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(1) Every foreman shall prepare and file with the Registrar in such manner and within such time as may be prescribed, a balance-sheet relating to the period of account duly audited either by auditors duly qualified to act as auditors of companies under the Companies Act, 1956 or by a Chit Auditor appointed under sub-section (3) of section 53· (2) The balance sheet referred to in sub-section (1) shall:- (a) contain a summary of the assets and liabilities of all chits conducted by him; (b) give such particulars as will disclose the nature of the said assets and liabilities and how the value of those assets has been arrived at; and (c) such other particulars as may be prescribed . Liability of a foreman to the subscribes