https://www.taxtmi.com/circulars?id=10958 Where public deposits were validly accepted when within the statutory ceiling, they must be repaid according to their contractual maturity dates even if later losses reduce the ceiling so that total deposits exceed limits; subsequent exceedance due to reduced paid up capital and reserves does not amount to contravention. A company may make part payments to depositors who consent where no contractual prohibition exists, but such payments do not automatically renew or change the contractual maturity of the outstanding balance unless mutually agreed. en-us Sat, 30 Jun 1979 00:00:00 +0530 Fri, 17 Jun 2011 18:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10958 Where public deposits were validly accepted when within the statutory ceiling, they must be repaid according to their contractual maturity dates even if later losses reduce the ceiling so that total deposits exceed limits; subsequent exceedance due to reduced paid up capital and reserves does not amount to contravention. A company may make part payments to depositors who consent where no contractual prohibition exists, but such payments do not automatically renew or change the contractual maturity of the outstanding balance unless mutually agreed. Circulars Companies Law Sat, 30 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10958