E-form DPT-3 to be filed irrespective of whether company accepts deposits
The Ministry of Corporate Affairs vide its notification dated 22nd January, 2019 has brought in amendments in the Companies (Acceptance of Deposit) Rules, 2014 (“erstwhile Rules”). The amended Rule may be called the Companies (Acceptance of Deposits) Amendment Rule, 2019 (“Rules”). The said Rules now mandate every company to file e-form DPT-3 irrespective of whether it has accepted deposits or not. The said requirement envisages stricter compliances for companies who may not be engaged in deposit taking activity.
This write up deals with the requirement of filing e-form DPT-3 as per Companies (Acceptance of Deposit) Amendment Rules, 2019.
Return of Deposits to be filed with the Registrar
Rule 16 of the erstwhile Rules states:
“Every company to which these 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.”
Rule 2 (c) of the erstwhile Rules lays down the list of loans or receipt of money which shall not be classified as deposits. It has always been clear that all the prescribed companies accepting deposits from members have to file a return of the deposit to the Registrar in form DPT-3 giving the details of monies accepted as deposits.
However, the said Rules have widened the ambit of e-form DPT-3 stating that Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government Company.
The Rules have revised the e-Form in conformity with the said changes.
Companies (Acceptance of Deposit) Amendment Rules, 2019
The Rules state:
“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.”
Thus, it becomes clear that even for companies who do not accept deposit, e-form DPT-3 must be filed annually. Apart from this annual requirement, a one-time reporting of all loans and outstanding receipt of money by companies from April, 2014 till 22nd January, 2019 must be filed. Indeed it shall be a humungous task for companies to compile data of all outstanding loans and receipt of money for the past 5 years. The intention behind bringing forth this filing requirement can be that MCA wishes to scrutinize at personal level all the transactions of company and self-assess whether the same tantamounts to deposits. However, the definition of deposit and subsequent exclusion is way elaborative and unambiguous. Inspite of having such detailed legislature in place, there remains no scope for companies to escape the conformity required if it accepts deposits. Seeking one-time information still seemed feasible, but a yearly filing norm will only result in austere reporting.