A person shall be disqualified for being appointed as and for being, a director of the Corporation--
(a) if he is, or at any time has been, adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors; or
(b) if he is of unsound mind and stands so declared by a competent Court; or
(c) if he is or has been convicted of any offence which in the opinion of the Central Government involves moral turpitude; or
(d) if he has been removed or dismissed from the service of the Government or a corporation owned or controlled by the Government; or
(e) except in the case of the Chairman or the managing director, if he is a salaried official of the Food Corporation of India or a State Food Corporation.