Carrying on business after cancellation

When a certificate of registration is suspended or cancelled under the provisions of section 78f or when it expires and is not renewed, under the provisions of section 78c, a promoter or estate agent, as the case may be, shall cease to carry on the business and any business or activity in furtherance of his business during the period of suspension or after the expiry or cancellation of the certificate of registration, shall be liable for all consequences thereof: Provided that when decision is pending on an application for renewal of registration, no such presumption shall be made, if business is carried on after the expiry of the period of registration of certificate.