Companies Act, 2017

PART-XIII

LEGAL PROCEEDINGS, OFFENCES

From: 2023-11-01 - To: 0000-00-00 497. Penalty for wrongful withholding of property- (1) Any director, chief executive or other officer or employee or agent of a company who wrongfully obtains possession of any property of the company, or having any such property in his possession wrongfully withholds it or wilfully applies it to purposes other than those expressed or directed in the articles and authorised by this Act shall, on the complaint of the company or any creditor or contributory thereof or a memorandum placed on record by the registrar or an officer subordinate to him, be punishable with a fine not exceeding one million rupees and may be ordered by the Court, 1[or officer,…