This is the continuation of earlier post written here. Now, the Ministry of Corporate Affairs deployed the updated Form DPT – 3 which is nodal form to file the return of deposits and “not deposits”.
In this post, we will analyse the updated Form DPT – 3 and try to solve the mystery what where and when to report in the return.
Ministry of Corporate Affairs amended the Companies (Acceptance of Deposits) Rules, 2014 recently. The Companies (Acceptance of Deposits) 2nd Amendment Rules, 2017, was published and come into force on 20th September 2017. These amendment permit, in case of specified private companies, to accept deposit without any maximum limits.
“Ease of doing business” certainly is a joke invoked once again by the Government on eve of closing of financial year 2014 – 15. Even a fast track professional cannot study implication and advice companies about. This became bigger prank when it is meant to give relief to private companies with lesser resources. As one senior company secretary comments, “This clarification is being given on 30th March, 2015 when many companies have either repaid or have filed petitions with the CLB for extension of time to repay the deposits”. Another professional summarise it as “too little, too late”.
Before reading this well intended circulars, circumstance show this now may help intentional defaulters as law abiding corporate already following some process with almost no scope of reversibility.
Now we may read the general circular 05/2015 issued on 30th March 2015 (afternoon, almost before 36 hours of calendar deadline and just before 12 hours of working deadline).
In this post we will discuss, Registers required to be maintained and Returns required to be filed under the Companies (Acceptance of Deposit) Rules 2014.
REGISTERS OF DEPOSITS [Rules 14]:
In our last post here, we discussed protection of deposits.
DUTIES OF TRUSTEES [Rule 8]:
It shall be the duty of every trustee for depositors to-
(a) ensure that the assets of the company on which charge is created together with the amount of deposit insurance are sufficient to cover the repayment of the principal amount of secured deposits outstanding and interest accrued thereon;