Amendment status not verified — confirm the current text below against the official source.
(1) The Registering Authority may, at any time, either suo motu or upon receipt of complaints by SHGs or its members or by members of the public cancel the registration of an MFI after assigning sufficient reasons for such cancellation: Provided that no order of cancellation of the registration shall be passed without issuing notice to the MFI intimating the facts upon which the prima-facie decision to cancel the registration has been taken and the MFI shall be afforded a reasonable opportunity to show cause against such notice. Explanation: For the purposes of sub-section (1), conviction of a MFI for an offence of violation of any of the provisions of this Act shall be sufficient cause for suspension or cancellation of its registration. (2) Pending enquiry under sub-section (1), the Registering Authority may, for sufficient reasons to be recorded, suspend the registration, of an MFI.