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E-form DPT-3-Exempted Deposits

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Introduction

The companies always plan and carry the financial transactions in many ways and accordingly availed the deposits, loans and advances from directors, Shareholders or various public Financial Instituitons. MCA has introduced the E-form DPT-3 with an intention to report the complete details of Exempted Deposits i.e, Loans or advances taken by the company from various other sources.

Every company to which the Companies (Acceptance of deposit) Rules, 2014 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

PARTICULARS DETAILS
Applicability All Companies except the following-

1. Government Company

2. A banking company;

3. A non-banking financial company as defined in the Reserve Bank of India Act, 1934 (2 of 1934) registered with the Reserve Bank of India;

4. A housing finance company registered with the National Housing Bank established under the National Housing Bank Act, 1987 (53 of 1987); and

5. Any other company specified by the Central Government under the proviso to sub-section (1) of Section 73 of the Act.
Meaning of Deposit “Deposit” includes any receipt of money by way of deposits or loan or in any other form by a Company but does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India.
Exempted Deposits Any amount of Loans or advances received by the company from Directors, Shareholders, Promoters or Banks and Financial Institutions as per Section 2 (1) (c) of the Companies (Acceptance of Deposits) Rules, 2014
What is Form DPT 3? As per Section 2 (1) (c) of the Companies (Acceptance of Deposits) Rules, 2014, Every Company shall give details of outstanding receipt of money or loan by a company but not considered as deposits in an E-Form DPT-3 before March 31, 2021.
Networth of the company
SL.NO. PARTICULARS
I Networth
(To be calculated as per latest audited balance sheet preceding the date of the return)
A (i) Paid up share capital
(ii) Free reserves
(iii) Securities Premium Account
B (i) Accumulated Loss
(ii) Balance of deferred revenue expenditure
(iii) Accumulated unprovided depreciation
(iv) Miscellaneous expense and preliminary expenses
(v) Other intangible
C Net worth as on 31/03/20__ (A-B)
Details Required Amount of the outstanding receipt of money or loan by a company with under respective heads from 01st April___ to 31st March ____in the respective year-

SL No Particulars
(a) Amount received from –
(i) the Central Government; or
(ii) a State Government; or amount received from any other source whose repayment is guaranteed by the Central Government or State Government; or
(iii) amount received from a local authority; or
(iv) amount received from statutory authority constituted under an Act of Parliament or a State Legislature.
(b) Amount received from –
(i) Foreign Governments; or
(ii) Foreign or international banks;
(iii) Multilateral financial institutions;
(iv) Foreign Governments owned development financial institutions;
(v) Foreign export credit agencies;
(vi) Foreign collaborators;
(vii) Foreign body corporates;
(viii) Foreign citizens;
(ix) Foreign authorities or;
(x) Persons residents outside India subject to the provisions of Foreign Exchange Management Act, 1999 (42 of 1999).
(c) Amount received as –
(i) A loan or facility from any banking company; or
(ii) From the state Bank of India or any of its subsidiary banks; or
(iii) From a banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 (10 of 1949); or
(iv) A corresponding new bank as defined in clause(d) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980); or
(v) From a cooperative bank as defined in clause (b-ii) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934).
(d) Amount received as loan or financial assistance from –
(i) Public Financial Institutions notified by the Central Government; or
(ii) Any regional financial institutions; or
(iii) Insurance companies; or
(iv) Scheduled Banks as defined in the Reserve Bank of India Act,1934 (2 of 1934).
e) Amount received against issue of commercial paper or any other instruments issued in accordance with the guidelines or notification issued by the Reserve Bank of India.
(f) Amount received by the company from any other company.
(g) Amount received and held pursuant to an offer made in accordance with the provisions of the Act towards subscription to any securities including share application money or advance towards allotment of securities pending allotment, so long as such amount is appropriated only against the amount due on allotment of securities applied for.
(h) 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) (A)Amount raised by the issue of bonds or debentures secured by a first charge or a charge ranking pari passu with the first charge on any assets referred to in Schedule III of the Act excluding intangible assets of the company; or
(B) bonds or debentures compulsorily convertible into shares of the company within ten years.
(j) Amount raised by the issue of non-convertible debentures not constituting a charge on the assets of the company and listed on recognized stock exchange as per applicable regulations made by Securities and Exchange Board of India.
(k) 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) Non-interest bearing amount received and held in trust.
(m) Amount received in course of , or for the purposes of the business of the company-
(i) As an advance for supply of goods or provision of services accounted for in any manner whatsoever provided that such advance is appropriated against supply of goods or provision of services within a period of three hundred and sixty five days from the date of acceptance of such advance.
(ii) As advance accounted for in any manner whatsoever, received in connection with consideration for immovable property under an agreement or arrangement, provided that such advance is adjusted against such property in accordance with the terms of agreement or arrangement.
(iii) As security deposit for performance of the contract of supply of goods or provision of services.
(iv) As advance received under long term projects for supply of capital goods except those covered under item (b) of sub- clause (xii) clause (c) of sub- rule (1) of rule (2) of the Companies (Acceptance of Deposits) Rules, 2014.
(v) As an advance towards consideration for providing future services in the form of a warranty or maintenance contract as per written agreement, if the period for providing such services does not exceed the period prevalent as per common business practice or five years, from the date of acceptance of such service whichever is less.
(vi) As advance received and allowed by any sectoral regulator or in accordance with directions of Central or State Government.
(vii) As an advance for subscription towards publication, whether in print or electronic to be adjusted against receipt of such publications.
(viii) Amount brought in by promoters of the company by way of unsecured loans in pursuance of the stipulation of any lending financial institution.
(ix) Amount received by a Nidhi company in accordance with the rules made under section 406 of the Act.
(x) Amount received by way of subscription in respect of chit under the Chit Funds Act, 1982(4 of 1982).
(xi) Amount received by company under any collective Investment scheme in compliance with regulations framed by the Securities and Exchange Board of India.
(xii) Amount of twenty five lakh rupees or more received by a start up 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.
(xiii) Amount received by a company from –
(A) Alternate Investment Funds;
(B) Domestic venture Capital Funds;
(C) Infrastructure Investments Trusts;
(D) Real Estate Investment Trusts;
(E) Mutual Funds registered with the Securities and Exchange Board of India.

