Respected Members,
As per Section 192(2) of Companies Act, 2013 (made applicable from Sept 2013), Valuation Report is to be taken for the value of asset acquired by Company in case of Non-cash transactioninvolving directors.
However, Section 247 (Valuation by Registered Valuers) of the Companies Act, 2013 is still not made applicable.
So, how shall the valuation be done by Registered Valuer registered as a Valuer under Chapter XVII of the Act ?
As per MCA in its circular No.8 dated 4.4.2014 (copy attached) has clarified that financial statements and documents required to be attached thereto, auditors report and Board's report in respect of financial years that commenced earlier than 1.4.2014 will be governed by Companies Act 1956 and not by Companies Act 2013.
Does it means that Valuation Report will not be required for transactions done upto 31-03-14 ?
CAclubindia
