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of <h1>Registered Valuers Must Adhere to Section 247, Companies Act 2013: Impartial Valuations, Conflict of Interest Rules, and Penalties.</h1> Section 247 of the Companies Act, 2013 mandates that valuations of a company's assets or liabilities must be conducted by a registered valuer with the necessary qualifications and experience. The valuer is appointed by the audit committee or the Board of Directors and must perform valuations impartially, diligently, and according to prescribed rules. Valuers must avoid conflicts of interest, particularly those arising within three years before or after their appointment. Violations of these provisions can result in penalties, including fines and imprisonment, and the valuer may be required to refund remuneration and pay damages for misleading reports.
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