Independent valuation opinions for corporate actions, tax, reporting and transactions.
CA Samrat Joneja is registered with the Insolvency and Bankruptcy Board of India as a Registered Valuer for Securities or Financial Assets.
CA Samrat Joneja
Registered Valuer — Securities or Financial Assets under the Companies (Registered Valuers and Valuation) Rules, 2017.
IBBI/RV/06/2019/12653
A model is not a valuation until the assumptions tell a coherent business story.
Valuation work combines financial analysis, industry economics, transaction terms, applicable law and the purpose for which the opinion will be used.
Assignments have included valuation opinions for joint ventures, startup and investor equity infusions, ESOPs, Ind AS measurements and strategic transactions. Manufacturing valuations receive particular attention to capacity, customer concentration, tooling, replacement capex, working capital, cyclicality and normalised margins.
Valuations for shares, securities and corporate actions.
The precise statutory requirement depends on the section, rules, transaction form and professional category prescribed. Common assignments include:
Further issue & preferential allotment
- Pricing under section 62(1)(c) and applicable rules
- Preferential issue of equity shares
- Convertible preference shares and debentures
- Issue for consideration other than cash
- Conversion of loans or other rights into equity
Employee and promoter equity
- Sweat equity under section 54 and applicable rules
- Valuation of know-how, intellectual property and value addition
- ESOP fair-value opinions for accounting
- Option-pricing and share-based-payment models
- Independent support for plan design and grant economics
Mergers, demergers & schemes
- Share-exchange ratios
- Merger and amalgamation valuations
- Demerger and business-transfer valuations
- Compromises and arrangements under sections 230–232
- Fairness analysis for stakeholder classes
Shareholder exits & minority interests
- Minority purchase under section 236
- Acquisition of dissenting interests
- Promoter or shareholder buy-outs
- Capital reduction and exit pricing
- Family ownership realignment
Transactions with directors & non-cash consideration
- Section 192 non-cash transactions involving directors
- Acquisition or transfer of assets against securities
- Share swaps
- Contribution of businesses or intellectual property
- Fair-value allocation across instruments
Independent corporate-action support
- Buy-back and capital-reduction analysis where relevant
- Net-worth and securities valuations under section 247
- Rights and strategic allotments
- Board and shareholder decision support
- Dispute and fairness opinions where commercially appropriate
Fair value where tax law changes the transaction price.
Tax valuation needs both the prescribed computation and a clear view of which professional is authorised to issue the required report.
Valuations that flow into the financial statements.
Financial-reporting valuations require documented assumptions that can withstand management, auditor and audit-committee review.
Ind AS 103
Purchase-price allocation, consideration transferred, identifiable intangibles, contingent consideration and non-controlling interests.
Ind AS 36
Value-in-use and fair-value-less-cost-of-disposal models for goodwill, CGUs, businesses and financial interests.
Ind AS 102
ESOPs, share-based payments, options and other equity-settled or cash-settled awards.
Ind AS 109 & 113
Fair value of unquoted investments, preference shares, convertibles, options, contingent rights and other financial instruments.
Business interests
Fair value of subsidiaries, associates and joint ventures for reporting, impairment or transaction purposes.
Intangibles
Customer relationships, technology, brands, contracts, non-compete rights and other identifiable intangible assets.
Expected outcomes
Scenario-based valuation of earn-outs, performance-linked securities and contingent consideration.
Audit support
Assumption papers, model reconciliations, sensitivity analysis and response to valuation-review questions.
Valuation around money coming in, going out or changing hands.
Cross-border and private-company transactions often need more than one valuation lens. The pricing rule, negotiated value and accounting fair value may not be the same number.
Startup & growth equity
Equity infusions, preference shares, convertible instruments, cap-table modelling, dilution and investor negotiation support.
Joint ventures
Contribution valuation, ownership ratios, reserved economics, call/put rights, deadlock scenarios and future funding.
Resident / non-resident transactions
Issue and transfer pricing support under applicable FEMA rules, inbound and outbound investment, share swaps and cross-border reorganisations.
Buy-side & sell-side
Business-value range, normalised earnings, working-capital adjustments, debt-like items and price-mechanism support.
Family and shareholder matters
Succession, family settlement, shareholder exit, buy-out, dispute support and value equalisation across assets or businesses.
Strategic decisions
Fundraising, restructuring, hive-off, business transfer, management buy-out, investment review and fairness analysis.
Method follows purpose—not convenience.
The report explains the premise, standard of value, valuation date, information relied upon, key assumptions, method selection, sensitivities and limitations.
Define the question
Identify the law, users, valuation date, asset, transaction and prescribed professional requirements.
Normalise the economics
Test forecasts, margins, working capital, capex, risk, capital structure and transaction rights.
Apply suitable methods
Use income, market or asset approaches, including DCF, multiples, NAV, option models or scenario methods as appropriate.
Make it reviewable
Reconcile methods, document sensitivities and issue a purpose-specific opinion with clear limitations.
A valuation report is purpose-specific.
Can one valuation be used for Companies Act, tax and FEMA?
Not automatically. The valuation date, standard, permitted method and prescribed professional may differ. A coordinated exercise can reuse consistent information, but each opinion must satisfy its own purpose.
Do you value ESOPs?
Yes, including fair value for accounting and Ind AS 102 purposes. For Income-tax perquisite valuation of unlisted shares, the prescribed merchant-banker requirement is separately considered.
What is needed to begin?
The transaction summary, cap table, constitutional documents, recent financial statements, forecasts, financing terms, key contracts and the statutory purpose are usually the starting set.
Define the statutory purpose before building the model.
Share the proposed transaction, entities, valuation date, instrument, parties and expected use of the report. We can identify the correct scope and information list.