12. Disqualifications.—
A person shall be disqualified for being appointed or, as the case may be,
nominated as, and for being, a director, if he—
(a) is, or, at any time has been, adjudged insolvent or has suspended payment of his debt 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 an offence which, in the opinion of the Central Government,
involves moral turpitude.
