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IMPACT OF COMPANIES (ACCEPTANCE OF DEPOSITS) RULES
1. IMPACT OF
THE COMPANIES (ACCEPTANCE OF
DEPOSITS) AMENDMENT RULES, 2019
Ministry of Corporate Affairs, Government of India
Corporate Law Vertical
Asija & Associates LLP
Email: corporatelaws@asija.in
2. COVERAGE….
Highlights of the Amendment
Applicability of New Compliance Requirements
What is Deposit?
Real Estate Investment Trusts
Filing of Particulars of Transactions Not Considered as Deposits Annually
And what is this Onetime Return?
Punishment for Contravention (Rule 21)
3. HIGHLIGHTS OF THE AMENDMENT
The amount received from “Real Estate Investment Trusts” shall
not be treated as deposits.
Form DPT-3 has been substituted.
Form DPT-3 shall be used for filing with the Registrar the Return
of Deposits or particulars of transactions not considered as
Deposit or both by every company annually.
Onetime Return of outstanding receipts of money or loan by the
company but not considered as deposits in Form DPT-3 to be filed by
every company.
4. APPLICABILITY OF
NEW COMPLIANCE REQUIREMENTS
Every company other than Government Company has to
file:
- Onetime Return in Form DPT-3 for of outstanding receipts of money or loan by
the company but not considered as deposits from 01/04/2014 to 22/01/2019.
- Form DPT-3, on or before 30th June, of every year a Return of Deposits (if
applicable) along with the particulars of transactions not considered as
deposits.
What is Government Company?
"Government Company" means any company in which not less than 51 % of the
paid-up share capital is held by the Central Government, or by any State
Government or Governments, or partly by the Central Government and partly by
one or more State Governments, and includes a company which is a subsidiary
company of such a Government Company.
5. WHAT IS DEPOSIT?
Depositincludes
any receipt of money by way of deposit or loan or in any other form,
by a company
except the items prescribed under clause (c) of sub-rule (1) of Rule 2 of
the Companies (Acceptance of Deposit) Rules, 2014.
6. REAL ESTATE INVESTMENT TRUSTS
Earlier, any amount / money received by company from
Real Estate Investment Trusts
were treated as Deposits
but with the enactment of
the Companies (Acceptance of Deposit) Amendment Rules, 2019
such amount / money shall not be considered as deposits.
7. FILING OF PARTICULARS OF TRANSACTIONS NOT
CONSIDERED AS DEPOSITS ANNUALLY
Earlier, any company in receipt of deposits had to file a Return of Deposit in Form DPT-3 on or
before 30th June, of every year
but with the enactment of amendment rules every company shall now file
Particulars of Transactions not considered as deposits along with Return of Deposits (if applicable)
in Form DPT-3 (revised format) annually.
Due Date of Compliance
Form DPT-3 shall be on or before the 30th day of June, of every year along with the fee as provided in
Companies (Registration Offices and Fees) Rules, 2014.
8. …. AND WHAT IS THIS ONETIME RETURN ?
Every company shall file a
Onetime Return in Form DPT-3
of outstanding receipts of money or loan by the company but not considered as
deposits
from 01st April, 2014 to 22nd January, 2019.
Due Date of Compliance
The due date for filing the said form is within 90 days from the date of publication of Companies
(Acceptance of Deposits) Amendment Rules, 2019 in the Official Gazette
i.e. 22nd April, 2019.
9. PUNISHMENT FOR CONTRAVENTION
(RULE 21)
• Normal Fine
• Continuing Offence…
Company
• Fine extend to ₹ 5,000 /-
• ₹ 500/- every day till the date contravention
continues
Officer in Default
• Fine extend to ₹ 5,000/-
• ₹ 500/- every day till the date contravention
continues
10. DISCLAIMER
This presentation has been prepared by our firm to provide a gist of impact of
Companies (Acceptance of Deposits) Amendment Rules, 2019.
For detailed insight and for better understanding of the various provisions of the
said law, our team shall be available to provide our professional consultancy in this
respect, if required by your office.
Neither our firm nor any partner or employee or article of our firm shall be
responsible for any decision taken on the basis of the said presentation and without
obtaining our professional guidance or consultation on the matter for which
reliance was made on this presentation.
11. FOR ANY FURTHER QUERIES & CLARIFICATION CONTACT
CA. Lavish Bansal
Partner
Corporate Law Vertical
lavish.bansal@asija.in
CS. Manish Mishra
Director
Corporate Law Vertical
manish.mishra@asija.in
Corporate Law Vertical
Asija & Associates LLP
E-Mail: corporatelaws@asija.in