All Companies to report outstanding loans and advances to MCA in E-form DPT-3

In the New Year, Ministry of Corporate Affairs notified another mandatory reporting for all companies other than Government Company. As per the recent notification from MCA in Companies (Acceptance of Deposit) Rules, 2014 every company has to file one-time e-form DPT- 3 within 90 days from the date of notification. 30 days from the date from which the form is available on MCA Portal (as per MCA circular dated 12.04.2019).

As per Rule,

Every Company

• Other than Government company
• Shall file a one-time return
• Of outstanding receipt of money or loan other than deposits
• From 1^st  April 2014 to date of notification ie 22^nd January 2019 31^st March 2019 (as per MCA circular dated 12.04.2019)
• Within 90 days from the date of notification ie 22^nd January 2019 30 days from the date from which the form is available on MCA Portal

Let us understand the rule in brief.

Who has to file?

Every company shall file the form which includes Private Limited, OPC, Small Company, Public Company whether listed or not except Government Company

Whether it is to be filed every year?

Here is good news. As per the notification, the said form is a one-time form. Hence, to be filed this year only.

What is an outstanding receipt of money or loan other than deposits?

Any amount received from

• Central or State Government or local authority or statutory authority
• Any other source whose repayment is guaranteed by Central or State Government
• Foreign Governments, Foreign or International banks, Multilateral Financial Institutions, Foreign Export Credit agencies, Foreign collaborators, Foreign bodies corporate and Foreign citizens, Foreign authorities or persons resident outside India
• A loan or facility from any Bank including a cooperative bank or Financial Institutions, Insurance companies
• An issue of Commercial paper or other instruments as per RBI guidelines
• Any other company
• By way of share application money or advance towards pending allotment of securities so long as such amount is appropriated only against the amount due on allotment of securities applied for.
• from a person who, at the time of the receipt of the amount, was Director or relative of a director of the company
• from an issue of bonds or debentures secured by charge or convertible into shares within 10 years
• from an issue of bonds or debentures not secured by charge or non-convertible and listed on the stock exchange
• from an employee of the company not exceeding the annual salary as a non-interest security deposit
• Any non-interest bearing amount received and held in trust.
• Any amount received in course of business-
  • Advance for the supply of goods or services
  • Advance received for an immovable property
  • Security deposit for the supply of goods or services
  • Advance received for long term project for supply of capital goods
  • Advance for providing future services if the period does not exceed as per common business practice or five years whichever is less
  • Advance received or allowed with directions of Central or State Government
  • Advance for subscription towards publication
  • Any amount brought in by promoters of the company by way of unsecured loans in pursuance of the stipulation of any lending financial institution.
  • Any amount received by a Nidhi company in accordance with the rules made under section 406 of the Act
  • Any amount received by way of subscription in respect of chit under the Chit Funds Act, 1982(4 of 1982)
  • Any amount received by a company under a collective Investment scheme
  • Any amount of twenty-five lakh rupees or more received by a start-up company, by way of a convertible note in a single tranche, from a person.
• Any amount received from
  • Alternate Investment Funds
  • Domestic Venture Capital Funds
  • Infrastructure Investments Trusts
  • Real Estate Investment Trusts
  • Mutual Funds registered with the Securities and Exchange Board of India

What is the Period for filing?

A company having outstanding receipt of money or loan other than deposits from 1st April 2014 to 22nd January 2019 31^st March 2019 shall file the form with MCA. If any company is not having any outstanding receipt of money or loan other than deposits from the said period is not required to file the form.

Is there any due date?

Yes, the e-form DPT-3 is to be filed within 90 days from the date of notification which will due on 22^nd April 2019 30 days from the date from which the form is available on MCA Portal. 

Which Documents are required?

Documents checklist is as under to file the said form, as applicable.

• Auditor’s certificate
• Copy of trust deed
• Copy of instrument creating the charge
• List of depositors
• Details of liquid assets
• Any other if any

Are there any Consequences?

MCA has not specified about any penalty for non-filing of form DPT-3. But it may levy additional late filing fees if not filed within due date.

Conclusion

Every company, whether accepting deposits or not has to file form DPT-3 with MCA if it has an outstanding receipt of money or loan, within the above mentioned due date. The company to which this Rule (Acceptance of Deposit) was applicable before amendment has to file the return for both deposits as well as outstanding receipt of money or loan other than deposits.

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