About the service
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.
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
Name and CIN of the company/LLP for which the report needs to be prepared
Timeline of the service
The report shall be prepared within 4-5 working days from the receipt of payment for the same
1. 1. Why do banks require a ROC search report?
Search Reports are an integral part of documents required by banks to sanction loans. Banks have become more cautious while granting loans against properties to companies to avoid future consequences. The banks ensure that the company (including directors) are not disqualified or defaulters under any law.
The ROC search report helps the banks in determining whether the property kept as security is free from encumbrances and no are created against them. Thus, banks require ROC search report to avoid giving loans to defaulting companies.
2. 2. How does a ROC search report help stakeholders?
The ROC search report serves the complete purpose of stakeholders to know about the company in which they are going to invest, manage, control, provide loans, enter into a contract, etc.