Managerial disqualification bars appointment of persons with recent insolvency, creditor suspension or moral turpitude; government may waive. A company must not appoint, employ, or continue as manager any person who is an undischarged insolvent, was adjudged insolvent within the preceding five years, suspended payment to creditors or made a composition with them within that period, or was convicted in India of an offence involving moral turpitude within that period. The Central Government may remove any such disqualification by notification in the Official Gazette, either generally or in relation to specified companies.