law: Companies Act, 2013 
  Chapter
  
  XVII
  Registered
  
  Valuers
  247.
  
    Valuation
  
  by registered valuers.
  1.      Where a valuation is
  
  required to be made in respect of any property, stocks, shares, debentures,
  
  securities or goodwill or any other assets (herein referred to as the assets)
  
  or net worth of a company or its liabilities under the provision of this Act, it
  
  shall be valued by a person having such qualifications and experience and
  
  registered as a valuer 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 ) shall,—
  a.     
  
    make
  
  an impartial, true and fair valuation of any assets which may be required to be
  
  valued;
  b.    
  
    exercise
  
  due diligence while performing the functions as valuer;
  c.     
  
    make
  
  the valuation in accordance with such rules as may be prescribed; and
  d.    
  
    not
  
  undertake valuation of any assets in which he has a direct or indirect interest
  
  or becomes so interested at any time during or after the valuation of assets.
  1.     
  2.     
  3.      If a valuer
  
  contravenes the provisions of this section or the rules made there under, the
  
  valuer shall be punishable with fine which shall not be less than twenty-five
  
  thousand rupees but which may extend to one lakh rupees:
  Provided
  
  that if the valuer has contravened such provisions with the intention to defraud
  
  the company or its members, 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 loss arising out of
  
  incorrect or misleading statements of particulars made in his report.