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CA Intermediate · Corporate and Other Laws · Acceptance of Deposits by Companies

Himalaya Polymers Ltd, a public company that accepts deposits, wants to know its filing obligation for deposits. Under the Deposit Rules, which of the following is the correct position?

The company must file a return of deposits in Form DPT-3 with the Registrar on or before 30 June each year, giving information as on the preceding 31 March. The 30 April date is for the deposit repayment reserve account and is not the due date for this return.

  1. AIt must file a return of deposits in Form DPT-3 on or before 30 June each year, with information as on 31 MarchCorrect
  2. BIt must file Form DPT-3 on or before 30 April each year, with information as on 31 March
  3. CIt must file Form DPT-3 within 90 days of each deposit being accepted, with information as on that date
  4. DIt need not file any return, because the deposit repayment reserve certificate is enough

Explanation

A company accepting deposits must file a return of deposits in Form DPT-3 with the Registrar on or before 30 June every year, furnishing information as on the preceding 31 March. The 30 April date relates to the deposit repayment reserve account, not the return. Filing per deposit within 90 days is not the rule.

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