Disqualifications for office of director

A person shall be disqualified for being nominated as, and for being a director, if he— (a) is, or at any time has been, adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors; or (b) is of unsound mind and stands so declared by a competent court; or (c) is or has been convicted of any offence which, in the opinion of the State Government, involves moral turpitude ; or (d) is or has been removed or dismissed from the service of any State Government or the Central Government or a Corporation owned or controlled by any State Government or the Central Government.