In short: A registered valuer is a professional registered with the Insolvency and Bankruptcy Board of India (IBBI) under Section 247 of the Companies Act, 2013 and the Companies (Registered Valuers and Valuation) Rules, 2017. Registration is granted for a specific asset class, and share and business valuation falls in the class Securities or Financial Assets. For a Mumbai company, a registered valuer’s report is required for preferential allotments, private placements, schemes of arrangement and mergers, minority buyouts, insolvency proceedings and several other Companies Act triggers. What makes Mumbai distinctive is not the law, which is national, but the density of the people who challenge the report: group auditors, the Regional Director, Assessing Officers, authorised dealer banks and resolution professionals all sit in the same city.
CA Murli Chandak is an IBBI-Registered Valuer for the asset class Securities or Financial Assets, registration number IBBI/RV/07/2021/14408. He has completed more than 300 valuation assignments across more than 7 countries, including assignments defended before Big Four audit teams. For a Mumbai promoter, chief financial officer, fund manager or company secretary, the practical question is rarely which method is technically correct. It is whether the report will withstand the review it is about to face.
1. Contents
- Why valuation reports face harder scrutiny in Mumbai (Section 2)
- What changed for Mumbai companies on 16 February 2026 (Section 3)
- Which professional must sign which certificate (Section 4)
- Every transaction that requires a registered valuer’s report, and the ones that do not (Section 5)
- Where valuations get challenged, reviewer by reviewer (Section 6)
- What Rule 8(3) requires in the report (Section 7)
- Experience, engagement process, documents and 14 frequently asked questions (Sections 8 to 11)
2. Why a valuation report faces harder scrutiny in Mumbai
Valuation law does not change between cities. The probability that your report is read closely does.
2.1 The regulators sit here
The Securities and Exchange Board of India has its head office at Bandra Kurla Complex. The Reserve Bank of India’s central office is at Fort. Both national stock exchanges are headquartered in the city. The National Company Law Tribunal, Mumbai Bench hears company law and insolvency matters for companies with a registered office in Maharashtra and Goa. The Regional Director and the Registrar of Companies for Mumbai operate from the city. The Bombay High Court exercises jurisdiction over Maharashtra, Goa and the Union Territory of Dadra and Nagar Haveli and Daman and Diu.
2.2 The reviewers sit here too
More consequential than the regulators are the private reviewers. The Indian member firms of the large international audit networks run their valuation and financial instruments specialist teams out of Mumbai. Most alternative investment fund managers, private equity houses, private credit funds and their administrators, trustees and custodians are based in the city. The treasury and trade desks of authorised dealer Category-I banks that clear inward and outward remittances are in Mumbai. A valuation prepared for a Mumbai company is rarely filed and forgotten. It is read line by line by someone whose own professional exposure depends on whether it holds.
The sections below are arranged by reviewer: who examines the report, and what each of them tests.
3. What changed for Mumbai companies on 16 February 2026
The Ministry of Corporate Affairs re-aligned its field offices with effect from 16 February 2026. For Mumbai this is material and often missed: the office that receives a scheme petition, a change of registered office or a compounding application is no longer the same for every Maharashtra company.
| Office | Jurisdiction from 16 February 2026 |
|---|---|
| Regional Director (WR-I), Mumbai | Districts of Mumbai and Mumbai Suburban, the State of Goa, and the Union Territory of Daman and Diu |
| Regional Director (WR-II), Navi Mumbai | All districts of Maharashtra other than Mumbai and Mumbai Suburban |
| Registrar of Companies, Mumbai-I | Districts of Mumbai and Mumbai Suburban |
| Registrar of Companies, Mumbai-II, Navi Mumbai | Aurangabad, Dhule, Jalgaon, Nandurbar, Nashik, Palghar, Raigad and Thane |
| Registrar of Companies, Nagpur (newly established) | 11 districts of Vidarbha and 7 districts of Marathwada |
Source: Ministry of Corporate Affairs, PIB release dated 31 December 2025.
Two consequences follow for valuation work. First, a group with a holding company in Nariman Point and an operating subsidiary in Thane or Nashik now deals with two different Registrars and two different Regional Directorates, and a scheme covering both must be planned around that. Second, where a registered office is shifted between these newly drawn jurisdictions, the shift is a separate approval process, and any valuation supporting a related restructuring should be dated and scoped with that sequence in mind.
