GRIEVANCE REDRESSAL POLICY

OF

ALL INDIA INSTITUTE OF VALUER FOUNDATION

Table of Contents

SR. NOCONTENTSPAGE NUMBER
1.Introduction3
2.Objective4
3.Definitions4
4. Functions of the Grievance Redressal Committee  6
5.Grievance Redressal Officer (GRO)    7
6.Filing of Grievance/Complaint  8
7.Grievance/Complaint Resolution Procedure  9
8Reports to the Authority  13
9.Obligations to Comply with the Grievance Redressal Policy  13
10.Review of the Grievance Redressal Policy14


ALL INDIA INSTITUTE OF VALUERS FOUNDATION (AIIVF)

GRIEVANCE REDRESSAL POLICY

1. INTRODUCTION  
2. OBJECTIVES  
3. DEFINATIONS  
  • “Act” means the Companies Act, 2013 (18 of 2013);
  • “Annexure ” means an annexure to this policy;
  • “Asset Class” means distinct group of assets that have been classified as class of assets by the Insolvency and Bankruptcy Board of India and requires separate set of valuers for valuation under the Companies (Registered Valuers and Valuation) Rules, 2017;

Provided that the Insolvency and Bankruptcy Board of India has so far made only three asset classes viz. Land & Building; Plant & Machinery; and Securities or Financial Assets.

  • “Authority” means the Insolvency and Bankruptcy Board of India [IBBI] who has been specified by the Central Government under section 458 of the Companies Act, 2013 (18 of 2013) to perform the functions under the Companies (Registered Valuers and Valuation) Rules, 2017;
  • “Bye-Laws” means the Bye-Laws of the All India Institute of Valuers Foundation as amended from time to time;
  • “Certificate of Practice” means the certificate of practice granted to a  registered valuer member who has completed the requisite training of the All India Institute of Valuers Foundation in respect of valuation of an asset class or classes;
  • “Code of Conduct” means the code of conduct for the registered valuers as given in Annexure-I to the Bye-Laws of All India Institute of Valuers Foundation;
  • “Company” means a company registered under the Companies Act, 2013 (18 of 2013) or under the Companies Act, 1956 (1 of 1956);
  • “Disciplinary Committee” means the committee constituted by the Governing Board of All India Institute of Valuers Foundation in accordance with Article 26 of its Articles of Association, Bye-law 8(1)(d) of its Bye-Laws, and applicable provisions of the Companies (Registered Valuers and Valuation) Rules, 2017.
    • “Governing Board“ means the Board of Directors of the All India Institute of Valuers Foundation constituted under the applicable provisions of the Companies Act, 2013 (18 of 2013);
    • “Grievance/Complaint” means any communication that expresses dissatisfaction about an action or lack of action, about the standard of service/deficiency of service and the complainant asks for remedial action.

The terms “Grievance” and “Complaint” may be used interchangeably unless the context requires that a specific meaning be ascribed thereto;

  • “Grievance Redressal Committee” means the committee constituted by the Governing Board of All India Institute of Valuers Foundation in accordance with Article 26 of its Articles of Association, Bye-law 8(1)(c) of its Bye-Laws, and applicable provisions of the Companies (Registered Valuers and Valuation) Rules, 2017;
    • “Grievance Redressal Officer (GRO)” means a nodal officer appointed by the AIIVF for handling grievances/complaints and to perform the functions of Grievance Redressal Officer;
  • “AIIVF” means the All India Institute of Valuers Foundation duly incorporated as section 8 company under the Companies Act, 2013 with its registered office at  1007, 10th floor, New Delhi House, 27 Barakhamba Road New Delhi 110001;
    •  “Mediation Officer” means an officer appointed, designated, or authorized by the AIIVF or by GRC who shall try and resolve the grievances/complaints, referred to him by the GRC, through mediation;
  • “Partnership entity” means a partnership firm registered under the Indian Partnership Act, 1932 (9 of 1932) or a limited liability partnership registered under the Limited Liability Partnership Act, 2008 (6 of 2009);
    • “Policy” means the Grievance Redressal Policy of AIIVF;
  • “Registered Valuer” means a person who has been granted certificate of registration by the authority under Rule 6 of the Companies (Registered Valuers and Valuation) Rules, 2017 and has been granted certificate of practice by the All India Institute of Valuers Foundation in respect of valuation of an asset class or classes and the term “valuer” shall be construed accordingly;
  • “Registered Valuers Organisation (RVO)” means a legal entity recognized as registered valuers organization by the Insolvency and Bankruptcy Board of India under Rule 13 of the Companies (Registered Valuers and Valuation) Rules, 2017;
  • “Rules” means the Companies (Registered Valuers and Valuation) Rules, 2017 as amended from time to time;
  • “Student Member” means a person who meets the required qualification and experience as per Rule 4 of the Companies (Registered Valuers and Valuation) Rules, 2017 and is desirous of acquiring required education, training and knowledge of valuation profession for the purpose of becoming a registered valuer in respect of valuation of an asset class or classes;
  • “Valuer Member” means a person who possess the required qualification and experience as per Rule 4 of the Companies (Registered Valuers and Valuation) Rules, 2017 and has completed the mandatory educational course as a student member of the All India Institute of Valuers Foundation in respect of valuation of an asset class or classes;
  • “Valuation Standards” means the standards of valuation as notified or modified by the Central Government under Rule 18 of the Companies (Registered Valuers and Valuation) Rules, 2017;

