Describe the disqualifications for a person to be appointed or to continue as a Managing Director, Whole-time Director, or Manager under the provisions of the Companies Act, 2013, read with the relevant conditions stipul

Disqualification of Managing Director, Whole-Time Director or Manager Section 196 (3) of Companies Act 2013. No company shall appoint or continue the employment of any person as managing director, whole-time director, or manager who - is below the age of twenty-one years or has attained the age of seventy years. However, the appointment of a person who has attained the age of seventy years may be made by passing a special resolution in which case the explanatory statement annexed to the notice for such motion shall indicate the justification for appointing such person; is an undischarged insolvent or has at any time been adjudged as an insolvent; has at any time suspended payment to his creditors or makes, or has at any time made, a composition with them; or has at any time been convicted by a court of an offence and sentenced for a period of more than six months. (Conditions to be fulfilled for the Appointment of Managing or Whole-Time Director or a Manager without the approval of the Central Government as Per Schedule V of the Companies Act, 2013 (Part I-Schedule V of the Companies Act, 2013) No person shall be eligible for appointment as a managing or whole-time director or a manager of a company unless he satisfies the following conditions, namely: - The person had not been sentenced to imprisonment for any period, or to a fine exceeding one thousand rupees, for the conviction of an offence under any of the Acts as specified under Schedule V of the Companies Act, 2013. The person had not been detained for any period under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974. Provided that where the Central Government has given its approval to the appointment of a person convicted or detained mentioned above, as the case may be, no further approval of the Central Government shall be necessary for the subsequent appointment of that person if he had not been so convicted or detained subsequent to such approval. The person is resident of India. He has completed the age of 21 years and not attained the age of 70 years. Other disqualifications: Further, the disqualification for appointment of director under Section 164 shall also be applicable to a person being appointed as a managing director or a whole-time director because they are essentially the director of the company.