What is a ROC search report?

ROC Search Report serves as a tool for banks and stakeholders to vet a Company's records. It is primarily drafted by professionals such as CS, CA, and CWA after detailed vetting of the records available at the Registrar of Companies. The inspection of such documents is permissible upon the submission of the prescribed fee. The information in the ROC search report simplifies the decision-making process for the investors and stakeholders. Also, it enables banks to seamlessly determine candidature of the credit seeker.

Role of ROC under the Companies Act, 2013

Registrar of Companies is appointed u/s 609 of the Companies Act, 2013 in the various states to discharge a wide array of duties, including company registration. ROC acts in accordance with the Companies Act, 2013.

Each ROC is obligated to maintain the registry of records which entails details of the entities registered under them. Registered entities have to submit certain documents from time to time with the respective ROC as it is a mandate under the law. Documents available at ROC can be accessed after furnishing the standard fees for inspection.

List of ROC-managed Documents Accessible to the General public

• Certificate of incorporation,
• Address of the company,
• Details of directors,
• Registered capital,
• Nature of the business,
• Accounts of the company,
• Shareholders' details etc.

Process of Preparing Search Report

• The search report is prepared either by visiting ROC and vetting the documents or by inspecting the documents stored on the MCA's web portal. The applicant has to submit the prescribed fee via challan for physical inspection.
• The challan must enclose the name of the individual seeking document inspection. In case the challan includes the company's name, the document-seeker must have an authority letter duly signed and attested by the concerned official.
• The use of pencil for note-making is prohibited for the manual inspection of the ROC office. The online inspection of the document is free from any such requirement.
• After successful fee submission, the portal shall allow the applicant to explore the requested documents under the option called 'View Public Document'. Applicants can explore this option under the Service tab.
• There is a time restriction for accessing such documents. As per the MCA portal, such documents remain accessible for one week only. Also, there is an hour-based restriction on per day basis, which is three hours, to be exact.

Utilization of ROC Search Report

Generally, banks seek such a report to drill down the company's details before issuing loans. The search report enables them to get a better insight into the company's standing and its ability to make timely repayment.

The history and title of the tangible properties of the company can be identified by preparing a search report as it facilitates the following details about;

• Charge holders
• Hypothecation
• Mortgage created
• All such details help banks to figure out the credibility of the loan-seekers

It helps the shareholders to get familiar with the company's status. They may access such a report to get aware of their shareholding's status. Besides, the ROC search report also helps shareholders to make informed decisions regarding their projected investment in the company.

An individual may get such a report prepared before starting his/her job as a company's director. He has the right to become accustomed to the existing director's profile and the company's financial standing through this report.

The customers or suppliers also have the leverage of accessing such a report before doing any business dealing with the company.

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Corpbiz support can help those who don't want to confront legalities around the inspection of ROC search reports. We can help our clients by fetching such a report on their behalf. Also, we can assist them in sorting out the details they are looking for. Corpbiz offers a slew of services in the licensing regime and helps clients set up new businesses with minimal legal hassles.