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of <h1>Section 385 Companies Act: Restrictions on Manager Appointments for Insolvents and Convicts; Central Government Can Waive Disqualifications.</h1> Section 385 of the Companies Act, 1956, prohibits companies from appointing or continuing the employment of any person as a manager if they are an undischarged insolvent, have been adjudged insolvent within the past five years, have suspended payment to creditors, made a composition with creditors, or have been convicted of an offense involving moral turpitude within the past five years. However, the Central Government has the authority to remove these disqualifications through a notification in the Official Gazette, either generally or for specific companies.
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