REGISTERED VALUERS - Proposed Amendments in the Companies Act, 2013

17.1 Many of the suggestions on Chapter XVII (which contains only 1 Section viz. Section 247) related to the commencement of the Chapter/Section along with the relevant Rules. The Committee felt that the provisions have far reaching ramifications and the Government may decide on the framework after taking into account views of all stakeholders.

17.2 Attention of the Committee was also drawn to Section 247 (2) (d) of the Act, which provides that the valuer shall 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. The Committee agreed that it was not fair to presume that the valuer would be interested for an indefinite period after the completion of the valuation of the assets. The Committee deliberated on the matter and felt that a valuer ought to be disqualified for valuing any asset, if he had any interest in such an asset, at any time during three years prior to his appointment, and three years after his cessation as a valuer.