The Director General or the licensing authority may by an order in writing cancel any licence, certificate, scrip or any instrument bestowing financial or fiscal benefits granted under these rules if,-

(a) the licence, certificate, scrip or any instrument bestowing financial or fiscal benefits has been obtained by fraud, suppression of facts or misrepresentation; or

(b) the licensee or transferee has committed a breach of any of the conditions of the licence, certificate, scrip or any instrument bestowing financial or fiscal benefits; or

(c) the licensee or transferee has tampered with the licence, certificate, scrip or any instrument bestowing financial or fiscal benefits in any manner; or

(d) the licensee or transferee has contravened any law relating to customs or foreign exchange or the rules and regulations relating thereto.