The Ministry of Corporate Affairs (MCA) has notified the amendment to the Companies (Registered Valuers and Valuation) Rules, 2017.
The Resolution Professional appoints a Registered Valuer within a week of his appointment). Valuation of assets intended to be sold (the registered valuer calculates the realizable value of Asset or Property). Initiation of liquidation (a Valuation report of Asset or Property, if there any.
A valuer shall be identified as a person who is registered with a registered value organisation as per sub-rule (5) of rule 13. The registration for a Registered Value Organisation shall be established as per the Insolvency and Bankruptcy Code 2016.
A new rule 7A provided for the intimation of changes in personal details etc., by registered valuer to authority provided thata registered valuer shall intimate the authority for change in the personal details, or any modification in the composition of partners or directors, or any modification in any clause of the partnership agreement or Memorandum of Association, which may affect registration of registered valuer, after paying fee as per the Table -I in Annexure V.
The Notification added a rule after rule 14, namely, “14A. Intimation of changes in composition of governing board, etc. by the registered valuers organisations to the authority.- A registered valuers organisation shall intimate the authority for change in composition of its governing board, or its committees or appellate panel, or other details, after payment of fee as per the Table II in Annexure V.”.
The MCA further clarified that a member functioning as a whole time director in the company registered as valuer shall not be treated as taking up employment for the purpose of this provision.
It further stated thatin case of asset classes namely, the ‘plant and machinery‘ and ‘land and building’, the corresponding relevant nomenclature for the branches of the engineering and technology of graduate and post graduate courses referred to in the notification number F. No. 27/RIFD/Pay/01/2017-18, dated the 28th April, 2017, issued by the All India Council for Technical Education, shall also be considered.
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