[{"id":"3ff2bfcc-0fd3-4b86-bb11-e57bbd977087","order":1,"text":"SHAREHOLDERS' AGREEMENT","fontSize":"22","textAlign":"center","bold":true,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"7dd10bb0-c00c-4237-ac9f-3b4aeca72d33","order":2,"text":"This Shareholders' Agreement (the \"Agreement\") is made at [Place of execution] on this [Date of this Agreement].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true},{"id":"13dfd6c3-8885-46c6-879a-ef2f8d3e34e7","order":3,"text":"BY AND AMONGST:","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"d0b17836-8d17-47ad-9df0-9f2b15f45e30","order":4,"text":"(a) [First Shareholder name], [an individual / a company], [S/o, D/o, W/o], residing at / having its registered office at [First Shareholder address], bearing PAN [PAN] (hereinafter referred to as the \"First Shareholder\", which expression shall, unless repugnant to the context or meaning thereof, be deemed to include its successors and permitted assigns);","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"6cb10fc6-cb87-4e65-bcc4-2c9c6c124113","order":5,"text":"(b) [Second Shareholder name], [an individual / a company], [S/o, D/o, W/o], residing at / having its registered office at [Second Shareholder address], bearing PAN [PAN] (hereinafter referred to as the \"Second Shareholder\", which expression shall, unless repugnant to the context or meaning thereof, be deemed to include its successors and permitted assigns); and","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"5e2a23cd-84f2-4195-bae0-0c48f73bf715","order":6,"text":"(c) [Company name], a company incorporated under the Companies Act, 2013 (or the Companies Act, 1956, as applicable), bearing Corporate Identity Number (CIN) [CIN], incorporated on [Date of incorporation], having its registered office at [Registered office address] (hereinafter referred to as the \"Company\", which expression shall, unless repugnant to the context or meaning thereof, be deemed to include its successors).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"68466cce-c7c8-471e-b64b-5b7f7ad54655","order":7,"text":"The First Shareholder and the Second Shareholder are hereinafter collectively referred to as the \"Shareholders\" and individually as a \"Shareholder\". The Shareholders and the Company are hereinafter collectively referred to as the \"Parties\" and individually as a \"Party\".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true},{"id":"de362e6b-fac6-44d9-97c4-1537b761cfd5","order":8,"text":"WHEREAS:","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"0ff4908b-8e69-41c8-a0c3-096cc52bf25b","order":9,"text":"A. The Company is engaged in the business set out in its Memorandum of Association, and has an authorised share capital of [Authorised share capital] and a paid-up share capital of [Paid-up share capital].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"6e0ba841-2ddd-4811-8149-c434260ae342","order":10,"text":"B. As on the date of this Agreement, the First Shareholder holds [Number of shares] equity shares of the Company, representing [Percentage]% of the paid-up share capital of the Company, and the Second Shareholder holds [Number of shares] equity shares of the Company, representing [Percentage]% of the paid-up share capital of the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"7b8851aa-ce77-45bf-aac4-d7cc204fe7f8","order":11,"text":"C. The Parties are desirous of recording the terms and conditions governing their inter-se relationship as shareholders of the Company, the management and affairs of the Company, the rights and obligations attaching to their respective shareholdings, and the restrictions on the transfer of shares, and accordingly wish to enter into this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true},{"id":"ac425af3-0b1f-4687-a05b-31066b1ac829","order":12,"text":"NOW, THEREFORE, in consideration of the mutual covenants, representations and warranties set out herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true},{"id":"e4c23a97-32c4-4faf-8150-841fb6c3bd69","order":13,"text":"1. DEFINITIONS AND INTERPRETATION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S01"},{"id":"2b6ee4d7-cc43-4a27-87df-bfe9f437d30b","order":14,"text":"In this Agreement, unless the context otherwise requires, the following terms shall have the meanings assigned to them below:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"22c1118a-890f-4b25-a21e-01d519927128","order":15,"text":"\"Act\" means the Companies Act, 2013, together with the rules made thereunder, including any statutory modification or re-enactment thereof for the time being in force;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"d108dbc5-9b3a-4b2e-82be-e988a9edae16","order":16,"text":"\"Affiliate\" means, in relation to any Party, any person that directly or indirectly Controls, is Controlled by, or is under common Control with, such Party;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"13773c08-0565-4a7a-86b1-544a17391a7b","order":17,"text":"\"Articles\" means the Articles of Association of the Company, as amended from time to time;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"70911d54-2a4d-4a8a-b829-1523013d17d7","order":18,"text":"\"Board\" means the board of directors of the Company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"bb834d7d-0d72-4834-a955-0fe5aab6567b","order":19,"text":"\"Control\" means the ownership, directly or indirectly, of more than fifty percent (50%) of the voting share capital of a person, or the power to direct the management or policies of such person, whether through the ownership of voting securities, by contract or otherwise;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"af32171d-12cb-4574-b228-6b39b6798ec6","order":20,"text":"\"Encumbrance\" means any mortgage, charge, pledge, lien, hypothecation, security interest, option, right of pre-emption, or any other third-party right or interest of any nature whatsoever;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"a251dfd3-eb74-458a-af9e-c5b60a21b515","order":21,"text":"\"Equity Shares\" means the equity shares of the Company, and includes any securities convertible into or exchangeable for such equity shares;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"9cd34de5-f894-4b17-8be5-c2af82242c69","order":22,"text":"\"Permitted Transferee\" means, in relation to a Shareholder, any Affiliate of that Shareholder, or (where the Shareholder is an individual) any immediate family member or a family trust for the benefit of such Shareholder, in each case who executes a deed of adherence to this Agreement prior to the Transfer;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"46c01781-7363-4f4b-b0c2-d03ba9e7aae3","order":23,"text":"\"Shares\" means, in relation to a Shareholder, the Equity Shares held by such Shareholder in the Company from time to time;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"6a86855d-ed89-4ae0-98e8-14238e5c54a5","order":24,"text":"\"Transfer\" means to sell, assign, transfer, gift, create an Encumbrance over, or otherwise dispose of, whether directly or indirectly, voluntarily or involuntarily, and \"Transferred\" and \"Transferring\" shall be construed accordingly.