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.