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Section 5
License may be revoked
: (1) The license granted under section 4 shall be revoked in the following cases:-
(a) If it is proved that the paid-up capital of the licensed company is not one crore rupees,
(b) If the licensed company does not have branches, official agents or representatives in at least two countries outside Nepal,
(c) If the licensee does not renew the license as per clause (4).
(2) Apart from what is written in sub-section (1), if a licensee does any other work contrary to this Act or the rules made under this Act, the department shall give such licensee an opportunity to rectify the work by giving him a reasonable grace period. If the licensee does not improve his work even after giving such a chance, the department will cancel the license given to him. However, before canceling the license, he will not be deprived of the opportunity to submit a clarification.
(a) If it is proved that the paid-up capital of the licensed company is not one crore rupees,
(b) If the licensed company does not have branches, official agents or representatives in at least two countries outside Nepal,
(c) If the licensee does not renew the license as per clause (4).
(2) Apart from what is written in sub-section (1), if a licensee does any other work contrary to this Act or the rules made under this Act, the department shall give such licensee an opportunity to rectify the work by giving him a reasonable grace period. If the licensee does not improve his work even after giving such a chance, the department will cancel the license given to him. However, before canceling the license, he will not be deprived of the opportunity to submit a clarification.