Acceptance of deposit section 73 of ca,2013

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Kina (Querist)
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24 July 2015 Hello Friends,
GREETINGS!

Please solve this query:

what procedure and forms are required to be filed if any,in case of private company accept deposit after issue of notification dated 5th June, 2015 by MCA (Exemption to private company) under section 73 of companies Act, 2013

Kina

Kina (Querist)
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04 August 2015 please reply its urgent..

Asha Kanta Sharma

Asha Kanta Sharma (Expert)
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14 July 2024 When a private company accepts deposits after the issuance of the notification dated 5th June, 2015, by the Ministry of Corporate Affairs (MCA), which provides exemptions under Section 73 of the Companies Act, 2013, certain procedures and forms need to be followed to ensure compliance. Here’s a step-by-step guide on what needs to be done:

### Procedure for Private Companies Accepting Deposits:

1. **Check Eligibility for Exemption**:
- Ensure that your private company falls under the exemption categories specified in the notification dated 5th June, 2015. Typically, exemptions are available to certain categories of private companies based on their activities, size, and compliance history.

2. **Resolution**:
- Pass a Board Resolution authorizing the acceptance of deposits, specifying the purpose, terms, and conditions under which the deposits will be accepted.

3. **File Form DPT-3**:
- Private companies accepting deposits are required to file Form DPT-3 with the Registrar of Companies (RoC) for reporting details of deposits accepted and/or repaid during the financial year.
- Form DPT-3 needs to be filed annually by 30th June of the following financial year. This form provides information on deposits accepted, deposits remaining unpaid or unclaimed, and details of the depositors.

4. **Deposit Insurance** (if applicable):
- If the deposits accepted by the private company are covered under a deposit insurance scheme as required by law, ensure compliance with the relevant insurance provisions.

5. **Compliance with Conditions**:
- Ensure compliance with any specific conditions or limitations imposed by the exemption notification or any subsequent amendments issued by MCA regarding deposit acceptance.

### Forms and Documents Required:

- **Form DPT-3**: This is the primary form required to be filed annually with the RoC.
- **Board Resolution**: Authorizing the acceptance of deposits.
- **Deposit Insurance Documents**: If applicable, documents related to deposit insurance coverage.
- **Auditor’s Certificate**: In some cases, an auditor’s certificate may be required confirming compliance with the exemption conditions.

### Additional Considerations:

- **Annual Compliance**: Ensure timely filing of Form DPT-3 every year by the due date to avoid penalties or non-compliance issues.
- **Disclosures**: Ensure proper disclosure of deposit-related information in the financial statements and annual returns of the company.

### Conclusion:

By following the above procedures and filing Form DPT-3 along with necessary documents, a private company can comply with the requirements for accepting deposits under the exemption provided by the MCA notification dated 5th June, 2015. It’s advisable to regularly monitor any updates or amendments to regulatory requirements related to deposit acceptance to maintain compliance with the Companies Act, 2013.

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