UNLISTED COMPANY
This query is : Resolved
13 December 2019
Are Chartered accountants are eligible for unlisted company in case of income tax ACT.
CA R SEETHARAMAN
(Expert)
14 December 2019
Query not clear.....
14 December 2019
Hi,
I want to know that valuations of shares of unlisted co.'s are done by CA earlier
Now, there is any restrictions in this regard, if yes why ?
Please let me know if anyone know about this.
I want to know that valuations of shares of unlisted co.'s are done by CA earlier
Now, there is any restrictions in this regard, if yes why ?
Please let me know if anyone know about this.
CA R SEETHARAMAN
(Expert)
15 December 2019
Section 247 of the Companies Act provides that "where a valuation is required to be made in respect of any property, stocks, shares, debentures, securities or goodwill or any other asset or net worth of a company or its liabilities under the provisions of this Act, it shall be valued by a person having such qualifications and experience and registered as a valuer in such manner and on such terms and conditions as maybe prescribed and appointed by the audit committee or in its absence by the Board of Directors of that company".
Accordingly, the Ministry of Corporate Affairs introduced the Companies (Registered Valuers and Valuation) Rules, 2017 ("Rules"). The Rules inter alia provided for the eligibility criteria which needs to be fulfilled for obtaining a certification for being a registered valuer and the manner in which the certification maybe obtained.
The Rules also provide that the Insolvency and Bankruptcy Board of India ("IBBI") established under the Insolvency and Bankruptcy Code, 2016 be the "registering authority" which will hold examinations and grant certifications of the designation of a "registered valuer".
Accordingly, the Ministry of Corporate Affairs introduced the Companies (Registered Valuers and Valuation) Rules, 2017 ("Rules"). The Rules inter alia provided for the eligibility criteria which needs to be fulfilled for obtaining a certification for being a registered valuer and the manner in which the certification maybe obtained.
The Rules also provide that the Insolvency and Bankruptcy Board of India ("IBBI") established under the Insolvency and Bankruptcy Code, 2016 be the "registering authority" which will hold examinations and grant certifications of the designation of a "registered valuer".
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