Bench allocations and field office jurisdictions are re-notified from time to time. The position for a specific registered office should always be confirmed before filing, against the MCA’s own directories of Registrars of Companies and Regional Directors.
4. Registered valuer, merchant banker or chartered accountant: who signs what
A large share of rejected filings come from appointing the wrong professional, not from a wrong number. Section 247 permits only a person registered with IBBI as a valuer to value property, stocks, shares, debentures, securities or net worth of a company where the Companies Act requires it. The three notified asset classes are Land and Building, Plant and Machinery, and Securities or Financial Assets.
| Requirement | Who must sign | Source |
|---|---|---|
| Preferential allotment of shares | Registered valuer (Securities or Financial Assets) | Section 62(1)(c) read with Rule 13(3), Companies (Share Capital and Debentures) Rules, 2014 |
| Private placement of securities | Registered valuer, with the basis of price justified in the offer letter | Section 42 read with Rule 14, Companies (Prospectus and Allotment of Securities) Rules, 2014 |
| Merger or amalgamation | Expert report on valuation | Section 232(2)(d) |
| Purchase of minority shareholding | Registered valuer | Section 236(2) |
| Corporate insolvency resolution process | Two sets of registered valuers, one valuer per asset class in each set | Regulations 27 and 35, CIRP Regulations, 2016, as amended in 2026 |
| Issue or transfer of equity instruments involving a non-resident, unlisted company | Chartered Accountant, or a Merchant Banker registered with SEBI, or a practising Cost Accountant | Rule 21, Foreign Exchange Management (Non-debt Instruments) Rules, 2019 |
| Swap of equity instruments, irrespective of amount | Merchant Banker registered with SEBI, or an investment banker outside India registered with the host country regulator | Rule 21, NDI Rules, 2019 |
| ESOP perquisite value at exercise, unlisted shares | Category I Merchant Banker registered with SEBI | Section 17(1)(d) read with Section 17(5)(h), Income-tax Act, 2025, and Rule 15(6), Income-tax Rules, 2026 |
| Tax floor value of unquoted equity shares | Prescribed net asset value formula, (A + B + C + D − L) x PV / PE | Rule 57, Income-tax Rules, 2026 |
| Reduction of share capital | No registered valuer’s report is statutorily required | Supreme Court, 10 March 2026 (see Section 5.3) |
Where a Mumbai transaction needs more than one certificate, the answer is not to choose between them. It is to run the workings on one consistent set of financial assumptions, so that the registered valuer’s report and the merchant banker’s certificate do not tell a reviewer two different stories about the same company.
5. Every transaction that needs a registered valuer, and the ones that do not
5.1 Preferential allotment and private placement
Rule 13(3) of the Companies (Share Capital and Debentures) Rules, 2014 provides that the price of shares or other securities issued on a preferential basis shall not be less than the price determined on the basis of a registered valuer’s report. Under Section 42 read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, the offer letter must set out the basis and justification of the price. For a Mumbai company raising from an Indian fund, a round that is planned as part of a wider startup and fundraising workstream will usually also engage the FEMA pricing floor if any investor is non-resident, and the tax floor for both issuer and subscriber.
5.2 Schemes of arrangement, mergers and minority buyouts before NCLT Mumbai
Section 232(2)(d) requires the report of the expert on valuation to accompany a scheme of merger or amalgamation circulated to members and creditors, and Section 236(2) requires a registered valuer’s valuation where a majority shareholder purchases the minority holding. These are filed before the NCLT Mumbai Bench, and the petition and supporting filings sit alongside the secretarial work the scheme requires. The Regional Director files a report on the scheme, and the companies answer its observations on affidavit. The valuation is among the most frequently commented-on aspects.
5.3 Reduction of share capital: the position after March 2026
It is commonly assumed that a registered valuer’s report is required for a reduction of share capital under Section 66. On 10 March 2026 the Supreme Court held otherwise. The Court held that a reduction of share capital can be achieved by a special resolution and confirmation by the Tribunal without a valuation report from a registered valuer, reasoning that Parliament expressly required valuation in Sections 62, 230, 232 and 236 and conspicuously did not do so in Section 66. The Court also observed that an expert valuation is ordinarily not to be interfered with.
The practical reading for a Mumbai company is narrower than the headline. A valuation is not a statutory precondition, but a Section 66 reduction that pays out exiting shareholders will still be scrutinised by the Tribunal, the Regional Director, the exiting shareholders and the tax authorities. A defensible valuation remains commercially advisable even where it is not legally compulsory.
