IBBI Corruption: Why Mamta Suri Attending Valuation Conference In Mumbai Organised by Restricted and non Eligible Body Corporate MNC Valuers Who Are Illegally Practising In India?
Delhi: Complaint registered against the ED IBBI, Ms Mamta Suri for attending Body corporate valuers seminar with expenses from their well wishers unconstitutionally at Mumbai on 25 April 2019. As per law ,body corporate can not act as valuer as per 34 AC of wealth tax act 1957. After getting no response from income tax they are inclined towards IBBI. As per complaint , Mamta Suri is lobbying for their well wishers to get entry of body corporate from back door in IBBI. As per information Body corporate have accumulated more than 100 cr to get back door entry in IBBI. The visit of Mamta Suri may be part of such process.
The body corporate are very much desperate to get valuer license from IBBI rule. But as per wealth tax act 1957 section 34 AC ,the body corporate can not act as valuers . The IBBI has no power to over ride the act by making rule. The lobbying of ED of IBBI in favour of body corporates is indication of huge corruption in IBBI.
Now days IBBI is going in wrong track and becoming regulator of valuation by making rules . The core duty of "The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India. It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.It covers Individuals,Companies,Limited Liability Partnerships and Partnership firms. The new code will speed up the resolution process for stressed assets in the country. It attempts to simplify the process of insolvency and bankruptcy proceedings.It handles the cases using two tribunals like NCLT(National company law tribunal) and Debt recovery tribunal."
Mamta Suri comments is awaited.......
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IBBI it self is a froud for getting registration of valuers ....
ReplyDeleteIBBI should safeguard the registered valuers and India economy.
ReplyDeleteShould keep body corporate away from IBBI .
ReplyDeleteValuers are considered one of the discs of the financial sector backbone of the country. When a disc develops any problem, it affects the working of the entire backbone.
Technical and experienced professionals are required for the valuation of land and building as also plant and machinery for disbursement of loans by banks. I am given to understand that earlier, only graduate engineers, architects and town planners with minimum 10 years of practical experience were allowed to work as valuers of assets including land and building and plant and machinery. Now only a 50-hour training by private institutions which is being imparted in just 6 days to even those who do not have any technical degree is sufficient to become a valuer under the Companies (Valuers and Valuation Rules) 2017, notified by Ministry of Corporate Affairs. I wonder what quality of valuation will be with the 50-hour course for becoming a valuer !
Currently this rule still required Engineering degree and minimum 10yr experience. Further, proposed draft valuation bill seeks to do away with basic Engineering degree,etc
DeleteAfter 5yr B Tech is elligible without valuation experience is not practical.
ReplyDeleteA thorough investigation only can bring the culprits under the axe of law of the land. CBI, ED or any such agency must look into the matter. It looks like a huge scam to be unearthed. Only the tip of the iceberg is visible at the moment.
ReplyDeleteGovt. Officers are not supposed to indulge themselves in the welfare of some of Valuers in promoting their practice. If they (the government officers) are doing so, it is totally illegal and want heavy action
ReplyDeleteWhy Mamta Suri and Mr Sahoo who happen to be on roll of Govt are taking interest in promoting the business of their valuers friends
ReplyDeleteWhy Mamta Suri and Mr Sahoo who happen to be on roll of Govt are taking interest in promoting the business of their valuers friends
ReplyDeleteDear Shirivastva Sir, I am Paramjeet Singh Government Approved Valuer u/s 34AB. I am keen to know the outcome of ibbi valuers who bent to encroach as valuers from back door entry.
ReplyDeleteWhat action has been taken against Mamta Suri and Mr Sahoo who despite on the roll of Govt. are helping their Valuer friends who have entered in the valuation profession by back door entry
ReplyDelete