Mr. VG is a practicing member of ICSI and he has also passed PMQ course exam on Valuation conducted by ICSI in the year 2022. Recently VG was appointed as valuer by RJ Electronics Ltd. for valuation of assets/liabilities

Section 247 of the Companies Act, 2013 and the Companies (Registered Valuers and Valuation) Rules, 2017 Valuation Rules) inter alia provides for (a) registration of valuers, who may be individuals or partnership firms or Companies, with the Central Government for conduct of valuation of different classes of assets under the Companies Act, 2013; The Central Government delegated its powers and functions under section 247 of the Act to the Insolvency and Bankruptcy Board of India (IBBI) and specified it as the Authority under the said Rules. Only a person registered with the Authority as Registered Valuers can conduct valuations required under the Companies Act, 2013 and the Insolvency & Bankruptcy Code. Subject to meeting other requirements, an individual is eligible to be a Registered Valuer, if he: (a) is a fit and proper person, (b) has the necessary qualification and experience, (c) is a valuer member of a Registered Valuers Organization (RVO), (d) has completed a recognised educational course as member of an RVO, (e) has passed the valuation examination conducted by the Authority within three years preceding the date of making the application for registration, and (f) is recommended by the RVO for registration as a valuer. The individual is required to have either a post-graduate qualification in the specified discipline and three years' experience, or a bachelor's degree in the specified discipline and five years' experience. Mr. VG is neither qualified, as he has no required experience [ Passed in 2022 shows that 3-year experience is not possessed by Mr. VG], nor he is registered with IBBI. Objection of directors is justified/ tenable.