Notice inviting applications for empanelment of Valuers under SARFAESI Act Dena Bank invites applications in prescribed format for fresh empanelment of well established and experienced Valuers to assist the Bank in valuation of assets under SARFAESI Act, 2002 as per Bank’s guidelines (Existing valuers on Bank’s panel need not apply).The form of Undertaking should also accompany the application. Last date for receipt of application is 31.05.2015. The applications for fresh empanelment is to be submitted to the nearest Zonal Office. For details of Banks Zonal Offices, kindly refer to Bank’s website www.denabank.com This revised notice is in supersession to earlier notice placed in the website in this regard.

Asst. General Manager (Legal) Dena Corporate Centre, 5th Floor, C-10, G-Block, Bandra Kurla Complex Bandra (E) MUMBAI-400051.

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GUIDELINES It is proposed to empanel valuers under SARFAESI Act to assist the Bank in valuation of assets as per Bank’s approved scheme for which appliactions are invited from eligible valuer for empanelment as valuers under SARFAESI Act in the Bank. Criteria for Empanelment of Valuers: The valuer to be appointed should be a valuer registered under Section 34AB the Wealth Tax Act having prescribed qualifications and experience as provided in the Act. The following qualifications and experience are prescribed to become eligible for registration as a valuer for valuation of various types of asset under Wealth Tax Act: For Corporate Loans 1. The valuer should be professionally qualified to value assets. Preference should be given to a firm with accounting / engineering professionals;

For Retails Loans: 1. Minimum age of the valuer should be 25 years; there is no maximum age limit; 2. Valuer to be preferred if Member of any one of the professional valuer bodies Institution of Valuers, Institution of Surveyors, Institution of Government Approved Valuers, Practicing Valuers Association of India, The Indian Institution of Valuers, Centre for Valuation Studies, Research and Training, Royal Institution of Chartered Surveyors, India Chapter, American Society of Appraisers, USA (ASA), Appraisal Institute, USA;

2. Valuers should be registered with the Institute of Valuers, as also under Section 34 of the Wealth Tax Act; 3. The registration of the firm of the valuer shall be at least 5 years old;

4. The valuer should have at least 5 years experience in the valuation of assets for PSBs. Firms working as valuers with DRTs and High Courts should be preferred; 3. Should have a graduation degree in civil engineering / architecture / town 5. The valuer should have completed at planning (or equivalent) with work least 10 assignments successfully with experience of 5 years in the field of public sector banks; valuation after completing the degree; 6. The firm of the valuer and the valuer 4. should have completed the 6-month long (s) / associate valuer(s) each should prescribed course in valuation within a have PANs; period of 5 years from the date of empanelment;

7. The valuer should have thorough knowledge of the industry concerned and also the type of assets to be valued;

5. In case the valuer has a diploma in the aforementioned disciplines, he should have work experience of 8 years in the field of valuation after completing the

8. A valuer against whom complaints have 2

For Corporate Loans been registered with the CBI, Serious Fraud Investigation Cell and court(s), and is blacklisted by any bank is not eligible

For Retails Loans: diploma; 6. In case the valuer has passed the valuation examination, he needs to have 2 years of relevant work experience; 7. In case the valuer is chartered / professional member of the Royal Institution of Chartered Surveyors or American Society of Appraisers or Appraisal Institute, no work experience is required;

CATEGORIZATION FOR ASSIGNMENT OF WORK BASED ON WORK EXPERIENCE: Assignment of work to the Valuers has been linked with their experience as under: Category of Work experience in Value of property for assignment of Valuer undertaking valuations valuation work A B C

More than 10 years More than 5 years and less than 10 years Up to 5 years

No limit Upto ` 25 crore Upto ` 1 crore.

DURATION OF EMPANELMENT: The duration of empanelment shall be 5 years. However, the quality of service provided by the valuers shall be reviewed annually. If the performance is not satisfactory, the valuer can be removed from the panel at the discretion of the Bank. REMOVAL AND RE-EMPANELMENT: In case where the valuer is found to indulge in unfair practice, guilty of professional misconduct and violates the code of ethics and professional practice, he/she shall be removed from panel. Valuers once removed from the panel of any Bank could be re-empanelled only after a specified time period, based on the recommendations of the Bank’s Conflict Resolution Committee. The names of valuers removed shall be reported to the Indian Banks Association (IBA) for placing on its caution list. Bank also reserves the right to reject any application without assigning any reason.

PROFFESSIONAL FEES The valuer empanelled will be paid fee as per bank’s guidelines from time to time. Bank reserves the right to empanel any valuer at its discretion.

