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of <h1>Circular Clarifies Part Payments on Deposits and Compliance with Companies (Acceptance of Deposits) Rules, 1975.</h1> The circular addresses the issue of whether a company can make part payments on deposits to satisfy depositors and reduce its deposit levels within legal limits, especially when losses have caused its deposits to exceed permissible limits. It clarifies that if deposits were initially accepted within legal limits, they should be repaid upon maturity. Even if subsequent losses cause the deposits to exceed the reduced limit, this does not violate the Companies (Acceptance of Deposits) Rules, 1975. The circular also questions whether retaining a balance after part payments implies a renewal of the deposit balance.
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