MANDATORY DISCLOSURE FOR
DEPOSITS/EXEMPTED DEPOSITS
The
Companies (Acceptance of Deposits) Amendment Rules, 2019
Ø
Legal Framework:
The Ministry
of Corporate Affairs (“MCA”) has notified The Companies (Acceptance of
Deposits) Amendments Rules, 2019 w.e.f 22.01.2019 has amended
Rule 16 and inserted Rule 16A in the Companies (Acceptance of Deposits) Rules,
2014.
By virtue of
such amendments, Every Company other than Government Company is required to
file a One-Time Return and Yearly Return for Deposits taken by the Company as
well as the details of Money or Loan received by the Company not considered as
Deposits under Rule 2 (1)(c) of the Companies (Acceptance of Deposits) Rules,
2014.
These rules
shall apply to ALL
THE COMPANIES (Private, Public, OPC,
Small Company, etc.) other than
Government Companies.
"Government
company" means any company in which not less than fifty-one per cent of
the paid-up share capital is held by the Central Government, or by any State
Government or Governments, or partly by the Central Government and partly by
one or more State Governments, and includes a company which is a subsidiary
company of such a Government company;
Ø
Compliance to be done:
Every
Company other than Government Company is required to file the disclosures in:
(a) Initial one
time return - Details of all the outstanding
receipt of money or loan by a Company but not considered as Deposits for the period
01.04.2014 till 22.01.2019.
(b) Yearly
Return - Details of all the Deposits (Return of Deposit) received by the
Company or particulars of transactions not considered as Deposits or both as on 31st
March of every year duly Audited by
the Statutory Auditors of the Company.
(a)
Initial
Return – within 90
days from the date of notification
i.e. on or
before 22.04.2019.
(b)
Yearly
Return – On or before 30th June of every year.
E-Form DPT 3
– Amended Form is not available on MCA till date.
· “DEPOSITS”
means Deposits accepted by the Company in terms of Section 73 of the Companies
Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 as
amended from time to time.
· “MONEY NOT CONSIDERED AT DEPOSITS” means the receipt of amount or loan received
by the Company which is exempted to be considered as Deposit under Rules eg.
Loan received from Banks/Financials Institution, Loan received by any other
Company, Loans received from a Director of a Company, Loans received from
Relative of Director of a Private Company, etc.
· Both Secured
and Unsecured Loans, ECB received by the Company is required to be disclosed in
the Form DPT 3.
Author – CS. Kunal Sharma (B.Com, ACS)
Focal Corporate Services P. Ltd, Ahmedabad
Disclaimer:
The
information contained in this Article is provided for informational and knowledge
sharing purposes only, and should not be construed as legal advice on any
subject matter. You should not act or refrain from acting on the basis of any
content included in this Article without seeking legal or other professional
advice. The entire contents of this Article have been prepared on the basis of
relevant provisions and as per the information existing at the time of the
preparation. This is only a knowledge sharing initiative and we does not intend
to solicit any business or profession.