(4)Where the Syndicate does not take action to the satisfaction of the Chancellor, within the time limit as may be fixed under sub-section (2), the Chancellor after considering any explanation furnished representation made by the Syndicate, issue such direction as he may think fit and the Syndicate shall comply with such directions. In the event of the Syndicate not complying with such directions within such time as may be fixed in that behalf by the Chancellor, have power to appoint any person or body to comply with such directions and make such orders as may be necessary for the thereof.
