To understand the search report, one must know the concept of “Charge” and information related to its creating, modification, and satisfaction.
Creation of Charge:
An interest or lien originated on the property or assets of a company or any of its undertakings or both as a guarantee and includes a mortgage is termed as a ‘Charge’..
Modification of Charge:
When terms and conditions like the rate of interest, amount of loan, etc. of previously created charges are varied or changed the e-Form for Modification of Charge is filed.
Satisfaction of Charge:
When the loan amount is completely repaid by the company an e-Form for Satisfaction of Charge is filed to intimate the ROC about the full and final repayment of the loan for which the charge is created on a particular asset.
Whenever companies create a charge on its asset it has to intimate such creation of charge to ROC. Search Report not only contains charge creation details but also has details of charge modification and satisfaction. The search report is compiled information or chart depicting the number of assets charged by the company and the amount of loan taken. Search reports are frequently demanded by the Banks or Financial Institutions before sanctioning any new loan to the Company.
Elements of Search Report:
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