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of <h1>Circular Clarifies Mortgage-Backed Loan Treatment as Deposits Under Companies (Acceptance of Deposits) Rules, 1975; Section 58A(3)(a) Applies.</h1> The circular addresses the treatment of loans secured by mortgages that were previously excluded from the definition of 'deposits' under the Non-banking Non-financial Companies (Reserve Bank) Directions, 1966, but are now included under the Companies (Acceptance of Deposits) Rules, 1975. It clarifies that such amounts were considered 'deposits' under the Directions and could be accepted beyond specified limits. Consequently, their repayment is subject to section 58A(3)(a) of the Companies Act, aligning with the provisions governing deposit acceptance and repayment.
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