The Insolvency and Bankruptcy Board of India (IBBI) has issued an Order in the matter of Association of Certified Valuators and Analysts. This Order disposes of the Show Cause Notice (‘SCN’), dated 20th September 2022 issued to the Chief Executive Officer of the Association of Certified Valuators and Analysts (‘ACVA”). The present Order was issued on 18th January, 2023.
The IBBI while carrying out the functions of Authority under the Companies (Registered Valuers and Valuation) Rules, 2017 had granted recognition to ACVA as registered valuers organization.
The IBBI conducted an inspection of the affairs of ACVA and based on the findings of the inspection, the authorised officer was of the prima facie opinion that sufficient cause exists to take actions and accordingly it issued SCN dated 20th September 2022 to the Chief Executive Officer of the ACVA.
The alleged contraventions of ACVA were as follows:
- Non-intimation of change of the office premises
- No formal training program for members
- Providing false and incorrect information to the Inspecting Authority that the composition of its disciplinary committee (“DC”) and appellate panel (“AP”) is incomplete as the position of member nominated by IBBI is vacant
While disposing of the SCN, the Order issued a warning to the ACVA that it should be extremely careful and diligent in its organizational processes and follow the directions of the Authority in letter and spirit.
