(1)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 Chit Auditor appointed under sub-section (2) of section 51 and relating to the period of account.
