ER.

HARBANS LAL JHAM Branch Office : 401, 4th Floor, San Plaza, Feroze
Gandhi Market, Ludhiana, Punjab 141001, Land
(C/O:P &A Valuetech Pvt. Ltd.) Line No. 0161-4606959, Mobile No. 8588078610 /
(CIN No. U74210UP2005PTC158626) 8287774128
(Panel Valuer of Fixed Assets) Regd. Office:G-37, Sector-3, Noida (UP)-201301,
Land Line No. 0120-4152926
E-Mail Id. [email protected];
[email protected]
Website: www.pavaluetech.com

VALUATION REPORT

OF
IMMOVABLE PROPERTY
SITUATED AT

PROPERTY BEARING NO. NIL, FALLS IN KHATA NO. 142/165, KHASRA NO. 11(62-7)
(OLD), 11/1/2(1-1), 11/1/7(1-1), 11/1/9(3-4) AND 1355/11(1-1) (NEW) SITUATED
NEAR BUS STAND, G.T ROAD, VILLAGE TIKHOWAL, MUKERIAN, TEHSIL MUKERIAN,
DISTRICT HOSHIARPUR (PUNJAB) - 144211

OWNER

MR. SHAM LAL S/O MR. KASTURI LAL

PURCHASER / account name

M/S KOHLI MARBLE & SANITARY STORE

ON BEHALF OF

PUNJAB NATIONAL BANK, TALWARA ROAD, MUKERIAN, Punjab

Ref. No.: PNB/MUKERIAN/VR/2024-25/001/DS/NM Dated: 04.10.2024

 ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)
Regd. Office: G-37, Sector-3, Noida
ER. HARBANS LAL JHAM (UP)-201301, Ph. No. 0120-4152926, M-
(C/O: P &A Valuetech Pvt. Ltd.) 9810866280
(CIN No. U74210UP2005PTC158626) E-mail Id. [email protected]
(Panel Valuer of Fixed Assets)

VALUATION REPORT
OF IMMOVABLE PROPERTY
Ref. No.: PNB/MUKERIAN/VR/2024-25/001/DS/NM Dated: 04.10.2024
I INTRODUCTION
1. Name of Valuer : H.L. Jham
2. Date of inspection : 04.10.2024
Date of Valuation : 04.10.2024
3. Purpose of Valuation : To Fair Assess Market value of the property for Bank
purpose
4. Name of the owner (s) and his / their : Mr. Sham Lal S/o Mr. Kasturi Lal
address (es) with Phone no. (details of
share of each owner in case of Joint
Ownership)
Account / purchaser name : M/s Kohli Marble & Sanitary Store
5. Name of the Bank / HFI as applicable : Punjab National Bank, TALWARA ROAD, MUKERIAN,
Punjab
6. Name of Developer of the property : N.A.
(in case of developer built properties)
II PHYSICAL CHARACTERISTICS OF THE ASSET
1. Location of the property in the city : Property Bearing No. Nil, Falls In Khata no. 142/165,
Plot No. / Survey No. Khasra No. 11(62-7) (Old), 11/1/2(1-1), 11/1/7(1-1),
Door No. 11/1/9(3-4) and Khasra No. 1355/11(1-1) (New) Situated
T.S. No. / Village Near Bus Stand, G.T Road, Village Tikhowal, Mukerian,
Ward / Taluka Tehsil Mukerian, District Hoshiarpur (Punjab) - 144211
Mandal / District
2. Municipal Ward No. : -
3. City / Town : City
Residential area / Commercial area / : Commercial
Industrial area
4. Classification of the area :
High / Middle / Poor : Middle
Metro / Urban / Semi Urban/Rural : Urban
5. Coming under corporation limit / : MC
village panchayat / municipality
6. Postal address of the property : Property Bearing No. Nil, Falls In Khata no. 142/165,
Khasra No. 11(62-7) (Old), 11/1/2(1-1), 11/1/7(1-1),
11/1/9(3-4) and Khasra No. 1355/11(1-1) (New) Situated
Near Bus Stand, G.T Road, Village Tikhowal, Mukerian,
Tehsil Mukerian, District Hoshiarpur (Punjab) - 144211