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"1f7464e8-ce46-400e-9832-ba502938111a","order":25,"text":"In this Agreement, the singular includes the plural and vice versa; the headings are for convenience only and shall not affect interpretation; references to a statute include any statutory modification or re-enactment thereof; and the words \"include\" and \"including\" shall be construed without limitation.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"da28c800-329a-4592-ba0d-7caa4d0369b4","order":26,"text":"2. OBJECT AND SCOPE","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S02"},{"id":"2fe24977-faac-485c-985a-db204a38945c","order":27,"text":"This Agreement records the terms governing the relationship of the Shareholders inter se, their respective rights and obligations as shareholders of the Company, the governance and management of the Company, the conduct of its business, and the restrictions on and procedures for the Transfer of Shares.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"99314e55-9cb7-4e7b-b1fe-bb66cf43ad3e","order":28,"text":"The Parties shall procure that the Company carries on its business in the ordinary and proper course, in compliance with applicable law, this Agreement and the Articles, and in a manner consistent with sound and prudent commercial practice.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"cda1f432-6451-452c-985a-a378a4ca5bac","order":29,"text":"3. ARTICLES OF ASSOCIATION AND INCONSISTENCY","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S03"},{"id":"4faf43ab-f333-40c0-94bd-d3509f7efc46","order":30,"text":"The Parties shall, as soon as practicable after the date of this Agreement, take all steps necessary to amend the Articles so as to give effect to the provisions of this Agreement, in accordance with Section 6 of the Act and the other applicable provisions thereof.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"a2e35af8-8fbc-4409-931d-4f9160dfd1b1","order":31,"text":"In the event of any inconsistency or conflict between the provisions of this Agreement and the Articles, the provisions of this Agreement shall, as between the Shareholders, prevail, and the Shareholders shall exercise their voting rights and take all such steps as may be necessary to amend the Articles to remove such inconsistency.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"385eb6b6-fce2-44cb-bb85-18e55ec7cf93","order":32,"text":"4. MANAGEMENT AND CONSTITUTION OF THE BOARD","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S04"},{"id":"b27b19f0-9ebd-4a08-b7df-1f8a23fbb7fd","order":33,"text":"The Board shall comprise of [Total number of Directors] Directors. The First Shareholder shall be entitled to nominate [Number] Director(s) and the Second Shareholder shall be entitled to nominate [Number] Director(s) (each, a \"Nominee Director\"), for so long as the relevant Shareholder holds not less than the minimum shareholding prescribed under the Articles.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"e990eb74-7014-443d-bbd4-adf83193906a","order":34,"text":"Each Shareholder shall have the right, by written notice to the Company, to require the removal of any Director nominated by it and to nominate another Director in its place. A Shareholder shall not be entitled to seek the removal of a Director nominated by the other Shareholder.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"a40b71a6-d3c7-42d2-8570-5c872172ab20","order":35,"text":"The quorum for a meeting of the Board shall be [Board quorum] Directors, of which at least one Nominee Director of each Shareholder shall be present, provided that if a quorum is not present at a duly convened meeting, the meeting shall be adjourned to the same day in the next week at the same time and place, and at such adjourned meeting the Directors then present shall constitute a valid quorum.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"bafc4d54-0a48-4213-8e85-7c43a54c5cb1","order":36,"text":"The quorum for a general meeting of the Company shall be the presence, in person or by proxy, of [General meeting quorum] of the paid-up share capital, including at least one authorised representative of each Shareholder.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"e38054d5-df9c-4d0b-ab12-930ad41c6827","order":37,"text":"The Company shall hold meetings of the Board at least once in every calendar quarter, and not less than four (4) times in a financial year, with a maximum gap of one hundred and twenty (120) days between two consecutive meetings, in accordance with Section 173 of the Act.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"82d68e7a-fb4b-4e55-8ef1-c9af2a7146f7","order":38,"text":"5. RESERVED MATTERS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S05"},{"id":"03360ab8-f470-48cb-ad91-dea423913dd5","order":39,"text":"Notwithstanding anything to the contrary in the Articles, the Company shall not, and the Shareholders shall procure that the Company does not, take any action in respect of the matters set out below (the \"Reserved Matters\") without the prior written approval of [Percentage / both shareholders] (whether at a meeting of the Board or general meeting, as applicable, or by written consent).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"8e162cd7-34e0-4dc2-8f6f-fdeaff22c2a5","order":40,"text":"The Reserved Matters are:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"04350e1a-9ee3-4087-a354-06665358cb21","order":41,"text":"(a) any alteration of the Memorandum of Association or the Articles of the Company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"da26a3a1-5fad-4386-976b-26cbcd23d159","order":42,"text":"(b) any increase, reduction, reorganisation, consolidation, sub-division, or other variation of the authorised or issued share capital of the Company, or the creation, allotment or issue of any shares or securities, or the grant of any option or right to subscribe for shares;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"6031c833-16e9-4b5e-b6fc-eb5a063e5a40","order":43,"text":"(c) any buy-back of securities, or any variation of the rights attaching to any class of shares;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"37a71319-2ab0-4486-a20e-503bd7c32927","order":44,"text":"(d) the approval of, or any material amendment to, the annual business plan and the annual budget of the Company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"88fb7c43-7f5f-49c0-9237-ef02e620e75a","order":45,"text":"(e) the declaration or payment of any dividend or other distribution, or the adoption of, or any change to, the dividend distribution policy of the Company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"b1a2d978-9c8e-4ce7-a07b-774ac67e7f26","order":46,"text":"(f) the incurring of any borrowing or indebtedness, or the creation of any Encumbrance over the assets of the Company, in excess of the limits approved in the annual