MCA Notifies the “Companies (Registered Valuer’s and Valuation) Amendment Rules 2018”: Amends Rule 11 to extend “Transitional Arrangement” from 31 Mar. 2018 to 30 Sept. 2018
The MCA has notified the “Companies (Registered Valuer’s and Valuation) Amendment Rules, 2018“, to amend Rule 11 on “Transitional Arrangement”, i.e. persons rendering valuation services, on the date of commencement of these rules, may continue to do so without a certificate of registration under these rules upto 30 Sept. 2018 (extended from 31 March, 2018).
Existing Rule 11: Transitional Arrangement
Any person who may be rendering valuation services under the Act, on the date of commencement of these rules, may continue to render valuation services without a certificate of registration under these rules upto 31st March, 2018:
Provided that if a company has appointed any valuer before such date and the valuation or any part of it has not been completed before 31st March, 2018, the valuer shall complete such valuation or such part within three months thereafter.
Explanation.─ It is hereby clarified that conduct of valuation by any person under any law other than the Act, or these rules shall not be effected by virtue of coming into effect of these rules unless the relevant other laws or other regulatory bodies require valuation by such person in accordance with these rules in which case these rules shall apply for such valuation also from the date specified under the laws or by the regulatory bodies.
G.S.R. (E).─ In exercise of the powers conferred by section 247 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules to amend the Companies (Registered Valuers and Valuation) Rules, 2017, namely:-
1. (1) These rules may be called the Companies (Registered Valuers and Valuation) Amendment Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Registered Valuers and Valuation) Rules, 2017, in rule 11, for the figures, letters and word “31st March, 2018”, occurring at both the places, the figures, letters and word “30th September, 2018” shall be substituted.
Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 1316(E), dated 18th October, 2017.