law: Credit Information Companies (Regulation) Act, 2005 
  6. Power of Reserve
  
  Bank to cancel certificate of registration.-
  1.     
  
    The
  
  Reserve Bank may cancel a certificate of registration granted to a credit
  
  information company under sub-section (2) of section 5 if such company,-
               
  
   i.        
  
    ceases
  
  to carry on the business of credit information; or
  has
  
  failed to comply with any of the conditions subject to which the certificate of
  
  registration has been granted to it; or
             
  
   iii.        
  
    at
  
  any time fails to fulfil any of the conditions referred to in sub-clauses (a)
  
  to (c) of sub-section (1) or sub-section (2) of section 5; or (iv) fails-
  a.      to comply with the
  
  provisions of any law for the time being in force or any direction issued by
  
  the Reserve Bank under the provisions of this Act; or
  b.     to submit or offer
  
  for inspection its books of account and other relevant documents when so
  
  demanded by the officers, persons or agency referred to in sub-section (1) of
  
  section 12.
  1.     
  
  
  2.     
  
    Before
  
  cancelling the certificate of registration granted to a credit information
  
  company under this section on the ground that the company has failed to comply
  
  with the conditions specified in clauses (a) to (c) of sub-section (1) or
  
  sub-section (2) of section 5 or the provisions of any other law for the time
  
  being in force or directions issued under this Act, the Reserve Bank, shall grant
  
  time to such company on such terms as the Reserve Bank may deem appropriate for
  
  taking necessary steps to comply with such directions or provisions or
  
  fulfillment of such conditions, within such time:
  Provided that if the
  
  Reserve Bank is of the opinion that the delay in cancelling the certificate of
  
  registration of such company shall be prejudicial or detrimental to the public
  
  interest or banking policy or credit system or borrowers or other credit
  
  information companies, the Reserve Bank may cancel the certificate of
  
  registration without granting time as provided in sub-section (2).
  1.     
  
  
  2.     
  
  
  3.     
  
    No
  
  order of cancellation of certificate of registration, granted to a credit
  
  information company, shall be made by the Reserve Bank unless such company has
  
  been given a reasonable opportunity of being heard.