(1) Subject to the provisions of section 19 of the Act and the regulations framed thereunder, the Commission may, at any time initiate proceedings against the trading licensee for revocation of the trading licence and if satisfied in such proceedings on the grounds for revocation duly considering the public interest, revoke the trading licence-
(a) where the trading licensee in the opinion of the Commission, makes material breach or wilful default in doing anything required of him by or under this Act or the rules or regulations made thereunder;
(b) where the trading licensee violates any of the terms or conditions of his licence the breach of which is expressly declared by such licence to render it liable to revocation;
(c) where the trading licensee fails, within the period fixed in this behalf by his licence, or any longer period which the Commission may have granted therefor-
(1) to show, to the satisfaction of the Commission, that he is in a position to fully and efficiently discharge the duties and obligations imposed on him by his licence, or
(2) to make deposits or furnish the security, or pay the fees or other charges required by his licence;
(d) where in the opinion of the Commission the financial position of the trading licensee is such that he is unable to fully and efficiently discharge the duties and obligations imposed on him; and
(e) where the trading licensee has failed to comply with all the regulations, codes, and standards and also orders and directions of the Commission or otherwise has committed an act which renders trading licence revocable on any other grounds stated in the Act or the rules or regulations framed thereunder.
(2) Where in its opinion the public interest so requires, the Commission may, on application, or with the consent of the trading licensee, revoke his licence as to the whole or any part of his area of trading upon such terms and conditions as it thinks fit.
(3) Before revoking a trading licence the Commission may make such alternate arrangement to be made for discharging the duties of the trading licensee which the Commission considers necessary in public interest and all such arrangement shall be at the cost and risk of the trading licensee.