The Ministry of Corporate Affairs (“MCA”) has through a notification dated 22^nd January, 2019 issued the Companies (Acceptance of Deposits) Amendment Rules, 2019 (“Amendment Rules”).

Key highlights:

1. An explanation has been added under Rule 16 which deals with Return of deposits to be filed with the Registrar, which states that Form DPT 3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government company.

Implication:

This implies that Form DPT 3 shall be used for filing returns of deposit or particulars of transaction not considered as deposit or both by every company other than a Government Company.

2. A new Rule has been inserted after Rule 16(A) sub rule (2) which states that every company other than Government company shall file a onetime return of outstanding receipt of money or loan by a company but not considered as deposits, in terms of clause (c) of sub-rule 1 of rule 2 from the 01st April, 2014 to 22^nd January, 2019, as specified in Form DPT-3 within 90 days from the 22^nd January, 2019,i.e, 22^nd April, 2019 along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.

Implication:

Rule 16 (A) deals with the provisions of disclosures in the financial statement by a company (other than a private company). The addition of the new provision implies that a company other than Government company shall file a onetime return of outstanding receipt of money or loan by a company from1^st April, 2014 to 22^nd January, 2019, as specified in Form DPT-3 within 90 days from the 22^nd January, 2019 i.e., 22^nd April, 2019 along with the prescribed fee.

3. Form DPT 3, which deals with the Return of Deposits to be filed by a company have been revised.

Source: Ministry of Corporate Affairs

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