Section 118 - Right to obtain copies of and inspect trust deed. - Companies Act, 1956

Right to obtain copies of and inspect trust deed. 118. (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 [2] ]; and (b) in the case of a trust deed which has not been printed, of [3] [such sum as may be prescribed [4] ] 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 [5] [five hundred rupees] and with a further fine which may extend to [6] [two hundred rupees] for every day during which the offence continues. (3) The [7] [Central Government] may also, by order, direct that the copy required shall forthwith be sent to the person requiring it. [8] (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 payment of the same fees, as if it were the register of members of the company. ------------------------------------ Notes:- [1] Substituted by the Companies (Amendment) Act, 1988 w.e.f. 15-7-1988. Rs. 10 has been prescribed under rule 21A(2) of General Rules Forms as inserted by the Fourth Amendment Rules, 1988. For the words "the sum of one rupee". [2] The fees prescribed is Rs. 10 as per rule 21A, Companies (Central Government's) General Rules and Forms, 1956. [3] Substituted by the Companies (Amendment) Act, 1988 w.e.f. 15-7-1988. Re. 1 has been prescribed under rule 21A(2) of General Rules Forms as inserted by the fourth Amendment Rules, 1988. for the words "six annas". [4] The fees prescribed is Re. 1 as per rule 21A, Companies (Central Government's) General Rules and Forms, 1956. [5] Substituted for "fifty rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. [6] Substituted for "twenty rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. [7] Substituted for "Company Law Board" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. Earlier the quoted words were substituted for Court by the Companies (Amendment) Act, 1988, w.e.f. 31-5-1991. [8] Fees prescribed is Rs. 50. On notification of the commencement of the amendment, power will be transferred to the Central Government.