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 ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)

7. Latitude, Longitude and Coordinates : 31.953083, 75.612250

of the site
8. Area of the plot/land (supported by a : 1 Kanal 1 Marla i.e. 21 Marla (1 Marla = 207 Sq.ft) (as per
plan) doc)

9. Layout plan of the layout in which : Layout plan of Situated Near Bus Stand, G.T Road, Village
the property is located Tikhowal, Mukerian, Tehsil Mukerian, District
Hoshiarpur (Punjab) - 144211
10. Development of surrounding areas : Developed
11. Details of Roads abutting the : 100' wide Road
property
12. Whether covered under any State / : No
Central Govt. enactments (e.g., Urban
Land Ceiling Act) or notified under
agency area / scheduled area /
cantonment area.
13. In case it is an agricultural land, any No
conversion to house site plots is
contemplated.
14. Boundaries of the property :
As per deed (A) Actual (B)
North Not mentioned Road 20' Wide (145')
South - Vacant Plot (145')
West - Street 15Ft (29' - 06")
East - G.T Road (29' - 06")
15. Extent of the site considered for : 1 Kanal 1 Marla i.e. 21 Marla (1 Marla = 207Sqft) (as per
valuation (least of 14A & 14B) doc)

16. Description of Adjoining properties : North Road 20' Wide (145')

South Vacant Plot (145')
West Street 15Ft (29' - 06")
East G.T Road (29' - 06")
17. Survey no. if any : Property Bearing No. NIL
18. Details of the building / buildings and : Floors Actual Area Permissible Adopted area
other improvements in terms of area, (Sq. ft.) area in sq. ft.
height, no. of floors, plinth area floor in sq. ft.
wise, year of construction year of (60% / 1:2)
making alterations / additional GF 4277 2608 2608
construction with full details of FF 4277 2608 2608
specifications to be appended along SF 4277 0 0
with building plans and elevations.
TF 4277 0 0
Total 17108 5216 5216

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 ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)

19. Plinth area, carpet area and saleable area : Floors Carpet area (approx.)(in sq. ft)
to be mentioned separately and clarified ALL 4173
FLOORS
20. Any other aspect : No
III TOWN PLANNING PARAMETERS
1. Master plan provisions related to the : Commercial
property in terms of land use
2. Date of issue and validity of layout of : Not provided
approved map / plan
3. Approved map / plan issuing authority : -do-
4. Whether genuineness or authority of : -do-
approved map / plan
5. Any other comments by our empanelled : Yes, The actual area is more than permissible area
valuers on authentic of approved plan which is ignored for valuation
6. Planning area / zone : MC
7. Development controls : MC
8. Zoning regulations : MC
9. FAR / FSI permitted and consumed : Permissible 1.2%
10. Ground coverage : Permissible 60%
11 Transferability of development rights if : NA
any, Building bye-law provisions as
applicable to the property viz. setbacks,
height restrictions, etc.
12. Comment on surrounding land uses and : Commercial
adjoining properties in terms of usage
13. Comment on unauthorized : Yes, The actual area is more than permissible area
constructions if any which is ignored for valuation
14. Comment on demolition proceedings if : -do-
any
15. Comment on compounding : -do-
regularization proceedings
16. Comment on whether OC has been : Not provided
issued or not
17. Any other aspect : Nil
IV LEGAL ASPECTS DESCRIPTION OF LEGAL ASPECTS TO INCLUDE
1. Ownership documents :
Copy of Sale Deed dated 28.04.1998 for land area 1 Kanal 1 Marla in the name Mr. Sham Lal Kohli
Copy of Previous Valuation Report dated 30.04.2018 by Er. Vijay Bagga
Copy of Affidavit dated 21.12.2020

--

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 ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)

