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New avatar of DPT-3 requires aging details for exempted deposits

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– Also burdened with irrelevant deposit related details

– Payal Agarwal, Senior Executive (payal@vinodkothari.com)

The format of the “return on deposits” and on “exempted deposits”, that is, form DPT-3  has been amended pursuant to  the notification of the Companies (Acceptance of Deposit) Amendment Rules, 2022 (“Amendment Rules”) on 29th August, 2022. While the same has been made applicable immediately, the revised format will be actually relevant for the filing of form DPT-3 for FY 2022-23, since the due date for filing DPT-3 for FY 2021-22 has already expired on 30th June, 2022. It is interesting to note that while most of the changes pertain to the “return of deposits”, the same does not have any practical significance in India. However, there is specifically one addition w.r.t. the money received by a company, but not considered as deposit, i.e., exempted deposits. 

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Whether a private company can accept deposits from HUF?

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Vinita Nair | corplaw@vinodkothari.com

Provisions of Law

According to Section 2(31)  of the Companies Act, 2013 ‘Deposit’ includes any receipt of money by way of deposit or loan or in any other form by a company, but does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India. The exclusions are cited in Rule 2 (1) (c) of Companies (Acceptance of Deposits) Rules, 2014 which are applicable to public and private companies.

Rule 2 (1) (c) (viii) of Deposit rules excludes amounts received from a person who, at the time of the receipt of the amount, was a director of the company or a relative of the director of the private company, provided that the person declares that the amount is his own fund and not borrowed. The private company is required to disclose the details of money so accepted in the Board’s report.

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Structuring of debt instruments

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Structuring of debt instruments

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Our other resources on related topics –

  1. https://vinodkothari.com/2017/04/understanding-compulsorily-convertible-debentures/
  2. https://vinodkothari.com/2021/03/presentation-corporate-bonds-debentures/
  3. https://vinodkothari.com/2021/06/centralised-database-for-corporate-bonds-debentures/
  4. https://vinodkothari.com/2020/04/covid-19-and-debenture-restructuring/
  5. https://vinodkothari.com/2020/11/sebis-stringent-norms-for-secured-debentures/
  6. https://vinodkothari.com/2021/08/consolidation-sebi-non-convertible-securities/
  7. https://vinodkothari.com/2021/08/checklist-for-issuance-of-listed-debt-securities-on-private-placement-basis/
  8. https://vinodkothari.com/2013/03/on-the-meaning-of-deposit-f-or-deposit-regulations/
  9. https://vinodkothari.com/2019/01/mca-requires-reporting-of-what-is-not-a-deposit/
  10. https://vinodkothari.com/wp-content/uploads/2019/06/FAQs-DPT-3_VKC_28.06.2019.pdf