budget;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"1374bdde-3210-4c89-bff0-e99c795edac7","order":47,"text":"(g) the sale, lease, transfer or disposal of the whole or substantially the whole of the undertaking of the Company, or of any material asset of the Company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"e363ca0a-5e37-4bc6-8548-d74aac12a2b5","order":48,"text":"(h) any merger, demerger, amalgamation, scheme of arrangement, reconstruction, or any acquisition or disposal of any business or company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"51751567-11f0-4a46-85b7-910b406e7b1e","order":49,"text":"(i) the commencement, settlement or abandonment of any litigation, arbitration or other proceedings material to the Company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"8f20993a-8348-4d0b-ba5d-f983ece0f512","order":50,"text":"(j) the appointment or removal of the statutory auditors, or any change in the accounting policies or the financial year of the Company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c7a0604f-c4ce-458f-9cce-2bef2eaf2d6c","order":51,"text":"(k) the appointment, removal or variation in the terms of remuneration of any Key Managerial Personnel within the meaning of the Act;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"a0befc62-ecae-41c5-a771-c5052f5b25e8","order":52,"text":"(l) the entering into of any related party transaction within the meaning of Section 188 of the Act;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"48b36e47-81ae-4dd9-b5fe-2f3043ae446b","order":53,"text":"(m) the voluntary winding-up, dissolution or liquidation of the Company, or any application for insolvency resolution.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"278ff9e9-f0bc-4874-acc8-b8e39ae87308","order":54,"text":"6. INFORMATION AND INSPECTION RIGHTS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S06"},{"id":"9d2c21f5-c05a-4adb-808e-f5d99564b1ab","order":55,"text":"The Company shall maintain true, complete and accurate books of account and records in accordance with applicable law and generally accepted accounting principles in India, and shall furnish to each Shareholder: (a) audited annual financial statements within ninety (90) days of the end of each financial year; (b) unaudited quarterly financial statements within forty-five (45) days of the end of each quarter; and (c) such monthly management information and operating reports as a Shareholder may reasonably require.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"26acac0e-1ae1-4969-8d1d-7cb5b109f0d5","order":56,"text":"Each Shareholder, and its authorised representatives and advisers, shall have the right, upon reasonable prior notice and during normal business hours, to inspect the books, records, premises and properties of the Company, and to discuss its affairs, finances and accounts with its directors, officers and statutory auditors, subject to reasonable confidentiality undertakings.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"2fe9b5f4-2472-4297-b47d-2189ddffd1c2","order":57,"text":"The Company shall promptly notify each Shareholder of any material litigation, regulatory action, default, or event having a material adverse effect on the business, assets or financial condition of the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"942eaf21-759b-411c-a3cb-f2d83b197bfb","order":58,"text":"7. ISSUE OF NEW SECURITIES","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S07"},{"id":"a7871390-5163-4168-9812-09c9d08d1830","order":59,"text":"Save with the prior written consent of all the Shareholders, and without prejudice to Section 62 of the Act, the Company shall not issue, allot or agree to issue any further Equity Shares or other securities (the \"New Securities\") unless it has first offered such New Securities to each existing Shareholder, by written notice, in the proportion which the Equity Shares held by that Shareholder bear to the total paid-up share capital of the Company (the \"Pre-emptive Right\"), on the same terms and at the same price as proposed to be offered to any other person.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"5a619fd9-1cd8-41a2-8329-fad629374881","order":60,"text":"Each Shareholder shall be entitled to exercise its Pre-emptive Right, in whole or in part, within twenty-one (21) days of receipt of such notice. To the extent that a Shareholder does not subscribe for its full entitlement, the unsubscribed New Securities may be offered first to the other Shareholders who have subscribed in full (pro rata to their respective holdings), and thereafter to third parties on terms no more favourable than those offered to the Shareholders.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"07378ada-da43-470e-93b9-7c28e0e3dbbc","order":61,"text":"If, at any time, the Company issues New Securities at a price per Share lower than the price per Share paid by a Shareholder in respect of its existing Shares, that Shareholder shall be entitled to such anti-dilution protection (whether by way of issue of additional Equity Shares, adjustment of conversion ratio, or otherwise) as may be agreed in writing between the Shareholders, applied on a broad-based weighted-average basis, to the extent permitted under applicable law.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"f89989b0-d2a5-4285-868a-136a777ea14b","order":62,"text":"8. AFFIRMATIVE COVENANTS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S08"},{"id":"ae07dd25-2550-40e4-8b98-bf0c100d9aac","order":63,"text":"The Company and the Shareholders covenant that the Company shall, at all times: (a) carry on and conduct its business and affairs in a proper and efficient manner, in the ordinary course, and in compliance with all applicable laws, regulations and the Articles; (b) maintain adequate insurance with reputable insurers in respect of its assets and business; (c) duly and punctually pay all taxes, duties and statutory dues, and make all filings required under the Act and other applicable laws; (d) keep its assets in good working condition (fair wear and tear excepted); and (e) not undertake any business other than the business set out in its Memorandum of Association without the prior written approval required for a Reserved Matter.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"3f006066-3042-44f9-8dc1-a86ffb483624","order":64,"text":"The Shareholders shall exercise their respective rights and powers in relation to the Company so as to procure, so far as they are lawfully able, that the Company complies with the foregoing covenants.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"04a0e60f-631a-40b7-8bf5-5d46fd11d98c","order":65,"text":"9. FOREIGN EXCHANGE COMPLIANCE","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","displayConditions":[{"field":"0f0dda04-5a6a-44a9-8a06-0e5f032ed404","value":"1","type":"add","operator":"="}],"sectionNum":"S09"},{"id":"6a015883-0d86-4d80-95d1-fa4f2b091bd4","order":66,"text":"The Parties acknowledge that one or more of the Shareholders is a person resident outside India, and accordingly the issue and Transfer of Shares contemplated by this Agreement shall be subject to, and shall be carried out in compliance with, the Foreign Exchange Management Act, 1999, the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, the consolidated Foreign Direct Investment Policy, and the regulations, circulars and directions issued by the Reserve Bank of India from time to time (collectively, the \"FEMA Regulations\").