(1) (i) A Court passing an order of conviction against a money-lender for an offence under this Act, or
(ii) a Court trying a suit, if satisfied that such money-lender has committed such contravention of the provisions of this Act or the rules as would, in its opinion, make him unfit to carry on the money-lending ,-
(a) may order that all the licences held by such money-lender in the State be cancelled or suspended for such time as it may think fit, and
(b) may, if it thinks fit, declare any such money-lender, or if any money-lender is an undivided Hindu family, a company or an unincorporated body, such family, company or body and also any person responsible for the management of the money-lending carried on by such family, company or body, to be disqualified from holding any licence in the State, for such time as the Court may think fit :
Provided that, where any licence held by any money-lender is suspended or cancelled or any money-lender is disqualified from holding any licence under this section, he may appeal against such order to the Court to which an appeal ordinarily lies from the decision of the Court passing the order, and the Court which passed the order or the Court of appeal may, if it thinks fit, pending the appeal, stay the operation of the order under this section.
(2) Where a Court convicts a money-lender of an offence under this Act, or makes an order or declaration, under sub-clause (a) or (b) of clause (ii) of sub-section (1), it shall cause the particulars of the conviction, order or declaration, as the case may be, to be endorsed on all the licences held by the money-lender convicted or by any other person affected by the order or declaration and shall cause copies of its order or declaration to be sent to the District Registrar by whom the licences were granted for the purpose of entering such particulars in the registers.
(3) Any licence required by a Court for endorsement in accordance with sub-section (2) shall be produced by the person by whom it is held in such manner and within such time as may be directed by the Court and any person who, without reasonable cause, makes default in producing the licence so required shall be liable, on conviction, to a fine not exceeding rupees one thousand for each day for the period during which the default continues.
(4) Powers conferred on a Court under this section may be exercised by any Court in appeal or in revision.