If, after considering all written representations made under section 93N , the chief executive believes a ground exists to take the proposed action, the chief executive may decide to—
(a) if the proposed action was to suspend the approval—suspend the approval for a period not longer than the suspension period stated in the notice given to the holder of the approval under section 93N ; or
(b) if the proposed action was to cancel the approval—(i) cancel the approval; or(ii) suspend the approval for a term of not longer than 2 years.