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"0f0dda04-5a6a-44a9-8a06-0e5f032ed404","value":"1","type":"add","operator":"="}]},{"id":"3a8b1f8e-2f99-4019-8da6-0017a1fbf8be","order":67,"text":"In particular: (a) any issue of Shares to a non-resident shall be at a price not less than the fair value determined in accordance with the applicable pricing guidelines under the FEMA Regulations; (b) any Transfer of Shares between a resident and a non-resident shall comply with the applicable pricing guidelines and reporting requirements; and (c) the Company shall make all filings required under the FEMA Regulations, including the filing of Form FC-GPR and Form FC-TRS within the prescribed timelines.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"0f0dda04-5a6a-44a9-8a06-0e5f032ed404","value":"1","type":"add","operator":"="}]},{"id":"af1c14d7-d781-4afd-8eda-6266bb1fd4a8","order":68,"text":"The obligations of the Parties under this Agreement are subject to the receipt of all approvals required under the FEMA Regulations, and nothing in this Agreement shall require any Party to act in contravention of the FEMA Regulations.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"0f0dda04-5a6a-44a9-8a06-0e5f032ed404","value":"1","type":"add","operator":"="}]},{"id":"90230c52-e753-45a9-ae68-004cab15eeb5","order":69,"text":"10. RESTRICTIONS ON TRANSFER OF SHARES","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S10"},{"id":"942336ce-3665-4faf-97bc-044dd7d62dae","order":70,"text":"No Shareholder shall Transfer, or agree to Transfer, all or any of its Shares, or any legal or beneficial interest therein, or create any Encumbrance over its Shares, otherwise than strictly in accordance with the provisions of this Agreement. Any purported Transfer in breach of this Agreement shall be void and of no effect, and the Company shall not register any such Transfer.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"8d29d257-f6ac-40d4-a244-b4d3b534f39f","order":71,"text":"Each Shareholder undertakes that it shall not, and shall procure that its Affiliates shall not, do anything which would have the effect of circumventing the restrictions on Transfer set out in this Agreement, including by way of a Transfer of Control of any Shareholder that is a body corporate.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"d87d4907-a033-415e-bfb1-cde92c858d23","order":72,"text":"A Transfer otherwise permitted under this Agreement shall be conditional upon the proposed transferee executing a deed of adherence agreeing to be bound by the terms of this Agreement as if it were an original party hereto, in the place of the transferring Shareholder to the extent of the Shares so Transferred.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"8d23efc4-e049-403e-8529-93be7568ba2e","order":73,"text":"11. LOCK-IN","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","displayConditions":[{"field":"51262b82-043b-426d-aca9-50e8f341617a","value":"1","type":"add","operator":"="}],"sectionNum":"S11"},{"id":"7f0c82e5-c8c5-4dab-ab17-02cc56e90aa3","order":74,"text":"Save as expressly permitted under this Agreement, no Shareholder shall Transfer any of its Shares for a period of [Number of years] year(s) from the date of this Agreement (the \"Lock-in Period\"). The restriction in this Article shall not apply to a Transfer to a Permitted Transferee, or to a Transfer made pursuant to the tag-along or drag-along provisions of this Agreement. Upon the expiry of the Lock-in Period, the Shares shall be freely Transferable subject to the other provisions of this Agreement, including the right of first refusal.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"51262b82-043b-426d-aca9-50e8f341617a","value":"1","type":"add","operator":"="}]},{"id":"a6a7ce00-8a20-4e06-a020-2b29454a28ef","order":75,"text":"12. RIGHT OF FIRST REFUSAL AND PRE-EMPTION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S12"},{"id":"1a3a774d-fb2c-41bf-8135-a3d29359341f","order":76,"text":"Subject to the other provisions of this Agreement, a Shareholder wishing to Transfer all or any of its Shares (the \"Selling Shareholder\") to a bona fide third-party purchaser shall first offer such Shares (the \"Offered Shares\") to the other Shareholder (the \"Continuing Shareholder\") by serving a written notice (the \"Transfer Notice\") specifying the number of Offered Shares, the price per Share and the identity of the proposed purchaser, and the material terms of the proposed Transfer.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"d7f73245-08ed-49af-8f88-9665e3d816f8","order":77,"text":"The Transfer Notice shall constitute an irrevocable offer to the Continuing Shareholder to purchase the Offered Shares at the price and on the terms set out therein. The Continuing Shareholder shall be entitled, within [Number of days] days of receipt of the Transfer Notice (the \"Acceptance Period\"), to accept the offer in respect of all (but not part) of the Offered Shares by written notice to the Selling Shareholder.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"de42ba8b-646a-42fb-bee3-66d7b502fa20","order":78,"text":"If the Continuing Shareholder accepts the offer within the Acceptance Period, the sale and purchase of the Offered Shares shall be completed within thirty (30) days of such acceptance, against payment of the consideration and delivery of duly executed share transfer forms together with the share certificates.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"0fa2f744-d5cc-46ea-a71a-f3e9a5343dbd","order":79,"text":"If the Continuing Shareholder does not accept the offer in respect of all the Offered Shares within the Acceptance Period, the Selling Shareholder shall be entitled, for a period of ninety (90) days thereafter, to Transfer the Offered Shares to the proposed purchaser at a price not lower than, and on terms not more favourable than, those set out in the Transfer Notice, subject to compliance with the tag-along and drag-along provisions of this Agreement and to the proposed purchaser executing a deed of adherence.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"461a1415-07a1-4eb9-88a9-f2000b9a9a1b","order":80,"text":"13. TAG-ALONG RIGHTS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S13"},{"id":"c47d8e34-2b54-4b46-a3c2-c3eb52a6a4aa","order":81,"text":"In the event that a Selling Shareholder proposes to Transfer Shares representing [Percentage]% or more of the paid-up share capital of the Company to a third-party purchaser, and the Continuing Shareholder has not exercised its right of first refusal in respect of all the Offered Shares, the Continuing Shareholder shall have the right (the \"Tag-Along Right\"), but not the obligation, to require the proposed purchaser to purchase, on the same terms and at the same price per Share, such proportion of the Continuing Shareholder's Shares as corresponds to the proportion that the Offered Shares bear to the Shares held by the Selling Shareholder.