5.4 Insolvency: the framework changed twice in 2026
Under Regulation 27 of the CIRP Regulations, 2016 as amended in 2026, the resolution professional appoints two sets of registered valuers within 7 days of appointment and not later than the 47th day from the insolvency commencement date. Each set comprises one registered valuer for each asset class of the corporate debtor, and within each set one valuer is designated the coordinating valuer. Where estimates are significantly different, defined as a difference of 25 per cent or more, a third set may be appointed. By the Second Amendment Regulations notified on 19 May 2026 and in force from 20 May 2026, only one set need be appointed where the corporate debtor is a micro, small or medium enterprise, unless the committee of creditors decides otherwise for reasons recorded in writing.
Two further changes matter. By circular IBBI/RV/93/2026 dated 1 April 2026, the International Valuation Standards issued by the International Valuation Standards Council became the applicable standards for all valuations conducted under the Code, with immediate effect. On 15 June 2026 IBBI issued consolidated Guidelines for Conducting Valuation Under the Insolvency and Bankruptcy Code, 2016, prescribing report formats and documentation. Documentation standards in insolvency work are materially higher than they were two years ago.
5.5 Funds, alternative investment funds and portfolio valuation
Mumbai is where most Indian fund managers sit, and portfolio and business valuation is where valuation opinions are stress-tested most often, because they are refreshed periodically rather than once. Unlisted equity, convertible instruments, structured credit and mezzanine positions each require a defensible and consistently applied approach across reporting dates. An unexplained change of methodology between two quarters is one of the fastest routes to an auditor’s observation.
5.6 Employee stock options: two separate events
ESOPs generate two distinct valuation requirements, and conflating them is common. Both sit within ESOP advisory, but they are answered by different professionals.
- At grant. The company needs a fair value of the option for accounting under Ind AS 102, and a share value supporting the exercise price.
- At exercise. The taxable perquisite in the employee’s hands is governed by Section 17(1)(d) of the Income-tax Act, 2025, with the computation in Section 17(5)(h), read with Rule 15(6) of the Income-tax Rules, 2026, in force from 1 April 2026. For unlisted shares the fair market value must be determined by a Category I Merchant Banker registered with SEBI, on the date of exercise or a date not more than 180 days earlier. For listed shares it is the average of the opening and closing price on the exchange on the exercise date. Tax deduction at source on the perquisite is governed by Section 392 of the 2025 Act, which also carries the eligible-startup deferral.
5.7 Tax floor value on issue and transfer of unquoted shares
The deeming provisions that formerly sat in Sections 56(2)(x) and 50CA of the Income-tax Act, 1961 now operate under the Income-tax Act, 2025. For unquoted equity shares, Rule 57 of the Income-tax Rules, 2026 prescribes the net asset value formula (A + B + C + D − L) x PV / PE, where A is the adjusted book value of assets, B the valuer-determined price of jewellery and artistic work, C the fair market value of shares and securities, D the stamp duty value of immovable property, L specified liabilities, PV the paid-up value of the shares and PE the total paid-up equity capital. For unquoted shares other than equity shares, the rule refers to the open market price determined by a merchant banker or an accountant.
Note the direction of travel: the angel tax provision, Section 56(2)(viib) of the 1961 Act, which permitted a merchant banker discounted cash flow value for share issues, was omitted by the Finance (No. 2) Act, 2024 with effect from assessment year 2025-26. A Mumbai company pricing a transfer or an issue must therefore test the commercial price against the statutory floor separately from the Companies Act valuation, and the two results should be reconciled as part of the wider tax position on the transaction.
5.8 Cross-border transactions
For issue and transfer of equity instruments involving a non-resident, pricing is governed by Rule 21 of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019. For an unlisted Indian company the valuation must be done under any internationally accepted pricing methodology on an arm’s length basis, certified by a Chartered Accountant, a Merchant Banker registered with SEBI, or a practising Cost Accountant. Where the transaction is a swap of equity instruments, valuation must be by a Merchant Banker registered with SEBI or an investment banker outside India registered with the appropriate regulatory authority in the host country, irrespective of the amount. The swap route itself was widened by a Ministry of Finance amendment to the NDI Rules notified on 16 August 2024, which is what makes most flip and reverse-flip structures workable today. Sequencing these steps is transaction advisory work as much as valuation work.
