17. Grounds for cancellation of a licence

The Board may cancel the licence of a licensed microfinance company on any one or more of the following grounds :-

failing to commence business within nine months of the issue of the licence;

failing to satisfy any debt incurred by it, on such debt becoming due for payment;

proposing to make or making any composition or arrangement with its creditors or going into liquidation or being wound up or otherwise dissolved;

ceasing to carry on microfinance business;

acting in contravention of any provisions of this

failing to pay the annual licence fee;

carrying on its business in a manner likely to be detrimental to the interests of its depositors, other creditors and the economy; or

furnishing false, misleading or inaccurate information or concealing or failing to disclose material facts to the Board.