 

 
Reporting period 01.04.20__ to 31.03.20__
Due date for filing Within 90 days from the closure of the financial year ending 31st March i.e., 30th June___ every year

 
Mandatory Attachment Auditor Certificate certifying the monies received by the companies.
NIL Return Not Mandatory

Filing of an E-Form DPT-3 for NIL return is at the discretion of the Company
Reference Document Provisional Financial statements or Audited Financial Statements as on 31st March 2021
Additional Fees, if form filed after due date
Period of delays Additional Fees
Up to 30 days 2 times of normal fees
More than 30 days and up to 60 days 4 times of normal fees
More than 60 days and up to 90 days 6 times of normal fees
More than 90 days and up to 180 days 10 times of normal fees
More than 180 days 12 times of normal fees
Penalty in case of non-filing of Form DPT 3 If Company fails to file the form the Company and every officer of the Company 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 – Due to Pandemic COVID-19, relaxation from MCA to file the form DPT-3 is permitted as per their respective notifications or circulars.

*****

This article is authored by Mrs. Asha Diwakar (Practicing Company Secretary, Bangalore) and co-authored by Priyanka Sethia, who are Co-founders of M/s CLAAT Corporate Advisors LLP (Chhota CFO).

Priyanka Sethia Asha Diwakar

Chhota CFO (www.chhotacfo.com) offers a range of services and integrated solutions in the areas of India corporate regulations, compliance, accounting and taxation for Start-ups, SMEs and Corporates – right from incorporating new companies, statutory registrations, secretarial compliance, bookkeeping and accounting, tax consulting & filing, audit & assurance and other associated professional services to start, maintain and grow your business.

They may be contacted at connectus@chhotacfo.com and +91 973 973 6999/ +91 991 666 8146.

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Name: Chhota CFO
Qualification: CS
Company: www.chhotacfo.com
Location: Bangalore, Karnataka, India
Member Since: 31 Mar 2020 | Total Posts: 13
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One Comment

  1. CS Karthik says:

    Dear Mam’s,
    Thank you for your article and nice presentation. I am having a doubt writing below hope you will clarify me in this regard.
    Me a CS in employment working in a group companies having nearly 25 Coys. In one of our holding company, we are having a LLP as a Equity Shareholder and Debenture holder, which is also a promoter
    As per Investor Agreement, that LLP has to subscribe OCDs unsecured having redemption period of more than 10 years.
    As per the agreement, company issued and LLP subscribed those OCDs and Equity.
    Whether such subscription of securities by the LLP is a Deposit or not.
    Please give me the clarity.

      Reply

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