Write short notes on the following: Valuation by Registered Valuer

Valuation by Registered Valuer Section 247 of the Companies Act 2013 provides for Valuation by Registered Valuer. It deals with the mechanism for valuation by the Registered Valuer. Any property, stocks, shares, debentures, securities, goodwill or any other asset or net worth of a company or its assets or liabilities is to be valued by a person having such qualification and experience as a valuer in accordance with such rules as may be prescribed. The valuer shall be appointed by Audit Committee or in its absence by the Board of Directors of the Company. The Valuer shall make impartial valuation and exercise due diligence in making valuation. He is prohibited from undertaking valuation of any asset in which he has a direct interest or indirect interest. If the Valuer contravenes the provisions of the law, he shall be punishable. If he is punished under the provisions of this law, he shall be liable to:- refund the remuneration received by him to the company, and pay for damages to the company or to any other person for loss arising out of incorrect or misleading statement of particulars made in his report.