New Delhi, Jul 12 (PTI) Chartered accountants' apex body ICAI will be setting up a Section 8 company for mediation and arbitration activities, its President Ranjeet Kumar Agarwal said on Friday.

Section 8 companies are set for not-for-profit activities and the Institute of Chartered Accountants of India (ICAI) has so far set up five such companies.

Also Read | Why Did Modi Government Declare June 25 As Samvidhan Hatya Diwas?.

At the inaugural session of 'RESOLVE-2024: An International Convention on Insolvency Resolution & Valuation' in the national capital, he said the institute is in the process of setting up a Section 8 company, under the directives of Law Ministry, especially for mediation and arbitration.

According to him, the Insolvency and Bankruptcy Board of India (IBBI) has asked the institute to help in developing valuation standards for the asset class 'Land & Building' and 'Plant & Machinery' on the lines of the valuation standards prepared by it for the asset class 'Securities or Financial Assets'.

Also Read | Shillong Teer Results Today, July 12 2024: Know Winning Numbers, Result Chart for Shillong, Juwai, Khanapara Teer Games.

The Insolvency & Valuation Standards Board of ICAI along with ICAI RVO has developed the valuation standards for these asset classes and they have been sent to the IBBI for comments.

The five existing Section 8 companies of the institute are ICAI ARF, XBRL India, IIIPI, ICAI RVO and ISAI.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)