On 22nd January 2019, the Ministry of Corporate Affairs (MCA) issued a notification prescribing certain amendments to the Companies (Acceptance of Deposits) Rules, 2014 (‘Rules’), requiring every non- government company to furnish information regarding outstanding receipt of loan or money not considered deposits. As per these Rules, other than government companies, every company is required to file a one-time return specifying the details of outstanding money or loan (not deposits) through e-Form DPT-3.
The relevant period under consideration would be 1st April 2014 to 31st March 2019.
Any loan accepted before 1st April 2014 and outstanding as on 31st March 2019 is not to be disclosed in the one-time return. Therefore, every private limited company, OPC, limited company or Section 8 Company that has outstanding money or loan (including interest) for this period must file e-Form DPT-3. Further, the reporting should be done within 90 days from 31st March 2019.
Due date for filing Form DPT-3: 29th June 2019
As per Rule 16 and Rule 16A of Companies (Acceptance of Deposits) Rules, 2014, the basic reporting requirements under Form DPT-3 include:
- Net worth as per latest audited balance sheet preceding the date of return
- Details of receipt of money or loan by a company (but not considered as deposits) as on 31st March
These companies do not need to file DPT-3:
- Government companies
- Banking companies
- Non-banking financial companies as defined in the RBI Act, 1934 and registered with the RBI
- Housing finance companies registered with the National Housing Bank established under the National Housing Bank Act, 1987
- Any companies specified by the Central Government under the proviso to sub-section (1) of section 73 of the Act
It is not mandatory to attach statutory auditor’s certificate with the form. However it is advisable to attach it for authentication of values. A CA certificate is not valid.
It is not mandatory to get the company’s entire financial statement audited. An audit of deposits, receipts and other related amounts is sufficient for filling in the form.
Even if there is no outstanding receipt of money or loan, companies are advised to file NIL Return. Doing so may be a case of ‘over compliance’ but it will not create any problem.
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