Charges for the preparation of Search Report Rs. 2,500/-
Search Report is a report prepared by the practicing 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.
Contents of Search Report
- 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
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.
It helps the shareholders to know the status of the company. They may obtain a search report to know the status of their shares held in the company and the date on which their shares are transferred. Since the search report provides the complete history of the company since incorporation, it will help them to decide before investing in the company.
An individual may get the search report prepared before becoming the director of the company. He can get to know the present directors and assets and liabilities of the company. The customers or suppliers may get a search report of the company before entering into agreement or contract with the company.
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