Form of Investment Management Trust Agreement



 Exhibit 10.1 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Agreement is made as of
                    , 2006 by and between Millennium India Acquisition Company Inc. (the “Company”) and American Stock
Transfer & Trust Company (“Trustee”). 
 WHEREAS, the Company’s registration statement on Form S-1,
No. 333-                    (“Registration Statement”), for its initial public offering of securities (“IPO”) has
been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and

 WHEREAS, Ladenburg Thalmann & Co. Inc. (“Ladenburg”) is acting as the representative of the underwriters in the IPO;
and 
 WHEREAS, as described in the Registration Statement, and in accordance with the Company’s Certificate of Incorporation,
$77,600,000 of the gross proceeds of the IPO ($89,000,000 if the underwriters over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and the holders of
the Company’s common stock, par value $.0001 per share, issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee will be referred to herein as the “Property”; the stockholders for whose benefit the Trustee
shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and 
 WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property; 
 IT IS AGREED: 
 1. Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to: 
 (a) Hold the Property in trust for the Beneficiaries in
accordance with the terms of this Agreement in a segregated trust account (“Trust Account”) established by the Trustee; 
 (b)
Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein; 
 (c) In a timely manner, upon the
instruction of the Company, to invest and reinvest the Property in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 having a maturity of 180 days or less, or in any
open ended investment company registered under the Investment Company Act of 1940 that holds itself out as a money market fund meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 promulgated under the Investment Company Act
of 1940; 









 (d) Collect and receive, when due, all principal and income arising from the Property, which shall become
part of the “Property,” as such term is used herein; 
 (e) Notify the Company and Ladenburg of all communications received by it
with respect to any Property requiring action by the Company; 
 (f) Supply any necessary information or documents as may be requested by the
Company in connection with the Company’s preparation of the tax returns for the Trust Account; 
 (g) Participate in any plan or
proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company and/or Ladenburg to do so; 
 (h) Render to the Company and to Ladenburg, and to such other person as the Company may instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and
disbursements of the Trust Account; 
 (i) Commence liquidation of the Trust Account only after and promptly after receipt of, and only in
accordance with, the terms of a letter (“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B hereto, signed on behalf of the Company by its President or Chairman of the Board and
Secretary or Assistant Secretary and affirmed by counsel for the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred
to therein; provided, however, that in the event that a Termination Letter has not been received by the Trustee by the 18-month anniversary of the closing (“Closing”) of the IPO (“First Date”), or the 24-month anniversary
of the Closing (“Last Date”) in the event that a letter of intent, agreement in principle or definitive agreement for a Business Combination has been executed on or prior to the First Date but the Business Combination has not been
consummated by the First Date, the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto to the stockholders of record on the record date established by the Company for
such purpose. The Company shall set the record date to be within ten days of the Last Date, or as soon thereafter as reasonably practicable and legally permissible. In all cases, the Trustee shall provide Ladenburg with a copy of any Termination
Letters and/or any other correspondence that it receives with respect to any proposed withdrawal from the Trust Account promptly after it receives same; and 
 (j) Upon one or more written requests from the Company, which may be given not more than once in any calendar month period, the Trustee shall distribute to the Company interest earned on the Trust Account, net of
taxes payable, up to a maximum of $2,300,000. The distributions requested by the Company may be for any amount, provided that (i) in the aggregate, all distributions under this Section 1(j) may not exceed $2,300,000 and (ii) such
distributions may only be made if and to the extent that interest has been earned on the amount initially deposited into the Trust Account. No other distributions from the Trust Account shall be permitted except in accordance with Section 1(i)
and this Section 1(j) hereof. 
  

