Mandatory filling of Form DPT -3

MCA vide notification dated 22^nd January, 2019 notified Companies (Acceptance of Deposits), Amendment Rules, 2019. As per Companies (Acceptance of Deposits) Amendment Rules now every company except government company needs to submit form DPT-3 to the Registrar of Companies in electronic form. Form DPT-3 shall furnish details of-

1. Outstanding Receipts or
2. Loans

which are not in nature of deposits.

Section 2(31) of Companies Act, 2013, ”deposit” includes any receipt of money by way of depositor 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.

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Applicability of form DPT-3

As per Rule 16A, form DPT-3 shall be applicable to all companies except Government Company which includes-

1. Public Companies
2. Private Companies
3. One Person Companies
4. Small Companies etc

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Non Applicability of Form DPT-3

Form DPT-3 shall not be applicable to-

1. Government Companies
2. Banking Companies
3. NBFC
4. Housing Finance Company
5. Partnership, Proprietorship and individual.

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Due Date for filling form DPT-3

Every company needs to file form DPT-3 within 90 days from 30^th March, 2019 I e 29^th June 2019 along with applicable fees.

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Types of DPT-3 form along with due date

Basically there are two types of DPT-3 forms.

1. One Time Return: outstanding receipt of money or loan not considered as deposits incurred between 1 April 2014 to 22nd Jan 2019 which are exempted deposits then DPT-3 shall be filed till 30^th June, 2019.
2. Periodically: For deposits covered under sec 73 to 76 shall file DPT-3 form annually by 30^th June, 2019.

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Period for which form DPT-3 needs to be filed by companies

The companies eligible to file form DPT-3  shall furnish to MCA  outstanding loans and receipt of money not being deposits from 1^st April, 2014 to 31^st March, 2019.

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Criteria for repaid loans and receipt of money

In case if the company has any loan and receipt of money which are repaid since 1^st April 2014 to 31^st March, 2019 then in such case there is no need to file Form DPT-3.

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Documents to be attached with form DPT-3

The following documents are required to be submitted along with form DPT-3 with MCA

1. Certificate of the Auditor
2. Proof of trust deed
3. An instrument creating a charge
4. Particulars of liquid assets
5. Others if any.

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Types of loan required to be reported in form DPT-3

As per notification dated 22^nd January, 2019 all amount of money which a company has received and remains outstanding are required to be reported. Following types of loans needs to be reported.-

1. All outstanding receipts
2. Unsecured loans
3. Secured loans

But the above mentioned shall not include any amount considered as deposit.

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Additional Disclosure requirement by Private Limited Company

Where a Private Limited Company has accepted loans from directors or relatives then in addition to form DPT-3 it shall also disclose the information regarding these transactions in its Boards Report and notes to accounts.

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Penalties and consequences for Non filling of form DPT-3

The penalties are divided into two categories-

1. Non filling of Deposits

If the form DPT-3 is not filed within the due date as mentioned above then it shall attract a penalty of Rs 5,000/- and Rs 5,000 per day in case of a continuing default, on the company and its officers in default.

2. Accepting Deposits

Where any company does not files form DPT-3 and accepts deposits then-

• It shall repay the amount of deposits together with due interest
• Fine upto Rs 1 Cr or Twice the amount of deposits (whichever is lower) which may extend upto 10 cr.

Every officer who is in default shall be chargeable with fine of Rs 25,000 to Rs 2 Cr and imprisonment upto 7 years. For willful defaults, punishment as per Section 447 of the companies act 2013 shall be levied.