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MCA Issues Companies Registered Valuers And Valuation Amendment Rules 2022

The Ministry of Corporate Affairs has issued the Companies Registered Valuers and Valuation Amendment Rules 2022, an amendment to the Companies (Registered Valuers and Valuation) Rules, 2017.

The amendment requires partnership entities to be members of a registered valuer’s organization, though not more than one at a time, to be eligible as registered valuers. Entities have six months to comply with the requirement.

In addition, new rules, i.e., 7A and 14A, have been inserted that require registered valuers to intimate the Insolvency & Bankruptcy Board of India (IBBI) regarding changes in the governing board or its committee or appellate panel or in personal details, including any alteration in the composition of directors or partners or any amendment in any provision of the partnership agreement or Memorandum of Association (MoA), which may impact registered valuer registration, after the payment of the specified fee.

The amendment has also clarified that the requirement of a temporary surrender of membership in the event of taking employment shall not be applicable to members serving as full-time directors in a company registered as a valuer.

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Saurabh Bindal Joins as Dispute Resolution Partner in New Delhi

Fox Mandal & Associates is pleased to announce the appointment of Saurabh Bindal as Partner – Dispute Resolution. Saurabh will be steering the dispute resolution practice from the firm’s New Delhi office. A distinguished practitioner and an accomplished writer, Saurabh has authored books on intellectual property law, arbitration and privacy laws.

Saurabh has profound and notable experience spanning nearly a decade in representing clients in institutional and ad hoc arbitrations, National Company Law Appellate Tribunal, National Company Law Tribunals, National Consumer Dispute Redressal Forum, State Consumer Dispute Redressal Forum, District Consumer Dispute Redressal Forum, Debt Recovery Tribunal, Criminal Courts (Magistrate and Sessions), High Courts and Supreme Court of India.

Apart from rendering unmatched solutions to clients concerning various complexities of dispute resolution, Saurabh is an expert public speaker and an insightful writer who regularly authors pieces on contemporary issues of law in leading national dailies, national and international journals. 

On his joining, Saurabh said, “I am delighted to be a part of Fox Mandal & Associates and hope to be able to contribute my expertise in augmenting the firm’s reputation as a responsive and trusted advisor.”

“We are delighted to have a seasoned lawyer like Saurabh lead our dispute resolution practice in New Delhi and we are confident that his addition will help strengthen our capabilities further,” said Mr. Shourya Mandal, Co-Managing Partner, Fox Mandal & Associates. 

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Govt. increases Compensation for the Victims of Hit-and-Run Cases

As per the latest notification by the Ministry of Road Transport and Highways, the compensation to the kin of hit-and-run victims has been increased by eight-fold to Rs 2 Lakh in case of death, from the current cap of Rs 25,000. Additionally, the solatium to the individual sustaining grievous in a hit-and-run case has also been increased to Rs 50,000 from the current Rs.12,000.

As per the notification of the Ministry, issued on 25th February 2022, the scheme shall be called ‘Compensation to Victims of Hit and Run Motor Accidents Scheme’, 2022 and shall come into force with effect from April 1, 2022. 

The said notification establishes a ‘Standing Committee’ that shall look into the requests of such claims, consider the issues raised in the quarterly reports of the District Level Committee and provide guidance or directions, including on prevention of fraud in implementation of this scheme and extend advisory function to the government to make the implementation of the scheme efficient. Further, the District level Standing Committees under the Scheme shall be undertaking all functions connected with the implementation of this scheme at the District Level.

Under the scheme, the Ministry has also established a Detailed Accident Report (DAR) procedure for thorough investigations of the accidents, their reporting and timelines for various stakeholders to effectuate quick settlements of claims.

Through the scheme, the Ministry also envisages to set up a Motor Vehicles Accident Fund, which will be used for providing compensation in case of hit and run accidents and treatment for accident victims.

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Firm of the Year 2021 – In House Community

Fox Mandal has been ranked as one of the ‘Most Responsive Domestic Law Firm’ in the Law Firm of the Year 2021 ranking by InHouse Community. Only three other top law firms in India have received the accolade. The firm has also been recognized as the winner of the Law Firm of the Year 2021 for ‘Compliance/ Regulatory’ practice. In addition, the firm has recieved an honourable mention for its services in ‘Litigation and Dispute Resolution’ Category.

Organization: InHouse Community