Mandatory Reporting of Loan by all Companies

MANDATORY REPORTING BY ALL COMPANIES ABOUT LOAN OR MONEY RECEIPT BY THEM IN FORM DPT-3

Dear Stakeholder,

This is to inform you that “Ministry of Corporate Affairs” vide notification dated 22nd Jan, 2019 has come out with two additional reporting where it wants to know the information about outstanding receipt of money or loan by a company.

1. “One time” Reporting – Every Company is required to submit a onetime return for all Outstanding receipt of Money or Loan by a Company but which is not considered as deposits as per Rules 2 of Companies (Acceptance of Deposits) Rules, 2014.Outstanding here means all receipt of money or loan which is outstanding from 1st April 2014 till 22nd Jan 2019.  In other words, if the company has repaid all loan or money (which is not considered as deposit) as on 22nd Jan, 2019, it shall not require to file this one time return.
2. “Annual” Reporting – Every Company shall, by this amended rules, also file an annual return for all outstanding receipt of Money or Loan by a Company as on the 31st day of March of that year duly Audited by Auditor of the Company.

FAQs

1. Which category of loans are required to be reported?

   As per notification, all amount of money which company has received and remain outstanding, are required to be reported. The information can be categorized as

   • All outstanding receipts
   • Unsecured Loans
   • Secured Loans

   But the details mentioned above shall not include any amount considered as deposits.

2. What is the Due date for “one time return” – within 90 days from 22nd Jan 2019 i.e. 22nd April, 2019
3. What is the Due date for “Annual Reporting” - on or before 30th day of June of Every Year
4. Penalties and Consequences in case of non-compliance
   • For Not Filing Return in form DPT-3- within the given due dates shall attract a penalty of Rs 5,000 and Rs 5,000 per day in case of a continuing default, on the company and its officers in default.
   • Further, if the Company does not file DPT-3 and still accepts deposits then it shall repay the amount of deposits together with the due interests and also be chargeable with fine of Rs 1 Cr or twice the amount of deposits (whichever is lower) but the same may extend to Rs 10 Cr.
   • Every officer who is in default shall be chargeable with fine of Rs. 25,000 to Rs 2 Cr and imprisonment upto 7 years.

Example:

ABC Pvt Ltd taken the loan from its director/director’relative/shareholder of Rs. 10 lakh on 1st April 2015 and the same is outstanding as on 22nd January, 2019, then ABC Pvt Ltd has to file form DPT-3 mentioning such details of loan on or before 22nd April, 2019.