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"f5d77a41-c5a9-42d1-8f3e-0b7cda376cab","order":82,"text":"The Continuing Shareholder shall exercise the Tag-Along Right by written notice to the Selling Shareholder within fifteen (15) days of the expiry of the Acceptance Period. The Selling Shareholder shall not complete the proposed Transfer unless the proposed purchaser simultaneously purchases the Shares in respect of which the Tag-Along Right has been validly exercised.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"a6c69b8a-0a19-4a45-a705-97e1689adbbf","order":83,"text":"14. DRAG-ALONG RIGHTS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S14"},{"id":"f3e11b41-b4f2-47a0-9839-e5023f173889","order":84,"text":"In the event that a Shareholder holding not less than [Percentage]% of the paid-up share capital of the Company (the \"Dragging Shareholder\") proposes to Transfer all of its Shares to a bona fide third-party purchaser, the Dragging Shareholder shall be entitled (the \"Drag-Along Right\") to require the other Shareholder (the \"Dragged Shareholder\") to Transfer all of its Shares to the same purchaser, on the same terms and at the same price per Share.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"2f737a2e-860f-43d6-8d1e-d36f73fdde43","order":85,"text":"The Drag-Along Right shall be exercised by written notice to the Dragged Shareholder, who shall thereupon be obliged to Transfer its Shares and to execute all such documents and do all such acts as may be necessary to give effect to the Transfer. The price payable to the Dragged Shareholder shall be no less favourable than that payable to the Dragging Shareholder. The Drag-Along Right is subject to, and shall not override, any subsisting right of first refusal.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"d381df4b-64bb-49c4-b41b-5402bd9d68ad","order":86,"text":"15. VALUATION OF SHARES","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S15"},{"id":"61d90359-c664-4c90-a649-f2d4ce412c34","order":87,"text":"Wherever this Agreement requires the fair value of Shares to be determined (otherwise than at a price agreed between the relevant Shareholders), the fair value shall be determined by an independent registered valuer appointed in accordance with Section 247 of the Act, applying internationally accepted valuation methodologies, on the basis of the Company as a going concern and without any minority discount or marketability discount.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"4fbbc9f8-22a6-4332-b509-2449c9d1817a","order":88,"text":"The determination of the registered valuer shall, in the absence of manifest error or fraud, be final and binding on the Parties. The costs of the valuation shall be borne equally by the relevant Shareholders, unless otherwise agreed.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"8f434048-e53f-4764-b360-a66c3241770e","order":89,"text":"16. EVENT OF DEFAULT","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S16"},{"id":"407f5072-f72e-41ac-bbbf-0ce8d5b095a0","order":90,"text":"An \"Event of Default\" shall occur in relation to a Shareholder (the \"Defaulting Shareholder\") if: (a) it commits a material breach of this Agreement and, where such breach is capable of remedy, fails to remedy the same within thirty (30) days of written notice from the other Shareholder (the \"Non-Defaulting Shareholder\"); (b) it becomes insolvent, is unable to pay its debts as they fall due, or any insolvency, liquidation or winding-up proceeding is commenced against it and is not dismissed within ninety (90) days; or (c) it undergoes a change of Control without the prior written consent of the Non-Defaulting Shareholder.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"ed447f72-c65b-4b8e-b77d-d3487bee0796","order":91,"text":"Upon the occurrence and during the continuance of an Event of Default, the Non-Defaulting Shareholder shall, without prejudice to any other right or remedy available to it, have the right (the \"Call Option\") to require the Defaulting Shareholder to sell all (but not part) of its Shares to the Non-Defaulting Shareholder (or its nominee), and the Defaulting Shareholder shall be obliged to sell such Shares, at a price equal to the fair value determined in accordance with the Article entitled \"Valuation of Shares\", less a discount of ten percent (10%) by way of liquidated damages.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"3d48ed91-f667-4347-bce0-9f9d90228678","order":92,"text":"Upon the occurrence of an Event of Default, the Non-Defaulting Shareholder shall also have the right (the \"Put Option\") to require the Defaulting Shareholder to purchase all (but not part) of the Non-Defaulting Shareholder's Shares, at a price equal to the fair value determined as aforesaid, plus a premium of ten percent (10%). The completion of any sale and purchase pursuant to a Call Option or Put Option shall take place within sixty (60) days of the exercise notice.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"8f2b9c92-fe87-4caa-a45e-df4db80a9ac6","order":93,"text":"17. LEAVER PROVISIONS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S17"},{"id":"a65edef1-9270-4f28-a5ec-7318f6a642fb","order":94,"text":"Where a Shareholder is an individual who is also engaged as a promoter, director, employee or consultant of the Company (a \"Working Shareholder\") and ceases, for any reason, to be so engaged, that Working Shareholder shall be treated as a leaver in respect of its Shares, and shall, if so required by the other Shareholder, offer all of its Shares for sale in accordance with this Article.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"27f9833d-3741-47d9-be0c-87eb8921de67","order":95,"text":"A Working Shareholder who ceases to be engaged by reason of death, permanent disability, retirement at the agreed age, or termination without cause shall be a \"Good Leaver\", and shall be entitled to receive the fair value of its Shares determined in accordance with the Article entitled \"Valuation of Shares\". A Working Shareholder who ceases to be engaged by reason of resignation prior to the agreed vesting period, dismissal for cause, fraud, wilful misconduct, or material breach of this Agreement shall be a \"Bad Leaver\", and shall be entitled to receive the lower of (i) the price paid by it for its Shares and (ii) the fair value of its Shares.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"42ebb1e3-aa0e-49da-b92d-4c1b258af52d","order":96,"text":"The Shares of a leaver shall first be offered to the continuing Shareholders pro rata to their respective holdings, and any Shares not so taken up may be acquired by the Company by way of buy-back or held by an employee benefit trust, in each case subject to applicable law.