Provided that until the valuation standards are notified or modified by the Central Government, the valuation standards would mean the standards of valuation adopted by the All India Institute of Valuers Foundation;

  •  3.2       Unless the context otherwise requires, words and expressions used but not defined in this policy shall have the meanings respectively assigned to them in the Companies Act, 2013 (18 of 2013) and Rules made thereunder.
4. FUNCTIONS OF THE GRIEVANCE REDRESSAL COMMITTEE  
  • 4.1       The Grievance Redressal Committee as constituted by the Governing Board of All India Institute of Valuers Foundation in accordance with Article 26 of its Articles of Association, Bye-law 8(1)(c) of its Bye-Laws, and applicable provisions of the Companies (Registered Valuers and Valuation) Rules, 2017 shall perform the following functions:
5 GRIEVANCE REDRESSAL OFFICER (GRO)                                           
  • 5.1        AIIVF shall designate/appoint an officer as the Grievance Redressal Officer (GRO) who will be the Nodal Officer for dealing with all grievances/ complaints addressed to or relating to the AIIVF. His role and functions will include:
  • Receiving and maintaining a record of all grievances/complaints;
  • Allocating a Reference/Unique Grievance Number and issuing an acknowledgement;
  • Preliminary scrutiny and request for details/additional details and/or evidence;
  • Convening Grievance Redressal Committee (GRC) Meetings;
  • Submission of recommendations for closure or further action to GRC through the CEO;
  • Recording of minutes of the Grievance Redressal Committee Meetings and initiating action thereon;
  • In case of Mediation Proceedings initiated by GRC, to follow-up for timely closure and submission of the report to GRC;
  • Submit a periodic review report to the GRC, as per the frequency determined by the Committee, detailing the receipt and disposal of complaints;
  • Maintain necessary records of all grievances/complaints received and disposed off along with the related documents, minutes, reports (if any), etc;
  • Report to the Governing Board, at each of their meetings, the details of the grievances/complaints received and disposed off between two intervening Board meetings and submit an Annual review of the Grievance Redressal Mechanism; and
  • Any other function assigned by the Board/GRC/CEO relating to the Grievance Redressal.
6. FILING OF GRIEVANCE/COMPLAINT   

6.1         Any grievance/complaint shall be communicated in writing, preferably on the prescribed format (Annexure I & II), alongwith hard/soft copies of supporting documents. The soft copies of supporting documents are required to be submitted in PDF format in a CD or DVD.

6.2        All grievances/complaints must be addressed to the Grievance Redressal Officer of AIIVF and sent at the registered address viz.

Grievance Redressal Officer,

All India Institute of Valuers Foundation, 1007, 10th floor, New Delhi House,

27 Barakhamba Road, New Delhi-110001

6.3        A grievance/complaint can also sent by email at the designated email address viz. vkguptaca@gmail.com alongwith soft copies of supporting documents in PDF format. All grievances sent by email must be followed by sending hard copies as well.

  • 6.4      The grievance/complaint and its enclosures should be filed in triplicate, duly signed by the Complainant and should be in English language. Any document/s in Hindi or in any Regional Language should be sent along with English translation thereof, duly verified as”true copy’.

