Oh Yes! A scholarship can certainly be revoked if the student fails to maintain the given requirements. For example, in the Monash International Leadership Scholarship, students are expected to maintain a Weighted Average Mark (WAM) of 70 every semester. Along with this, they are also expected to actively participate in at least three Scholarship and/or Marketing promotional activities.
For the Sydney Scholars India Scholarship Program and Vice-Chancellor International Scholarships Scheme at The University of Sydney, students have to score a minimum semester average mark (SAM) of 65 apart from having no outstanding fees.
As such students have to carefully read the fine prints of the scholarship and strive to fulfill each of them during their scholarship duration.