law: The Small Industries Development Bank of India Act, 1989 
  8. Disqualifications 
  No person shall be a Director if he-
  a.     
  
    Is,
  
  or becomes, of unsound mind or is so declared by a competent court; or
  b.    
  
    Is,
  
  or has been, convicted of any offence which, in the opinion of the Development
  
  Bank, involves moral turpitude; or
  c.     
  
    Is,
  
  or at any, time has been, adjudicated as insolvent or has suspended payment of
  
  his debts or has compounded with his creditors.