This chapter examines the unsettled jurisprudence relating to shareholder agreements (SAs) in India. India has also witnessed a rise in SAs, particularly with foreign private equity players, which reflects a level of sophistication and formality in contract negotiations that was not always present when such agreements were between family or affinity groups. This has placed increasing pressure on Indian case law to evolve in response to these agreements. The chapter explains that greater conceptualization of the concerns at play would facilitate the development of a less confusing jurisprudence that would inure to the benefit of all. It discusses the policy concerns, state of Indian law on SAs, and the proposal of the Securities and Exchange Board of India to require disclosure of certain agreements.