(1) The Director or the Officer authorized by him may, after such inquiry as he deems fit to make and after giving, in the prescribed manner, the licensee a reasonable opportunity of being heard, suspend or cancel a licence issued under Section 70 on any of the following ground(s):
(a) that, the licence has been obtained through wilful misrepresentation or fraud;
(b) that, the licensee himself or in collusion with other licensee(s) commits any act or obtains from carrying on his normal business in the market with intention to wilfully obstruct, suspend or stop the marketing of notified agricultural produce in any type of market and in consequence whereof, the marketing of notified agricultural produce has been obstructed, suspended or stopped;
(c) that, the licensee is found to have contravened any of the provisions of this Act or the Rules or Byelaws;
(d) that, the licensee has been convicted of an offence punishable under this Act or Rules or regulations;
(e) that, the licensee has become insolvent; or
(f) that, the licensee incurs any disqualification on grounds prescribed.
(2) Having been licence suspended or cancelled under this section, the holder of such licence shall forth with produce the same in the office of the Director or the Officer authorized for being endorsed in the prescribed manner and shall not been titled to any claim on account of such suspension or cancellation any compensation or refund of the whole or any part of the licence fee or any of the other money