What is Valuation by registered valuers? Section 247 of Indian Companies Act 2013

Valuation by registered valuers is defined under Section 247 of Indian Companies Act 2013. Provisions under this Section is:

Section 247 of Indian Companies Act 2013 "Valuation by registered valuers"

 
(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.

Punishment for violation of Section 247 of Companies Act 2013 regarding valuation by valuer

(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.

What is Application to Tribunal for relief in cases of oppression, etc? Section 241 of Indian Companies Act 2013

What is Power of Company Law Tribunal? Section 242 of Indian Companies Act 2013? Section 241 of Indian Companies Act 2013

What is Consequence of termination or modification of certain agreements? What is Right to apply under section 241? Section 243 and 244 of Indian Companies Act 2013

What is class action? What is application of certain provisions to proceedings under section 241 or section 245? Section 245 and 246 of Indian Companies Act 2013

What is Valuation by registered valuers? Section 247 of Indian Companies Act 2013

What is Power of Registrar to remove name of company from register of companies? Section 248 of Indian Companies Act 2013

What is Restrictions on making application under section 248 in certain situations? What is Effect of company notified as dissolved? Section 249 and 250 of Indian Companies Act 2013

What is Fraudulent application for removal of name? What is Appeal to Tribunal? Section 251 and 252 of Indian Companies Act 2013

What is determination of sickness? What is application for revival and rehabilitation? Section 253 and 254 of Indian Companies Act 2013

What is Exclusion of certain time in computing period of limitation? What is appointment of interim administrator? Section 255 and 256 of Indian Companies Act 2013

What is Committee of creditors? What is Order of Tribunal? Section 257 and 258 of Indian Companies Act 2013

What is appointment of administrator? What are the Powers and duties of company administrator? Section 259 and 260 of Indian Companies Act 2013

 

Home     About Us     Privacy Policy     Disclaimer    Contact Us  Sitemap