One point deserves particular care. It is widely stated that a FEMA valuation certificate is valid for 90 days. Rule 21 contains no shelf-life provision. The period applied in practice is authorised dealer bank practice at the reporting stage, and published guidance is inconsistent. Confirm the requirement with the specific bank before you date the certificate.
5.9 Financial reporting: purchase price allocation and impairment
Purchase price allocation under Ind AS 103 following an acquisition, and impairment testing of goodwill, intangible assets, cash generating units and investments in subsidiaries under Ind AS 36, are reviewed by the statutory auditor and, for a Mumbai subsidiary of an overseas group, by the group auditor as well. These are the assignments where the valuer’s file, not the valuer’s number, decides the outcome.
6. Where valuations get challenged, reviewer by reviewer
6.1 The statutory auditor and the group auditor
What they test. Whether the discount rate is internally consistent with the cash flows, whether the terminal growth rate is defensible against long-run economics, whether management’s projections have been challenged rather than adopted, and whether the prior year’s forecast is reconciled to what actually happened.
What fails. A weighted average cost of capital assembled from unsourced inputs. A terminal growth assumption that is not supportable against the discount rate and reinvestment needs. A model where working capital and capital expenditure do not support the revenue growth assumed. A report with no sensitivity analysis.
What works. A traceable source for every input, an explicit reconciliation of prior projections to actuals, and a sensitivity table that shows the reviewer the shape of the answer rather than a single point.
6.2 The Regional Director’s report in an NCLT scheme
What they test. Whether the exchange ratio is fair to all classes of shareholders, whether the accounting treatment stated in the scheme is compliant, and whether the valuation date and the appointed date are coherent.
What fails. A report that supports the ratio but does not explain why the chosen methods were weighted as they were. Valuing the transferor and the transferee on materially different bases without justification.
6.3 The Assessing Officer
What they test. Whether the transaction price meets the statutory floor, and whether the method used was the prescribed method rather than a commercially convenient one.
What fails. Applying a discounted cash flow value where the rule prescribes the net asset value formula for unquoted equity shares. Using a valuation dated far from the transaction. Overlooking that buyer and seller are tested under separate provisions.
6.4 The authorised dealer Category-I bank
What they test. Whether the certifying professional is of a category the rules permit, whether the pricing floor or cap is respected in the correct direction, and whether the certificate is dated appropriately relative to the remittance and the filing.
What fails. A registered valuer’s report submitted where a merchant banker’s certificate was required, and the reverse.
6.5 The resolution professional and the committee of creditors
What they test. Whether fair value and liquidation value are separately reasoned rather than one derived mechanically from the other, whether the report is in the format IBBI has notified, and whether the file supports the conclusion if it is later examined.
What fails. Thin documentation. Reports in pre-IVS format after 1 April 2026. Caveats and disclaimers used to limit the valuer’s own responsibility, which Rule 8(3)(l) does not permit.
Facing a reviewer already? If an auditor, a Regional Director’s report, an Assessing Officer or your bank has raised a question on a valuation, a focused review is usually faster and cheaper than a fresh engagement. A no-charge 30-minute consultation will tell you whether the existing report can be defended or needs to be redone.
7. What Rule 8(3) actually requires in the report
Rule 8(3) of the Companies (Registered Valuers and Valuation) Rules, 2017 lists twelve mandatory contents of a valuation report. In practice these twelve items are what a reviewer turns to first.
| Rule 8(3) | Requirement | What the reviewer is testing |
|---|---|---|
| (a) | Background information of the asset being valued | That the valuer understood the business, not only the financial statements |
| (b) | Purpose of valuation and appointing authority | That the report is being used for the purpose it was written for |
| (c) | Identity of the valuer and any other experts involved | Asset class and eligibility to sign |
| (d) | Disclosure of valuer interest or conflict, if any | Independence |
| (e) | Date of appointment, valuation date and date of report | Whether the valuation date matches the transaction |
| (f) | Inspections or investigations undertaken | Depth of work actually performed |
| (g) | Nature and sources of the information used or relied upon | Traceability of every input |
| (h) | Procedures adopted and valuation standards followed | Compliance with Rule 18 and the applicable standards |
| (i) | Restrictions on use of the report, if any | Scope discipline |
| (j) | Major factors taken into account during the valuation | Whether judgement has been articulated or hidden |
| (k) | Conclusion | Clarity of the opinion |
| (l) | Caveats, limitations and disclaimers, to the extent they explain the limitations faced, and not for the purpose of limiting the valuer’s responsibility | Compliance with the IBBI caveats guidelines |
Two related points are frequently misstated. First, the duty not to disclaim liability for one’s own expertise or duty of care comes from clause 9 of the Model Code of Conduct in Annexure-I to the Rules, read with Rule 8(3)(l), not from a sub-rule of Rule 8. Second, the IBBI (Use of Caveats, Limitations, and Disclaimers in Valuation Reports) Guidelines, 2020 were notified on 1 September 2020 under Rule 14(i) and apply to valuations completed by registered valuers on or after 1 October 2020.