2. Names of owner‟s (incase of joint or co- : Mr. Sham Lal S/o Mr. Kasturi Lal, Single
ownership, whether the shares are undivided ownership
or not?)
3. Comment on dispute / issues of landlord with : N.A
tenant / statutory body / any other agencies, if
any in regard to immovable property
4. Comment on whether the IP is : Yes, independently accessible
independently accessible?
5. Title verification : Verify to sale deed
6. Details of leases if any : N.A.
7. Ordinary status of freehold or leasehold : Free Hold
including restriction on transfer
8. Agreements of easements if any : N.A.
9. Notification for acquisition if any : -do-
10. Notification for road widening if any : -do-
11. Possibility of frequent flooding / sub- : -do-
merging
12. Special remarks, if any, like threat of : -do-
acquisition of land for public service
purposes, road widening or applicablility of
CRZ provisions etc. (Distance from sea-coast
/ tidal level must be incorporated)
13 Heritage restrictions if any, All legal : Not provided
documents receipts related to electricity
water tax, property tax and any other
building taxes to be verified and copies as
applicable to be enclosed with the report
14. Comment on transferability of the property : Easily transfer through deed
ownership
15. Comment on existing mortgages / Charges / : Not known
encumbrances on the property is any
16. Comment on whether the owners of the : No Information
property have issued any guarantee (personal
/ corporate) as the case may be
17 Building plan sanction, illegal constructions : N.A
if any done without plan sanction /
violations
18. Any other aspect : Nil

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 ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)

V ECONOMIC ASPECTS
1. Details of ground rent payable : N.A.
2. Details of monthly rents being received if : N.A.
any
3. Taxes and other outgoings : Owner to disclose
4. Property insurance : No Information
5. Monthly maintenance charges : -do-
6. Security charges etc. : -do-
7. Any other aspect : Nil
VI SOCIO-CULTURAL ASPECTS
Descriptive account of the location of the : Middle locality
property in terms of the social structure of
the area, population, social stratification,
regional origin, age groups, economic, levels,
location of slums / squatter settlements
nearby, etc.
VII FUNCTIONAL AND UTILITARIAN ASPECTS
Description of the functionality and utility of : Using as Commercial
the assets in terms of:
1. Space allocation : N.A.
2. Storage spaces : Available
3. Utility of spaces provided within the building : Available
4. Any other aspect : Nil
VIII INFRASTRUCTURE AVAILABILITY
a. Description of aqua infrastructure availability :
in terms of
1) Water Supply : Available
2) Sewerage / sanitation : Available
3) Storm water drainage : Available
a. Description of other physical infrastructure
facilities viz.
1) Solid waste management : Not available
2) Electricity : Available
3) Road & Public transportation connectivity : Connected by surface transport
4) Availability of other public utilities : Nearby
nearby,
c. Social infrastructure in terms of :
a) Schools :
b) Medical facilities : N.A.
c) Recreation facilities in terms of parks and :
open spaces

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 ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)

IX MARKETABILITY
(Analysis of the market for the property in
terms of
1. Locational attributes : Road
2. Scarcity : Normal
3. Demand and supply of the kind of subject : Normal
property
4. Comparable sale prices in the locality : Rs. 9,00,000/- per Marla

X ENGINEERING AND TECHNOLOGY ASPECTS

Description of engineering and technology
aspects to include
1. Type of construction : RCC Structure
2. Materials and technology used : Brick, sand, cement, RCC, Tor steel, Tile/Marble
flooring, Wooden/Steel/glass etc.
3. Specifications : Good
4. Maintenance issues : Good
5. Year of construction : 2009
6. Age of the Building : 15 years
7. Residual life of building : 55 years
8. Total life of the building : 70 years
9. Extent of deterioration : Yes, The actual area is more than permissible area
which is ignored for valuation
10. Structural safety : Design aspects of the building not provided to us.
11. Protection against natural disasters viz. : Design aspects of the building not provided to us.
earthquakes
12. Visible damage in the building if any : No
13. Common facilities viz. lift, water pump, : Some service available
lights, security systems etc.
System of air-conditioning : Yes
Provision for fire fighting, copies of plans and : Not provided
elevation of the building to be included
XI ENVIRONMENTAL FACTORS
1. Use of environment friendly building : No
materials, Green building techniques if any
2. Provision for rain water harvesting : Yes
3. Use of solar heating and lighting systems, etc. : No
Presence of environmental pollution in the
vicinity of the property in terms of industries,
heavy traffic, etc.

