10. No person shall be or shall continue to be a ¹[Chairman and a] Director who,-

(a) is or at any time has been adjudicated insolvent;

(b) is found to be a lunatic or of unsound mind;

(c) is or at any time has been convicted of any offence which, in the opinion of the Government, is an offence involving moral turpitude;

(d) is a minor; ²[***]

³[(e) is declared as a defaulter by a competent court in repaying any loan taken by him from any bank or financial institutions;

(f) is engaged in any profession or business connected with the interest of the corporation directly or indirectly; or

(g) absents himself from 3 (three) consecutive meetings without reasonable excuse, the Government may remove him by an order.]