(1)No company shall, after the commencement of this Act, appoint or employ, or continue the appointment or employment of, any person as its manager who-(a)is an undischarged insolvent, or has at any time within the preceding five years been adjudged an insolvent; or(b)suspends, or has at any time within the preceding five years suspended, payment to his creditors; or makes, or has at any time within the preceding five years made, a composition with them; or(c)is, or has at any time within the preceding five years been, convicted by a Court in India of an offence involving moral turpitude.
