Section 105Central Act
Section 105: Wrongfully obtaining or withholding property.
If any director, managing director, manager or other officer or employee of an insurer wrongfully obtains possession of any property or wrongfully applies to any purpose of the Act, he shall be liable to a penalty 1[not exceeding one crore rupees].
1. Subs. by Act 5 of 2015, s. 89, for "not exceeding two lakh rupees for each such failure" (w.e.f. 26-12-2014).
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Sec 105A — Offences by companies.
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