A third point matters for every non-insolvency engagement. Valuation standards under Rule 18 have not been notified by the Central Government. Until they are, the proviso to Rule 8(1) requires a valuer to value in accordance with internationally accepted valuation standards, or the standards adopted by a registered valuers organisation. A report that does not say which standard it followed has failed Rule 8(3)(h) before a reviewer reaches the numbers.
8. Experience behind Mumbai engagements
In Mumbai the constraint is rarely the ability to produce a report. It is the ability to defend one after it has been questioned. A fuller professional background is set out separately.
| Credential | Detail |
|---|---|
| Qualification | Fellow Chartered Accountant |
| Registration | Registered Valuer under Section 247 of the Companies Act, 2013, registered with IBBI for the asset class Securities or Financial Assets, registration number IBBI/RV/07/2021/14408 |
| Experience | More than 8 years in valuation practice |
| Volume and reach | More than 300 valuation assignments across more than 7 countries, including the United States |
| Business combinations | More than 15 purchase price allocations under Ind AS 103, and one under ASC 805 |
| Impairment | More than 30 impairment tests under Ind AS 36, and one under ASC 350 |
| Audit scrutiny | Assignments, including purchase price allocations, defended before Big Four audit teams |
| Funds | Debt and equity valuation for more than 10 Indian funds |
| Earlier practice | Formerly Partner at a chartered accountancy firm, with experience in bank statutory, concurrent and stock audits, due diligence and forensic assignments |
The fund and audit experience is directly relevant to Mumbai. Recurring portfolio valuation for Indian funds and purchase price allocations defended before group auditors are precisely the two areas where Mumbai engagements are most often tested.
9. How a Mumbai engagement runs
Valuation is a documentary exercise. Working with a Mumbai client from an Ahmedabad-based practice changes nothing about the quality of the file, and it usually shortens turnaround because the work is not scheduled around meetings. Where a company needs continuing finance support rather than a one-off report, that sits under CFO services.
| Step | What happens |
|---|---|
| 1 | Consultation to establish the transaction, the statutory trigger, and therefore which professional must sign |
| 2 | Engagement letter setting out purpose, valuation date, standard applied, scope and restrictions on use |
| 3 | Information request issued in tranches, so drafting begins on tranche one |
| 4 | Management discussion on projections, capital expenditure, working capital and known risks |
| 5 | Model build, method selection and weighting, sensitivity analysis |
| 6 | Draft report shared for verification of facts, not for negotiation of the value |
| 7 | Signed report issued, with support during auditor, Tribunal, banker or departmental review |
10. Documents typically required
- Constitutional and corporate. Certificate of incorporation, memorandum and articles, shareholding pattern, capital history, shareholders agreement and the terms of any instrument.
- Financial. Audited financial statements for the last 3 to 5 years, latest provisional or management accounts, debt schedule, related party balances.
- Forward looking. Board-approved projections with the assumptions behind revenue, margins, capital expenditure and working capital.
- Transaction. Term sheet, draft scheme, valuation date, prior valuation reports, and prior transaction prices in the company’s own shares.
11. Frequently asked questions
Does a registered valuer have to be located in Mumbai to value a Mumbai company?
No. Registration under Section 247 is national and is not city-specific. What matters is the asset class of registration and the quality of the report, not the address on the letterhead.
How do I verify that a valuer is genuinely registered?
Search the registered valuer register published on the IBBI website by name or registration number, confirm that the asset class shown is Securities or Financial Assets for share and business valuation, and check the registered valuers organisation with which the valuer is enrolled.
Can a chartered accountant who is not a registered valuer sign a share valuation?
Not where the Companies Act requires a registered valuer. A chartered accountant may certify valuations for other purposes, including FEMA pricing certificates under Rule 21 of the NDI Rules, but that does not substitute for a registered valuer’s report under the Companies Act.
