15.4 If there is any change in the name/address or constitution of IEC holder/ licensee/Actual User eligible for import without a licence/recognised status holders, the concerned IEC holder/ licensee/Actual User/status holders, as the case may be, shall cease to be eligible to import or export against the licence/IEC No. or any other facility permitted under the Policy and Handbook, after expiry of 60 days from the date of such change in his name or constitution, unless in the meantime,

(a) the IEC holder/licensee/ status holders has got the consequential changes effected in the IEC No./ licence or the recognition certificate, as the case may be, by the concerned licensing authority;

(b) the Actual User has got the consequential changes effected from the concerned authority in the Industrial Licence issued by the Secretariat for Industrial Assistance (Ministry of Commerce and Industry) or Certificate of Registration as an Actual User issued by Director of Industries of the State Government or has received an acknowledgement for filing of a memorandum with the Secretariat for Industrial Assistance. Provided, however, the licensing authority issuing the IE Code may, condone the delay on payment of a penalty of Rs. 5000/-.