(c) if the society, having failed to comply with any requirement 3[ or having contravened any provision] of this Act, has continued such failure 3[ or contravention], for a period of one month after notice of such failure 3[ or contravention] has been conveyed to the society by the 4[ Controller]: Provided that the 4[ Controller] may, if he thinks fit, instead of applying for cancellation of the registration under sub- clause (i) of clause (a) of this sub- section make a recommendation to the Court that the contracts of the society should be reduced in such manner and subject to such conditions as he may indicate: 3[ Provided further that the 4[ Controller] may, without previous notice and without application to the Court for sanction,--