Mr. H.K. Sharma and 131 others filed a writ petition against the Union of India and other respondents challenging the Companies (Registered Valuers and Valuation) Rules, 2017. The petitioners are registered valuers. The court had initially granted an interim order which was later challenged by the respondents. The respondents argued that Rule 11 of the impugned rules provides for a transitional arrangement, allowing valuers to continue services under certain conditions. The petitioners contended that the new rules should only be prospective and not apply to existing valuers. The court considered the impact of the rules on valuers operating under other enactments like Wealth tax and Income tax.

Mr. H.K. Sharma and 131 others filed a writ petition against the Union of India and other respondents challenging the Companies (Registered Valuers and Valuation) Rules, 2017. The petitioners are registered valuers. The court had initially granted an interim order which was later challenged by the respondents. The respondents argued that Rule 11 of the impugned rules provides for a transitional arrangement, allowing valuers to continue services under certain conditions. The petitioners contended that the new rules should only be prospective and not apply to existing valuers. The court considered the impact of the rules on valuers operating under other enactments like Wealth tax and Income tax.