As per the notification issued by the department of Ministry of Corporate Affairs (MCA) on 21st November 2022, the Central Government has made some amendments in Companies (Registered Valuers and Valuation) Rules 2017.
Let us continue reading the article to know about the detailed amendment released by MCA.
The rules amended dated 21st November shall be called the Companies (Registered Valuers and Valuation) Amendment Rules 2022 which shall come into effect on the date of their publication in the Official Gazette.
The amendments being made in Companies (Registered Valuers and Valuation) Rules 2017 are as follows:-
In the Companies (Registered Valuers and Valuation) Rules 2017 ( hereafter referred to as the said rules), in rule 3, in sub rule (2)-
- in clause (c), for the word “ineligible”, the word “eligible” shall be substituted;
- after clause (e), the following clause shall be inserted, namely:-
(f) it is not a member of a registered valuers organization:
Provided that it shall not be a member of more than one such registered valuers organization 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.”.
- In the said rules, after rule 7, the following rule shall be inserted, namely:-
“7A. Intimation of changes in personal details etc., by the 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 the registration of registered valuer, after paying fee as per the Table -I in Annexure V.”.
- In the said rules, in rule 8, in the proviso, in clause (a), for the word, “standards;”, the words, “standards; or” shall be substituted.
- In the said rules, after rule 14, the following rule shall be inserted, namely:-
“l4A. Intimation of changes in the composition of governing board, etc. by the registered valuers organizations to the authority. A registered valuers organization shall intimate the authority for change in 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.”.
- In the said rules, in Annexure-Ill, 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 shall be 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 the said rules, in Annexure IV, the existing Note shall be numbered as Note 1 thereof, and after the Note 1, as so numbered, the following Note shall be inserted, namely:-
“Note 2: In case of asset classes namely, the ‘plant and machinery’ and hand 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.”.
- In the said rules, after Annexure-IV, the following Annexure shall be inserted, name1y:-
“ANNEXURE-V
(See rule 7A and l4A)
TABLE-I
(Fees to be paid to the authority for change in details of a registered valuer):
S1.No. | Particulars of Change | Fee (in rupees.)* | |
(1) | (2) | (3) | |
Individual
(i) | Entity
(ii) | ||
1. | Communication details like Name, Address, e- mail etc,. | 250/- | 500/- |
2. | Transfer of membership of Registered Valuers Organisation. | 500/- | 1,000/- |
3. | Change in composition of Board of Directors, or partners, in the company or partnership entity, as the case may be. | NIL | 2,000/- |
4. | Change in Memorandum of Association of company or partnership agreement of the partnership entity, as the case may be. | 250/- | 500/- |
5. | Any other details | 250/- | 500/- |
* plus Goods and Services Tax/other taxes as may be applicable.
TABLE-II
|Fees to be paid to the authority for change in details of a registered valuers organisation (RVO)l:
51
(1) | Particulars of change
(2) | Fee (in rupees)*
(3) |
1. | Composition of Governing Board of an RVO | 5,000/- |
2. | Chief Executive Officer/ Managing Director of an RVO | 2,000/- |
3. | Name of an RVO | 10,000/ — |
4. | Registered Office address of an RVO | 2,000/- |
- plus Goods and Services Tax/other taxes as may be “.
This was all all about the latest update presented by the Ministry of Corporate Affairs dated 22 November 2022. Stay connected with EAdvisors Blogs to stay alert with the MCA Updates as we upload all updates on daily basis. To avoid missing the updates, stay tuned!