ROC Search Report
Registrar of Companies (“ROC”) is appointed under Section 609 of the Companies Act, 2013 (“Act”) in the various states across India for the purpose of registering companies under the Act. It functions under the Ministry of Corporate Affairs (“MCA”). Each ROC maintains the registry of records which contains details of the companies registered under them. Companies have to file documents as prescribed under the Act from time to time with the ROC of their jurisdiction (the ROC of their region/state under which they are covered).
The register which is maintained by the ROC and the documents filed by the company with them is available for inspection by the public on payment of the prescribed fee. The information provided by the ROC for the public includes the certificate of incorporation, address of the company, details of directors, registered capital, nature of the business, accounts of the company, shareholders details etc.
ROC search report (“search report”) is a report prepared by the practising CA, CS or Advocate after inspection of the documents or records maintained with the ROC about a company. It is a tool for the stakeholders or banks of the details of a company’s records. Usually, banks require a search report of the company while granting loans to them. They ask for this search report with the purpose to keep themselves safe from the defaulting companies. The search report helps the stakeholders to decide on the investment, control and management or to enter into contact with the company.
It Usually takes 1 to 2 working days (depends on MCA approval)
Preparing and Sharing a detailed Search Report about the Inquired Company for the required purpose.
Anyone wish to have the details about any company on MCA
- Purchase the plan
- Share the Requirements
- Our Experts prepare the Report
- Sharing with you.
Reason for the Requirement of report
ROC Search Report – Contents & Process of Preparing Search Report
ROC Search Report – Contents & Process of Preparing Search Report
The various stakeholders of a company are interested in the matters and activities of a company for their personal benefits as regards investment, repayment etc is concerned. Generally all documents filed or registered by ROC are available for inspection on payment of prescribed fees. However there can be exceptions, old documents like profit and loss account of private limited company may be destroyed by ROC hence not available for inspection (Section 206 of CA 2013)
Search Report is mainly prepared by professionals like CA, CS, CWA, Advocates after detailed inspection from the records of the Registrar of Companies.
Contents of ROC Search Report
The search report generally contains the following information about a company-
- Name of the company
- Date of incorporation
- CIN of the company
- The capital structure of the company
- Registered office
- Details of the company directors
- Details of shareholders
- Details of registered charges
Process for Inspection of Documents:
We have to pay fees of Rs 100 through generation of challan from MCA site in view public document option. After payment of fees, the documents of the company shall be available in “My Documents” option of MCA site and you can view the documents of the company and take copies for a total duration not exceeding 3, three hours and within 7, seven days. So on the basis of the information available on site we can prepare the search report.
If we feel that all the documents filed by the company are not available on site of MCA we can approach in person to ROC with fees paid challan who shall allow you physical inspection of documents filed by the company from where we can note down the required details. The challan for public inspection should be in the name of the person who shall visit ROC office or shall have an authority letter with him in case the challan is in the name of company or any other entity. It shall be noted that notes should be taken with pencils as pen is not allowed to take notes.
Now a day, Banks are more emphasizing on demanding Search Repots from Companies while opening of Bank Accounts or giving the Loan to Companies. The need for Search Reports arises to keep themselves (Banks) safe and to ensure that the company is not defaulting one or not having defaulting directors and to know the complete history and information about the company.
It generally includes:
- Name of Company
- Registered Office Address of the Company
- Capital Structure of the Company
- List of Directors of the company since incorporation
- List of Shareholders of the company since incorporation
- List of Registered Charges since incorporation etc.
- The Report may include the other matters also as per the demand of the Bank Officials.
A search report traces the history of a company or the property held by the company- i.e. who is the original owner of the property and how it has mortgaged with various banks over a period of time before reaching the present Bank who has demanded the Search Report. This is an important part of a loan process by Banks to the Companies
Search Report are the basic tool in the hands of the Banks to know about the viability of their customer who approach the banks for CC Limits, Term Loans or otherwise. As the sole moto of the Banks is to provide the loan to the customers is for earning the interest. Hence the Banks want the current position of the assets being pledged by the companies. And the only way to know whether such property is already pledged to some other bank or not, is the Search Report. In such search reports, the Professional gives the complete information about the loans already taken by the company.
The basic information given in Search Report about the existing Loans is as follows:
1. The date of Loan taken by the company and the charge created in such respect
2. The name and Address of the Charge Holders i.e. Bank
3. The type of Charge i.e whether joint charge or consortium charge
4. The Amount of loan
5. The property Charged or pledged against such loan
6. The terms and conditions of such loan
i. The rate of interest
ii. Terms of Repayment
iii. Margin Money
iv. Extent of Operation
Modification : If the charge has been modified during the continuation of such charge, the details are also provided that on which date the charge had been modified and what was the nature of such modification.
Charge satisfaction: If any time any charge is satisfied, i.e. the whole amount is paid back by the company to the Bank, Form CHG 4 in respect of Charge satisfaction is being filed and the information about such satisfaction is also provided by the professional in such report on demand of banks
Hence, it can be said that the search reports serve the complete purpose of stakeholders to know about the company in which they are going to invest, control, manage, provide loan, enter into a contract etc.
Uses of Search Report
Generally, banks require a search report to assess the company before granting loans. The search report helps them to safeguard themselves from any default company or company that has default directors. The history and title of the properties owned by the company can be traced by preparing a search report as it provides details of charge holders, hypothecation, mortgage created which will benefit the banks at the time of granting the loan.