Mandatory MCA Filing for Loans, Convertible Notes etc.

The Ministry of Corporate Affairs (“MCA”) vide its notification dated January 22, 2019 and April 30, 2019 has made the following amendments to the Companies (Acceptance of Deposit) Rules, 2014 (“Deposit Rules”):

1. Annual Filing Requirement

Every public and private company excluding Government Company, is required to file Form DPT-3 (new version notified by the MCA), for transactions that are exempt from the ambit of “Deposit” under the Deposit Rules on or before June 30th of every year. The transactions that are exempt from the ambit of “Deposit” under the Deposit Rules include but are not limited to:

Amounts received from the government or whose repayment is guaranteed by the government;

  • Bank loans;

  • Inter-corporate loans;

  • Share application money;

  • Advance towards allotment of securities;

  • Amounts received by a start-up by issuing convertible notes;

  • Amounts received from Alternative Investment Fund (“AIF”), Domestic Venture Capital Fund, Infrastructure Investment Trusts, Real Estate Investment Trusts and Mutual Funds, etc.

Real Estate Investment Trusts were added to the above definition as a part of the amendments made vide the notification dated January 22, 2019.

In addition to this amendment, a new version of Form DPT-3 has been provided by MCA. Prior to this amendment, only those companies that accepted deposits were required to file Form DPT-3 with the ROC.

2. One-time Filing Requirement by June 30, 2019

Every public and private company excluding Government Company that has an outstanding receipt of money or loan which is exempted from the purview of “Deposit” as per the Deposit Rules, is also required to file a one-time return with the ROC from April 01, 2014 to March 31, 2019 in the new Form DPT-3 notified by the MCA with ROC along with a normal filing fee on or before June 30, 2019.

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