CS Koushik Das

Onetime Compliance for ***Every Companies (Other than NBFC & Banking Companies) -New e form DPT-3

On 22nd January, 2019 MCA came up with a new sub-rule under Companies (Acceptance of Deposits), Rules, 2014 which says that every company (other than government company) shall file an onetime return of outstanding receipt of money or Loan by a Company but not considered as deposits and an explanation is added in Rule 16 of Companies (Acceptance of Deposits), Rules, 2014 in e form DPT-3 .

Rule 16A (3) [Newly added sub rule] vide Companies (Acceptance of Deposits) Amendment Rules, 2019

“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.”.

> Law says ’90 days from the date of its publication’ means 90 days from 22nd Jan, 2019, i.e. 21st April, 2019.

> Law says Any loan treated as Deposit or not outstanding From 1st April, 2014 to 22nd January, 2019.

***Please note that section 73(1) of the Companies Act, 2013 states:

“On and after the commencement of this Act, no company shall invite, accept or renew deposits under this Act from the public except in a manner provided under this Chapter:

Provided that nothing in this sub-section shall apply to a banking company and non-banking financial company as defined in the Reserve Bank of India Act, 1934 (2 of 1934) and to such other company as the Central Government may, after consultation with the Reserve Bank of India, specify in this behalf.”

Furthermore, the Companies (Acceptance of Deposit) Rules, 2014 does not apply to a non-banking financial companies. Also, Rule 16 of the said Rules which mandates the filing of eform DPT-3 states the words “every company to which these rules apply”.

Therefore, if both the section and the Rules exempt NBFCs, it is understood that the amendment with respect to filing of DPT-3 by every company is not applicable for NBFCs. Accordingly, VFS does not need to file DPT-3.

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Qualification: CS
Company: Village Financial Services Limited
Location: Kolkata, West Bengal, IN
Member Since: 12 Feb 2019 | Total Posts: 2

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5 Comments

  1. Bina Ipe says:

    Will the exisiting loans as on 22nd January 2019 taken from Banks and Financial institutions also have to be disclosed in this form?

  2. Sabareesh says:

    When will be the new e – form available in MCA website? The existing form is not matching with the one that has been given in the Notification.

  3. Sheetal says:

    Is there any confirmation regarding the exemption of NBFC from this requirement as it is not specified anywhere in the amendment.

    I expect a reply and that would be a big help.

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