A person shall not be capable of being appointed as small shareholders’ director of a company, if-
(i) he has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force:
(ii) he is an undischarged insolvent;
(iii) he has applied to be adjudicated as an insolvent and his application is pending;
(iv) he has been convicted by a Court of any offence involving moral turpitude 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;
(v) he has not paid any call in respect of shares of the company held by him, whether alone or jointly with others, and six months have elapsed from the last fixed for the payment of the call; or
(vi) an order disqualifying him for appointment as director has been passed by a Court in pursuance of section 203 and is in force, unless the leave of the Court has been obtained for his appointment in pursuance of that section.