Valuation by registered valuers

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....lities under the provision of this Act, it shall be valued by 1[a person having such qualifications and experience, registered as a valuer and being a member of an organisation recognised, in such manner, on such terms and conditions as may be prescribed] and appointed by the audit committee or in its absence by the Board of Directors of that company. (2) The valuer appointed under sub-section (1....

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...., he shall be punishable with imprisonment for a term which may extend to one year and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees. (4) Where a valuer has been convicted under sub-section (3), he shall be liable to- (i) refund the remuneration received by him to the company; and (ii) pay for damages to the company or to any other person for ....