Share Application Money (Pending Allotment) under deposits - DPT-4

[Sumeet Dahima]

Dear Friends

Please give your opinion in the following case : -

M/s 'X' a Pvt Ltd received the amount of Rs. 10 Lacs as share application money on  10.4.2012, But till 31.03.2014 allotment for the shares not made nor the money refunded. Now in this case the company has to file DPT-4 for not ?  Whether this amount will be considered as deposit and to be disclosed in DPT-4 ?

Thanks & Regards


Sumeet Dahima

[Ritu Jhunjhunwala]

It is deposit if allotment not made or amt not refunded within due time

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[Durga Bansal]

Dear,

As it has been clearly stated in the definition of Deposits itself that any amount received against allotment of shares as application money and the allotment of securities hasn't been made within a period of 6 months from the date of receiving the money nor the refund has been made within the stipulated time, such money shall be treated as Deposits.

So, in your case it will be treated as deposit.

[Muniraju CN]

I have a contrary view with this, deposit definition has been effective from 01.04.2014, so in your case, u need not have to file DPT - 4.

And as per the deposits rule, in case of share application money, if shares are not allotted within 2 months, then within 15  days it has to be refunded, if it is not refunded within 15 days it shall be treated as deposits.

DPT - 4 has to be filed for the deposits standing including interest due, if any as on the date of commencement of companies act 2013.

As per earlier act, pvt ltd companies cannot accept deposits, so no question of filing DPT - 4, in your case. Only u should file INV 5 within 90 days from the date of AGM, giving details of depositors.

Other members may correct me, if i am wrong.

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Muniraju  C N

Company Secretary in Practice

No. 41 (New No: 12/41), 10th New Main Road,

25th Main, Kalappa Block,

Srinagar, Bangalore - 560050

Mob: 9986669760

[Ratan Marwah]

Dear All

I am agree with Mr. Raju. Under sec 74(1) the term deposit which is used shall be adopted from the previous act not from the new act definition. the section is saying about the deposit of previous act hence we need to adopt the definition of previous act for this and we should adopt the definition of previous act. Although, In the previous act, there is no specific definition of deposit under previous. It is explained under section 58A of the previous act and exemption is given under deposit rules, 1975.

Warm Regards

Deshratan Marwah

CS. LL.B
9873 477 484

[Vivek Hegde]

Dear Friends,

I feel wherever the term deposit has been used in the act 2013, we need to refer to the new definition only.

[CS Ankit Misra]

Yes. Pls refer deposit rules 

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regards,

ANKIT MISRA

COMPANY SECRETARY

REGENCY HOSPITAL LTD.

KANPUR

8009968692

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[panda ji]

Dear All

Mr Marwah is absolutely correct. You can not mix the past with the present. As per sec 74 of Companies Act 2013 , "any deposit received before commencement of Companies Act 2013" those amount were not "deposit" under Companies Act 1956, can not be treated as deposit under Companies Act 2013 as deposit. Hence I think DPT-4 is not required to be filed for the amounts not treated as deposit under Companies Act 1956 except in case of share application money the act has not stated that share application money received before commencement or after commencement of Companies Act 2013. Hence share application money pending with the Company and completing 60 days of non allottment period attracts DPT-4 filing.

Views are welcome.

[panda ji]

[Ritu Jhunjhunwala]

rather i think we should file dpt 4 even if we have any confusion  relating to any particular item. extra compliance is better than non compliance . 

if you are not sure for some items which were not deposit under ca 19956 and now treated as deposit under new ca 2013, better to file dpt 4 for that so that we can save the client from penal provisions.

Regards,

Ritu Jhunjhunwala

R. Jhunjhunwala & Co.

Company Secretary

Email : rjhunjhun...@gmail.com

Cell No.: +919748710111

[JAIPRAKASH SINGH]

If you allot it , there seems to be no problem, if not as per new CA13, better file DPT 4

On Sun, Jun 29, 2014 at 9:10 PM, panda ji <lnpan...@gmail.com> wrote:

[Ritu Jhunjhunwala]

Yes

[MOHIT SALUJA]

Dear Sir/ Madam

                         Greetings of the Day.

My interpretation is different in this case. 

Section 74 says "Any Deposit received before the commencement of the Act". Here, the word is Deposit means Deposit as per Deposit Rules 2014. How can we interpret that the act which is talking about "Deposit" which prevails under CA 1956. 

Hence, The word DEPOSIT is a deposit which is as per Deposit Rules 2014 and which was received before the commencement of CA 2013 is required to be intimated to ROC and to be repaid within 1 year of commencement of this act.

Regards,
CS Mohit Saluja

Mohit Saluja & Associates
Company Secretaries,

2nd Floor, Malhotra Complex, 

Sehdev Market, Jalandhar City,

Punjab-144001
9914558709

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[JAIPRAKASH SINGH]

DEAR ALL

IT IS WISE TO TAKE RESTRICTIVE APPROACH AS THE PENALTY IS VERY HIGH FOR NON COMPLIANCE.