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Acceptance of deposits by private companies

I. Preliminary Assessment

Confirm that the company qualifies as a private limited company under the Companies Act, 2013.

Verify that the company is not under any investigation or default in repayment of deposits.

II. Types of Deposits

Identify whether the deposits are being accepted from members only or from the public.

Ensure that the company is not accepting deposits from more than 200 members.

III. Board Approval

Obtain a Board Resolution approving the acceptance of deposits, specifying the maximum amount to be accepted.

Ensure that any deposit accepted does not exceed the limits set forth in the Act (10% of aggregate paid-up capital and free reserves).

IV. Deposit Acceptance Terms

Prepare a Deposit Acceptance Policy detailing

The maximum limit of deposits to be accepted.

Interest rates offered (ensuring they are reasonable and competitive).

Tenure of deposits (not exceeding 36 months).

Repayment terms.

V. Documentation Preparation

Draft a Deposit Application Form that clearly outlines

Interest rate, tenure, and repayment conditions.

Security offered (if any).

Prepare a Deposit Trust Deed for secured deposits, if applicable.

VI. Filing with Registrar of Companies (ROC)

File Form DPT-1 for the acceptance of deposits, including

Details of the company.

Terms of the deposits.

The aggregate amount of deposits to be accepted.

Ensure compliance with the requirement to file Form DPT-2 if applicable.

VII. KYC and Verification

Collect and verify KYC documents for each depositor as per regulatory requirements.

Maintain proper records of KYC documentation for compliance purposes.

VIII. Communication with Depositors

Send communication to depositors detailing

The terms of deposits.

Any changes in interest rates or terms, if applicable.

Establish a dedicated channel for depositor queries and concerns.

IX. Interest Payment Schedule

Set up an automated system for timely interest payments as per agreed schedules.

Prepare notifications for depositors regarding upcoming interest payments and maturity.

X. Compliance and Monitoring

Regularly review compliance with Sections 73 and 76 of the Companies Act, 2013.

Conduct internal audits to ensure that deposit acceptance procedures are adhered to.

XI. Record Keeping

Maintain a Register of Deposits as mandated under Section 73(2).

Ensure accurate record-keeping of all deposits, including details of depositors, amounts, and repayment schedules.

XII. Reporting Requirements

Prepare and include details of deposits in the Board Report as part of the annual financial statements.

File the annual return (Form MGT-7) with details of the deposits accepted.

XIII. Contingency Measures

Establish a plan to address defaults or delays in repayment, including communication strategies for depositors.

Review legal options for dealing with non-compliance or disputes related to deposits.

This checklist is designed specifically for private companies, ensuring adherence to the Companies Act, 2013, while focusing on the unique requirements and limitations applicable to private entities.

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