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.