(1) The licensed company shall apply to the Ministry for renewal of the license one month before the expiry of the license period by attaching the following documents:-
(a) Proof of payment of royalty amount due,
(b) Audit report of previous financial year,
(c) Directors of the company, details of shareholders and share price,
(d) Copy of tax payment certificate for the previous financial year,
(e) a document renewing the warranty, and
(f) Other documents prescribed by the Ministry.
(2) After receiving the document with the application according to sub-rule (1), the Ministry will send such application and the attached documents to the committee.
(3) Upon examination of the application received as per sub-rule (2) and the documents attached to it, if it is found desirable to renew the license, the committee will recommend the same to the Ministry.
(4) If there is a recommendation from the committee to renew the license according to sub-rule (3), the Ministry shall take fifty percent of the license fee as the renewal fee and renew the license.