Cancellation of registration

(1) The proper officer may, either on his own motion or on an application filled by the registered person or by his legal heirs, in of case of death of such person, cancel the registration, in such manner and within such period as may be prescribed, having regard to the circumstances where,-

(a) the business has been discontinued, transferred fully for any reason including death of the proprietor, amalgamated with other legal entity, demerged or otherwise disposed of; or