Objectives & Agenda :
The concept of registered valuer is introduced in Companies Act, 2013 (the Act) to regulate the practice of valuation and to standardise the practice of valuation for greater transparency and better governance. The provisions of registered valuer are enshrined under Chapter XVII of the Act read with Rules made there under. The webinar inter alia covers the circumstances in which valuation is required under the Act, eligibility, qualification and experience, examination requirements and functions of registered valuer, conditions for grant of registration and other compliance aspects.
Aisha Siraj
if registered valuer is appointed in audit committee then approval of board is required?
dvs_admin
Query: If registered valuer is appointed in audit committee then approval of board is required?
Response: As per Section 247 (1) of the Companies Act, 2013
“Where a valuation is required to be made in respect of any property…………………………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”.
Pursuant to the aforesaid provisions, the appointment has to be made by the Audit Committee or in its absence, by the Board of the Company.