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 ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)

XII ARCHITECTURAL AND AESTHETIC QUALITY

1. Descriptive account on whether the building : Modern looking
is modern, old fashioned, etc., plain looking
or with decorative elements, heritage value if
applicable, presence of landscape elements,
etc.
XIII INCASE OF VALUATION OF INDUSTRIAL PROPERTY
1. Proximity to residential areas Yes, residential
2. Availability of public transports facilities Yes, available
XIV VALUATION
Here, the procedure adopted for arriving at : Land & Building Method
the valuation has to be highlighted
The valuaer should consider all the three : Land & Building Method
generic approaches of property valuation and
state explicitly the reasons for adoption of /
rejection of a particular approach and the
basis on which the final valuation judgment is
arrived at. A detailed analysis and descriptive
account of the approaches, assumptions made
basis adopted, supporting data (in terms of
comparable sales), reconciliation of various
factors, departures, final valuation arrived at
has to be presented here.
ENCLOSURES
- Layout plan of the area in which the : Photographs of the property are attached
property is located
- Building plan
- Floor plan
- Photographs of the property being
valued
- Any other relevant documents /
extracts

I hereby declare that:

a) The information provided is true and correct to the best of my knowledge and belief.
b) The analysis and conclusions are limited by the reported assumptions and conditions.
c) I have no direct or indirect interest in the property valued.
d) Our representative Mr. DALIA has inspected the subject property on 04.10.2024 in the
presence of Nil.
e) I am a „valuer‟ as per the provisions of the above referred Handbook in category – I and
fulfill the education, experience and other criteria laid out therein.

Place: Noida
Date : 04.10.2024

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 ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)

(A) Brief description of the property under Valuation

1) The property under valuation is a free hold commercial using Property Bearing No. NIL, falls in Khata
no. 142/165, Khasra No. 11(62-7) (Old), 11/1/2(1-1), 11/1/7(1-1), 11/1/9(3-4) and Khasra No. 1355/11(1-1)
(New) Situated Near Bus Stand, G. Road, Village Tikhowal, Mukerian, Tehsil Mukerian, District
Hoshiarpur (Punjab) - 144211, built on plot admeasuring 1 Kanal 1 Marla i.e. 21 Marla (1 Marla = 207Sq.
ft) and built as GF+3 storied.
2) The property is located near Bus Stand
3) The property is situated within MC.
4) The Sanctioned plan has not been provided so permissible area as per bye laws is considered & ignored
the extra area for valuation.
5)The property is using as commercial for which no permission documents are provided so the bank may
check the same before funding.

(B) DETAILS OF VALUATION

S. Particulars Adopted Roof Age of Depreciate Replacement Depreciation Net value after
No. of item area Heigh building d rate of cost @ 21% depreciation on
Sq. Ft. t constructio Rs. Rs.
n
Rs.
1. GF 2608 10‟ 15 yrs 1800/- 46,94,400/- 9,85,824 /- 37,08,576/-
2. FF 2608 10‟ 15 yrs 1700/- 44,33,600/- 9,31,056 /- 35,02,544/-
TOTAL 5216 91,28,000/- 19,16,880/- 72,11,120/-

C. AMENITIES, SERVICES & EXTRA ITEMS (Value after Depreciation)

1. Wardrobes, Showcases / Wooden cupboards / :

Interior decorations / Architectural Elevation Rs. 0/-
works, separate toilet & servant room, guard
room etc. renovation work
2. Water supply arrangements / Drainage :
arrangements / Compound Wall / Steel gate / Rs. 0/-
Electrical fittings & Underground tank others
Total Amount : Rs. /-

