Where a valuation is required to be made in respect of

Solution

Explanation: Section 247. Valuation by registered valuers: (1) Where a valuation is required to be made in respect of any property, stocks, shares , debenture , securities or goodwill or any other assets (herein referred to as the assets) or net worth  of a company or its liabilities under the provision of this Act, it shall be valued by a person having such qualifications and experience, registered as a valuer and being a member of an organization recognized, in such manner, on such terms and conditions as may be prescribed and appointed by the audit committee or in its absence by the Board of Directors of that company.