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of <h1>Companies Act Section 117B: Debenture Trustees Required for Prospectus Issuance, Must Remain Independent and Protect Debenture Holders' Interests.</h1> Section 117B of the Companies Act, 1956 mandates that companies must appoint one or more debenture trustees before issuing a prospectus or letter of offer for debenture subscriptions. These trustees must not have any beneficial interest in the company or its payments, nor be guarantors of the debts. Their duties include protecting debenture holders' interests, ensuring asset sufficiency, verifying prospectus accuracy, enforcing trust deed terms, and addressing breaches. If company assets are insufficient, trustees may petition the Central Government to impose liability restrictions. In cases involving sick industrial companies, the Tribunal replaces the Central Government's role.
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