Section 158, The Companies Act, 2009

(1) Whether or not a debenture is secured by a chargeover the company’s property it may be secured by a trust deed appointing trustees for the debenture holders. (2) It shall be the duty of such trustees to safeguard the rights of the debenture holders and, on behalf of and for the benefit of the debenture holders, to exercise the rights, powers and discretions conferred upon them by the trust deed. Contents of debentures covered by Trustees for 110 111 (3) Charges securing the debentures may be created in favour of the debenture holders by vesting them in the trustees. (4) Notwithstanding anything contained in the debentures or trust deed, the court may, on the application of any debenture holder or of the Commission remove any trustee and appoint another in his place if satisfied that such trustee has interests which conflict or may conflict with those of the debenture holders or that for any reason it is undesirable that such trustee should continue to act; but that where the application is made by a debenture holder, the court if it thinks fit, may order the applicant to give security for the payment of the costs of the trustee and may direct that the application shall be heard in chambers.