6.5        A grievance/complaint not sent on the prescribed format (Annexure I & I|) must include the following:

  • Name, designation, postal address, and e-mail address of the complainant;
  • Name and registration number of the registered valuer member or name of the RVO, as the case may be, against whom complaint is made;
  • Relevant provisions of the Act, Rules, or Regulations which are stated to have been violated;
  • Nature and details of the complaint; and
  • List of documents, if any, that are attached to support the complaint.

6.6        Any complaint received against a registered valuer member, if filed by or on behalf of the Central Government or any State Government or any other department or entity of the Central or State Government or by any statutory authority, shall be accompanied by a document to be filed in original, by the person duly authorized in this regard, by the government or department or authority, as the case may be.

7. GRIEVANCE/COMPLAINT RESOLUTION PROCEDURE   
  • 7.1       For processing and redressal of all grievances/complaints, following procedure shall be adopted:
    •              7.1.1 On receipt of the grievance/complaint, either through email or by post, a reference number/unique grievance number will be allocated by the GRO to each grievance/complaint received and an acknowledgement shall be sent, within 5 (five) working days, by email/post as per details provided by the complainant, and the acknowledgement shall contain:
      • Date of receipt of grievance/complaint;
      • Unique Grievance Number;
      • Expected time schedule for resolution of the grievance/ complaint; and
      • Name, designation and contact details of the Officer.

7.1.2 On receipt of the grievance/complaint for redressal, the application will be scrutinized for completeness by the GRO who may request for additional information or clarification(s) in this regard, to be furnished within S(five) working days from the date of receipt of the request.

7.1.3 If the GRO is of the view that the complaint is frivolous and does not require any action, he shall submit it to the Grievance Redressal Committee alongwith his recommendations.

7.1.4 If the complaint is not deemed to be frivolous, and the GRO is of the view that a case prima facie exists, he shall send a copy of the grievance/complaint alongwith supporting documents to the other party for reply, if any, to be submitted within 5 (five) working days from receipt of the grievance/complaint.

7.1.5 Upon receipt of replies from the complainant and other party or upon expiry of the time for reply, the GRO would examine the case and submit it to the Grievance Redressal Committee alongwith his recommendations for consideration and necessary action. In case of any grievance/complaint against the AIIVF, the matter will be referred directly to the GRC by the GRO.

7.1.6 The Committee shall take into account the written submission of the parties and if so desire, may direct the parties to appear before it to further submit their submissions. The Committee, after considering written pleadings, oral submissions, the observations of the GRO and the facts and circumstances of the case, may:

(a) Dismiss the grievance if it is felt to be devoid of merit, or

(b) Direct the parties to seek mediation as a means of redressal of the grievance, or

(c ) Refer the matter to the Disciplinary Committee, if deemed appropriate, for suitable action against the registered valuer member who is the subject of the complaint.

7.1.7 In case Mediation Process is initiated by the GRC, the GRC shall authorize an officer of AIIVF as the Mediation Officer for the said grievance/ complaint. Where the grievance/complaint has been forwarded for mediation, the Median Officer shall proceed to serve notice to both the parties for facilitation of amicable resolution of grievance through mediation between the parties. He shall facilitate the interaction between the parties and encourage communication between them so as to arrive at an amicable settlement. He may assists the parties in evaluating the dispute, finding out the possible outcome, and if the matter is taken to next level of escalation, then see how best the opportunity of mediation can be made use of by the parties. He shall try and resolve the matter as expeditiously as possible not later than 10 (ten) working days from the date of the receipt of grievance as forwarded by the GRC. However, if the grievance could not be resolved through mediation, he shall refer the case back to the Grievance Redressal Committee alongwith his observations/recommendations, who shall   

(a) dismiss the matter, if it is devoid of merits; or

(b) refer the matter to Disciplinary Committee for Disciplinary action after recording the reasons thereto.

7.1.8 The Committee shall take a decision as expeditiously as possible not later than 15 days from the receipt of reference from the GRO/Median Officer.

7.1.9 Every grievance/complaint shall be addressed as early as possible and within a maximum period of 45 days from the receipt of the grievance/ complaint and can be further extended for a period of 15 days by the Grievance Redressal Committee.

