Centuries ago, during the age of seafaring trade, a tale unfolded amidst the perilous waves of the vast oceans. Traders embarked on voyages spanning kingdoms and continents, navigating treacherous waters to reach distant shores, particularly in the enigmatic realms of the Far East. It was on one such return journey that destiny intersected with a tempestuous storm, casting fear into the hearts of all aboard the ship. Amidst the chaos, the captain proposed a desperate plea to appease the Almighty, suggesting that offering the most prized possession as a gift could ward off imminent doom. The promise was simple: if the Almighty intervened and granted safe passage, each soul pledged to make a donation to the local temple upon reaching solid ground.
With trembling hearts, the crew and passengers fervently prayed, beseeching divine intervention. Miraculously, the storm subsided, and the ship found its way to safety. True to their word, the grateful survivors fulfilled their vows, presenting precious jewels and treasures to the temple, save for one individual—the cunning trader who had pledged his house.
Upon the captain's gentle reminder to honor his commitment, the trader devised a shrewd scheme. He advertised his house for sale, proclaiming that anyone purchasing a goat for the exorbitant sum of Rs. 99,990 would receive the house for a mere Rs. 10. In a swift transaction, the trader pocketed the inflated amount for the goat, relinquishing only a nominal sum for the promised donation.
In the retelling of this tale, the trader was hailed as a mastermind—a symbol of cunning ingenuity. Yet, beneath the surface, questions lingered. Who bestowed upon him the authority to assign such staggering values to a goat and a house? In an era devoid of professional valuation standards, the manipulative trader seized upon an opportunity to exploit the absence of oversight, cleverly manipulating perceptions to his advantage.
Reflecting on this narrative through the lens of modernity, one recognizes the vital role of professional valuers, entrusted with the task of impartially assessing the true worth of assets. Registered under the IBBI, these experts wield the responsibility of rendering informed judgments, ensuring transparency and integrity in the valuation process—a safeguard against the triumph of deception and the glorification of fraudulence.
CA L.Muralidharan and CPA L.Mukundan
