(3) The licensing authority may by order in writing suspend a licence for such period as it thinks fit or revoke a licence,--
if the licensing authority is satisfied that the holder of the licence is prohibited by this Act or by any other law for the time being in force, from acquiring, having in his possession or carrying any arms or ammunition, or is of unsound mind, or is for any reason unfit for a licence under this Act; or
if the licensing authority deems it necessary for the security of the public peace or for public safety to suspend or revoke the licence; or
if the licence was obtained by the suppression of material information or on the basis of wrong information provided by the holder of the licence or any other person on his behalf at the time of applying for it; or
if any of the conditions of the licence has been contravened; or
if the holder of the licence has failed to comply with a notice under sub- section (1) requiring him to deliver- up the licence.