Balance sheet

Balance sheet.—(1) Every foreman shall prepare and file with the Registrar in such manner and within such time as may be prescribed in that behalf, a balance sheet relating to the year of account containing a summary of the assets and liabilities of the chitty and giving such particulars as will disclose the nature of the assets and liabilities and how the value of the assets has been arrived at and duly audited by a chartered accountant who shall not be an employee of the foreman or a chitty auditor appointed under section 57: Provided that where a balance sheet is audited by a chartered accountant, a chitty auditor appointed under section 57 shall have the right to audit that balance sheet at any time.

1. (2) If any foreman makes default in complying with the provisions of sub-section (1), he shall be punishable with fine which may extend to twenty-five rupees for every day during which the default continues.