39. Regulatory actions

is carrying on or is in the process of carrying on its business following unsound or improper financial practices which are detrimental to the interest of its creditors and other stakeholders;

has contravened or failed to comply with any provision of this Act or any direction, directive, rule, Order or requirement made or imposed thereunder, the Authority shall, take any one or more of the following actions: –

direct such licencee to cease such practice;

direct such licencee to, forthwith or within such period as may be specified by the Director-General, comply with the provisions of this Act, direction, directive, rule, Order or requirement made or imposed thereunder, which such licencee has failed to comply with;

direct such licencee to take necessary action to correct the negative conditions resulting from such practice or contravention;

restrain any director, manager, employee, partner, office bearer or controller of the licencee from carrying out any function in or in relation to the licencee;

remove any director, manager, partner, office bearer or employee of the licencee;

impose an administrative charge not exceeding a sum of rupees two million on the licencee, any member of the board of directors, manager, employee, partner or office bearer, as the case may be;

review any agreement or contract entered into by a customer or any other person with the licencee and vary the terms of such agreement or contract, including the terms relating to repayment, interest rates and charges where it considers that such contract has been entered into without due regard to the interests of borrowers and any other stakeholders or prudent commercial practices; or

publish the name of the licencee as a moneylender or microfinance institution, as the case may be regarding which the Authority has serious supervisory concerns.