(1) The Central Government or Board may, by order, and after giving an opportunity of hearing to the person granted licence or safety authorisation under this Act, modify, suspend, cancel or curtail the duration of the licence or the safety authorisation for mines, facilities or activities, at any time, if in its opinion, the person contravenes or fails to comply with—
(a) any provision of this Act or the rules or regulations made thereunder;
(b) any term or condition attached to the licence or safety authorisation; or
(c) any condition imposed or direction issued by the Central Government or the Board.
(2) Notwithstanding anything contained in sub-section (1), the Central Government may modify, suspend, cancel or curtail the duration of the licence, if at any point of time,—
(a) the Central Government knows or has reasons to believe that the licensee is owned, controlled, or dominated by entities who are inimical to defence and national security or health and safety of the public;
(b) the financial position of the licensee has deteriorated to such an extent that it may no longer be able to operate the licensed business in a safe, secure or reliable manner;
(c) there exists any conduct, omission or circumstance, whether by act or default, which poses a material risk to the continuity of operation of the licensed business;
(d) the continuation of the licence is likely to be prejudicial to public interest, health or safety of public or environment or national security or safeguards or nuclear security.
(3) Upon suspension or modification or curtailment of duration of a licence, the licensee shall take all measures to comply with the directions issued by the Central Government, failing which the licence may be cancelled:
Provided that no licence shall be suspended for more than one year.
(4) Upon cancellation of the licence, the Central Government shall take under its control, the licensed facility or mine and ensure compliance with the safety, security, safeguard and any other obligations, in such manner as may be prescribed and take measures for the continuity of the licensed business.
(5) Before cancellation of a licence under this section, the Central Government shall take into consideration the following factors, namely:—
(a) administration of the business on cancellation of the licence;
(b) measures for protection of interests of lenders, investors, consumers and other stakeholders;
(c) transition plans for continuity of the licensed business.