The Ministry of Corporate Affairs (MCA) has issued a notification for amending the Companies (Registered Valuers and Valuation) Rules, 2017. These rules may be called as the Companies (Registered Valuers and Valuation) Amendment Rules, 2018.
Amendment in Rule 11 (Transitional Arrangement) as under:
Any person, who may be rendering valuation services under the Act, on the date of commencement of these rules, may continue to render valuation services without a certificate of registration under these rules up to 30th September, 2018.
Provided that if a company has appointed any valuer before such date and the valuation or any part of it has not been completed before 30th September, 2018, the valuer shall complete such valuation or such part within three months thereafter.
Explanation – It is hereby clarified that conduct of valuation by any person under any law other than the Act, or these rules shall not be effected by virtue of coming into effect of these rules unless the relevant other laws or other regulatory bodies require valuation by such person in accordance with these rules in which case these rules shall apply for such valuation also from the date specified under the laws or by the regulatory bodies.
The date has been substituted from March 31, 2018 to September 30, 2018.
[F. No. 1/27/2013-CL-V (Part)]