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Tribune News Service
New Delhi, October 20
The Ministry of Corporate Affairs has notified the commencement of Section 247 of the Companies Act, 2013, (valuation by registered valuers) with effect from October 18.
The Companies (Registered Valuers and Valuation) Rules, 2017 (Rules), which have been finalised after public consultation and deliberations with stakeholders have also been issued simultaneously.
The Rules provide for the registration of valuers under the Companies Act, 2013. The valuers--- individuals or partnership entities or companies--- would be required to be registered with the authority specified by the Centre. The role and powers of the authority with regard to registration and recognition and ancillary matters have been provided in the Rules. The registered valuers are also required to be members of the Registered Valuers Organisations, recognised by the authority under the Rules.
It is proposed to specify the Insolvency and Bankruptcy Board of India as the authority under the Rules. The relevant notification under Section 458 of the Act is being issued separately.
The Rules also lay down the mechanism to prescribe valuation standards and syllabus for conduct of valuation education courses as well as specify the requirements with regard to the contents of the valuation report.
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