385. CERTAIN PERSONS NOT TO BE APPOINTED MANAGERS

(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.

(2) The Central Government may, by notification in the Official Gazette, remove the disqualification incurred by any person in virtue of clause (a), (b) or (c) of sub-section (1), either generally or in relation to any company or companies specified in the notification.