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 22^nd January, 2019

[1]MCA on 22^nd January, 2019 has published Companies (Acceptance of Deposits) Amendment Rules, 2019. They shall come into effect from 22^nd 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 30^th 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. 22^nd January, 2019.

II.   After publication of these rules i.e. 22^nd 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 30^th June.

Therefore, first time requirement shall be trigger to file before 30^th June, 2019. (between 01^st April, 2019 to 30^th 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 22^nd 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 30^th June every year.

In other words, one can opine that after 22^nd January, 2019 every loan shall be reported to ROC in e-form DPT-3 every year before 30^th 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 01^st April, 2014 to the date of publication of this notification in the official Gazette (i.e. 22^nd 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. 22^nd April, 2019 (22^nd 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 22^nd January, 2019.

ü  Every outstanding receipt of money in Company as on 22^nd 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 22^nd 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 1^st April, 2014 to 22^nd 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)

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[1] http://www.mca.gov.in/Ministry/pdf/AcceptanceDepositsAmendmentRule_22012019.pdf