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Valuation of unquoted shares

In a closely held private limited company, a member wants to transfer his shares to other member(s).
1. The transaction from buyer point of view subject to section 56(2) (x) and cannot be purchased below Fair Market Value.
2. The transaction from seller point of view subject to section 50 (c) and cannot be sold below Fair Market Value.

1. Is it correct to calculate Fair Market Value of such shares as prescribed manner provided in Section 11UA (1) (C) (b)?
2. Who is competent to certify such valuation? Merchant banker, any Chartered Accountant or the Auditor of the company?
3. For valuation reference balance sheet should be last audited or tentative up to the date of valuation?

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