law: Companies Act, 1956
  Sec 119    -    
  
  Liability of trustees for debenture holders. 
  (1) Subject to the provisions of this section,
  
  any provision contained in a trust deed for securing an issue of debentures, or
  
  in any contract with the holders of debentures secured by a trust deed, shall
  
  be void in so far as it would have the effect of exempting a trustee thereof
  
  from, or indemnifying him against, liability for breach of trust, where he
  
  fails to show the degree of care and diligence required of him as trustee,
  
  having regard to the provisions of the trust deed conferring on him any powers,
  
  authorities or discretions.
  (2) Sub-section (1) shall not invalidate :
  (a) any release otherwise validly given in
  
  respect of anything done or omitted to be done by a trustee before the giving
  
  of the release ; or
  (b) any provision enabling such a release to
  
  be given :
  (i) on the agreement thereto of a majority of not
  
  less than three-fourths in value of the debenture holders present and voting in
  
  person or, where proxies are permitted, by proxy, at a meeting summoned for the
  
  purpose ; and
  (ii) either with respect to specific acts or
  
  omissions or on the trustee dying or ceasing to act.
  (3) Sub-section (1) shall not operate :
  (a) to invalidate any provision in force the
  
  commencement of this Act so long as any person then entitled to the benefit of
  
  that provision or afterwards given the benefit thereof under sub-section (4)
  
  remains a trustee of the deed in question ; or
  (b) to deprive any person of any exemption or
  
  right to be indemnified in respect of anything done or omitted to be done by
  
  him while any such provision was in force.
  (4) While any trustee of a trust deed remains
  
  entitled to the benefit of a provision saved by sub-section (3), the benefit of
  
  that provision may be given either :
  (a) to all trustees of the deed, present and
  
  future ; or
  (b) to any named trustees or proposed trustees
  
  thereof ;
  by a resolution passed by a majority of not
  
  less than three-fourths in value of the debenture holders present in person or,
  
  where proxies are permitted, by proxy, at a meeting called for the purpose in
  
  accordance with the provisions of the deed or, if the deed makes no provision
  
  for calling meetings, at a meeting called for the purpose in any manner
  
  approved by the Court.