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"61cc01e1-182d-4465-9134-6ebb4ccbdda9","order":97,"text":"18. RESOLUTION OF DEADLOCK","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S18"},{"id":"c52d57a2-32c5-4e1a-8563-307572d9cf3f","order":98,"text":"A \"Deadlock\" shall be deemed to have arisen if a Reserved Matter or any other material matter is proposed at two (2) consecutive duly convened meetings of the Board or of the shareholders and is not resolved by reason of the Shareholders (or their Nominee Directors) being unable to agree.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"1e5ddbdb-809e-49cf-af5c-ff3d15f5347a","order":99,"text":"Upon a Deadlock arising, the Chairman of the Board shall, at the second such meeting, have and exercise a second or casting vote, in addition to any vote to which the Chairman may be entitled as a Director, and the matter in deadlock shall be decided accordingly.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"3d231722-da17-4034-97fd-8d0829d8774c","value":"casting","type":"add","operator":"="}]},{"id":"471bbfc1-7cd1-469c-b76a-c903772d9655","order":100,"text":"Upon a Deadlock arising, either Shareholder (the \"Initiating Shareholder\") may serve a notice on the other Shareholder (the \"Recipient Shareholder\") specifying a price per Share at which the Initiating Shareholder is willing either to sell all of its Shares to, or to buy all of the Shares of, the Recipient Shareholder. The Recipient Shareholder shall, within thirty (30) days, elect either to buy all the Shares of the Initiating Shareholder, or to sell all of its Shares to the Initiating Shareholder, in each case at the specified price. Failure to elect within such period shall be deemed an election to sell.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"3d231722-da17-4034-97fd-8d0829d8774c","value":"roulette","type":"add","operator":"="}]},{"id":"09551ad7-2276-4c04-a901-74ba9526e077","order":101,"text":"Upon a Deadlock arising, each Shareholder shall submit to an independent escrow agent, within thirty (30) days, a sealed bid stating the price per Share at which it is willing to purchase all of the Shares held by the other Shareholder. The bids shall be opened simultaneously, and the Shareholder submitting the higher bid shall be obliged to purchase, and the other Shareholder shall be obliged to sell, all of such other Shareholder's Shares at the price of the higher bid, with completion to occur within sixty (60) days.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"3d231722-da17-4034-97fd-8d0829d8774c","value":"shootout","type":"add","operator":"="}]},{"id":"759cc930-c63c-4811-bc4d-3b3c10c79147","order":102,"text":"Upon a Deadlock arising, the matter shall first be referred to the senior management or the ultimate beneficial owners of the Shareholders, who shall meet in good faith within fifteen (15) days to seek an amicable resolution. If the Deadlock is not resolved within thirty (30) days of such referral, either Shareholder may require the other to sell, or to buy, all of the relevant Shares at the fair value determined in accordance with the Article entitled \"Valuation of Shares\", with the buying Shareholder being the one who first serves a buy-out notice.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"3d231722-da17-4034-97fd-8d0829d8774c","value":"expert","type":"add","operator":"="}]},{"id":"bc3c6559-06d5-4923-a01d-c05762abf57d","order":103,"text":"Following the operation of the foregoing deadlock mechanism, the Shareholders shall do all things and execute all documents necessary to give effect to the resulting Transfer of Shares, including the execution of share transfer forms and the obtaining of any regulatory approvals required under applicable law.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"6507d18e-6f08-43d1-8afe-2edec0fcf55c","order":104,"text":"19. REPRESENTATIONS AND WARRANTIES","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S19"},{"id":"1573092b-4b79-455d-b80c-fcf8de2d4da3","order":105,"text":"Each Party represents and warrants to the other Parties that: (a) it has the full power, authority and capacity to enter into and perform this Agreement; (b) this Agreement constitutes legal, valid and binding obligations enforceable against it in accordance with its terms; (c) the execution and performance of this Agreement does not violate any law, contract or obligation binding upon it; (d) all consents, approvals and authorisations required for the execution and performance of this Agreement have been obtained and are in full force and effect; and (e) it is not the subject of any insolvency, bankruptcy or winding-up proceeding, and is solvent and able to pay its debts as they fall due.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"66cb6008-dc2f-4ce8-a1d6-cce31f951f25","order":106,"text":"Each Shareholder further represents and warrants that it is the sole legal and beneficial owner of, and has good and marketable title to, the Shares set out against its name in the recitals, free from all Encumbrances save as disclosed in writing to the other Shareholder, and that there is no litigation, arbitration or other proceeding pending or, to its knowledge, threatened against it that would materially affect its ability to perform this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"fda60207-09cb-46a5-a408-abd17c75a171","order":107,"text":"The representations and warranties set out in this Article shall be deemed to be repeated on each date on which Shares are issued or Transferred under this Agreement, and shall survive the execution of this Agreement and remain in full force for a period of three (3) years thereafter, save in the case of fraud or wilful misrepresentation, in respect of which no time limit shall apply.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"9378f8bc-74a2-416d-bab7-e6aa1758a914","order":108,"text":"20. INDEMNIFICATION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S20"},{"id":"72e66706-4c99-4972-831f-40df990cac4d","order":109,"text":"Each Party (the \"Indemnifying Party\") shall indemnify, defend and hold harmless the other Parties and the Company (each, an \"Indemnified Party\") from and against any and all losses, liabilities, damages, costs and expenses (including reasonable legal fees) suffered or incurred by the Indemnified Party arising out of or in connection with any breach of any representation, warranty, covenant or obligation of the Indemnifying Party under this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"c0eefcda-8f1c-4a20-89fb-ba9fb9e69e46","order":110,"text":"An Indemnified Party shall give the Indemnifying Party prompt written notice of any claim in respect of which indemnification is sought, and shall afford the Indemnifying Party a reasonable opportunity to participate in the defence or settlement of such claim. No Party shall be liable for any indirect, special or consequential loss, save in the case of fraud or wilful misconduct.