No company shall, after the commencement of this Act, appoint or employ, or continue the appointment or employment of, any person as its managing or whole-time director who-1. The words "in India" omitted by Act 65 of 1960, sec. 90 (w.e.f. 15th. June, 1988).
(a) is an undischarged insolvent, or has at any time been adjudged an insolvent;
(b) suspends, or has at any time suspended, payment to his creditors, or makes, or has at any time made, a composition with them; or
(c) is, or has at any time been, convicted by a Court 1[***] of an offence involving moral turpitude.
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