28. Date for submission of balance sheet [Section 24].
(1)In addition to the balance sheet referred to in section 24, every foreman shall also prepare and file with the Registrar a receipt and payment account and a statement showing the assets and liabilities of the individual chit group as on the last date of each calendar or financial year, as the case may be, in Form XV, duly audited either by auditors qualified to act as auditors under the Companies Act, 2013 (Central Act 18 of 2013) or by a chit auditor appointed under section 61.(2)The balance sheet referred to in section 24 shall be filed with the Registrar within a period of three months from the expiry of the period with reference to which it is prepared.(3)Receipts and payments account and statement showing the assets and liabilities of the individual chit group, referred to in sub-rule (1) above, shall be filed with the Registrar within a period of two months from the expiry of the period with reference to which it is prepared and also on the termination of the chit.