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 ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)
D. VALUE OF LAND

The local enquiries were made. Considering the prevailing market rates of land in and around this
area and considering all other factors along with its size, shape, situation, location, emplacement
and its utility, the value works out to :-
Prevailing market rate adopting in this : Rs. 8,00,000/- to 10,00,000 per Marla
valuation
value After considering the characteristics : Rs. 9,00,000/- per Marla
of the subject plot
(21 Marla @ Rs. 900000/- per Marla) : Rs. 1,89,00,000/-

TOTAL VALUE OF PROPERTY

B) Construction value of the building : Rs. 72,11,120/-

C) Amenities and Services : Rs. /-

D) Value of Land : Rs. 1,89,00,000/-

Grand Total (B + D) : Rs. 2,61,11,120/-
SAY : Rs. 2,61,00,000/-
(Rupees Two Crore Sixty One Lakh Only)

Guideline rate obtained from the Registrar‟s Office (an evidence thereof to be enclosed)
I Value of Land 21 Marla Rs. 1000000/- per Marla Rs. 2,10,00,000/-
II Construction Value 5216 Sq.FT. Rs. 700/- per Sq.FT. x 1 x 1 Rs. 36,51,200/-
Value of the Property (I+II) Rs. 2,46,51,200/-

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 ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)

As a result of my appraisal and analysis, it is my considered opinion that the present market
value of the above property in the prevailing condition with aforesaid specifications is as under:

Value Amount (Rs.) In words

Date of Purchase of Immovable 28.04.1998
Property
Purchase price of immovable 150000/-
property
Book value of Immovable Property 150000/-
Fair market value 2,61,00,000/- Rupees Two Crore Sixty One Lakh Only
Realizable value (85%) 2,22,00,000/- Rupees Two Crore Twenty Two Lakh Only
Distress value (75%) 1,96,00,000/- Rupees One Crore Ninety Six Lakh Only

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 ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)

DECLARATION
We hereby declare that:
I, We Harbans Lal Jham son of Late Mr. Anokha Mal Jham Do hereby solemnly affirm and state
that:
a) I am a citizen of India
b) I will not undertake valuation of any assets in which I have a direct or indirect interest or
become so interested at any time during a period of three years prior to my appointment as
valuer or three years after the valuation of assets was conducted by me.
c) The information furnished in my valuation report dated 04.10.2024 is true and correct to the
best of my knowledge and belief and I have made an impartial and true valuation of the
property.
d) Our representative Mr. DALIA has inspected the subject property on date 04.10.2024 in the
presence of Nil. The work is not subcontracted to any other valuer and carried out by myself.
e) Valuation report is submitted in the format as prescribed by the Bank
f) I have not been depanelled/ delisted by any other bank and in case any such depanelment by
other banks during my empanelment with you, I will inform you within 3 days of such
depanelment.
g) I have not been removed, dismissed from service/employment earlier.
h) I have not been convicted of any offence and sentenced to a term of imprisonment.
i) I have not been found guilty of misconduct in professional capacity.
j) I have not been declared to be unsound mind
k) I am not an un discharged bankrupt, or has not applied to be adjudicated as a bankrupt;
l) I am not an un discharged insolvent
m) I have not been levied a penalty under section 271J of Income-tax Act, 1961 (43 of 1961) and
time limit for filing appeal before Commissioner of Income tax (Appeals) or Income-tax
Appellate Tribunal, as the case may be has expired, or such penalty has been confirmed by
Income-tax Appellate Tribunal, and five years have not elapsed after levy of such penalty
n) I have not been convicted of an offence connected with any proceeding under the Income
Tax Act 1961, Wealth Tax Act 1957 or Gift Tax Act 1958 and
o) My PAN Card number/Service Tax number as applicable is ABUPJ0907G.
p) I undertake to keep you informed of any events or happenings which would make me
ineligible for empanelment as a value

