What is the process of preparing a ROC search report?
Table of Content
Section 609 of the Companies Act, 2013 talks about the appointment of a Registrar of Companies (ROC). They are appointed in various states across India for the purpose of registering and maintaining the records of the companies or Limited Liability Partnerships (LLPs) as per the provision of the Companies Act, 2013. ROC operates under the Ministry of Corporate Affairs (MCA). A ROC Search Report can be prepared for the inspection of documents and records of any company by a practising CA, CS or Advocate. In this article, we will discuss all about the process of preparing an ROC search report.
What is an ROC search report?
ROC Search Report is a tool in hands of shareholders or banks for inspection of the records of the Company. Search Report for ROC is only prepared by professionals like CA, CS, CWA, and Advocates after detailed inspection of documents from the records of the Registrar of Companies. In general, all documents filed or registered with the ROC are open for inspection upon payment of the prescribed fees. The Search Report of a Company serves the purposes of stakeholders in making decisions on investment, loan advances, control, and management or entering into a contract with the Company.
Contents of ROC search report
The following details are about the contents of ROC Search Report. It must include:
Incorporation certificate of the company
Address proof of the registered office of the company
CIN of the company
The capital structure of the company
Details of the directors of the company
Details of the shareholders
Registered charges details
What is the process of preparing an ROC search report?
The search report can be drafted either by personally visiting the ROC office or by online downloading the records or documents available on the Ministry of Corporate Affairs (MCA) website. The applicant has to pay Rs. 100 via challan in the physical process and payment of Rs.100 in the online process. The process of preparing an ROC Search Report is as follows:
1. Physically inspecting the documents or records
- The applicant has to pay Rs. 100 and after payment a challan will be generated. The challan should be in the name of the individual who is inspecting the documents. In case a challan is issued under the name of the company, then the person inspecting must have an authorized letter duly signed and attested by the concerned official.
- The ROC will send the documents of the said company through speed post to the address mentioned in the challan.
2. Online downloads of documents or records of any company
- For the online process, first, log in to the MCA portal.
- Click on Ministry of Corporate Affairs services, then ‘ View Public Documents’.
- A page will appear where you have to enter the details of the company whose documents the applicant wants to inspect. Enter the CIN of the company, then enter the catch showing there and then click on ‘Submit’.
- Add the company to the cart, then go to the payment page.
- Make the payment of Rs.100 and then download the documents as needed.
- It should be noted that the documents or records are available for 3 hours.
Uses of an ROC search report
The following are the uses of an ROC search report-:
- Usually, banks look for such a report to drill down the company’s details before granting loans. The search report entitles them to get a better of perception the company’s standing and its ability to make repayment of loans on time.
- The history and title of the properties owned by the company can be determined by preparing a search report as it furnishes details of charge holders, hypothecation, and mortgage created. It will benefit the banks at the time of granting the loan.
- The search report helps the shareholders to know the status of a company such as the distribution of shares, any transfer of shares, and incorporation details. This helps any company to make better decisions before investing in any company.
- The search report helps a person to know the company before becoming the director of the company. Such a person can get to know the assets and liabilities of the company and all about the present directors.
- It also helps the supplier or customer to know about the company before entering into any contract or agreement.
We will conclude by saying that the ROC search report is a very important instrument for shareholders or banks to know the status of any company. It can only be prepared by professional experts such as CA, CS or advocates after inspecting the documents or records of the company through online or offline mode. A prescribed amount of fees is to be paid. A person or company can make an informative decision with the help of the ROC search report.
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