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THE LEGAL TIME Group

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QUESTION ANSWER ON RETURN ON DEPOSIT. 1. Why DPT 3 is required to file in June? Not in September?

The requirement to file DPT-3 form in June has been a longstanding provision even before the Companies Act of 2013. It was also present in the Companies Act of 1956, with a due date of June 30. When the Companies Act of 2013 came into effect, the same provision and due date were maintained, but some exceptions were added.


If the due date for filing DPT-3 is moved to a later date, like after September, it would be more convenient for stakeholders to file the audited data. This is because companies are required to prepare their financial statements by September 30, which is the last date for holding the Annual General Meeting. By having the DPT-3 due date after the financial statements are prepared, companies can obtain the necessary audited information to fulfil the requirements of the form.


2. Are My financials not Audited? How to provide audited information in DPT 3?

As per the Companies Act 2013, for every company there is a due date to hold the Annual General Meeting i.e., 30th September, so any company can prepare their Audited financial Statement only before their Annual General Meeting, the point comes that if I have an opportunity to prepare my financial before 30th September. how can I provide Audited data in DPT 3 before June 30?

The solution is very simple, as the company books of accounts have already closed on 31st March, so no other transaction will be there during that financial year, the company shall ask the auditor to provide the deposit data on or before 30th June to file their deposit form with ROC


Now, there is one point what if the information given is mismatched with DPT 3 and audited financials (AOC 4), in that case, the Company can get a defence on the ground that the company can prepare their financials on or before the 30th of September but just because of filing of DPT 3 company has taken only relevant data from the auditor which was later on changed by the auditor.


3. Is DPT 3 is STP or Non-STP?

DPT-3 webform shall be processed in Non-STP mode in case the purpose of filing the form is either ‘Return of Deposits’ or ‘Return of deposit and particulars of transactions by a company not considered as a deposit’.


This webform shall be processed in STP mode in case the purpose of filing the form is either


‘Onetime Return for disclosure of details of outstanding money or loan received by a company but not considered as deposits in terms of rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014’ or


‘Particulars of transactions by a company not considered as deposit as per rule 2(1)(c) of the Companies (Acceptance of Deposit) Rules, 2014’


and this webform shall be taken on record through electronic mode without any further processing. Ensure that all particulars in the web form are correct. There is no provision for resubmission of this webform.


4. Who is eligible to take public deposits?

"Eligible Company" refers to a public company as defined in section 76(1) of the Companies Act. To be considered eligible, the company must have a net worth of at least Rs. 100 Crores or a turnover of at least Rs. 500 Crores. Additionally, the company must obtain prior consent from its shareholders in a general meeting through a special resolution. This resolution should be filed with the Registrar of Companies before the company can invite the public to accept deposits. However, if the eligible company is accepting deposits within the limits specified in section 180(1)(c), it can do so by passing an ordinary resolution instead of a special resolution.


· An "Eligible Company" is a public company.

· It must meet specific financial criteria:

· Net worth of at least Rs. 100 Crores.

· Turnover of at least Rs. 500 Crores.

· Prior consent from the company's shareholders is required.

· The consent must be obtained through a special resolution passed in a general meeting.

· The resolution needs to be filed with the Registrar of Companies before inviting the public to accept deposits.

· In certain cases, an eligible company accepting deposits within specified limits can use an ordinary resolution instead of a special resolution.


5. I have an OPC, shall I file DPT 3?

YES, Nil return shall be filed before 30th June.


6. I have a Producer Company shall I file DPT 3?

Yes,

7. I have a Section 8 Company shall I file DPT 3?

Yes,


8. I have a Dormant company and the certificate of Dormant is also taken from ROC us 455 of Companies Act 2013 shall I file DPT 3?

NO.


9. I have a private company, which is not working at all having 0 turnover shall I file DPT 3?

YES, Nil return shall be filed before 30th June.


10. My balance sheet is not ready how can I give audited financial data in DPT 3?

As the company books of accounts have already closed on 31st March, so no other transaction will be there during that financial year, the company shall ask the auditor to provide the deposit data on or before 30th June to file their deposit form with ROC


11. What is the due date for filing DPT 3?

JUNE 30th


12. I forget to file DPT 3 last year, is it mandatory to file DPT 3 of last year?

You can Skip that return only in case of a NIL return, but make sure in the V3 portal such an error never takes place.


13. What is the maximum fine which may be imposed for non-filing of DPT 3

If a company continues accepting deposits without complying with the requirements of DPT-3, it will face the following consequences:


Company accepting Deposit

Penalty under Section 73: The company may face a penalty of at least Rs. 1 crore or twice the amount of deposits, whichever is lower. The penalty can go up to Rs. 10 crore.

