Section 19(5)(c) in The Punjab Agricultural Produce Markets (General) Rules, 1962
(c)If in a case covered by clause (b) the firm fails to give necessary intimation to the [Chief Administrator] [Substituted for the words 'Chairman of the Board' by Haryana Notification dated 2.12.1980.] within the specified time, the change in the membership or the name of the firm, as the case may be, shall be deemed to result in the constitution of a new firm necessitating the grant of a fresh licence.