118. Right to obtain copies of and inspect trust deed

(1) A copy of any trust deed for securing any issue of debentures shall be forwarded to the holder of any such debentures or any member of the company, at his request and within seven days of the making thereof, on payment-

(a) In the case of a printed trust deed, of ¹[such sum as may be prescribed]; and

(b) In the case of a trust deed which has not been printed, of ²[such sum as may be prescribed,] for every one hundred words or fractional part thereof required to be copied.

(2) If a copy is refused, or is not forwarded within the time specified in sub-section (1), the company, and every officer of the company who is in default, shall be punishable, for each offence, with fine which may extend to ³[five hundred rupees] and with a further fine which may extend to ⁴[two hundred rupees] for every day during which the offence continues.

(3) The ⁵[Central Government] may also, by order, direct that the copy required shall forthwith be sent to the person requiring it.

(4) The trust deed referred to in sub-section (1) shall also be open to inspection by any member or debenture holder of the company in the same manner, to the same extent, and on repayment of the same fees, as if it were the register of members of the company.

1. Subs. by Act 31 of 1988. sec. 67, for "the sum of one rupee" (w.e.f. 15-7-1988).

2. Subs. by Act 31 of 1988. sec. 67, for "six annas" (w.e.f. 15-7-1988).

3. Substituted by Act 53 of 2000, sec. 49, for "fifty rupees" (w.e.f. 13-12-2000).

4. Substituted by Act 53 of 2000, sec. 49, for "twenty rupees" (w.e.f. 13-12-2000) .

5. Substituted by Act 31 of 1988, sec. 67, for "Court" (w.e.f. 31-5-1991) and again subs. by Act 11 of 2003, sec. 19 for "Company Law Board".