It’s Time to Act
M. Val. (P&M), BE. Civil, MRICS (London),
FIV, MPVAI, FIIV, MCVSRTA, MIE, MPEATA, MISSE, MICA, Chartered Engineer, Govt. Reg. Valuer.
Need to pass Valuation Bill: New Govt. has been formed on 26th May 2014 and all of us are
expecting many reforms to be passed by the new Government. As members of Institution of Valuers
we should start redrafting of Valuer’s Bill as the present draft of the bill does not include Valuers
only CA, ICWA & CS are being given priority. These three institutions have hijacked the present draft
of the bill, i.e. at present it is “Valuer’s Bill without Valuer”.
A high level committee has to be formed to redraft the bill which should involve Competent Valuers,
Advocates, retried govt. officers, retried judges, etc. We have to download all the present Valuation
Acts/Bills of other countries and extract from it whichever is suitable in Indian scenario and
beneficial to us; however it should include all the points. The bill should include right from guidelines
for Bank Valuation to Merger & Takeover of the Companies.
Proposal for conducting IOV Meetings: I also propose to have quarterly meetings of all IOV Branches
on state, regional & national level to address Valuer’s grievances. Recently IOV Thane, Mumbai,
Pune & Goa had removed the age limit of 65 years in SBI Maharashtra & Goa. Now we are trying to
remove in State Bank of Mysore, United Bank of India, Indian Bank & Indian Overseas Bank.
This year’s National Seminar is on 26, 27 & 28
th December at Indore, hence I propose to conduct
meeting of all the branches on 25th December evening. By this attendance at seminar will also
increase. This will help us to share our ideas & future plans.
Proposal to Start Valuation Course: - Need of the hour is IOV should start Valuation Course and
university in future. As per our population of 125 crores around 2 lac valuers are needed as against
24000 valuers.
Expansion of Council: - Also now the total members of IOV are around 24000, hence no. of council
members & Vice presidents should be increased and every branch office bearer should be treated as
council member and last but not the least branch office bearers & council members should not
occupy two position so that maximum representations will be there & members will take more
interest in fraternity related matters.
Recently passed Acts: Acts such as Land Acquisition Act, Company Act 2013 were passed and Draft
rules of Company Act 2013 were uploaded on the website of Ministry of Corporate Affairs
www.mca.gov.in. As far as Company Act is concern around 20,000 objections, suggestion and
recommendations were received and are now forwarded to Law Ministry for their review. Out of the
20,000 suggestions, around 10,000 were on audit and remaining are mixed/general suggestions.
Further rules on many chapters have been already uploaded on the website, only a rule on Chapter
XVII which is on Register Valuer is left.Criminal or Civil Offence: One of the negative factor was highlighted in present Company Act 2013
by Adv. Radharao Gracie during his lecture at Goa on 18th October 2012 & at Navi Mumbai on 1st Dec
2012 at two day seminar at Goa & one day workshop at Navi Mumbai. He highlighted one peculiar
point that Doctors, Chartered Accounts and Advocates are protected under their respective acts & if
any negligence occurs by any one of the member of these bodies, he/she is prosecuted under civil
law and also respective body initiates enquiry against him/her. On the other hand if any negligence
occurs by a valuer, he/she is prosecuted under criminal proceedings, ie under Code of Criminal
Procedure (CRCP) however valuer should be prosecuted under Civil Procedure Code (i.e. CPC) to
avoid immediate arrest and humiliation.
Implementation of IBA Guidelines: Letters should be send to all Banks to implement IBA Guidelines,
Minimum Fees of Rs. 2500/-, remove age limit, remove upper fee cap, remove Indemnity Bond,
MOU, remove one lac deposit from Central Bank of India, give format of empanelment letter, format
of work order, valuation report format. We should write letters to Ministry of Finance, PMO, RBI,
IBA, CVC, Competition Commission of India, etc to implement IBA Guidelines & Govt. fee structure.
RTI :- One of the RTI Reply from Ministry of Finance says that Govt. Fee Structure has to be uniformly
given by all the institutions. This should be informed to all the Banks & Financial Institutions.
Conclusion: - It’s now high time to act collectively for achieving common goals also it’s already too
late, but it has been rightly said “Better Late Than Never”. Hence I appeal to all the Indian Valuers to
explore every possibility to find solution to our grievances, to pass Valuer’s Bill in our favour. Last but
not the least, as rightly said by our newly elected PM “if every citizen comes one step ahead, we can
move 125 crores steps ahead”, likewise if every valuer comes one step ahead for fraternity cause we
can move 24000 steps ahead. Think over it and act immediately