Shareholders’ agreements (SHA) start-ups aur closely-held companies me company ka real constitution ban jate hain. Tag-along, drag-along, aur exit rights yahan centre stage pe hote hain.
Tag-along: agar majority shareholder apna stake bech raha hai, to minority bhi “tag” karke same terms pe exit kar sakti hai – taaki wo kisi new unwanted partner ke under na atak jayein.
Drag-along: agar majority ko buyer mil gaya hai jo 100% stake chahata hai, to wo minority ko bhi “drag” karke sale me include kar sakte hain, subject to agreed terms. Isse big exits smoother ho jate hain.
Exit clauses time-based buyout, ROFR/ROFO, IPO plans, ya valuation formula se linked ho sakte hain. Bina clarity ke, disputes inevitable hote hain.
SHA aur Articles me harmony bhi zaroori hai – warna public filings aur private contract me clash se enforceability issues aa sakte hain.