27. Refusal to grant or renew a licence

the application was not made in accordance with this Part;

the applicant has failed to comply with any requirement of this Act or the rules made thereunder;

any information or document that is furnished by the applicant to the Authority is false or misleading or from which there is a material omission;

the Authority is of the opinion that it would be contrary to the interests of its creditors or other stakeholders to grant or renew the licence;

the Authority is of the opinion that it would be contrary to the financial sector and socio economic circumstances of the country;

the moneylending business of the applicant is being wound up or otherwise dissolved or the applicant is declared undischarged insolvent or bankrupt by any court within or outside

execution against the applicant in respect of a judgment debt has been returned unsatisfied in whole or part;

a receiver, a receiver and manager or an equivalent person has been appointed within or outside Sri Lanka in respect of any property of the applicant;

the applicant has, whether within or outside Sri

any of the key management personnel, where the applicant is a company, any office bearer, where the applicant is a society, or any partner, where the applicant is a partnership, is subject to any of the grounds set out in this section for the refusal of an application; or

the Authority has reason to believe that the applicant or any of its key management personnel, office bearer or partner as the case may be, not be able to act in the best interest of its clients having regard to their reputation, character, financial integrity and reliability.