Highlights of the Webinar by ICSI with MCA on June 17, 2019, are as under:
(1) Filing of DPT-3: DPT-3 has to be filed in two ways:
(i) One-time return– 01.04.2014 to 31.03.2019 (Amount received and outstanding)
(ii) Annual Return– 01.04.2018 to 31.03.2019 (Amount outstanding)
(2) Due Date: Form DPT-3 has to be filed on or before 30th June 2019 and no extensions is proposed to be extended by the ministry
(3) NIL return: There is no requirement to file NIL return in Form DPT-3.
(4) One-time Return: The One time Return filed for an outstanding amount of money received and not classified as deposit, should only include money received after 1st April 2014 and the amount should have remained outstanding as on 31st March 2019.
(5) Annual Return: The yearly return filed for an outstanding amount of money received and not classified as deposit can include money received prior to 01 April 2014 and which is outstanding as on 31 March 2019
(6) The approval process at ROC: E-form DPT-3 is not an STP return, and the same will be processed by the officials of the Ministry of Corporate Affairs before providing Approval.
(7) Exemptions: Non-Banking Financial Company registered with Reserve Bank of India and Government Company is exempted from filing DPT-3. However, insurance companies will not be eligible for such exemption as they are not registered with RBI.
(8) Auditor Certificate: Auditor`s Certificate has to be attached only if the eForm DPT-3 is filed w.r.t radio button 2 & 4 ie for Return of Deposit (or) for both return of the deposit and exempted deposit. If DPT-3 is filed only as a one-time return or yearly return auditor certificate is not mandatory. There is no prescribed format for Auditor Certificate.
(9) Audit of Balance Sheet: Audited figures are not mandatory for eForm DPT-3
(10) Interest and Principal: Amount Outstanding to be filled in DPT-3 shall include both Principal and Interest Amount as on 31st March 2019.
(11) DPT-4: The Amount outstanding before 01st April 2014 which was considered as exempt under the 1956 Act but not under the 2013 Act should be reported in DPT-4 and must be repaid as per the Act. Else consequences as prescribed for violation of Acceptance of Deposit Rule will be attracted.
(12) A loan from Director: Any Loan received from the Director during his tenure but later resigned himself as director and the amount so borrowed is outstanding will be considered as Exempt Deposit. The Unsecured Loan has to be shown under the head 15(h) of the Form.
(13) Object Clause: In case the Object Clause in DPT-3 does not match with Company`s MOA then the Company need not alter the object clause by filing MGT-14. The difference could be because of the CIN Allotted under Companies Act, 1956 and NIC Code. The Company shall proceed to file DPT-3 even if the object clause does not match with MOA.
(14) Net Worth: Net Worth is to be considered as per the audited financials of 31st March 2018 and for the newly incorporated company Net worth is to be considered as per current balance sheet whether Audited or Not. Further, the Net worth has to be calculated as provided under Companies (Acceptance of Deposits) Rules, 2014 and not as per Companies Act definition.
(15) Share Application Money: Share Application money pending after 60 days will be considered as deposits even if it is received under the 1956 Act and the Application Money pending for less than 60 days will be considered as exempted deposits.
(16) Government Company: The Company which is actually a government company but not shown as Government Company in the MCA has to still file DPT-3 though DPT-3 is exempt from Government Company. The Company shall get exemption only if the same is rectified with the Ministry of Corporate Affairs.
(17) Promoter: Amount taken from promoter though considered as exempt Deposits, the same has to be filed as an exempt deposit under DPT-3 if it is Outstanding.
(18) Financial Year: The Company has to disclose the amount outstanding in DPT-3 as on 31st March 2019, irrespective of their Financial Year whether it is April to March or January to December.
(19) Advance for Supply of Goods: The advance received towards the supply of goods up to 365 days will be treated as exempt and beyond 365 days it will be treated as deposits and same should be disclosed in DPT-3
(20) Government Subsidy: Any Subsidy received from government is outstanding as on 31st March 2019 and the same is considered as deposit as per Rule 2(1)(c) of Companies (Acceptance of Deposits) Rule, 2014
(21) A loan from NBFC: Loan amount received from an NBFC shall be disclosed as money received from other company in form DPT-3.
(22) Compulsorily Convertible Debentures: Any Compulsorily Convertible debentures issued beyond 10 years then it will be treated as deposits and the same has to be disclosed in DPT-3.
(23) Repayment of Deposits: Any amount outstanding has been resolved by the company to be repaid on a particular date but could not be repaid due to any Governmental order the same has to be treated as Deposits and DPT-3 has to be filed along with the said order has the attachment.
(24) Borrowings from Bank: Borrowings from the bank shall be treated as a deposit if the same gets Covered under Rule 2(1)(c) and it has to be disclosed in DT-3
(25) Strike off or Liquidation: The Company has to File DPT-3 unless the Ministry of Corporate Affairs reflects that the Company has been struck off.