With a spate of corporate irregularities coming to the fore, the Centre has decided to make disclosure norms more stringent. Corporate India is now required to submit details of transactions involving receipt of money or loans taken by them, which are otherwise not considered deposits.
All companies — other than Government companies — have been asked to file a one-time return covering all such outstanding receipts of money or loans from April 1, 2014, to January 22, 2019. The latter date is when the Ministry of Corporate Affairs (MCA) issued a notification in this regard.
The reporting requirement is expected to continue in the coming years as well. Already, there is a strict reporting regime for companies that accept deposits. Critics, however, see the latest MCA move as a part of ‘surveillance capitalism’, a phenomenon that is widespread in the Western world and which is gaining currency in other parts of the globe.
Purpose of the Form DPT-3 – Return of Deposits
Every company to which the Companies (Acceptance of Deposits) Rules, 2014 apply, shall on or before the 30th day of June, of every year, file a return of deposit with the Registrar and furnish the information contained therein as on the 31st day of March of that year duly audited by the auditor of the company.
Documents to be attached with e-form
• Auditor’s certificate
• Deposit Insurance contract – Mandatory if the company has deposit insurance and details of same are mentioned in the form
• Copy of trust deed – Mandatory if the company has trust deed and details of same are mentioned in the form
• Copy of instrument creating charge – Mandatory if the company has trust deed and details of same are mentioned in the form
• List of depositors – List of deposits matured, cheques issued but not yet cleared to be shown separately – Mandatory if the company has a balance of deposits outstanding at the end of the year.
|S. No.||Purpose||Normal Fee||Additional Fee (Delay
|Logic for Additional Fees|
|Event Date||Time limit(days) for filing|
|1.||Return of deposits||The Companies (Registration offices and Fees) Rules, 2014||30th June of every year|
Applicability of Return of Deposits
Form DPT-3 filing must be made by all companies other than a Government Company. Hence, all Private Limited Company, OPC, limited company or Section 8 Company would be required to file Form DPT-3.
DPT-3 Due Date
The Companies (Acceptance of Deposits) Amendment Rules, 2019 has mentioned that all companies would be required to file Form DPT-3 one-time on or before the 22nd of April 2019. In the return, the company must provide details of outstanding receipt of money or loan by a company but not considered as deposits from 1st April 2014 up to 22nd January 2019.
Understanding the Effect of Amendment in Tabular Format
|Relevant Amendment||Applicable to||
Type of Return
|Explanation to rule 16||Every company other than Government Company||Return of deposit or particulars of the transactions not considered as a deposit or both||On or before 30th June of the preceding year.|
|Insertion of rule 16A (3)||Every company other than Government Company||One time return of outstanding receipt of money or loan by a company which is not considered as deposits as per rule 2 (1) (c)||On or before 22nd April 2019|
Putting off lenders
Besides adding another layer of processes and procedures, the reporting requirement, with its emphasis on the source of funds, would discourage lenders, some observers feel.
The disclosure norm covers most financial transactions including amounts received from governments, both Indian and foreign, including government bodies; loans from banks and financial institutions; advances from customers for goods, services, and property; inter-corporate receipts; proceeds from the issue of commercial paper, bonds and debentures; share application money; and loans from directors, he said.