative of directors in case of a private company;

(ix) Amount raised by issue of secured bonds/ debentures;

(x) Amount raised through issuance of unsecured listed NCDs;

(xi) Non-interest bearing security deposit received from employees;

(xii) Non-interest bearing amount held in trust;

(xiii) Advance from customers;

(xiv) Amount brought by the promoters;

(xv) Any amount accepted by a Nidhi;

(xvi) Any amount received by way of subscription in respect of a chit;

(xvii) Any amount received by the company under any collective investment scheme;

(xviii) Amount received by start- up company by way of convertible note;

(xix) Amount received from Alternate Investment Funds (AIFs), venture capital funds (VCFs) real estate investment trusts (REITs) etc.

The following details to be furnished in respect of each category

A.General details to be given for all categories

(i) Objects of the company (prefilled)

(ii) Net Worth as per the latest audited balance sheet preceding the date of the return

(iii) Particulars of charge

(a) Date of entering into trust deed

(b) Name of the trustee

(c) Short particulars of the property on which change is created for securing depositors

(d) Value of the property

(iv) Credit Rating obtained

(a) From (Name of the agency)

(b) Rating

(c) Date

(v) Auditor certificate

(vi) Copy of trust deed – Mandatory if company has trust deed and details of same are mentioned in the form

(vii) Copy of instrument creating charge – Mandatory if company has trust deed and details of same are mentioned in the form

B.Specific details to be given for each category as follows

I.One time Return for disclosure of details of outstanding money or loan received by a company but not considered as deposits

(i) Total amounts of outstanding money or loan received by a company but not considered as deposits in Rs.

II. Return of Deposit

(i) Date of issue of advertisement or circular

(ii) Date of last closing of accounts

(iii) Date of expiry of validity of advertisement or circular

(iv) Maximum limit of deposits (i.e. 35% of the above in case of all companies other than specified IFSC public companies and private companies)

(v) Total number of deposit holders as on 1st April

(vi) Total number of deposit holders at the end of financial year

(vii) Particulars of deposits (In Rupees)

(a) Amount of existing deposits as on 1st April

(b) Amount of deposits renewed during the year

(c) Amount of deposits accepted during the year (secured /unsecured)

(d) Amount of deposits repaid during the year

(e) Balance of deposits outstanding at the end of the year

(viii) Amount of deposits that have matured but not claimed

(ix) Amount of deposits that have matured and claimed but not paid

(x) Particulars of liquid assets

(a) Amount of deposits maturing on or before 31st March next year and following next year

(b) Amount required to be invested in liquid assests

(c) Details of liquid assets

(xi) List of depositors – List of deposits matured, cheques issued but not yet cleared to be shown separately – Mandatory if company has balance of deposits outstanding at the end of the year.

(xii) Details of liquid assets

III. Particulars of transactions by a company not considered as deposit 

(i) Date of last closing of accounts

(ii) Particulars of receipt of money or loan by a company but not considered as deposits Rule 2(c), at the end of financial year,

(a) Any amount received from Central/State govt, Local authority etc.,

(b) Any amount received from foreign govt, international banks, foreign companies, foreign citizens etc.,

(c) Any amount received as loan or facility from bank, banking institution etc.,

(d)Any amount received as loan or financial assistance from PFI, insurance companies etc.,

(e) Any amount received against issue of commercial paper

(f) Any amount received by the company from any other company

(g)Any amount received and held pursuant to an offer made towards subscription to any securities including share application money or advance

(h) Any amount received from a person who, at the time of the receipt of the amount, was a director of the company or the relative of the director of a private company.

(i) Any amount raised by the issue of bonds or debentures

(j) Any amount raised by the issue of non-convertible debentures

(k) Any amount received from an employee of the company not exceeding his annual salary under a contract of employment with the company in the nature of non-interest bearing security deposit

(l) Any non-interest bearing amount received and held in trust

(m) Any amount received in course of, or for the purposes of the business of the company as advance for supply of goods or services etc.,

(n) Any amount brought in by promoters of the company by way of unsecured loans

(o) Any amount received by a Nidhi company in accordance with the rules made under section 406 of the Act.

(p)Any amount received by way of subscription in respect of chit under the Chit Funds Act, 1982(4 of 1982).

(q) Any amount received by company under any collective Investment scheme

(r) Any amount of Rs.25,00,000 or more received by a startup company, by way of convertible note (convertible into equity shares or repayable within a period not exceeding five years from the date of issue) in a single tranche, from a person.

(s) Any amount received by a company from AIF, Domestic VCF, IIT, REIT, MF

IV Return of Deposit and Particulars of transactions by a company not considered as deposit 

Category II + III details 

The eform DPT-3 to be digitally signed by the following authorised persons of the company

(i) Director or

(ii) Manager or

(iii) Company Secretary or

(iv) CEO or

(v) CFO

For director, DIN details to be given. For Manager, CEO or CFO PAN details to be given.

Penal Provisions

Section 76A of the Companies Act, 2013 is reproduced below

Where a company accepts or invites or allows or causes any other person to accept or invite on its behalf any deposit in contravention of the manner or the conditions prescribed under section 73 or section 76 or rules made there under or if a company fails to repay the deposit or part thereof or any interest due thereon within the time specified under section 73 or section 76 or rules made there under or such further time as may be allowed by the Tribunal under section 73

Provided that if it is proved that the officer of the company who is in default, has contravened such provisions knowingly or wilfully with the intention to deceive the company or its shareholders or depositors or creditors or tax authorities, he shall be liable for action under section 447.

Disclaimer:

All Readers are advised to refer relevant provision of law before applying or accepting any of the point mentioned above or not. Author accepts no responsibility whatsoever and will not be liable for any losses, claims or damages which may arise because of the contents of this write up.

The author is Chartered Accountant in Practice and reached at rajasekar@ggaca.in.