1. Notification for filing form DPT 3 (Non STP Form)
MCA vide Notification dated 22.01.2019 amended Rule 16A of Companies (Acceptance of Deposits) Rules, 2014 mandating filing of one-time return of outstanding receipt of loan/money.
Every Company (whether Small, Dormant, Private, Public, OPC, etc) other than Government Company, has to file Form DPT-3, a onetime return for the outstanding receipt of money or loan by a Company but not considered as deposits as on 22.01.2019
3. Time Period for Filing
The Form has to be filed within 90 days from the date of publication of said notification. The said notification was published on 22nd January 2019 and accordingly, we have to file the Form DPT-3 latest by 22nd April 2019.
4. Nature of Loan for which form DPT 3 is to be filed
Outstanding receipt of Money and Loan, not considered as deposits, from 1st April 2014 to 22nd January, 2019 (i.e. date of publication of notice) is required to be reported in e-form DPT-3.
There is no exemption in the said notification and accordingly, it can be concluded that information about each and every outstanding loan whether secured or unsecured, External Commercial Borrowings, received from holding Company/ Subsidiary Company/ Associate Company/Director etc outstanding as on 22.01.2019 is required to be furnished.
Few Scenarios to explain the above:
a. If the company has outstanding Loan/Money before 01.04.2014 and continuing as on 22.01.2019, then also Information is Required to be Furnished?
Yes, if the loan has been received before 01.04.2014 and still not repaid as on 22.01.2019, then the return in form DPT 3 has to be filed.
b. If the company has received Loan/Money any time after 01.04.2014 and repaid before 22.01.2019, then also information is required to be Furnished?
No, if the loan is repaid then return in form DPT 3 is not required to be filed as information only about the outstanding loan/money is required to be furnished.
c. If the company has received Loan/Money any time after 01.04.2014 and outstanding as on 22.01.2019, then also information is required to be Furnished?
Yes, if the loan has been received after 01.04.2014 and not repaid as on 22.01.2019, then the return in form DPT 3 has to be filed.
d. If the company has not accepted any loan or has no outstanding, whether a Nil return has to be still filed?
No, where the company has not accepted any loan or has no outstanding as on 22.01.2019, form DPT-3 need not be filed.
5. Information Required
The amended version of Form DPT-3 is not yet introduced on MCA portal. However, from the format provided in the notification, the following information is required for filing of form:
- Total amounts 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 as specified in rule 16(A)(3) as on 22.01.2019
- Break-up of outstanding money or loan received by a company but not considered as deposits, at the end of financial year, i.e., nature of the party from whom the loan was received and is outstanding (whether director/body corporate etc) and the amount of each party.
6. Penalty for non-filing of Form DPT 3
The company and every officer of the company who is in default shall be punishable with fine which may extend to Rs.5,000/- and where the contravention is a continuing one, with a further fine which may extend to Rs.500/- for every day after the first day during which the contravention continues.
Team - R&A Associates