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of <h1>Company asset and share valuations must use registered valuers with no conflicts; penalties apply for violations and fraud</h1> Where any valuation is required under the Companies Act, 2013 in respect of a company's property, stocks, shares, debentures, securities, goodwill or other assets, net worth, or liabilities, it must be conducted by a registered valuer having prescribed qualifications and experience and being a member of a recognised organisation, appointed by the audit committee or, if none, by the Board. The valuer must provide an impartial, true and fair valuation, exercise due diligence, comply with prescribed rules, and avoid conflicts of interest, including interests arising within three years before appointment or three years after conducting the valuation. Contravention attracts a monetary penalty; fraudulent contravention is punishable with imprisonment up to one year and fine. Conviction also requires refund of remuneration and liability for resulting damages.
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