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ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)

q) I have not concealed or suppressed any material information, facts and records and I have made a

complete and full disclosure

r) I have read the Handbook on Policy, Standards and procedure for Real Estate Valuation, 2011 of the

IBA and this report is in conformity to the “Standards” enshrined for valuation in the Part-B of the

above handbook to the best of my ability.

s) I have read the International Valuation Standards (IVS) and the report submitted to the Bank for the

respective asset class is in conformity to the “Standards” as enshrined for valuation in the IVS in

“General Standards” and “Asset Standards” as applicable

t) I abide by the Model Code of Conduct for empanelment of valuer in the Bank. (Annexure V- A signed

copy of same to be taken and kept along with this declaration)

u) I am registered under Section 34 AB of the Wealth Tax Act, 1957. (Strike off, if not applicable)

v) I am valuer registered with Insolvency & Bankruptcy Board of India (IBBI) (Strike off, if not

applicable)

w) My CIBIL Score and credit worthiness is as per Bank‟s guidelines.

x) I am the proprietor / partner / authorized official of the firm / company, who is competent to sign this

valuation report.

y) I will undertake the valuation work on receipt of Letter of Engagement generated from the system

(i.e. LLMS/LOS) only.

z) Further, I hereby provide the following information.

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ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)

Sl Particulars Valuer comment

No.
1 Background information of the asset Mentioned above
being valued;
2 Purpose of Valuation and appointing Fair Market Value for Bank Credit
authority Facilities
3 Identity of the valuer and any other H.L. Jham
experts involved in the valuation; Regd. No. I/581/161/08-09
4 Disclosure of Valuer interest or No interest or conflict involved
conflict, if any;
5 Date of appointment to customer/ valuation Dt. 04.10.2024/ Dt. 04.10.2024
date and date of report;
6 Inspections and/or investigations Yes proper inspection by our engineer
undertaken; undertaken on 04.10.2024
7 Nature and sources of the information Market survey
used or relied upon;
8 Procedures adopted in carrying out the Land & building method
valuation and valuation standards
followed;
9 Restrictions on use of the report, if any; Only for bank
10 Major factors that were taken into Mentioned in above report page ( 1 to
account during the valuation; 11)
11 Caveats, limitations and disclaimers to the No limitation /disclaimers.
extent they explain or elucidate the
limitations faced by valuer, which shall not be
for the purpose of limiting his responsibility
for the valuation report.

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ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)

(Annexure-II)
MODEL CODE OF CONDUCT FOR VALUERS

Integrity and Fairness

1. A valuer shall, in the conduct of his/its business, follow high standards of integrity and fairness in all
his/its dealings with his/its clients and other valuers.

2. A valuer shall maintain integrity by being honest, straightforward, and forthright in all
professional relationships.

3. A valuer shall endeavor to ensure that he/it provides true and adequate information and
shall not misrepresent any facts or situations.

4. A valuer shall refrain from being involved in any action that would bring disrepute to the
profession.
5. A valuer shall keep public interest foremost while delivering his services.

Professional Competence and Due Care

6. A valuer shall render at all times high standards of service, exercise due diligence, ensure
proper care and exercise independent professional judgment.

7. A valuer shall carry out professional services in accordance with the relevant technical and
professional standards that may be specified from time to time

8. A valuer shall continuously maintain professional knowledge and skill to provide

competent professional service based on up-to-date developments in practice, prevailing
regulations/guidelines and techniques.

9. In the preparation of a valuation report, the valuer shall not disclaim liability for his/its
expertise or deny his/its duty of care, except to the extent that the assumptions are based on
statements of fact provided by the company or its auditors or consultants or information
available in public domain and not generated by the valuer.

10. A valuer shall not carry out any instruction of the client insofar as they are incompatible
with the requirements of integrity, objectivity and independence.

11. A valuer shall clearly state to his client the services that he would be competent to provide
and the services for which he would be relying on other valuers or professionals or for
which the client can have a separate arrangement with other valuers.

