Know All About the Compliance of FORM DPT-03 – For All Companies

Know All About the Compliance of MCA Form DPT-03

For Saving Your Company and Its Director from Late Filing Fee, Penalty and Prosecution

In order to safeguard the interest of creditors or depositors, the Central Government in consultation with the Reserve Bank of India notified the amendment in the Companies (Acceptance of Deposits) Rules 2014 through Companies (Acceptance of Deposits) Amendment Rules 2019.

Introduction

MCA vide its notification dated 22nd January 2019 notified that every company other than a government company must file a one time return in DPT 3. It is also required to be filed annually.

Accordingly, a sub-rule (3) was inserted after sub-rule (2) in Rule 16A of the Companies (Acceptance of Deposits) Rules, 2014 which reads as follows:

“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 31st March 2019, as specified in Form DPT-3 within “ninety days from 31st March 2019” along with a fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.

*The said time period was then amended by the issue of General Circular No.05/2019 which stated that the additional fee will be levied after 30 days from the deployment of the form DPT -3 on the MCA 21 portal. Therefore, the revised due date was the 31st of May 2019. Since then the form must be filed annually.

Related Topic:
Important Changes in MCA Compliances from 1.04.2021

Who is exempt from filing the return?

Every company except a government company must file this return.  Additionally, as per Rule 1(3) of the Companies (Acceptance of Deposits) Rules 2014, the following companies are also exempt: 

• Banking company
• Non-Banking Financial Company 
• A housing finance company registered with National Housing Bank
• Any other company as notified under proviso to subsection (1) to section 73 of the Act

Filing of DPT 3

DPT-3 may be of two varieties, as follows:

• One time return
• Annual return 

The due date for filing

The due date for filing the annual return is 30th June of every year. For example, for FY 2019-20, the due date for DPT-03 is 30th June 2020. However, as per relaxation provided by MCA vide General Circular No. 11/ 2020 dated 24th March 2020, Form DPT-3 can be filed up to 30th September 2020. 

Tenure of return

The annual return is for the period 1st April 2019 to 31st March 2020. This return will include all amounts outstanding as on date. 

Information to be furnished

The particulars to be furnished are CIN of the company,  email ID, Objects of the company, Net worth of the company,  particulars of charge if any, the total amount outstanding as on 31st March 2020, and particulars of credit rating.  

Documents to be submitted

• Auditors certificate 

• Copy of Trust deed
• Deposit Insurance contract, wherever applicable and mentioned in the form
  
• Copy of instrument creating the charge
• List of depositors – List of deposits matured and cheque issued but not yet cleared to be shown separately 
• Details of liquid assets 
• Optional attachment 

Filing fees

Fees shall be payable as per the Companies (Registration Offices and Fees) Rules.  

Consequences of non-filing 

If the company does not adhere to the requirements of DPT-3 and keeps accepting deposits then it will face the following consequences 

• Under Section 73
  • A penalty of minimum 1 crore or twice the amount of deposits whichever is lower,  which may extend to Rs. 10 crore
  • For every officer who is in default imprisonment up to 7 years and with a fine not less than Rs.  25 lakhs which may extend to Rs. 2 crores.  
• Under Rule 21
  • On the company and every officer in default a fine which may extend up to Rs.  5,000, and where the contravention is a continuing one, a fine of Rs. 500 for every day since the default.  

Others 

There is no established view,  if a NIL return must be filed, however, it is always beneficial to take the conservative approach and file a NIL return. 

• Compile and File Form DPT-03, on or Before 30-09-2020 to save your company and directors from the Late Filing Fee, Penalties & Prosecution.
• If there is no Transaction, then must file Nil Form DPT-03.