Holidays fall in mid of two availed leaves will be considered leave and leave will be deducted from the leave credit of the employee. It is as per sandwich leave policy followed by Companies. Sandwich leave policy means your leave shall be deducted for even weekly off days or holidays when in case you are applying for leaves on previous day to it and post that day.
In the absence of sick leave into credit available leave in the credit will be adjusted.
With regard to your company Policy which is having CL only - If your employer is covered under Shops and Establishment Act they are bound to follow leaves as stipulated by Maharashtra Shops and Establishment Act.
3rd July 2019 From India, Madras