(1) If a warehouseman wishes to surrender his registration to conduct warehousing business in respect of one or more registered warehouses, he may make a request for such surrender to the Authority in such manner as may be specified by the Authority.
(2) While disposing a request under this rule, the Authority may require the warehouseman to satisfy it with respect to the following factors –
(a) the warehouseman has no pending obligations to deliver goods in respect of which it has issued negotiable warehouse receipts from such registered warehouse; and
(b) there are no pending disputes in relation to the goods deposited in the registered warehouse in respect of which a request has been made.
(3) The Authority may call for information from such warehouseman in such form and manner as may be determined by it from time to time.
(4) The Authority may accept the surrender of registration if it is satisfied that the requirements under this rule have been met.
(5) If the Authority accepts the surrender of registration, it shall inform the warehouseman, and all other stakeholders in the manner as may be specified by it from time to time.
(6) If the warehouseman continues to conduct the warehousing business from other warehouses after the surrender of the certificate of registration of one or more warehouses, the Authority shall return the security deposit only in respect of such warehouse whose certificate of registration has been surrendered.
(7) The warehouseman shall not issue any negotiable warehouse receipt from the registered warehouse in respect of which it requests surrender, on and from the date of submitting the request under this rule, and until it receives a rejection order under this rule.
CHAPTER 5 ELIGIBILITY REQUIREMENTS FOR REGISTRATION OF A WAREHOUSE