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RECOGNITION OF VALUATION PROFESSIONAL ORGANIZATIONS UNDER DRAFT COMPANIES (REGISTERED VALUERS AND VALUATION) RULES 2017

Corporate Laws / Banking / SEBI - By: - Mr. M. GOVINDARAJAN - Dated:- 8-6-2017 - Introduction Rule 2(1)(e) of the Companies (Registered Valuers and Valuation) Rules, 2017 ( Rule for short) defines the expression valuation professional organization as a valuation professional organization recognized under Rule 13(5). The following rules dealt with recognition of valuation professional organization ( VPO for short)- Rule 12 - Eligibility for valuation professional organizations; Rule 13 - Applicat .....

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up under an Act of Parliament; or registered under section 25 of Companies Act, 1956 or section 8 of Companies Act, 2013; or registered as a society under the Societies Registration Act, 1860 or any relevant State law, or; set up as a trust governed by the Indian Trust Act, 1882. An organization established after the appointed date i.e., 01.04.20q7 shall be recognized only if it is registered under section 8 of the Companies Act, 2013 and has bye laws and governance structure as specified in Sc .....

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the control of person(s) resident outside India; not more than 49% of its share capital is held, directly or indirectly, by persons resident outside India; and it is not a subsidiary of a body corporate through more than one layer (in relation to a body corporate means its subsidiary); itself, its promoters, its directors and persons holding more than 10% of its share capital are fit and proper persons. VPO to have bye-laws The VPO shall submit to the Registration Authority its bye-laws along w .....

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number of the votes, if any, cast against the resolution, by the directors. A resolution passed shall be filed with the Registration Authority within 7 days from the date of its passing, for its approval. The amendments to the bye-laws shall come into effect on the 7th day of the receipt of the approval unless otherwise specified by the Registration Authority. The VPO shall file a printed copy of the amended bye-laws with the Registration Authority within 15 days from the date when such amendmen .....

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5% of the directors shall be the valuation professionals; (not more than 25% shall be rounded down to the next lower number) More than half of the directors shall be independent directors at the time of their appointment, and at all times during their tenure as directors; No meeting of the Governing Board shall be held without the presence of at least one independent director; An independent director shall be an individual- who has expertise in the field of finance, law, management or valuation; .....

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to valuation of specific class of assets for which it is recognized as a VPO before granting membership or certificate of practice to them; to grant membership or certificate of practice, to individuals or partnership entities, who fulfill the requirements laid down by it in this regard, in respect of valuation of class of assets for which it is recognized as a VPO; to conduct training for the individual members before a certificate of practice is issued to them; to lay down a code of conduct f .....

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ocedure involved for an organization to get recognition as a VPO- An applicant organization which meets the conditions specified may make an application for recognition as a VPO for specific class or classes of assets to the Registration Authority in Form D of the Schedule II.The Form D contains an application and five parts as detailed below- Name and address of the applicant and the classes of assets for which recognition is required,is to be furnished; Copies of the articles of association, m .....

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tructure; Part III requires to provide the details of- Number of members who practice valuation already registered with the applicant; Specific discipline; Other criteria/qualifications for and manner of registration with the applicant; Details of any examination conducted for recognition of members with the applicant; Details of the requirements of continuous education of the applicant s members; Part IV requires to state if the Code of Conduct of the applicant is in compliance with the Rules a .....

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ll examine the application and give an opportunity to the applicant to remove the deficiencies, if any, in the application; The Registration Authority may require the applicant to submit, within reasonable time, additional documents or clarifications that it deems fit; The Registration Authority may require the applicant to appear, within reasonable time, before the Authority through the Authorized representative for explanation or clarifications required for processing the application; If the R .....

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