Funding rounds ya co-founder arrangement ke time pe Shareholders’ Agreement (SHA) sign hota hai, jo later sab disputes ka centre ban sakta hai. Founders ko sirf valuation pe focus nahi, SHA ke critical clauses samajhna bhi equally important hai.
Key areas:
- Shareholding & dilution – future rounds me aapka percentage kaise change hoga?
- Reserved matters – kaunse decisions without investor consent possible nahi (hiring CXO, big spends, new business lines)?
- Exit clauses – drag-along, tag-along rights, IPO/strategic sale scenarios.
- Vesting & lock-in – founder shares ka lock period, leaving founder ka treatment.
- Non-compete & confidentiality – exit ke baad aap kya kar sakte ho, kya nahi.
Many founders later feel “control chala gaya”, jab unko realise hota hai ki board / investor rights unke expectation se zyada strong the. Isliye signing se pehle calm reading, independent legal advice, aur scenario testing bohot zaroori hai.
SHA ek long-term relationship ka contract hai – sirf signature nahi, serious commitment hai.
