Search Report

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SEARCH REPORT

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

Date of creation of charge:

The date on Hypothecation Deed, Mortgage Deed or such any other documents are executed.

Instrument creating the Charge and Date of Charge:

Description of the Instrument through which the charge is created.

Amount secured by charge:

This is actually a Loan Amount.

Short Particulars of the property charge:

Details of property whether movable or immovable on which charge is created.

Gist of terms & conditions & extent of operation of the charge:

It contains Rate of Interest, Margin and Extent and Operation of charge.

Name of person entitled to Charge:

It contains details of Charge holder i.e. lender.

Date of registration of charge with ROC:

It contains date given on the Certificate of Registration of Charge.

Date & Brief description of modification:

It contains date on which previously created charge is modified and title of Instrument Modifying Charge.

Brief Particulars & nature of Modification:

It contains details about nature of changes in created charge for which such modification is filed.

Date of Registration of Modification Charge:

It contains date given on the Certificate of Modification of Charge.

Remarks:

It contains on which date on which a particular charge is fully satisfied.

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