(1) The proceedings for revocation of the licence or for passing of any other orders specified in section 19 of the Act shall be initiated by an order passed by the Commission. The Commission may initiate such proceedings suo motu or on application of the licensee or on receiving any complaint or information from any person.
(2) The Commission shall give notice of the proceedings for the revocation of the licence to the licensee and to such other persons, authority or body as the Commission may consider necessary.
(3) Subject to the provisions of the Act, and the procedure contained therein, the inquiry by the Commission for revocation of the licence, in so far it is applicable, shall be in the same manner as provided in Chapter- II of these regulations :
Provided that the licensee shall be given not less than three months notice in writing to show cause against the proposed revocation and the notice to show cause issued to the licensee shall clearly state the grounds on which the Commission proposes to revoke the licence.
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(4) If the Commission decides to revoke the licence, the Commission shall communicate the order of revocation to the licensee stating the effective date from which such revocation shall take effect.
(5) The Commission may instead of revoking the licence pass any other order imposing further terms and conditions subject to which the licensee is permitted to operate thereafter.
(6) Where the Commission has given notice for revocation of licence, the licensee may, after prior approval of the Commission, sell the undertakings of the licensee to any person who is found eligible by the Commission for grant of licence, without prejudice to any penalty which may be imposed or prosecution proceeding which may be initiated against the person whose license is revoked.