Connect with us +91 966 777 9615
Registered Valuer is one between the many new concepts introduced by the Companies Act, 2013, to provide for a proper mechanism for valuation of the various assets and liabilities associated to a company and to normalize the procedure thereof. The whole concept of registered valuer is governed by Companies Act, 2013 & The Companies (Registered Valuers & Valuation) Rules, 2017 for conducting valuation under Companies Act, 2013.
This will not only help in abolishing doubts relating to subjective valuation and window dressing but will also act as an assurance to the apprehensive stake holders and regulators regarding the authenticity of the valuation of the asset or liability under consideration. It also pitches open a new area of professional opportunity.
Areas where valuation is required
Where a valuation is requisite to be made in respect of:
It shall be valued by a person having such qualifications and experiences required. However, registered as a valuer and being a member of an organization recognized, in such a manner as may be prescribed along with such terms and conditions mentioned thereunder.
Registered valuer’s either appointed by the audit committee or in the absence of audit committee appointed by the board of directors of that company.
The valuer appointed shall,
Who can offer valuation services?
A person who is rendering valuation services under the Companies Act, 2013, may continue to do so without a certificate of registration up to 31st January 2019.
After with effect from 1st February 2019, for conducting valuations required under the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016, a person must be registered with IBBI as a registered valuer. The person wishing to be a valuer needs to pass this valuation examination.
Power of Central Government
Companies Act, 2013 states that the Central Government may by imposing order or when require to companies or any class of companies, to furnish such information or statistics with respect to their or its constitution or working, and within such time, as may be specified in the order.
Every such command shall be circulated in the Official Gazette and may be addressed to companies or to any class of companies, in such a manner, as the Central Government may think fit. The date of such publication shall be deemed to be the date on which requirement for information or statistic is made on such companies or class of companies, as the case may be.
For the tenacity of satisfying itself that any information or statistic furnished by a company or companies in undertaking of any order specified above is correct and complete, the Central Government may by order require such company or companies to produce such records or documents in its possession or allow inspection thereof by such officer or furnish such further information as that may consider necessary.
Failure to furnish information by the companies required by the CG
On Company:
The company shall be punishable with fine which maximum extend to twenty-five thousand rupees
Person-in-default:
If a valuer contravenes the provisions
The valuer who contravenes the provision shall be punishable with fine which shall not be less than twenty-five thousand rupees but maximum it may extend to one lakh rupees
If it may found that the valuer has intention to defraud the company or its members, 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 maximum it may extend to five lakh rupees.
Where a valuer is convicted, he shall be liable to
Here at AJSH, we provide services for statutory compliances, GST services, Income Tax matters, Company Incorporation, etc. If you have any query or wish to know more in this regard, kindly contact us.
