| (II) | | in the second proviso, in clause (ii), in sub-clause (b), for item (B), the following item shall be substituted, namely:— |
| | | “(B) if he is not so satisfied, pass an order in writing, rejecting such application and cancelling its approval, if any, after affording it a reasonable opportunity of being heard;”; |
| (III) | | for the third proviso, the following proviso shall be substituted, namely:— |
| | | “Provided also that the order under clause (i) and clause (iii) of the second proviso shall be passed in such form and manner as may be prescribed, before expiry of the period of three months and one month, as the case may be, calculated from the end of the month in which the application was received:”; |
| (IV) | | after the third proviso, the following proviso shall be inserted, namely:— |
| | | “Provided also that the order under sub-clause (b) of clause (ii) of the second proviso shall be passed in such form and manner as may be prescribed, before expiry of the period of six months from the end of the quarter in which the application was received:” |