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"90d8eae8-fce8-481c-847e-3556d43b8bd2","order":111,"text":"21. NON-COMPETE AND NON-SOLICITATION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S21"},{"id":"cfef4f13-9693-413d-b69f-f2da8e6cf65d","order":112,"text":"Each Shareholder undertakes that, for so long as it holds Shares and for a period of one (1) year thereafter, it shall not, and shall procure that its Affiliates shall not, directly or indirectly, carry on or be engaged or interested in any business which competes with the business of the Company, save with the prior written consent of the other Shareholder, and subject always to the restriction being reasonable and enforceable under applicable law including Section 27 of the Indian Contract Act, 1872.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"04d2c7b0-a847-430a-90df-af48caa926c2","order":113,"text":"Each Shareholder further undertakes that, during such period, it shall not solicit or entice away any employee, customer or supplier of the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"fac75a5c-58bd-4619-ab0e-1d1ff468db23","order":114,"text":"22. CONFIDENTIALITY","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S22"},{"id":"82e5255e-d894-427e-aed8-a80df16b56fb","order":115,"text":"Each Party shall keep confidential, and shall not disclose to any third party, the terms of this Agreement and all confidential and proprietary information of the Company or of any other Party, except: (a) to its directors, officers, employees, professional advisers, or financiers on a need-to-know basis and subject to equivalent obligations of confidence; (b) as required by applicable law, any court of competent jurisdiction, or any regulatory authority; or (c) information which is or becomes part of the public domain otherwise than through breach of this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"91953d4f-9c49-45c9-8c73-d53f45e3a059","order":116,"text":"The obligations of confidentiality set out in this Clause shall survive the termination of this Agreement and shall continue to bind each Party notwithstanding it ceasing to be a Shareholder.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"0cd5d585-c741-424d-9231-c1b8f3761d13","order":117,"text":"23. TERM AND TERMINATION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S23"},{"id":"bc3633c3-58ed-48d2-9d4e-692933f170c7","order":118,"text":"This Agreement shall come into effect on the date first written above and shall continue in full force and effect until terminated in accordance with this Clause.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"56240db6-1f08-43f2-9316-8f51f07953ff","order":119,"text":"This Agreement shall terminate: (a) upon the written agreement of all the Parties; (b) in relation to a Shareholder, upon such Shareholder ceasing to hold any Shares, save in respect of the provisions that are expressed to survive; (c) upon the commencement of the winding-up or dissolution of the Company; or (d) upon a single person acquiring all the Shares of the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"f50dff41-6795-4605-9c37-c5887630dde1","order":120,"text":"Termination of this Agreement shall be without prejudice to any rights, obligations or liabilities of any Party which have accrued prior to termination, and shall not affect the provisions relating to confidentiality, non-compete, dispute resolution, governing law and any other provision which by its nature is intended to survive termination.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"25b93188-d0a7-4031-90a8-6209c47bc952","order":121,"text":"24. GOVERNING LAW","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S24"},{"id":"106ce5c5-da8e-438a-8d21-9ea2bc7c3723","order":122,"text":"This Agreement and any dispute or claim arising out of or in connection with it or its subject matter (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of India, and the Parties submit to the jurisdiction as set out in the Clause entitled \"Dispute Resolution\". The State of [State] shall be the relevant jurisdiction for the purposes of stamp duty and registration of this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"f94be062-96df-44e4-acd7-3958fbf9ba7b","order":123,"text":"25. DISPUTE RESOLUTION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S25"},{"id":"d30bc6ea-d73b-460c-85f9-6d176c69a65d","order":124,"text":"Any dispute, controversy or claim arising out of or in connection with this Agreement, including any question regarding its existence, validity, breach or termination, shall in the first instance be sought to be resolved amicably between the Parties through good-faith negotiations within thirty (30) days of written notice of the dispute.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"3e51824d-45fb-43b0-9e83-e6793e5d8125","order":125,"text":"Any dispute not so resolved shall be referred to and finally resolved by arbitration under the Arbitration and Conciliation Act, 1996, as amended. The arbitral tribunal shall consist of [one / three] arbitrator(s) appointed in accordance with the said Act. The seat and venue of arbitration shall be [Seat of arbitration], and the language of the arbitration shall be English. The award of the arbitral tribunal shall be final and binding on the Parties. Nothing in this Article shall preclude any Party from seeking interim or conservatory relief from a court of competent jurisdiction, including under Section 9 of the Arbitration and Conciliation Act, 1996.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"78b1730d-e6cc-431b-a085-5d86f3e30417","value":"arbitration","type":"add","operator":"="}]},{"id":"f7e04863-8039-4586-b8df-fae51861d8e4","order":126,"text":"Any dispute not so resolved shall be subject to the exclusive jurisdiction of the courts at [City], India, and the Parties irrevocably submit to the exclusive jurisdiction of such courts.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"78b1730d-e6cc-431b-a085-5d86f3e30417","value":"courts","type":"add","operator":"="}]},{"id":"21da52ce-e591-4624-8754-abe71af564ca","order":127,"text":"26. MISCELLANEOUS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"15","sectionNum":"S26"},{"id":"5b5d0f73-baf2-4a1e-9c62-858e7601ceb4","order":128,"text":"Notices. Any notice or other communication under this Agreement shall be in writing and shall be delivered by hand, by registered post with acknowledgement due, by reputed courier, or by electronic mail, to the address of the relevant Party set out in this Agreement (or such other address as notified in writing). A notice shall be deemed to have been received: if delivered by hand, at the time of delivery; if sent by registered post or courier, on the third business day after posting; and if sent by electronic mail, upon confirmation of successful transmission.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"56620246-a8bc-402f-8c13-2c33eddd31e2","order":129,"text":"Entire Agreement. This Agreement, together with the Articles, constitutes the entire agreement between the Parties relating to its subject matter and supersedes all prior agreements, understandings and arrangements, whether oral or written.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"5fbd0f33-7612-48e0-9987-00e611084066","order":130,"text":"Amendment. No amendment or variation of this Agreement shall be effective unless made in writing and signed by or on behalf of each of the Parties.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"567cea81-e020-4c74-aac3-c41d03e0347c","order":131,"text":"Assignment. No Party shall assign, transfer or otherwise dispose of any of its rights or obligations under this Agreement, except as expressly permitted herein or with the prior written consent of the other Parties.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"ecad26cc-4dce-4e10-b996-3f51d425dc56","order":132,"text":"Waiver. No failure or delay by any Party in exercising any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise preclude any further exercise of such right or remedy.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"a8ccd7f9-a893-4e06-b287-457ad05b72a9","order":133,"text":"Severability. If any provision of this Agreement is or becomes invalid, illegal or unenforceable, that provision shall be deemed severed to the extent of such invalidity, and the remaining provisions shall continue in full force and effect, and the Parties shall negotiate in good faith to replace the severed provision with a valid provision achieving substantially the same commercial result.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"23fb0b71-ed24-4ee2-98ff-0b32cb1c51b3","order":134,"text":"Specific Performance. The Parties acknowledge that damages may not be an adequate remedy for a breach of this Agreement, and that the obligations hereunder shall be enforceable by way of specific performance and injunctive relief, in addition to any other remedy available at law.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"4189b299-2d3a-48fe-9623-7d5ad0261215","order":135,"text":"Stamp Duty and Registration. The stamp duty payable on this Agreement shall be borne equally by the Shareholders. This Agreement shall be executed on stamp paper of the requisite value in accordance with the applicable stamp law.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"9c77b3bf-6000-4fbf-8d55-178d2ddc4e64","order":136,"text":"Force Majeure. No Party shall be liable for any failure or delay in performing its obligations under this Agreement (other than an obligation to make a payment) to the extent that such failure or delay is caused by an event beyond its reasonable control, including acts of God, war, civil unrest, epidemic, pandemic, or any change in law or governmental action.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"bda23da6-08db-4111-9029-b1d24b5c79dc","order":137,"text":"Counterparts. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original, and all of which together shall constitute one and the same instrument.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"8e5a5308-ac99-45b6-b4ea-5ed108bcfac6","order":138,"text":"IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first written above.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"marginTop":"15"},{"id":"a0444536-63f4-4b38-ad38-0ea01fb100c4","order":139,"text":"SIGNED AND DELIVERED by the First Shareholder:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"f158974c-655f-4bc4-a642-ad222055317a","order":140,"text":"[First Shareholder name]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"30","cflou":false,"active":true},{"id":"77eaa980-aadd-45ba-a662-3c1671fd6862","order":141,"text":"________________________________","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"c87a8f23-a17d-4708-b7a9-b3ec4eeba7d0","order":142,"text":"SIGNED AND DELIVERED by the Second Shareholder:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"0de50158-e3e7-45b5-983e-a6f6d17999d2","order":143,"text":"[Second Shareholder name]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"30","cflou":false,"active":true},{"id":"307fb497-3eb7-4514-b2b5-bec139d54faf","order":144,"text":"________________________________","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"565352d2-27be-4bdc-9368-6021b335e557","order":145,"text":"SIGNED AND DELIVERED for and on behalf of the Company:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"ae5050c1-73c4-4df4-989c-93f2ad0b7e6b","order":146,"text":"[Company name]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"ee1b6d14-fc0e-4248-9e05-81837c319fdb","order":147,"text":"By: [Authorised signatory of the Company], duly authorised","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"30","cflou":false,"active":true},{"id":"707d29dc-8a4e-407b-880d-c5c4d8d44e4c","order":148,"text":"________________________________","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"ff7d8282-5353-4777-a0bb-4d484e8b6d86","order":149,"text":"WITNESSES:","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"f7dc93b3-5b2f-449f-8246-1e49ae7b2d3b","order":150,"text":"(i) Name: ____________________ Signature: ____________________","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"8595dbd3-fda7-4970-bd31-edb2d35cc9a2","order":151,"text":"(ii) Name: ____________________ Signature: ____________________","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"afe252f1-2911-4520-848c-e0a7c275e991","order":152,"text":"SCHEDULE 1","fontSize":"16","textAlign":"center","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"20"},{"id":"4fff17d4-cf20-42d9-8e35-1bf12c869e7e","order":153,"text":"FORM OF DEED OF ADHERENCE","fontSize":"16","textAlign":"center","bold":true,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"cca48ecc-c3b4-4c6c-b20d-e448d734457d","order":154,"text":"This Deed of Adherence is made on [date] by [name of the new shareholder] (the \"New Shareholder\") in favour of the parties to the Shareholders' Agreement dated as referred to below (the \"Agreement\").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"a1994292-1294-437f-9f09-cf57665f8061","order":155,"text":"The New Shareholder confirms that it has been supplied with a copy of the Agreement and covenants with each existing party to the Agreement to observe, perform and be bound by all the terms of the Agreement which are capable of applying to the New Shareholder, as if the New Shareholder had been an original party to the Agreement in the capacity of a Shareholder, in respect of the Shares being acquired by it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"ef506439-c627-4b81-a8e7-360dc6122229","order":156,"text":"This Deed of Adherence shall be governed by and construed in accordance with the laws of India.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"8e6a8bc2-9f93-4aca-af85-ad1f02329b14","order":157,"text":"SIGNED AND DELIVERED by the New Shareholder:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"f16e9acb-09d0-47d3-8b00-3f63acd9445e","order":158,"text":"________________________________","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true}]