An individual shall not be eligible to be or remain a director if, -(a)he is of unsound mind and stands so declared by a competent court;(b)he is an undischarged insolvent;(c)he has applied to be adjudicated as an insolvent and his application is pending;(d)he has been convicted by a court of any offence, whether involving· moral turpitude or otherwise, and sentenced in respect thereof to imprisonment for not less than six months and a period of five years has not elapsed from the date of expiry of the sentence:Provided that if an individual has been convicted of any offence and sentenced in respect thereof to imprisonment for a period of seven years or more, he shall not be eligible to be a director;(e)an order disqualifying him to be a director has been passed by a court or the National Company Law Tribunal constituted under section 408 of the Companies Act, and the order is in force;(f)he has not paid any calls in respect of any shares of the Corporation held by him, whether alone or jointly with others, and six months have elapsed from the last day fixed for the payment of such call;(g)he attracts any disqualification for being a director of a company under the provisions of sub-section (2) of section 164 of the Companies Act, subject to such exceptions thereto as the Central Government may be notification specify;(h)he is a salaried government official, other than an individual nominated director under clause (d) of sub-section (2) of section 4;(i)he is an insurance agent or an intermediary or an insurance intermediary;(j)he is an employee of the Corporation, other than the Chief Executive or a Managing Director, or of its subsidiary or associate company;(k)he is a director of a subsidiary or an associate company of the Corporation and is other than the Chief Executive or a Managing Director;(l)he is an employee or a director or a promoter of any insurer carrying on life insurance business anywhere in the world, other than the Corporation or its subsidiary or associate company, or of any holding company, subsidiary or associate company of such an insurer;(m)he absents himself from all the meetings of the Board held during a period of twelve months, with or without seeking leave of absence of the Board:Provided that the disqualifications referred to in clauses (d) and (e) shall continue to apply even if an appeal or petition has been filed against the order of conviction or disqualification.
