Chandigarh

VALUERS ASSOCIATION HOLDS PEACEFUL PROTEST OUTSIDE RBI REGIONAL OFFICE AT CHANDIGARH

January 09, 2019 09:43 PM

Chandigarh (Face2News)

The members of Valuers Association (R) held peaceful protest in front of RBI Regional Office at Chandigarh against silent behavior of Officials Reserve Bank of India on Qualification required by any person to become Approved Valuer for Banks, Financial Institutions & NBFCs (Secured Creditors).  

Er. Kapil Arora, General Secretary informed that Valuers Association (R) had requested the Governor, RBI at Mumbai and Regional Director, RBI Regional office at Chandigarh on December 5th to Clarify on Qualification & eligibility required by any person to become APPROVED VALUER for Banks, FIs & NBFCs but despite our meeting and reminders, RBI hasn't moved an inch and hence favoring the incompetent persons who are empanelled with various Banks.

Er. Kulwant Singh Rai, President & Er. Sanjay Verma, Sr. Vice President informed that we have been continuously intimating RBI head office at Mumbai regarding INCOMPETENT PERSONS as well as Companies doing Valuations for secured creditors which are illegal and Null and Void. The Authorities of RBI have given blind eye on this matter due to which lakhs of Crores of Rupees have been disbursed by banks based on Illegal Valuation Reports and RBI still want such acts to be continued.  

It is primary duty of RBI to give directions to all secured creditors to follow the directions of law i.e. Act of Parliament (Gazette notification by MoF in 2007) vide which it is crystal clear that Valuers Approved u/s 34AB of Wealth Tax Act are eligible to do Valuation for Secured Creditors and no Company or Employee is permitted to act as Valuer for banks but the banks have empanelled large number of Companies & incompetent persons as Valuers.

Er. Kulwant Singh Rai, President & Er. Sanjay Verma, Sr. Vice President informed that we have been continuously intimating RBI head office at Mumbai regarding INCOMPETENT PERSONS as well as Companies doing Valuations for secured creditors which are illegal and Null and Void. The Authorities of RBI have given blind eye on this matter due to which lakhs of Crores of Rupees have been disbursed by banks based on Illegal Valuation Reports and RBI still want such acts to be continued.  

Col. Shri Ram Bakshi & Ar. Ramandeep Singh Khanna informed that almost 75% of NPA in India is due to loan disbursed based on such illegal Valuations issued by incompetent persons, which is matter of serious concern and authorities of RBI are silent on this issue despite our repeated requests. To avoid actual figures of NPAs, the Re-structuring of Corporate Accounts was done again and again by Secured Creditors based on Invalid Valuation Reports issued by Companies. The Valuers are blamed for NPAs in India but authorities of RBI seems to be not ready to Act strongly against the real cause behind NPA despite our repeated requests. 

Er. Mohit Jain, Er. Satyajit Dhir (Sr. Vice President) & Er. Sunil Puri, Vice President informed that the silence of RBI on this issue is very serious and it smells fishy as despite knowing the directions of law, the concerned officials of RBI are hiding the real facts just to save incompetent persons. Such act has already done huge loss to the banks and Valuers Association will not remain silent unless until the matter is clarified in writing by RBI. 

Ar. Vivek Khanna, Ar. Jatinder Thakur, Er. Gurmeet Singh, Er. H S Bhatia, Er. S L Kukreja, Er. Amarjit Singh, Er. Sushil Kumar, Ar. Balbir Bagga, Brig. Chugh, Col. Bedi, Er. Rakesh Anand, Er. Manoj Gupta, Ar. Arun Mittal, Er. Rajwant Singh & large number of Valuers present raised the issued and said that if the information is not provided within next 10 days, the peaceful protest will be held again. 

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