Please check section 31(17) of the Non-Life Insurance Act. It states :
No Company shall :
(17) sell or give any immovable property or movable property, with an aggregate value exceeding the amount prescribed by the Registrar, to any of its directors , or……..,except with the consent of the board of directors and the approval of the Registrar
Please check what is the amount prescribed by the Registrar. And also check “Property” mentioned in the above section also include cars?