Form DPT 3 Filing- Compliance requirement

Disclosures on all outstanding receipt of money or loan by a company but not considered as deposits to be filed on or before 29 June,2019

Ministry of Corporate Affairs has notified the revised Form DPT 3 for filling the one-time return containing disclosures on all outstanding receipt of money or loan by a company but not considered as deposits and also the relevant half-yearly return.

Below is the gist of Compliance requirement under the aforesaid notification of MCA :

1. Who all are required to file the Return

All Companies other than Government Companies & NBFc’s that have  outstanding receipt of money or loan as on 31^st March, 2019, from any entity/ individual(from anybody)  will get covered under this notification.

2. Which kind of outstanding receipt of money or loan from any entity/ individual (anybody) will get covered under this Order ?

All kinds of receipts of monies or loans which were not considered as deposits in terms of clause (c) of sub-rule 1 of rule 2 of the Companies (Acceptance of Deposits) Rules, 2014 would get covered under this notification. The definition of deposits is attached herewith for your perusal.

Following are some of the prominent  types receipts of monies or loan which shall get covered under this notification:

• any amount received as a loan or facility from any banking company
• any amount received as a loan or financial assistance from Public Financial Institutions
• any 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
• any amount received by a company from any other company
• any amount received from a person who, at the time of the receipt of the amount, was a director of the company
• any amount received from a person who, at the time of the receipt of the amount, was a relative of the director of the Private company
• any amount received in the course of, or for the purposes of, the business of the company 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.

3. When is the Return required to be filed

• One Time return:

This one time return will contain details of all outstanding receipt of money or loan by the Company from any entity/ individual during the period 01st April, 2014 to 31^st March 2019, provided such receipt of money or loan was not classified as deposits in terms of clause (c) of sub-rule 1 of rule 2 of the Companies (Acceptance of Deposits) Rules, 2014.

This one-time return is to be filed on or before 29 June, 2019

• Yearly return

This yearly return is to be filled on or before the 30th day of June, of every year, with the Registrar, in Form DPT-3  which shall contain particulars of deposits or transaction not considered as deposit or both. This return will contain details of all outstanding receipt of money or loan by the Company from any entity/ individual as on 31^st March 2019, irrespective of the fact whether the same was received before/after period 01st April, 2014.

• Format of Return

MCA has specified the format of the Return i.e. Form DPT 3.

• Auditors Certificate

The Statutory Auditor of the Company has to certify the information relating outstanding receipt of money or loan being filled in the Form is true & correct.

Key action points:

Step 1: Identifying such receipts of monies or loan by the Company from any entity/ individual as on 31^st March 2019;.

Step 2: Verifying whether such receipt of money or loan was classified as deposits or not  in terms of clause (c) of sub-rule 1 of rule 2 of the Companies (Acceptance of Deposits) Rules, 2014.

Step 3: If the same was not classified as Deposits then the same needs to be reported in Form DPT 3 on or before 29 June, 2019.

Step 4:Bifurcating the same into two categories

(1) Those received prior to 31^st March 2014.

(2)Those received post 01st April, 2014

Step 5: Take the attached Statutory Auditor’s Certificate on the outstanding receipt of money or loan being filled in the Form

If you require any assistance in filling the form than you can contact the undersigned at ns.colaw.associates@gmail.com or +91 9773475303.

DISCLAIMER: