Form DPT-3 is a crucial compliance requirement under the Companies Act 2013 for recording deposits and exempted deposits by companies in India. As mandated by Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014, every company must file this form annually with the Registrar of Companies (ROC). This article provides an in-depth analysis of the filing requirements, exemptions, and potential consequences of non-compliance.
As per section 2 (31) of the Companies Act 2013, deposit includes any receipt of money by way of deposit 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. Also, Rule 2 (1)(c) Companies (Acceptance of Deposits) Rules, 2014 specifically exempts certain transactions which cannot be considered as deposits.
As per Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014, every Company shall file Form DPT-3 with the Registrar of Companies (“ROC”) on or before 30 June every year, to record all the transactions with are deposits or exempted deposits as per rule 2(1)(c) or to record both deposits and exempted deposits outstanding as on 31 March of that year.
Further, if the Company is not having any deposits or exempted deposits outstanding as on 31 March, it is not required to file Form DPT-3 for nil returns. [1]To support this statement, a reference can be made to the presentation given by Mr. R.C. Mishra, the former ROC, Hyderabad on “Queries on Form DPT-3” available with the ICSI.
The following are Companies exempted from filing Form DPT-3:
i. Government Companies
ii. Banking Company;
iii. Non-banking financial company as defined in the Reserve Bank of India Act, 1934 (2 of 1934) registered with the Reserve Bank of India;
iv. Housing finance company registered with the National Housing Bank established under the National Housing Bank Act, 198
Non-compliance with the DPT-3 filing requirement pursuant to Rules 16 Companies (Acceptance of Deposits) Rules, 2014. can lead to penalties and other legal consequences. Therefore, it is in the best interest of companies to diligently complete and submit the form to the MCA within the stipulated timeframe.
Notes:-
[1]https://www.icsi.edu/media/filer_public/53/12/53124a9d-232d-4b00-ba5f-5c1b0b5ac1c6/dpt-3_by_roc.pdf
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