Independence and Disclosure of Interest

12. A valuer shall act with objectivity in his/its professional dealings by ensuring that
his/its decisions are made without the presence of any bias, conflict of interest, coercion, or
undue influence of any party, whether directly connected to the valuation assignment or
not.

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ER. HARBANS LAL JHAM (C/O: P&A VALUETECH PVT. LTD.)
13. A valuer shall not take up an assignment if he/it or any of his/its relatives or
associates is not independent in terms of association to the company.
14. A valuer shall maintain complete independence in his/its professional
relationships and shall conduct the valuation independent of external influences.
15. A valuer shall wherever necessary disclose to the clients, possible sources of
conflicts of duties and interests, while providing unbiased services.
16. A valuer shall not deal in securities of any subject company after any time when
he/it first becomes aware of the possibility of his/its association with the valuation, and in
accordance with the Securities and Exchange Board of India (Prohibition of Insider
Trading) Regulations, 2015 or till the time the valuation report becomes public, whichever
is earlier.
17. A valuer shall not indulge in “mandate snatching” or offering “convenience
valuations” in order to cater to a company or client‟s needs.
18. As an independent valuer, the valuer shall not charge success fee.
19. In any fairness opinion or independent expert opinion submitted by a valuer, if
there has been a prior engagement in an unconnected transaction, the valuer shall declare
the association with the company during the last five years.
Confidentiality
20. A valuer shall not use or divulge to other clients or any other party any confidential
information about the subject company, which has come to his/its knowledge without
proper and specific authority or unless there is a legal or professional right or duty to
disclose.

Information Management
21. A valuer shall ensure that he/ it maintains written contemporaneous records for
any decision taken, the reasons for taking the decision, and the information and evidence
in support of such decision. This shall be maintained so as to sufficiently enable a
reasonable person to take a view on the appropriateness of his/its decisions and actions.
22. A valuer shall appear, co-operate and be available for inspections and
investigations carried out by the authority, any person authorized by the authority, the
registered valuers organization with which he/it is registered or any other statutory
regulatory body.
23. A valuer shall provide all information and records as may be required by the
authority, the Tribunal, Appellate Tribunal, the registered valuers organization with
which he/it is registered, or any other statutory regulatory body.

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24. A valuer while respecting the confidentiality of information acquired during the
course of performing professional services shall maintain proper working papers for a
period of three years or such longer period as required in its contract for a specific
valuation, for production before a regulatory authority or for a peer review. In the event of
a pending case before the Tribunal or Appellate Tribunal, the record shall be maintained
till the disposal of the case.

Gifts and hospitality.

25. A valuer or his/its relative shall not accept gifts or hospitality which undermines
or affects his independence as a valuer.
Explanation: For the purposes of this code the term „relative‟ shall have the same meaning
as defined in clause (77) of Section 2 of the Companies Act, 2013 (18 of 2013).
26. A valuer shall not offer gifts or hospitality or a financial or any other advantage to
a public servant or any other person with a view to obtain or retain work for himself/
itself, or to obtain or retain an advantage in the conduct of profession for himself/ itself.
Remuneration and Costs.
27. A valuer shall provide services for remuneration which is charged in a
transparent manner, is a reasonable reflection of the work necessarily and properly
undertaken, and is not inconsistent with the applicable rules.
28. A valuer shall not accept any fees or charges other than those which are disclosed
in a written contract with the person to whom he would be rendering service.

Occupation, employability and restrictions.

29. A valuer shall refrain from accepting too many assignments, if he/it is unlikely to
be able to devote adequate time to each of his/ its assignments.

30. A valuer shall not conduct business which in the opinion of the authority or the
registered valuer organization discredits the profession.

Miscellaneous
31. A valuer shall refrain from undertaking to review the work of another valuer of
the same client except under written orders from the bank or housing finance institutions
and with knowledge of the concerned valuer.
A valuer shall follow this code as amended or revised from time to time

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