Disqualifications of Director

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