Deciphering DPT-3 and DPT-4
Applicability of Form DPT-3: A read through the provisions of Section 73 of the Companies Act, 2013 clearly states that the Companies can accept deposit from members and/or public on or after the commencement of the said Act i.e on or after 1st April, 2014, in accordance with provisions of Chapter V. Reading of Section 73 (2) and 76 (1) clarifies that Companies (Acceptance of Deposit) Rules, 2014 also needs to be complied for accepting deposits under Act, 2013. Rule 16 of The Companies (Acceptance of Deposit) Rules, 2014 (Deposit Rules), states that every Company to which this Rules apply, shall on or before 30th June of every year file with the Registrar, a return of deposit in Form DPT-3 along with fees and furnish information as on 31st March of that year duly audited by Auditor of the Company. Thus, it is very clear position that DPT-3 is to be filed for deposits accepted on or after 1st April, 2014 in compliance with Chapter V of Act, 2014 and Deposit Rules. Applicability of Form DPT-4: Section 74 deals with repayment of deposits accepted before commencement of Act, 2013. Section 74 (1) (a) stipulates the requirement to file Form DPT- 4 viz. Statement regarding deposit existing on the commencement of Act, 1956, within a period of 3 months from commencement (1st April, 2014) or from the date on which such payments are due. In this case there seems to be a drafting error. The words ‘whichever is earlier’ as appearing in Section 74 (1) (b) is missing here. Form DPT-4 necessitates giving details of deposits due as on the commencement of the Act i.e. 1st April, 2014 along with details of deposits and interest due but not paid, due but not claimed and deposits not due for repayment. Details of deposits due for repayment in next three months and arrangement made for repayment of deposits due for repayment also needs to be specified. Attachments to Form DPT-4 includes: 1. Auditor’s certificate; 2. List of depositors indicating name, address, amount deposited, repaid during the year and outstanding, interest due, paid and payable as at the close of the Financial Year and separately indicating deposits not yet matured, matured, claimed and paid and matured, claimed but not paid and matured but not claimed for payment. List of deposits matured, cheques issued but not yet cleared to be shown separately. The details required to be annexed is very much identical to the details required under to be given under Return of deposits. Repayment of deposits accepted prior to April 1, 2014: Section 74 (1) (b) stipulates the requirement to repay all the deposits accepted prior to commencement of the Act by 31st March, 2015 or the payment due date whichever is earlier. Conclusion: In view of the aforesaid, all the Companies which have accepted deposits prior to 1st April, 2014 are required to file Form DPT-4 as an attachment to Form GNL-2 in view of MCA Circular No. 09/2014 dated 25th April, 2014 either by 30th June, 2014 or within 3 months from due date for payments. On reading of Section 74 (1) (b) it is quite clear that all existing deposits will be due for payment latest by 31st March, 2015. So will such Companies be required to file Form DPT-4 by June 30, 2015 also?