Allocate shares to promotor in exchange of Patent IP

In a newly formed (unlisted) limited company, the promotor of the company is holding a patent and prototype that he needs to transfer to the company in exchange of equity shares. The patent and the prototype are being the major future assets of the company the promoter needs to get the correct value (say few crores).

1. What is the procedure to allocate shares and to transfer patent?

2. Is it necessory to certifify the value? If yes, Who should certify the value? Is it a CA? what data is needed for that person to estimate the value.

3. Who should approve it? (directors or share holders? and/or MCA?)

4. Is there any income tax involved?

5. What if the value estimated is less then the value expected by the promotor, is it possible to allocate higher value of equity shares then the estimated value of patent?

Thanks