Jainam Shah Refer a valuation
Every provision is verified against the bare Act before publish. Law as on 1 April 2026. Refer a valuation
Jainam Shah
Services
01 · Statutory and regulatoryFurther issue of sharesTransfer of sharesFEMA valuationFEMA compoundingSEBI SAST open offerBuybackIncome-tax valuationSweat equity and preferential allotment
02 · Transactions and restructuringScheme swap ratioFairness opinionM&A valuationSlump salePurchase price allocationFinancial modellingFinancial due diligence
03 · IBC and distressFair and liquidation valueTransaction auditResolution plan reviewLender and security valuation
04 · Intangibles, ESOP and reportingBrand, patent and technologyGoodwill and impairment testingESOP valuationInd AS fair valuesAIF portfolio valuation
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Services · Valuation and IBC

Services
by purpose.

Written for referring CAs and CS firms: send the statutory valuation, receive a report on a stated date, with every figure traced to its source. Each service lists its provision, approach and typical turnaround from complete information.

Law as on 1 April 2026 · Last reviewed 15 October 2026

01 · Statutory and regulatory

8 services

Valuations the law requires, under the provision that governs them.

Statutory and regulatory

Further issue of shares

Preferential and rights issues at fair value

  • Companies Act 2013 Sec 247; Income-tax Rule 11UA
  • DCF with NAV cross-check
  • Typical turnaround: 7 to 10 working days
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Statutory and regulatory

Transfer of shares

Resident and non-resident transfers

  • Income-tax Rule 11UA; FEMA pricing guidelines
  • DCF, CCM where listed peers exist
  • Typical turnaround: 7 to 10 working days
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Statutory and regulatory

FEMA valuation

FDI, ODI and cross-border pricing

  • FEMA (Non-debt Instruments) Rules 2019
  • Internationally accepted pricing methodology
  • Typical turnaround: 7 to 10 working days
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Statutory and regulatory

FEMA compounding

Valuation support for compounding applications

  • FEMA Sec 15
  • Fair value on the contravention date
  • Typical turnaround: 7 working days
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Statutory and regulatory

SEBI SAST open offer

Offer price under the Takeover Regulations

  • SEBI SAST Regulations 2011, Reg 8
  • Regulatory floor plus DCF and CCM
  • Typical turnaround: 10 to 15 working days
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Statutory and regulatory

Buyback

Fair value for buyback pricing

  • Companies Act 2013 Sec 68; Income-tax Rule 11UA
  • NAV with DCF cross-check
  • Typical turnaround: 7 working days
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Statutory and regulatory

Income-tax valuation

Fair market value for assessments and transactions

  • Income-tax Rule 11UA (Act 2025 section to be confirmed)
  • Rule-prescribed method, DCF where allowed
  • Typical turnaround: 7 working days
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Statutory and regulatory

Sweat equity and preferential allotment

Valuation under the Share Capital Rules

  • Companies Act 2013 Sec 54 and Sec 62
  • DCF with NAV cross-check
  • Typical turnaround: 7 working days
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02 · Transactions and restructuring

7 services

Deal and scheme valuations, with each assumption stated so both sides can test it.

Transactions and restructuring

Scheme swap ratio

Mergers, demergers and arrangements

  • Companies Act 2013 Sec 230 to 232
  • Weighted DCF, CCM, NAV per entity
  • Typical turnaround: 15 to 20 working days
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Transactions and restructuring

Fairness opinion

Independent opinion for boards and committees

  • SEBI LODR; SEBI SAST
  • Review of the valuation and the process
  • Typical turnaround: 10 working days
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Transactions and restructuring

M&A valuation

Buy-side and sell-side value ranges

  • Transaction specific
  • DCF, CCM, CTM
  • Typical turnaround: 15 working days
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Transactions and restructuring

Slump sale

Undertaking value for business transfers

  • Income-tax Act 1961 Sec 50B; Rule 11UAE
  • Rule-prescribed and fair value
  • Typical turnaround: 10 working days
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Transactions and restructuring

Purchase price allocation

Allocation to identified intangibles and goodwill

  • Ind AS 103
  • Relief from royalty, MPEEM, cost approach
  • Typical turnaround: 15 to 20 working days
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Transactions and restructuring

Financial modelling

Three-statement and scenario models

  • Not a statutory item
  • Driver-based model with sensitivity
  • Typical turnaround: 10 to 15 working days
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Transactions and restructuring

Financial due diligence

Quality of earnings, net debt and working capital

  • Transaction specific
  • Normalised earnings and adjustments
  • Typical turnaround: 15 to 20 working days
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03 · IBC and distress

4 services

Fair and liquidation values for the CoC, the NCLT and the lender, with the basis of each stated.

IBC and distress

Fair and liquidation value

Two bases for the resolution process

  • IBBI CIRP Regulations 2016, Reg 35
  • Asset and income approaches, orderly and forced
  • Typical turnaround: 10 to 15 working days
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IBC and distress

Transaction audit

Preferential, undervalued, extortionate and fraudulent transactions

  • IBC 2016 Sec 43 to 66
  • Look-back review with forensic tracing
  • Typical turnaround: 20 to 30 working days
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IBC and distress

Resolution plan review

Value testing of plans against liquidation value

  • IBC 2016 Sec 30; CIRP Reg 38
  • Comparison of plan value and both bases
  • Typical turnaround: 7 to 10 working days
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IBC and distress

Lender and security valuation

Collateral and enterprise value for lenders

  • RBI directions; lender policy
  • NAV and income approaches
  • Typical turnaround: 10 working days
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04 · Intangibles, ESOP and reporting

5 services

Fair values for the balance sheet, the grant letter and the fund.

Intangibles, ESOP and reporting

Brand, patent and technology

Intangible asset values for transactions and reporting

  • Ind AS 38; Ind AS 113
  • Relief from royalty, excess earnings
  • Typical turnaround: 15 working days
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Intangibles, ESOP and reporting

Goodwill and impairment testing

Recoverable amount of cash-generating units

  • Ind AS 36
  • Value in use and fair value less costs of disposal
  • Typical turnaround: 15 working days
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Intangibles, ESOP and reporting

ESOP valuation

Grant-date fair value and perquisite value

  • Ind AS 102; Income-tax Rule 3(8); SEBI SBEB Regulations
  • Black-Scholes, binomial
  • Typical turnaround: 7 working days
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Intangibles, ESOP and reporting

Ind AS fair values

Financial instruments and level 3 inputs

  • Ind AS 109; Ind AS 113
  • Market and income approaches
  • Typical turnaround: 10 working days
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Intangibles, ESOP and reporting

AIF portfolio valuation

Periodic valuation of fund investments

  • SEBI AIF Regulations 2012
  • IPEV-aligned methods
  • Typical turnaround: 10 to 15 working days
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Method notes

Inputs are sourced,
not assumed.

Approach

Choosing income, market or asset

A trading business with visible cash flows leans on DCF; a holding entity on NAV; a company with listed peers on multiples. The weight is stated with the reason for it.

Inputs

Every input has a source and a date

Beta from listed peers over a stated window, market return from published fund tables, the risk-free rate from the government yield on the valuation date.

Working paper

Written to be re-performed

Every figure traceable to a document and page, every judgement stated with its alternative, every cross-check shown.