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CS Professional · Corporate Restructuring, Valuation and Insolvency · Process of M&A Transactions

Bharat Polymers Ltd, an unlisted public company, needs a valuation of its shares for a proposed amalgamation under the Companies Act, 2013. Under Section 247, who appoints the registered valuer for this purpose?

The registered valuer is appointed by the Audit Committee of the company, or by the Board of Directors where there is no Audit Committee, as laid down in Section 247(1) of the Companies Act, 2013.

  1. AThe Audit Committee, or the Board of Directors if there is no Audit CommitteeCorrect
  2. BThe statutory auditor of the company
  3. CThe Registrar of Companies
  4. DThe shareholders by ordinary resolution only

Explanation

Section 247(1) states that the valuation is done by a registered valuer appointed by the audit committee or, in its absence, by the Board of Directors. The auditor, the Registrar and a shareholder resolution have no role in this appointment under the section.

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