SELECTED ANSWER
replied on April 17, 2014
Hey Naheed,
There really isn't a good way straight forward way to delete versions while keeping a set number of versions available. If you're worried about having too many versions available, one work around that I can think of is by using the Retrieve Version History activity in Workflow 9.1 You can then set up a condition to wait until 5 versions have been created for the document. At that point, workflow can create a copy of the document (with a clean version history) and keep the original somewhere else. It can still be accessed to view older versions. Once the new copy gets several versions updated, the workflow can go in and delete the original so that you will only have limited number of versions available for your users at any time.