MANDATORY INFORMATION OF LOAN TO roc- New Compliance- Series 410

MANDATORY INFORMATION OF LOAN TO ROC- 
New Compliance

New Rule 16A w.e.f. 22.01.2019

Article updated as on 22nd January, 2019
[1]MCA on 22nd January, 2019 has published Companies (Acceptance of Deposits) Amendment Rules, 2019. They shall come into effect from 22nd January, 2019.
By these amended rules “One explanation added in Rule 16” and one “new Rule 16A” has been introduced.


As per earlier 16 “Every company to which deposit rules apply (means loan considered as deposit), shall on or before the 30th day of June, of every year, file with the Registrar, a return in Form DPT-3 mentioning the details of deposit.
As per existing rule 16, Every company accepting Deposit as per Section 73 read with relevant rules was required to file every year e-form DPT-3 before 30th June mentioning the details of pending deposits.

First Amendment:
By Amendment Rule, 2019: Explanation added in Rule 16 i.e. “It is hereby clarified that Form DPT-3 shall be used for filing return of deposit or particulars not considered as deposit or both by every company other than Government Company”.

I.            Which Companies are covered in rule 16 explanation:-

All the Companies (Whether, Small, Non Small, Private, Public, OPC etc.) required to file DPT-3 after publication of these rules i.e. 22nd January, 2019.

II.   After publication of these rules i.e. 22nd January, 2019. When the first time requirement of filing of DPT-3 shall be trigger for Companies.

As per Explanation every Company have to file DPT-3 every year after end of financial year before 30th June.

Therefore, first time requirement shall be trigger to file before 30th June, 2019. (between 01st April, 2019 to 30th June, 2019)

III.  What is meaning of “Deposit or Particulars Not Considered as Deposit” as mentioned in explanation.

Deposit: Whatever includes in definition of Deposit as per Companies Act and rules eg. Acceptance of loan from public, acceptance of loan from shareholders by public limited Company.

Particular non considered as deposit: Whatever loan exempted under deposit rules and sections 73 shall be considered as particular of non-considered as deposit. Eg
·        Loan from Director is exempted Deposit. However will be covered under this head.
·        Loan from shareholders in case of private Companies.
·     Loan from Body Corporates not considered as deposit. However covered under above head etc.
Note:
After reading of above questions and explanation, one can opine that since 22nd January, 2019 a Company whether accepted loan from directors, body corporates or any other exempted deposit still shall required to file e-form DPT-3 on or before 30th June every year.

In other words, one can opine that after 22nd January, 2019 every loan shall be reported to ROC in e-form DPT-3 every year before 30th June.

Second Amendment:
By Amendment Rule, 2019: Every Company other than Government Company shall file a onetime return of outstanding receipt of money or loan by a company but no considered as deposits, in term of clause (c) of sub-rule 1 of rule 2 from the 01st April, 2014 to the date of publication of this notification in the official Gazette (i.e. 22nd January, 2019) in e-form DPT-3 within 90 days from the date of publication.”.

Note:
     v  One Time Form: For purpose of Rule 16A, DPT-3 shall be filed onetime only.

v  Period of Filing: Within 90 days of publication of Rules i.e. 22nd April, 2019 (22nd January, 2019 + 90 days)


I.  Which information are required to file according to Rule 16A in e-form DPT-3:-

As per New Rule 16A, Every Company has to file e-form DPT-3 with ROC containing following Information:
ü  Every Outstanding Loan in Company as on 22nd January, 2019.
ü  Every outstanding receipt of money in Company as on 22nd January, 2019.
However, any loan received which falls under definition of deposit not required to mention while filing e-form DPT-3 under Rule 16A.

II. What is due date for filing of e-form DPT-3 in Rule 16A:-

Due date of Filing of e-form DPT-3 in rule 16A is 22nd April, 2019. Because form required to file within 90 days of publication of these rules.

III.Outstanding Loan and outstanding receipt of money which period required to be report under this rule.

Outstanding receipt of Money and Loan from 1st April, 2014 to 22nd January, 2019

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(Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice from Delhi and can be contacted at csdiveshgoyal@gmail.com)
Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information. IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION.
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Comments

  1. Excellent Sir, very helpful article...
    Keep sharing 😃

    ReplyDelete
  2. Thanks for this Knowledge sharing initiative.

    ReplyDelete
  3. commendable efforts sir,
    My query is: A private company had taken a ECB (External Commercial Borrowings)in the year 2016 from its foreign collaborator body corporate(holding 50% of shareholding) with a maturity period of 5 years.Is it falling under the preview of deposits?

    ReplyDelete
  4. Hi Sir,

    Excellent article. However I have one doubt on the stated paragraph :

    "However, any loan received which falls under definition of deposit not required to mention while filing e-form DPT-3 under Rule 16A."

    Could you provide clarity on this.

    ReplyDelete
  5. Not required to be mentioned

    ReplyDelete

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