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IBBI – Registered Valuer – Misconduct

August 17, 2023 legaldeli

IBC & IBBI – Valuer obtained registration with IBBI while in employment of GITCO and concealed the information of said association – Misconduct

Order dated 14.8.2023 of Disciplinary Committee for cancellation of registration of Registered Valuer and debarred for two years for fresh registration.

The Valuer was registered with IBBI in 2019. Rule 3(1)(a) of the Companies (Registered Valuers and Valuation) Rules, 2017 provides for condition of an individual being a member of a registered valuers organisation as eligibility to become Registered Valuer of IBBI. Rule 7(a) further provides for such a Registered Value to possess all the time the eligibility specified in Rule 3. Rule 7(g) of the Valuation Rules provides that the Valuer registration is subject to the condition that Valuer shall comply with the Model Code of Conduct of the registered valuers organisation of which he is a member.

RV was in employment of Gujarat Industrial and Technical Consultancy Organisation since 2014. However, in his application dated 20.11.2019 for registration with IBBI, it was declared that he is not in employment. Based on that declaration the IBBI granted registration on 9.12.2019.

The RVF passed an order on 4.5.2023 dismissing the RV from its membership. On coming to know of this decision, the IBBI issued the show cause notice on 26.6.2023 for violation of the Rules and Model Code of Conduct. After receipt of RV reply, the matter was referred to the Disciplinary Committee.

The contention of RV was he worked with GITCO as a professional and ended his association by his resignation on 28.11.2022.

HELD, the Disciplinary Committee of IBBI opined that the profession of valuation hinges on the trust of stake holders and in view of the facts that he did not bring his association with GITCO while obtaining registration of IBBI amounts to suppression of material facts. Case No.IBBI/Valuation/Disc./19/2023.

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