Search and Status Report in content to Companies Act,2013

Search and Status Report in content to Companies Act,2013

A Search and Status Report comprises of two core elements, precisely the word 'search' which involves thorough inspection of documents as available of the entity and 'status' which comprises of reporting of the procured information as made available during the search process. A Search and Status report enables the prospect stakeholders to ascertain the compliance status of the organization but also, in making vigilant decision making.  The search report generally contains the following information about a company-


·       Incorporation details

·       Capital structure

·       Registered office

·       Charges

·       Details of the Directors and shareholders

·       Compliance status of the various applicable law, rules etc.

·       Ancillary as may be needed for the purpose.


In today's era of diverse market sentiments and unforeseen circumstances, Banks and Financial Institutions are more emphasizing on demanding Search and Status report of the Companies be it for opening of Bank Accounts, granting the Loan and ancillary. The said report just not merely ensures security to them but also, enables them in mapping the compliance bridge of the company ascertaining the gap between its absolute or inadequate adherences to the applicable law, rules, regulations, guild lines, act and etc. Not just Banks and Financial Institutions, it also acts a guide to ascertain the status of the company by the stakeholders as it provides the complete history of the company since incorporation, making them watchful while taking financial decisions such as making investment in the company.


Search and Status Report in context to the Companies Act, 2013 is prepared by Professionals such as Company Secretaries, Chartered Accountants, Cost Accountants and Advocates unearthing the contemporary position of the company post thorough analysis of the registers, records, books and papers as may be made available by the client or via public inspection upon the MCA portal precisely:

·       Incorporation documents

·       Certificates

·       Charge documents

·       Annual returns and balance sheet

·       Change in Directors and

·       Other e-forms.


However, such reports prepared are purpose driven. While drafting the report, the professional must keep in mind the core essence of the same and keep it brief marking all the imperative finding. They may issue the report to the Bank stating all the key findings about the company as ascertained post meticulously vouching and inspecting the documents either in their own format or as per the clients requirements as there is no specific format for the report.


Hence, search report is an imperative document for Banks, Financial Institutions, and stakeholders in order to have the insights of the company and gathering the complete information about the loans prevailing along with the repayment status, Capital structure and status of the company.



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