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of <h1>Clause 247: Registered Valuers Required for Company Asset Valuations; Violations Lead to Fines, Possible Imprisonment</h1> Clause 247 of the Companies Bill, 2011, mandates that any required valuation of a company's assets, net worth, or liabilities must be conducted by a registered valuer with specified qualifications. The valuer must be appointed by the audit committee or the Board of Directors. The valuer must ensure impartiality, diligence, and adherence to prescribed rules, avoiding conflicts of interest. Violations can result in fines ranging from twenty-five thousand to one lakh rupees, and intentional fraud can lead to imprisonment and higher fines. Convicted valuers must refund their fees and compensate for any damages caused by their reports.
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