Applicability of Form DPT-3
As per the provisions of Section 73 of the Companies Act, 2013:
1. The Companies can accept deposit from members and/or public on or after the commencement of the said Act i.e on or after 1st April, 2014,
2. Rule 16 of The Companies (Acceptance of Deposit) Rules, 2014 provides that every Company to which this Rules apply, shall on or before 30th June of every year file with the Registrar, a return of deposit in Form DPT-3 along with fees and furnish information as on 31st March of that year duly audited by Auditor of the Company.
3. Thus, DPT-3 is to be filed for deposits accepted on or after 1st April, 2014 in compliance with Chapter V of Act, 2014 and Deposit Rules, 2014.
Applicability of Form DPT-4
Section 74 deals with repayment of deposits accepted before commencement of Act, 2013.
Section 74 (1) (a) stipulates the requirement to file Form DPT- 4 viz. Statement regarding deposit existing on the commencement of Act, 2013, within a period of 3 months from commencement (1.04.2014) or from the date on which such payments are due.
Form DPT-4 giving details of deposits due as on the commencement of the Act i.e. 1st April, 2014 along with details of deposits and interest due but not paid, due but not claimed and deposits not due for repayment.
Details of deposits due for repayment in next three months and arrangement made for repayment of deposits due for repayment also needs to be specified.
Attachments with Form DPT-4
1. Auditor’s certificate;
2. List of depositors indicating name, address, amount deposited, repaid during the year and outstanding, interest due, paid and payable as at the close of the financial year and details of deposits not yet matured, matured, claimed and paid and matured, claimed but not paid and matured but not claimed for payment.
- List of deposits matured, cheques issued but not yet cleared to be shown separately.
- Repayment of deposits accepted prior to April 1, 2014: Section 74 (1) (b) stipulates the requirement to repay all the deposits accepted prior to commencement of the Act by 31st March, 2015 or the payment due date whichever is earlier.
Therefore, all Companies which have accepted deposits prior to 1st April, 2014 are required to file Form DPT-4 as an attachment to Form GNL-2 either by 30th June, 2014 or within 3 months from due date for payments. (MCA Circular No. 09/2014 dated 25th April, 2014).
The MCA vide General Circular No. 27/2014 dated 30.06.2014 extended the due date of filing DPT-4 without additional fee to 30th August 2014.
As per Section 74 (1) (b) it is quite clear that all existing deposits will be due for payment latest by 31st March, 2015.
Definition of Deposits
As per Section 2(31), “Deposit” includes any receipt of money by way of deposit or loan or in any other form by a company, but does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India.
Amounts which are not considered as deposits (Rule 2 of Companies (Acceptance of Deposits) Rules, 2014)
1. any amount received from the Central Government or a State Government, or any amount received from any other source whose repayment is guaranteed by the Central Government or a State Government, or any amount received from a local authority, or any amount received from a statutory authority constituted under an Act of Parliament or a State Legislature.
2. any amount received from foreign Governments, foreign or international banks, multilateral financial institutions.
3. any amount received as a loan or facility from any banking company or from the State Bank of India or any of its subsidiary banks or from a banking institution
any amount received as a loan or financial assistance from Public Financial Institutions notified by the Central Government in this behalf
4. any amount received against issue of commercial paper or any other instruments issued in accordance with the guidelines or notification issued by the Reserve Bank of India
5. any amount received by a company from any other company
6. any amount received and held pursuant to an offer made in accordance with the provisions of the Act towards subscription to any securities, including share application money or advance towards allotment of securities pending allotment, so long as such amount is appropriated only against the amount due on allotment of the securities applied for
7. any amount received from a person who, at the time of the receipt of the amount, was a director of the company
8. any amount raised by the issue of bonds or debentures secured by a first charge or a charge ranking pari passu with the first charge on any assets referred to in Schedule III of the Act excluding intangible assets of the company or bonds or debentures compulsorily convertible into shares of the company within five years:
9. any amount received from an employee of the company not exceeding his annual salary under a contract of employment with the company in the nature of non-interest bearing security deposit;
10. any non-interest bearing amount received or held in trust;
11. 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 accounted for in any manner whatsoever provided that such advance is appropriated against supply of goods or provision of services within a period of three hundred and sixty five days from the date of acceptance of such advance:
Provided that in case of any advance which is subject matter of any legal proceedings before any court of law, the said time limit of three hundred and sixty five days shall not apply.
12. any amount brought in by the promoters of the company by way of unsecured loan in pursuance of the stipulation of any lending financial institution or a bank subject to fulfillment of the following conditions, namely
a. the loan is brought in pursuance of the stipulation imposed by the lending institutions on the promoters to contribute such finance;
b. the loan is provided by the promoters themselves or by their relatives or by both; and
c. the exemption under this sub-clause shall be available only till the loans of financial institution or bank are repaid and not thereafter;
13. any amount accepted by a Nidhi company in accordance with the rules made under section 406 of the Act
You may download Form DPT-4
here.
