12. Disqualifications.- A person shall be disqualified for being appointed or, as the case may be, nominated as, and for being, a director, if he--
is, or, at any time has been, adjudged insolvent or has suspended payment of his debt or has compounded with his creditors, or
is of unsound mind and stands so declared by a competent court, or
is or has been, convicted of an offence which, in the opinion of the Central Government, involves moral turpitude.