Background

• The Ministry of Corporate Affairs introduced a new from DPT-3 to be filed by every Company in compliance with Companies (Acceptance of Deposit) Rules, 2014.

Applicable Law

• Chapter V of the Companies Act, 2013 i.e. Acceptance of Deposits by Companies
• e-Form DPT-3 is required to be filed pursuant to rule 16 and 16A of the Companies (Acceptance of Deposits) Rules, 2014.
  Rule 16: Return of deposits to be filed with the Registrar:
  Every Company other than Government Company to which these rules apply, shall on or before the 30 th day of June, of every year, file with the Registrar, a return inform 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 31 st day of March of that relevant year duly audited by the auditor of the Company.
  Rule 16(A) (3):
  Every Company other than Government Company shall file a one-time return of outstanding receipt of money or loan by a Company not considered as deposits, in terms of clause (c) of sub-rule 1 of rule 2 from the 01 st April, 2014 to 31 st March, 2019 as specified in Form DPT-3 within 90 (ninety) days from 31 st march, 2019 along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.

Purpose of the Form

• One time return for disclosure of details of outstanding money or loan received by a company but not considered as deposits in accordance with rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014.
• Annual Return
  (i) Particulars of transactions by a company not considered as deposit in accordance with rule 2 (1) (c) of the Companies (Acceptance of Deposit) Rules, 2014.
  (ii) Return of Deposit and Particulars of transactions by a company not considered as deposit.
• These rules shall not be applicable to:
  (i) a banking company,
  (ii) a non-banking financial company as defined in the Reserve Bank of India Act, 1934 (2 of 1934) registered with the Reserve Bank of India.
  (iii) a housing finance company registered with the National Housing Bank established under the National Housing Bank Act, 1987 (53 of 1987), and
  (iv) a company specified by the Central Government under the proviso to sub-section (1) of section 73 of the Act

Consequences of Non-Filing:

• Additional filing fees- 2 to 12 times of the normal filing fees.
• Fine- Rule 21 of the Companies (Acceptance of Deposit) Rules, 2014, prescribes a fine for company and every officer in default which may extend to Rs. 5,000/- and in case of continuing violation a further fine which may extend to Rs. 500/- for every day after the first day of such contravention.

Clarifications from Ministry of Corporate Affairs

• The Ministry has clarified vide its letter no. File No: P-01/08/2013-CL-V Vol. VI dated June 24, 2019 with respect to the filing of e-Form DPT-3, as under:
  (i) The Auditor’s Certificate is mandatory only in case of return of deposits.
  (ii) For filing particulars of transactions not considered as deposits, information contained therein as on 31 st March of the relevant year need not be from the duly audited Financial Statement.
  (iii) Only in case of Return of Deposit information contained therein as on 31 st March of the relevant year should be from duly audited Financial Statements of the Company.