Valuation by REGISTERED VALUERS under Section 247 of The Companies Act, 2013

(1)  Where a valuation is required to be made in respect of any property, stocks,
shares, debentures, securities or goodwill or any other assets (herein referred to as the
assets) or net worth of a company or its liabilities under the provision of this Act, it shall be valued by a person having such Qualifications and Experience and Registered as a Valuer in such manner, on such terms and conditions as may be prescribed and Appointed by the Audit Committee or in its absence by the Board of Directors of that company.

(2) The valuer appointed under Sub-Section (1) shall,—
              (a) Make an impartial, True and Fair Valuation of any assets which may be                                  required to be valued;
              (b) Exercise due Diligence while performing the functions as Valuer;
              (c) Make the valuation in accordance with such rules as may be prescribed; and
              (d) Not undertake valuation of any assets in which he has a direct or indirect
                   interest or becomes so interested at any time during or after the valuation of                      assets.

(3) If a Valuer Contravenes the Provisions of this section or the rules made there under,
the Valuer shall be Punishable with fine which shall not be less than Twenty-Five Thousand Rupees but which may extend to One Lakh Rupees:
Provided that if the Valuer has Contravened such Provisions with the Intention to
Defraud the Company or its Members, he shall be Punishable with Imprisonment for a term which may extend to One year and with Fine which shall not be less than One Lakh Rupees but which may extend to Five Lakh Rupees.

(4) Where a valuer has been Convicted under Sub-Section (3), he shall be liable to—
        (i) Refund the Remuneration received by him to the company; and
        (ii) Pay for Damages to the company or to any other person for loss arising out
            of incorrect or misleading statements of particulars made in his report.

Advertisements

2 thoughts on “Valuation by REGISTERED VALUERS under Section 247 of The Companies Act, 2013

  1. […] Valuation by REGISTERED VALUERS under Section 247 of The Companies Act, 2013 […]

  2. bajirao bhamare August 9, 2014 at 2:27 pm Reply

    where to apply for registration as a valuer under company act 2013?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: