Write short notes on the following: Debenture Trustee

‘Debenture Trustee’ means a trustee appointed in respect of any issue of debentures of a body corporate. Duties of Debenture Trustee: It shall be the duty of every debenture trustee to- satisfy itself that the prospectus or letter of offer does not contain any matter which is inconsistent with the terms of the issue of debentures or with the trust deed; satisfy itself that the covenants in the trust deed are not prejudicial to the interest of the debenture holders; call for periodical status/performance reports from the issuer company within 7 days of the relevant board meeting or within 45 days of the respective quarter whichever is earlier; communicate promptly to the debenture holders defaults, if any, with regard to payment of interest or redemption of debentures and action taken by the trustee therefor; call for reports on the utilization of funds raised by the issue of debentures; Take possession of trust property in accordance with the provisions of the trust deed; Exercise due diligence to ensure compliance by the body corporate with the provisions of the Companies Act, the listing agreement of the stock exchange or the trust deed To take appropriate measures for protecting the interest of the debenture holders as soon as any breach of the trust deed or law comes to his notice. To ascertain that the debentures have been converted or redeemed in accordance with the provisions and conditions under which they are offered to the debenture holders. Inform the SEBI immediately of any breach of trust deed or provision of any law. Appoint a nominee director on the board of the body corporate when required.