Companies (Registered Valuers and Valuation) Amendment Rules, 2022

Nov 22, 2022 | by TeamLease RegTech Legal Research Team

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Secretarial ComplianceThe Ministry of Corporate Affairs (MCA) on November 21, 2022, issued the Companies (Registered Valuers and Valuation) Amendment Rules, 2022 to further amend the Companies (Registered Valuers and Valuation) Rules, 2017. 

The following amendments have been stated:

• In rule 3, in sub-rule (2), in clause (c), for the word "ineligible", the word "eligible" has been substituted. 

• In rule 3, in sub-rule (2), after clause (e), clause (f) has been 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 in 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.".

• After rule 7, the rule 7A has been inserted, namely:-

"7A. Intimation of changes in personal details etc., by the registered valuer to authority. A registered valuer shall intimate the authority for a change in the personal details, 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 the registration of the registered valuer, after paying a fee as per the Table -I in Annexure V.".

• In rule 8, in the proviso, in clause (a), for the word, "standards;", the words, "standards; or" have been substituted.

• After rule 14, the rule 14A has been inserted, namely:-

"14A. Intimation of changes in the composition of governing board, etc. by the registered valuers organisations to the authority. A registered valuers organisation shall intimate the authority for a change in the composition of its governing board, or its committees or appellate panel, or other details, after payment of fee as per Table II in Annexure V.".

• 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 has been 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.".

• In Annexure IV, the existing Note shall be numbered as Note 1 thereof, and after the Note 1, as so numbered, Note 2 has been inserted, namely: -

"Note 2: In the 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 April 28, 2017, issued by the All India Council for Technical Education, shall also be considered.".

• After Annexure-IV, the "ANNEXURE-V specifies Table 1 - Fees to be paid to the authority for a change in details of a registered valuer and Table 2 - Fees to be paid to the authority for a change in details of a registered valuers organization (RVO), has been inserted. 

The rules will come into force on November 21, 2022. 

[File No. 1/27/2013-CL-V(Part)]


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