Insolvency regulator, IBBI, has barred IIV Registered Valuers Foundation, a Registered Valuers Organisation (RVO), from enrolling any new member for a period of six months.

The direction follows contravention by the RVO of the norm that only an independent director can be the chairperson of its governing board. In the instant matter, it was found that there were, in all, 15 meetings of the governing board of the RVO, which were chaired by Anjum Amin Shaikh, one of the directors of the RVO and not an independent director.

RVOs are the frontline organisations for the development and regulation of valuation profession. In India, there are 16 RVOs.

The IBBI has, in its order, highlighted that IIV RVF was recognised as an RVO on April 20, 2018, and had one year’s time to meet the requirement of Annexure III. It was seen that the independent directors were appointed only in June 2019, after completion of the one year period. Further, it was seen that even after the appointments of independent directors, the meetings were held with Anjum Amin Shaikh as the Chairperson.