- Every foreman shall prepare and file with the Registrar in such manner and within such time as may be prescribed, a balance-sheet duly audited either by auditors duly qualified to act as auditors of companies under the Companies Act, 1956 (Central Act 1 of 1956), or by a Chief Auditor appointed under sub-section (2) of Section 51 and relating to the period of account.(2)The balance-sheet referred to in sub-section (1) shall-(a)contain a summary of the assets and liabilities- of the chit; and(b)give such particulars as will disclose the nature of the assets and liabilities and how the value of the assets has been arrived at,
