18. Refusal of License.-
The Controller may refuse to grant or renew a license if-
i. the applicant has not provided the Controller with such information relating to its business, and to any circumstances likely to affect its method of conducting business, as the Controller may require; or
ii. the applicant is in the course of being wound up or liquidated; or
iii. a receiver has, or a receiver and manager have, been appointed by the court in respect of the applicant; or
iv. the applicant or any trusted person has been convicted, whether in India or out of India, of an offence the conviction for which involved a finding that it or such trusted person acted fraudulently or dishonestly, or has been convicted of an offence under the Act or these rules; or
v. the Controller has invoked performance bond or bankers guarantee; or
vi. a Certifying Authority commits breach of, or fails to observe and comply with, the procedures and practices as per the Certification Practice Statement; or
vii. a Certifying Authority fails to conduct, or does not submit, the returns of the audit in accordance with rule 31; or
viii. the audit report recommends that the Certifying Authority is not worthy of continuing Certifying Authoritys operation; or
ix. a Certifying Authority fails to comply with the directions of the Controller.
