(1) The applicant shall meet the minimum net worth requirements as stated in the Seventh Schedule on the basis of the sum total of the capacity of the warehouses concerned and all registered warehouses belonging to the applicant.
(2) The warehouseman shall maintain the minimum net worth requirements as specified in the Seventh Schedule at all times during the period of registration.
(3) The applicant shall provide evidence of compliance with net worth requirements periodically to the Authority.
(4) The Authority may, by guidelines, state the periodic interval at which a warehouseman shall provide evidence of compliance in respect of net worth requirements.
(5) The applicant shall submit one of the following documents to the Authority to exhibit compliance with the net-worth requirements –
(a) audited balance sheet for the last financial year;
(b) provisional net worth certificate issued by applicant’s statutory auditor, provided that an audited balance sheet of the last financial year is submitted within a period of twelve months;
(c) in case of persons not subject to audit, balance sheet certified by a chartered accountant.