Corporate Updates – 23-10-2017


MCA has notified the Companies (Registered Valuers and Valuation) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette i.e 18th October, 2017. A person shall be eligible to be a registered valuer if he is a valuer member of a registered valuers organisation, possesses the prescribed qualifications and experience and his candidature is recommended by the registered valuers organisation of which he is a valuer member for registration as a valuer. The Insolvency and Bankruptcy Board of India (IBBI) is the authority responsible for these regulations. These rules are basically about who could become valuers and the process of registration and deregistration of these valuers with the IBBI. The Chartered Accountants can conduct a financial audit, while subject experts will have to be hired for other specific audits such as for machinery and real estate. Essentially, there will be separate financial valuers and technical valuers. These rules will also be applicable to companies going in for liquidation under the Insolvency Code. Further, companies are now allowed to function as registered valuers, provided three or all of their directors are registered valuers. Because of this, merchant bankers also qualify to become valuers. Unregistered valuers can continue to work till March 31, 2018.


RBI clarifies that linking of Aadhaar to Bank Accounts is mandatory. It is clarified that some fake news items have appeared in a section of the media quoting a reply to a Right to Information Act application that Aadhaar number linkage with bank accounts is not mandatory. The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to Bank Account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 published in the Official Gazette on June 1, 2017. These Rules have statutory force and, as such, banks have to implement them without awaiting further instructions.

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