The penalties and consequences can be categorized under two heads
Not filing of DPT-3
Not filing DPT 3 within the given due dates shall attract a penalty of Rs 5,000 and Rs 5,000 per day in case of a continuing default, on the company and its officers in default.
Accepting Deposits
If the company is non-compliant with the provisions of the law i.e does not file DPT-3 and still accepts deposits then it shall
Repay the amount of deposits together with the due interests and also be chargeable with fine of Rs 1 Cr or twice the amount of deposits (whichever is lower) but the same may extend to Rs 10 Cr.
Every officer who is in default shall be chargeable with fine of Rs 25,000 to Rs 2 Cr and imprisonment upto 7 years.
For willful defaults, punishment as per Section 447 of the companies act 2013 shall be levied.
No remeday is availble except :
The penalties and consequences can be categorized under two heads
Not filing of DPT-3
Not filing DPT 3 within the given due dates shall attract a penalty of Rs 5,000 and Rs 5,000 per day in case of a continuing default, on the company and its officers in default.
Accepting Deposits
If the company is non-compliant with the provisions of the law i.e does not file DPT-3 and still accepts deposits then it shall
Repay the amount of deposits together with the due interests and also be chargeable with fine of Rs 1 Cr or twice the amount of deposits (whichever is lower) but the same may extend to Rs 10 Cr.
Every officer who is in default shall be chargeable with fine of Rs 25,000 to Rs 2 Cr and imprisonment upto 7 years.
For willful defaults, punishment as per Section 447 of the companies act 2013 shall be levied.