DPT 3 is a return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits.
Background
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.
Due Date of filing.
Companies need to file Form DPT-3 annually. The form should be filed within 90 days from the end of each financial year. For example, if the financial year ends on March 31st, the deadline for filing Form DPT-3 would be June 30th.
Note: The date has been extended till 31st July for the financial year 2022-23
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
Transactions not considered as deposits
Any amount received from the government or guaranteed by the government, foreign government/foreign bank.
- Any amount received as a loan or facility from any Public Financial Institutions, Insurance Companies or Banks.
- Any amount received from a company by a company.
- Subscription to securities and call in advance.
- Any amount received from the director of the company or a relative of the director of the Private company, who held the positions at the time of lending.
- Any amount received by the company from an employee, not exceeding his annual salary under the employee contract such as non-interest bearing security deposit.
- Any amount received in the course of, or for the purposes of, the business of the company as an advance for the supply of goods or provision of services or as a security deposit for the performance of the contract for the supply of goods or provision of services.
- Receipt of Rs 25 lakh or more by a startup company in the form of a convertible note, in a single tranche.
- Amount raised by the issuing secured bonds or debentures with first charge, non-convertible debentures not having a charge on the assets of the company.
- Unsecured loans from promoters.
- Any amount received by the company from Nidhi Company or by way of subscription in respect of chit under the Chit Funds Act, 1982.
- Any amount received by the company from a collective investment scheme, alternate investment funds or mutual funds registered with SEBI.
- Any other amount which is not considered as a deposit under Rule 2(1)(c).
- Hence any amount whether secured or unsecured and which is outstanding money or loan not considered as deposits must be reported.
Information Required in Form DPT-3: Form DPT-3 collects various details about the outstanding amounts, including:
- Details of the Company: Name, Corporate Identification Number (CIN), registered office address, etc.
- Details of Outstanding Deposits: Information about deposits accepted, whether secured or unsecured, along with details of depositors.
- Details of Outstanding Loans: Information about loans given by the company, including details of the borrower.
- Details of Other Outstanding Amounts: Information about other outstanding amounts and advances received.
- Attachments: Companies may need to attach necessary documents, such as board resolutions, relevant agreements, etc.
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.
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