Dear Shyam,
Employee indebtedness is an old issue. Nothing new about it. Nevertheless, it is an employee's personal issue as well. If the police personnel or recovery agents come to the company premises, then it is a one-off case. Has it become a routine affair in your company meriting an issue of circular?
Secondly, if the police personnel visit the company, then why they were told to wait at the security area? The employee could have been told to leave work and go to the security office. If the recovery agents visit the workplace, then they can be very well told that this is a personal matter of the employee and it can be handled after the duty hours and that too out of company premises.
Many persons take loans and maintain the timeliness of the payment. A levelheaded person knows the consequences of non-payment of the dues from the bank or any other lending institution. If you issue a circular, then it will place the defaulters and regular payers on an equal footing. Is it justifiable?
Thanks,
Dinesh Divekar