MCA on 31.03.2014 issued the Companies (Acceptance of Deposits) Rules, 2014 for regulating the aspect of accepting deposits by companies from the public. These rules provide various provisions which are to be followed by the companies while accepting deposits from public.
However, on 22.01.2019, MCA issued Companies (Acceptance of Deposit) Amendment Rules, 2019 amending rules issued in 2014 as mentioned above.
As per this rule Deposit is defined as any receipt of money by way of deposit or loan or in any other form by a company. The rule specifically excludes any amount received from central or a state government, any amount received from foreign government, any amount received by a company from any other company, any non-interest bearing amount received & held in trust etc.
Clause (xviii) specifically excludes any amount received by a company from alternate investment funds, Domestic Venture Capital Funds, Infrastructure Investment Trusts and Mutual Funds registered with the Securities and Exchange Board of India in accordance with regulations made by it.
By 2019 amendment words “Real estate Investment Trust” has been inserted in the above clause after words “Infrastructure investment Trust” thereby the making amount received by a company from Real estate Investment Trust to be excluded from the ambit of Deposit.
Rule 16 mandates every company on which these rules are applicable to furnish return in Form DPT-3 along with prescribed fee.
Now, 2019 amendment inserted an explanation which clarifies that Form DPT-3 shall be used by every company other than Government Company for filing return of deposits or Particulars of transactions not considered as deposits or both.
Rule 16A mandates disclosure of money received from director by companies other than private company. Also, every private company is required to disclose money received from directors or relatives of directors.
Now, 2019 amendment inserted sub-rule (3) which provides that every company other Government Company is required to file onetime return for disclosure of details of outstanding money or loan received by a company but not considered as deposits in terms of Rule 2 (1) (C) from 01.04.2014 to the date of publication of this amendment notification. So, Particulars of transactions by a company not considered as deposit as per Rule 2(1)(c) are to be furnished.
The time period prescribed is within 90 days from the date of publication of this notification i.e. 22.01.2019. The fee will be applicable as provided in Companies (Registration Offices & Fees) Rules, 2014.
New FORM DPT-3 for Return of Deposit has been substituted.
Hence, MCA is constantly making efforts to improve Companies Act, 2013 & more strict watch on affairs of companies.