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TERMS AND CONDITIONS Empanelment shall be subject to the followings terms and conditions: 1. The Valuer shall not undertake any valuation in which he/she has direct or indirect interest; 2. The Valuer shall make an impartial and true valuation of the assets required to be valued; 3. The Valuer shall agree to charge fee at rates prescribed under the Bank’s rules; 4. The Valuer shall maintain secrecy of the information received by him from the Bank / Bank’s constituent; 5. The Valuer shall personally inspect the property to be valued; 6. The Valuer shall submit Valuation Report strictly as per the format prescribed. 7. The valuer shall report both Market Value, Realisable Value and Distress Value of properties; 8. The Valuer shall not use Bank’s logo or name for his/her publicity / marketing of business; 9. The Bank shall have right to delist the Valuer at any time particularly in case of any misconduct or negligence or any act of commission or omission detrimental to the interests of the Bank is noticed; 10. The Valuer shall not accept valuation work unless the Branch issues a letter & the Valuer shall submit his/her original valuation report directly to the Branch; 11. The Valuer shall attend Bank’s branches / offices / officers in giving his / her valuable guidance and services as and when approached; 12. The Valuer shall not delegate or assign the work to any other Valuer and the work assigned by the Bank shall be handled by him / her personally; 13. The Valuer shall not engage any other Consultant or Valuer / Senior Valuer on behalf of the Bank without the written consent of the Bank; 14. The Valuer shall not use any legend containing the Bank’s name or emblem such as “panel valuer of Dena Bank” or “panel valuer to Dena Bank” etc on his / her letter head, visiting card or any other stationery used. 15. The Valuer shall not at any time claim lien or charge on the documents and files received by him / her from the Bank towards his / her fees / charges; 16. The Bank shall be at liberty to circulate his / her name to Indian Banks’ Association (IBA) or other Banks / Institutions and persons for negligence / misconduct if any, found by the Bank at any time.

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17. The Valuers opinion / certification would be an input for Bank’s decision making. In the event of Valuer’s opinion / certification turns out to be untrue and factually incorrect causing loss to the Bank, Bank may seek such clarifications as may be required to investigate the matter and fix the responsibility. In the event, it is established that there was gross negligence on the Valuer’s part or he / she had colluded with the Bank’s customer/s in causing pecuniary damage / loss to the Bank, Bank may recommend his / her name for including in the caution list being maintained by the IBA for circulation amongst member Banks. Apart from this, the Bank may take appropriate action under Criminal Laws for giving false certificates; 18. Any other conditions or rule, as may be decided and stipulated by the Bank, in this regard, from time to time, will be applicable on the Valuer. 19. The empanelled Valuer shall accept the terms and conditions of empanelment by signing on the letter of empanelment and submitting undertaing in the prescribed format. 20. Bank may amend / alter any of the terms of empanelment without giving prior notice. ********

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APPLICATION FOR EMPANELMENT OF VALUERS WITH BANKS

To, ............................................ ............................................ ............................................ Date ............................................ Dear sir/madam,

I am a valuer of immovable properties (Land and buildings/plant and machinery) and desire to apply to your organisation for empanelment. My particulars are given below; Name :.......................................................................................................................... Sex: .................................. Date of Birth:........................................ Age:.................. Address:................................................................................................................... ................................................................................................................................. ................................................................................................................................. Tel No:........................................ Mobile:................................................................. E-Mail:......................................... Fax:..................................................................... Educational /Professional qualifications: S No.

University / Institute/ Examining Body

Qualification

Date of Awards

Number of years of experience in the field of valuation............................................. (attached evidence in the form of reference letters/copies of valuation reports /any other evidence)

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Name and address of previous employers (if applicable): ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ...................................................................................................................................... Details of previous empanelment, if any, with dates/duration: ..................................................................................................................................... ................................................................................................................................... ................................................................................................................................. Membership of professional valuers Association (name and membership number) ...................................................................................................................................... ................................................................................................................................... Registration with CBDT under Wealth Tax Act (Reg. No. and date): ................................................................................................................................... ................................................................................................................................. Permanent Account Number (PAN) of Income Tax Department:.............................. Reference: 1)................................................................................................................................... 2) ................................................................................................................................. 3) ................................................................................................................................... The above information about me is true to the best of my knowledge and if found incorrect, I will be fully responsible for the consequences

Enclosed: Attested photocopies of all certificates /documents of proof Signature....................................... Name :...........................................

*****

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(Format of undertaking to be submitted by the Valuer along with the prescribed application for empanelment) UNDERTAKING I ................................................................................................son of / daughter of .......................................................................... do hereby solemnly affirm and state that,         

I am a citizen of india I have not been removed /dismissed from service/ employment earlier I have not been convicted of any offence and sentenced to a term of imprisonment I have not been found guilty of misconduct in professional capacity I am not an undischarged insolvent I have not been convicted of an offence connected with any proceeding under the Income Tax Act, 1961 Wealth Tax Act 1957 or Gift Tax Act 1958 and My PAN Card number/Service Tax number as applicable is ......................... I undertake to keep you informed of any events or happening which would make me ineligible for empanelment as a valuer I have not concealed or suppressed any material information, facts and records and I have made a complete and full disclosure.

Dated................................................. Signature............................ Name ...................................... Address............................................ ........................................................ ......................................................... ********

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