E-form DPT-3 – Mandatory Information of Loan to ROC

MCA vide its notification dated 22^nd January, 2019 notified Companies (Acceptance of Deposits) Amendment Rules, 2019, in which ‘Sub-rule 3’ in Rule 16A is inserted to file e-form DPT-3 mandatorily for information of Loan to ROC.

According to the Text of inserted Sub-Rule 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 of this notification along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.

Link to MCA notification:

https://taxguru.in/company-law/companies-acceptance-deposits-amendment-rules-2019.html

It is clear from the text of the sub rule that filling requirement arises only if the amount of loan/money from the period of 1^st April, 2014 till 22^nd January, 2019 is outstanding on 22^nd January, 2019.

• Now, the Question is:

Whether all the Outstanding money or loan from that period requires filling of e-form DPT-3?

As we can see that Sub-rule 3 mentions that 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 required to be filed on One Time Basis. Therefore, only following outstanding loan/money comes under this net:

1. Any amount received from Central/State Govt./Local Authority/Statutory Authority/Any other source whose repayment is guaranteed by CG/SG

2. Any amount received from Foreign Govts./Foreign or international Banks/Financial Institutions/Foreign export credit agencies/Foreign collaborators/Foreign Body Corporates/Foreign citizens/authorities/Person Resident Outside India subject to provisions of FEMA

3. Any Amount received as loan/facility from any Banking Company/SBI/its Subsidiary Banks/Banking institutions notified by CG/Public Financial Institutions notified by CG/Insurance Companies

4. Any amount received against issue of Commercial Paper/any other instruments issued as per guidelines of RBI

5. Any amount received from by a Company from any other Company

6. Any amount received pursuant to an offer made towards subscription to any securities, including share application money or advance for share allotment of which allotment is pending.

For detailed definition please refer clause (c) of sub-rule 1 of rule 2 of Companies (Acceptance of Deposits) Rules, 2014

As we discussed the notification in detail let us have a look on important points of the notification, which are as follows:

1. All companies (Small, Big, Private, Public, OPC, etc.) except Government Companies are required to file DPT-3.

2. One Time return in E-Form DPT-3 is required to be filed within 90 days of publication of this notification in Official Gazette i.e. 90 days beyond 22nd January, 2019.

3. Filling is required to be done for both secured & unsecured outstanding money/loan not considered deposits.

4. Period of outstanding loan/money shall be from 01^st April, 2014 till 22^nd January, 2019.

5. The form shall also be filed in case the loan/money outstanding is taken from its holding/subsidiary or associate company.

Companies are advised to file the One Time Return in e-form DPT-3 as soon as possible without waiting for the last date.

{The author is a Company Secretary in Practice & can be reached at (M) 9811888288 (E) [email protected]}