What is a Search Report?

Search Report Means, if someone (generally Bank) wants to traces the history/title of a property usually owned by a company conducts a search and search report provides details of charge holders and hypothecation/pledge/mortgage created to a particular property.

Entities registered under companies act, 2013 i.e. companies, and wants financial facilities from Bank than a search report is required by the bank. The basic purpose of banks behind requirement of a search report is to safeguard itself from a defaulting/Fraudulent company.

Search Report is prepared by :-

1. Chartered Accountant
2. Company Secretary
3. .CMA
4. Advocates

Under The Companies Act, 2013, a company is required to file various forms/returns time to time with Registrar of Companies (hereinafter referred to as the “registrar”).

Preparation of Search Report :-

1. First step to prepare search report, these professionals inspect the documents available on the MCA’s portal or at registrar.
2. Before doing the inspection, nominal fees has to be paid via MCA’s portal and then inspector can inspect the documents either online on MCA’s portal or physically at registrar.
3. If inspector doing physically inspection of documents than he/she shall have to visit regional registrar with the challan paid for fees.
4. Challan must be in the name of the person who is going to visit registrar or shall have an authority letter with him/her if challan is paid in the name of company.
5. At the time of inspection at registrar only pencil is allowed to note down the details.