A company can accept funds from 18 specified categories which will not be deemed as Deposits under Deposit definition as mentioned in Companies Act 2013. Ministry of Corporate Affairs has defined 18 categories under rule 2 (1) (c) of the Deposit Rules 2014 which are called Exempted Categories. DPT 3- is a negative return,
MCA vide its notification dated 22.01.2019 notified that every company needs to provide details of funds accepted in previous years under these categories.
All companies (Except Govt companies and NBFC) are required to file Form DPT 3
Every company needs to file Initial return as on 22.01.2019 on or before 29th June 2019 and then Annual Return as on 31st March on or before 30th June every year.
For Initial Return – 29th June 2019 and for Annual Return – 30th June 2019.
Initial Return: Amount of outstanding receipt of money or loan by company as on/from 1st April 2014 from any date (after incorporation) to 31.03.2019 under any of 18 specified categories under rule 2 (1) (c) of the Deposit Rules 2014 and it is Outstanding as on 31.03.2019.
Annual Return: Amount of outstanding receipt of money or loan by company as on 31.03.2019 under any of 18 specified categories under rule 2 (1) (c) of the Deposit Rules 2014 to 31.03.2019 and its Outstanding as on 31.03.2019.
There are 18 specified categories under rule 2 (1) (c) of the Deposit Rules 2014
Prescribed Fee for filing with Late Fee
For , normal authorised share capital – (from Rs. 200/- to 600/- slab) and additional fee – upto 12 times of normal fee depending on delay in filing.
NIL Return is NOT required to be filed
Documentation @ DPT3
Mandatory: Signed attached excel sheet by management certifying details to be filled in Form DPT 3.
Recommendatory: Certificate from Statutory Auditors of the company giving details of Outstanding amount to be shown in Return. Since Balance Sheet will be affected with these disclosures.
Additionally, Net Worth on the basis of Previous Audited Balance Sheet.
Newly Incorporated Company is also required to comply with Law of DPT-3, if any amount/loan accepted as per rule 2 (1) (c ) of Deposit Rules 2014. New company will also be required to file both returns.
Net worth in that case will be calculated as per current year values.
What If not filed:-
Serious Implications if, management/Auditors are careless and not serious in providing details properly to be filled in Form…
Section 76A of the Companies Act 2013 will be applicable and following penalties will be attracted:
Section 76A. Where a company accepts or invites or allows or causes any other person to accept or invite on its behalf any deposit in contravention of the manner or the conditions prescribed under section 73 or section 76or rules made thereunder or if a company fails to repay the deposit or part thereof or any interest due thereon within the time specified under section 73 or section 76 or rules made thereunder or such further time as may be allowed by the Tribunal under section 73,—
(a) the company shall, in addition to the payment of the amount of deposit or part thereof and the interest due, be punishable with fine which shall not be less than one crore rupees or twice the amount of deposit accepted by the company, whichever is lower but which may extend to ten crore rupees; and
(b) every officer of the company who is in default shall be punishable with imprisonment which may extend to seven years and with fine which shall not be less than twenty-five lakh rupees but which may extend to two crore rupees:
Provided that if it is proved that the officer of the company who is in default, has contravened such provisions knowingly or wilfully with the intention to deceive the company or its shareholders or depositors or creditors or tax authorities, he shall be liable for action under section 447 (Fraud).