Ministry of Corporate Affairs

22.11.2022

Company

Companies (Registered Valuers and Valuation) Amendment Rules, 2022

MANU/DCAF/0103/2022

In exercise of the powers conferred by section 247 read with sections 458, 459 and 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Registered Valuers and Valuation) Rules, 2017, namely:-

1. Short title and commencement.--

(1) These rules may be called the Companies (Registered Valuers and Valuation) Amendment Rules, 2022.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Registered Valuers and Valuation) Rules, 2017 (hereafter referred to as the said rules), in rule 3, in sub-rule (2),-

(i) in clause (c), for the word "ineligible", the word "eligible" shall be substituted;

(ii) after clause (E), the following clause shall be inserted, namely:-

"(f) it is not a member of a registered valuers organisation:

Provided that it shall not be a member of more than one such registered valuers organisation at a given point of time:

Provided further that the partnership entity or company, already registered as valuers, on the date of commencement of the Companies (Registered Valuers and Valuation) Amendment Rules, 2022, shall comply within six months of such commencement with the conditions specified under this clause.".

3. In the said rules, after rule 7, the following rule shall be inserted, namely:-

"7A. Intimation of changes in personal details etc., by registered valuer to authority.-

A 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.".

4. In the said rules, in rule 8, in the proviso, in clause (a), for the word, "standards;", the words, "standards; or" shall be substituted.

5. In the said rules, after rule 14, the following rule shall be inserted, 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.".

6. In the said rules, in Annexure-III, in Part II, in serial number XI, relating to SURRENDER OF MEMBERSHIP AND EXPULSION FROM MEMBERSHIP, in clause 26, in sub-clause (1), in item (b), the following Explanation shall be inserted, namely:-

"Explanation.-For the removal of doubts, it is hereby 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.".

7. In the said rules, in Annexure IV, the existing Note shall be numbered as Note 1 thereof, and after the Note 1, as so numbered, the following Note shall be inserted, namely-

"Note 2: In 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.".

Tags : Registered Valuers Valuation Amendment Rules

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