Which NCLT bench hears a Mumbai company’s scheme?
The NCLT Mumbai Bench, which covers companies with a registered office in Maharashtra and Goa. Bench jurisdictions are periodically re-notified, so confirm the current allocation before filing.
Has the Registrar of Companies for my Mumbai company changed?
Possibly. From 16 February 2026, ROC Mumbai-I covers Mumbai and Mumbai Suburban, ROC Mumbai-II at Navi Mumbai covers Thane, Palghar, Raigad, Nashik and other districts, and a new ROC at Nagpur covers Vidarbha and Marathwada. The Regional Director, Western Region was split into WR-I at Mumbai and WR-II at Navi Mumbai.
Is a valuation report required for a reduction of share capital?
Not as a matter of statute. On 10 March 2026 the Supreme Court held that Section 66 does not require a valuation report from a registered valuer, contrasting it with Sections 62, 230, 232 and 236 where valuation is expressly mandated. A defensible valuation is still commercially advisable where shareholders are being paid out.
Can one report be used for the Companies Act, income tax and FEMA?
Rarely without adaptation. The three regimes prescribe different certifying professionals, different methods and different dates. The underlying workings can and should be consistent, but the certificates are separate.
How long is a valuation report valid?
The Companies Act prescribes no general shelf-life. In practice a report is reliable until a material event changes the facts on which it was based, such as a new funding round, a large contract won or lost, or a significant change in capital structure. Note that specific rules do impose their own timing: the ESOP perquisite valuation for unlisted shares must be by a Category I Merchant Banker on the exercise date or a date not more than 180 days earlier.
What is the difference between fair value and liquidation value in insolvency?
Fair value is the estimated realisable value in an orderly transaction on the valuation date. Liquidation value assumes realisation on a distressed, accelerated basis. They are separately defined under the CIRP Regulations and must be separately reasoned.
How many valuers are appointed in an insolvency?
Two sets of registered valuers, with one valuer for each asset class in each set and a coordinating valuer designated within each set. Where the estimates differ by 25 per cent or more, a third set may be appointed. From 20 May 2026, a single set suffices where the corporate debtor is a micro, small or medium enterprise, unless the committee of creditors directs otherwise in writing.
Which valuation standards apply?
For valuations under the Insolvency and Bankruptcy Code, the International Valuation Standards apply, notified by IBBI circular IBBI/RV/93/2026 dated 1 April 2026. For other engagements, standards under Rule 18 have not been notified, so the proviso to Rule 8(1) applies: internationally accepted valuation standards, or those adopted by a registered valuers organisation.
Can a valuation be revised if we disagree with the number?
A draft is circulated for verification of facts, and factual corrections are welcome at that stage. The valuation conclusion is the valuer’s independent opinion. Clause 17 of the Model Code of Conduct prohibits offering convenience valuations, and clause 18 prohibits charging a success fee.
What must a valuer disclose about independence?
Rule 8(3)(d) requires disclosure of the valuer’s interest or conflict, if any, and Rule 8(3)(c) requires identification of any other expert involved. Where inputs are taken from another registered valuer, Rule 8(2) requires full disclosure of those inputs, and liability for the resulting valuation remains with the first valuer.
My auditor has questioned last year’s valuation. What now?
Share the report and the auditor’s query. In many cases the conclusion is defensible and what is missing is the supporting documentation. Where the method was wrong for the purpose, it is better to know before the audit file is closed.
12. Speak to a registered valuer
If you are planning a fund raise, a scheme before NCLT Mumbai, an ESOP grant, a cross-border transfer or a year-end impairment test, a short conversation at the start usually saves considerable rework later. Consultations of up to 30 minutes are offered at no charge.
CA Murli Chandak – FCA | IBBI-Registered Valuer (Securities or Financial Assets) | IBBI/RV/07/2021/14408
Website: murlichandak.com
Phone: +91 99985 39902
Email: murlichandak@murlichandak.com
Statutory positions verified against source on 6 August 2026. Bench allocations, field office jurisdictions and insolvency regulations change frequently; the position applicable to a particular transaction should be confirmed before filing. This page is general information on Indian valuation and corporate law requirements and is not advice on any specific transaction. Where a matter requires a legal opinion, specialist legal advice should be taken.
Related reading: Registered Valuer for Valuation of Shares | Registered Valuer in Kolkata | Company Valuation Services | ESOP Advisory Services | Startup Solutions | CFO Services
