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of <h1>Section 119: Trustees Can't Escape Liability for Breach of Trust Without Debenture Holders' Approval Under Companies Act, 1956.</h1> Section 119 of the Companies Act, 1956 addresses the liability of trustees for debenture holders. It invalidates any provision in a trust deed or contract that exempts or indemnifies a trustee from liability for breach of trust if the trustee fails to exercise the required care and diligence. However, it allows for valid releases for past actions or omissions, provided they are agreed upon by a significant majority of debenture holders. The section also preserves existing provisions at the Act's commencement, allowing trustees to retain exemptions or indemnifications previously granted, subject to specific conditions and approvals by debenture holders.
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