CHAPTER XVIIREGISTERED VALUERSValuation by registered valuers.247. (1) Where a valuation is required to be made in respect of any property, stocks, shares, debentures, securities or goodwill or any other assets (herein referred to as the assets) or net worth of a company or its liabilities under the provision of this Act, it shall be valued by [a person having such qualifications and experience, registered as a valuer and being a member of an organisation recognised, in such manner, on such terms and conditions as may be prescribed] and appointed by the audit committee or in its absence by the Board of Directors of that company.(2) The valuer appointed under sub-section (1) shall,-
(a)
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make an impartial, true and fair valuation of any assets which may be required to be valued;
(b)
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exercise due diligence while performing the functions as valuer;
(c)
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make the valuation in accordance with such rules as may be prescribed; and
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