Rule 16 of Companies (Acceptance of Deposits) Rules, 2014 requires the return of deposit or particulars of transactions not considered as deposits or both.
Purpose: Rule 16 of Companies (Acceptance of Deposits) Rules, 2014 aims to regulate the acceptance of deposits by companies and ensure that such transactions comply with the provisions of the Companies Act, 2013.
Timeline: As per the rule, companies are required to file the return of deposits or particulars of transactions not considered as deposits or both with the Registrar of Companies within 30 days from the date of closure of the financial year.
Penalty: In case of non-compliance, the company and every officer of the company who is in default shall be punishable with a fine which may extend to Rs. 5,000 for every day during which the default continues.
Form: The return of deposits or particulars of transactions not considered as deposits or both shall be filed in Form DPT-3.
Reporting Authority: The return of deposits or particulars of transactions not considered as deposits or both shall be filed with the Registrar of Companies.
