Understanding the DPT-3 Form under the Companies Act, 2013

Introduction

The Companies Act, 2013, introduced significant reforms to corporate governance and transparency in India. One of the important provisions under the Act is the requirement to file the DPT-3 form. The DPT-3 form pertains to the disclosure of details of outstanding loans, deposits, and other forms of non-deposit liabilities by companies. In this article, we will explore the key aspects of the DPT-3 form, its purpose, and the obligations it imposes on companies.

Understanding the DPT-3 Form

The DPT-3 form is a compliance requirement under Section 73 and Section 76 of the Companies Act, 2013 read with Rule 16 of Companies (Acceptance of Deposit) Amendment Rules 2019.

The form is filed with the Registrar of Companies (RoC) and contains information about various financial transactions and outstanding amounts that a company has with its stakeholders.

Applicability of DPT-3 Form

It is applicable to all companies, including small company, private companies, public companies, and one person companies (OPCs). However, DPT-3 form is not applicable on the following entities: –

1. Banking Company
2. Non-Banking Financial Corporation (NBFC)
3. Housing Finance Company
4. Government Company (in case of exempted deposit)

Purpose of DPT-3 Form

The primary purpose of the DPT-3 form is to enhance transparency and protect the interests of stakeholders by ensuring that companies disclose their financial obligations accurately. By mandating companies to disclose their outstanding loans, deposits, and other non-deposit liabilities, the form aims to prevent fraudulent activities and promote accountability.

Following are the purposes of the DPT-3 Form

1. To get information of deposit received by the company
2. To get information of loan received by the company
3. Compliance with the Section 73 of the Companies Act, 2013
4. To keep control over companies from acceptance of deposit, loan and advances

Information Required in the DPT-3 Form

The DPT-3 form requires companies to provide the following information:

1. Details of outstanding loans, including secured and unsecured loans, given by the company.
2. Information on deposits accepted by the company, including the amount, type of deposit, interest rate, and maturity period.
3. Information on any deposits or loans guaranteed by the company.
4. Particulars of transactions not considered as deposits but treated as such under the Act.
5. Details of any outstanding sums due to the company in respect of non-deposit liabilities.
6. Any other relevant information as required by the Act or the RoC.

Filing and Compliance

Companies must file the DPT-3 form annually, within 90 days from the closure of the financial year i.e. 30^th June of every year. However, for the FY 2022-23, MCA extends the due date of filing from 30^th June to 31^st July.

It is essential to ensure accurate and complete information while filing the form to avoid penalties and legal consequences. The RoC scrutinizes the filed forms to identify any irregularities or discrepancies.

Consequences of Non-Compliance

Non-compliance with the filing requirements of the DPT-3 form can have serious consequences for companies. Failure to file the form or filing an incomplete or incorrect form may result in penalties, fines, and legal actions against the company and its officers. Moreover, non-compliance can negatively impact the company’s reputation and its ability to raise funds or attract investors.

Under Section 73A of the Companies Act, 2013,

1. Every Company which fails to comply with the provisions of section 73 or section 76 read with relevant rules made thereunder shall be liable for a penalty of minimum 1 crore or twice the amount of deposits whichever is lower, which may extend to Rs. 10 crores.
2. For every officer who is in default imprisonment up to 7 years and with a fine not less than Rs. 25 lakhs which may extend to Rs. 2 crores.

Conclusion

The DPT-3 form under the Companies Act, 2013, plays a crucial role in promoting transparency and accountability in corporate transactions. By requiring companies to disclose their outstanding loans, deposits, and non-deposit liabilities, the form aims to protect the interests of stakeholders and prevent fraudulent activities. It is vital for companies to understand and fulfill their obligations regarding the DPT-3 form to ensure compliance with the law and maintain a strong corporate governance framework.