RV cannot be member in more than 1 RVO; MCA Amends Registered Valuers & Valuation Rules 2017

The Ministry of Corporate Affairs(MCA) has amended Companies (Registered Valuers and Valuation) Rules, 2017 via issuing Notification.

The Notification Stated, “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.”

The New Rule may be called the Companies (Registered Valuers and Valuation) Amendment Rules, 2022 and come into force on the date of their publication in the Official Gazette.

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.”.

A new rule 7A provided for the 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.

The Notification added another rule after rule 14, 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 m 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.”.

MCA further 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.

Its further stated that 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.

For Official Notification Download PDF Given Below: