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 necessary papers 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 necessary papers from time to time with the respective ROC as it is a mandate under the law. Necessary Papers available at ROC can be accessed after furnishing the standard fees for inspection.
List of ROC-managed Necessary Papers Accessible to the General public
Process of Preparing Search Report
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;
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.
Frequently Asked Questions
- Directors' current standing
- Status of Properties held by the companies
- Assets and liabilities
- Tax details
- The charge holders' name and address
- The type of charge- whether consortium charge or joint charge
- Loan amount
- The property pledged against such a loan
- Loan's terms and conditions