Legal consequences for officers: Any officer of the company responsible for the non-compliance may face imprisonment for up to 7 years. They may also be fined a minimum of Rs. 25 lakhs, which can extend up to Rs. 2 crores.

The company is not Accepting Deposits from the Public.

Fine under Rule 21: Both the company and any officer responsible for the default may be fined. The fine can be up to Rs. 5,000. Additionally, if the contravention is ongoing, a fine of Rs. 500 may be imposed for each day since the default.


14. What are the exceptions of Deposit?

Chapter V The Companies (Acceptance of Deposits) Rules, 2014 Rule 2 (Definitions)

15. What if I took a public deposit? Without being eligible to take public deposits?

Penalty under Section 73: The company may face a penalty of at least Rs. 1 crore or twice the number of deposits, whichever is lower. The penalty can go up to Rs. 10 crores.

Legal consequences for officers: Any officer of the company responsible for the non-compliance may face imprisonment for up to 7 years. They may also be fined a minimum of Rs. 25 lakhs, which can extend up to Rs. 2 crores.


16. DPT 3 is the annual Filing form?

No, it is not a part of Annual returns Forms, such as AOC 4, MGT 7, or ADT 1, but yes this form shall also be filed every year before the due date.


17. What will be the consequence for non-filing of DPT 3?

Fine under Rule 21: Both the company and any officer responsible for the default may be fined. The fine can be up to Rs. 5,000. Additionally, if the contravention is ongoing, a fine of Rs. 500 may be imposed for each day since the default.


18. What will be the consequences for the mismatch of data filed in DPT 3 and AOC 4?

There is one point what if the information given is mismatched with DPT 3 and audited financials (AOC 4)in that case company can get a defence on the ground that the company can prepare their financials on or before 30th September but just because of filing of DPT 3 company has taken only relevant data from the auditor which was later on changed by the auditor.


19. Can a company modify the details of deposits reported in the DPT-3 form?

No, there is no provision which allows one to modify or amend the return.


20. How can a company rectify any errors or omissions in the DPT-3 form after submission?

Not allowed, no such provision is there.


21. Can a company accept deposits from its directors or relatives?

Yes, A company can take deposits from Director and their relatives, subject to the limit mentioned above, also director, promoter or relative shall give a declaration that such funds are not lent from outside it is their funds.


22. Is there any limit on the number of deposits that can be accepted by a company?

Yes,


23. What are the reporting requirements for unclaimed deposits in the DPT-3 form?

If the Matured Deposit is unpaid for 7 Years such deposit shall be transferred to Investor Education and Protection Funds.


24. Can a company accept deposits from non-resident Indians (NRIs)?

Yes, Subject to the filing of FC-TRS with RBI.


25. What are the audit requirements related to deposits under the Companies Act of 2013?

An audited Financial Statement is not required but the Deposit information must be received from Auditor and the data must be final, otherwise, such data will be changed in the financial statement.


26. Can a company provide security or collateral against the deposits received?

Only if It is a secured Deposit, and in that case company shall file CHG 1 or CHG 9 too, and SRN of CHG 1 or CHG 9 is also required.


27. Are there any restrictions on the utilization of the deposits accepted by a company?

No.


28. Banking, NBFC, and HFC are also required to file DPT 3?

No, these companies are exempted from the compliance of DPT 3, because their major business is taking Deposits.


29. I have taken advance from the customer to deliver goods, it took 400 days to prepare the goods and to make them available, will it consider as a Deposit?

Yes, provided it is capital Goods.


30. What is the maximum limit to take deposits from Members, in a Private company?

Given above.


31. Shall I disclose Optionally Coverable Debenture in DPT 3?

Yes,


32. Subsidy from Central or State Government received, shall I disclose it?

No, not required.


33. What is the maximum limit to take a deposit for a Start-up company?

Given above.


34. Inter-corporate loan is also required to disclose in DPT 3?

Yes, separately.


35. Loan taken during the fiscal year and the loan amount is repaid before the closing of the fiscal year. How to report this in DPT 3?

Put 0.


36. Practicing Professional Sign required in DPT 3?

Not required in case of Exempted or nil return.


37. Multiple loans from Director, 2 3 directors and their relative has given a loan to the company, how can I report it in DPT 3?

You can club all the Director Loans.


38. Is a certificate from a Chartered Accountant mandatory?

Not required in case of Exempted deposit or Nil return.


39. How to report the Overdraft Limit or Credit Facility Limit in DPT 3?

Calculate the Difference between opening and closing and attach an explanatory note.






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