7.1.10 In case the Grievance Redressal Committee, on investigation of the complaint, finds that a false complaint has been made or it has been made with a malicious intent, or on vexatious grounds, the Committee may refer the matter to the Disciplinary Committee which would further initiate inquiry against the false complainant.

Provided that a mere inability to provide adequate proof to substantiate the complaint shall not be construed as false and malicious complaint.

            7.1.11 The GRO shall inform the parties about the status of the complaint, alongwith    findings/speaking orders of the Grievance Redressal Committee, whenever the           complaint is:

              (a) Dismissed, or

              (b) Forwarded for mediation, or

              (c ) Forwarded to the Disciplinary Committee for appropriate action.

The Chairman, Disciplinary Committee, All India Institute of Valuers Foundation, 1007, 10th floor, New Delhi House,

27 Barakhamba Road, New Delhi-110001

7.1.13 If required, Grievance Redressal Committee Meetings may be conducted using a Webcast or other electronic means, as approved for Board Meetings. However, where personal appearances have been required from either of the Parties, the GRC Meetings will be held with the Members present in person.

7.1.14 All grievances/complaints, which are pending for resolution for more than 45 days or 60 days, as the case may be, from the date of sending acknowledgement, will be reviewed by the CEO and a reference made to the GRC for expediting action.

7.1.15 The CEO would monitor the resolution of grievances/complaints received by the AIIVF on the basis of a monthly report from the GRO. These will be consolidated and put up for review by the Grievance Redressal Committee at a frequency to be determined by the Committee.

7.1.16 Grievance/Complaint details will be kept confidential and shall be Shared with other organizations/regulatory authorities only if in accordance with the relevant laws and the parties to the grievance/complaint will be kept apprised about the same. Sharing of information with an external agency/organization will be done only with a written consent of the parties where such input is felt to be necessary for resolving the grievance/complaint.

7.1.17 All grievances/complaints shall be monitored and marked as closed either after their resolution or otherwise, as per the procedure laid down above. A grievance/complaint shall be considered as disposed off and closed in any of the following instances, namely:

(a) When the AIIVF has decided in favor of the complainant and initiated appropriate action;

(b) Where the complainant has indicated in writing, its acceptance of the response of the AIIVF;

(c ) Where the complainant has withdrawn his complaint/grievance;

(d) Where the complainant has not responded within a maximum of 15(fifteen) days of the receipt of any written communication from the AIIVF seeking further details/clarifications; or

(e) Where GRC has decided in favour of closure with reason(s) therefore.

  •              7.1.18 A reply shall be provided to the complainant, containing details of resolution or rejection of the complaint, with reasons thereof recorded in writing. The reply shall contain:
    • Date of receipt of the grievance/complaint
  • Reference/U nique Grievance Num ber
  • Brief Note giving details of the Resolution or Rejection
  •              7.1.19 The GRO shall preserve records in physical and in digital form pertaining to all the grievances/complaints received, resolved and closed for a period of 5(five) years. Documents should be classified and stored for easy traceability for which a system to be developed by the GRC.
    •              7.1.20 GRO shall, as far as possible, ensure adherence to the timelines laid down in this Policy or as approved by the GRC,
8. REPORTS TO THE AUTHORITY  
  • 8.1        The Grievance Redressal Committee shall submit a report to the authority in the manner specified by the authority with the grievances/complaints received, and redressed [resolved or rejected] during each reporting period.
9. OBLIGATIONS TO COMPLY WITH THE GRIEVANCE REDRESSAL POLICY  
  • 9.1        Every Registered Valuer Member registered with AIIVF is obliged to comply with the requirements of this Grievance Redressal Policy, failing which action against the Registered Valuer Member may be recommended by the Grievance Redressal Committee to the Disciplinary Committee of AIIVF.
    • 9.2       The Grievance Redressal Committee shall review the grievances/ complaints received against the Registered Valuer Members with the objective of their judicious resolution.
10. REVIEW OF THE GRIEVANCE REDRESSAL POLICY  
  1. 10.1  The Grievance Redressal Policy/Mechanism will be monitored and reviewed by the Grievance Redressal Committee at quarterly intervals and annually by the Governing Board of AIIVF.
  2. 10.2 The Grievance Redressal Policy may be amended from time to time by the Governing Board and will remain in force till further instructions of the Governing Board of AIIVF or by the IBBI.