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 2. Agreements and Covenants of the Company. The Company hereby agrees and covenants to: 
 (a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board or President. In addition, except with
respect to its duties under paragraph 1(i) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith believes to be given by any one of the persons
authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing; 
 (b) Hold the
Trustee harmless and indemnify the Trustee from and against any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the
Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except
for expenses and losses resulting from the Trustee’s gross negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the
Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense
against such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim
without the prior written consent of the Company unless such settlement includes a full release with respect to such Indemnified Claim. The Company may participate in such action with its own counsel; 
 (c) Pay the Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000 (it being expressly understood that the Property shall not be used to
pay such fee). The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date. The Trustee shall refund to the Company the fee (on a pro
rata basis) with respect to any period after the liquidation of the Trust Fund. The Company shall not be responsible for any other fees or charges of the Trustee except as may be provided in paragraph 2(b) hereof (it being expressly understood that
the Property shall not be used to make any payments to the Trustee under such paragraph). 
 (d) Provide to the Trustee any letter of intent,
agreement in principle or definitive agreement for a Business Combination that is executed on or prior to the First Date; and 
 (e) In
connection with any vote of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes
(which firm may be the Trustee) verifying the vote of the Company’s stockholders regarding such Business Combination. 
  

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 3. Limitations of Liability. The Trustee shall have no responsibility or liability to: 
 (a) Take any action with respect to the Property, other than as directed in paragraph 1 hereof and the Trustee shall have no liability to any party except
for liability arising out of its own gross negligence or willful misconduct; 
 (b) Institute any proceeding for the collection of any
principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the
Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto; 
 (c) Change the investment of any
Property, other than in compliance with paragraph 1(c); 
 (d) Refund any depreciation in principal of any Property; 
 (e) Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in
such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee; 
 (f) The other parties
hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may
rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the
proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee
signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 
 (g) Verify the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company or any other action taken by it is as contemplated by the
Registration Statement; and 
 (h) Pay any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be
used to pay any such taxes and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account). 
 4. Termination.
This Agreement shall terminate as follows: 
 (a) If the Trustee gives written notice to the Company that it desires to resign under this
Agreement, the Company shall use its reasonable efforts to locate a successor trustee. 
  

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 At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has
agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust
Account, whereupon this Agreement shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days of receipt of the resignation notice from the Trustee, the Trustee may submit an
application to have the Property deposited with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or 
 (b) At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(i) hereof, and
distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Paragraph 2(b). 
 5. Miscellaneous. 
 (a) The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth
below with respect to funds transferred from the Trust Account. Upon receipt of written instructions, the Trustee will confirm such instructions with an Authorized Individual at an Authorized Telephone Number listed on the attached Exhibit C. The
Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have
obtained access to such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee will rely upon account numbers or other identifying numbers of a beneficiary, beneficiary’s bank or intermediary bank,
rather than names. The Trustee shall not be liable for any loss, liability or expense resulting from any error in an account number or other identifying number, provided it has accurately transmitted the numbers provided. 
 (b) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to
conflict of laws. It may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument. 
 (c) This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. This Agreement or any
provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior written consent of Ladenburg. As to any
claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 
 (d) The parties
hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes of resolving any disputes hereunder. 
  

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 (e) Any notice, consent or request to be given in connection with any of the terms or provisions of this
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile transmission: 
 if to the Trustee, to: 
 American Stock
Transfer 
 & Trust Company 
 59 Maiden Lane 
 New York, New York 10007 
 Attn: Fax No.: 
 if to the Company, to: 
 Millennium India Acquisition Company Inc. 
 330 East 38th Street, Suite 46C 
 New York, New York 10016 
 Attn: F. Jacob
Cherian, President and Chief Executive Officer 
          Fax No.: 
 and 
 Sonnenschein Nath & Rosenthal
LLP 
 1221 Avenue of the Americas 
 New York, New York 10020 
 Attn: Ira I. Roxland, Esq. 
 Fax No.: (212) 768-6800 
 in either case with
a copy to: 
 Ladenburg Thalmann & Co. Inc. 
 590 Madison Avenue, 34th Floor 
 New York, New York 10022 
 Attn: Peter H. Blum 
 Fax No.: 

and 
 Greenberg Traurig, LLP

 MetLife Building 
 200 Park
Avenue 
 New York, New York 10166 
 Attn: Alan I. Annex, Esq. 
 Fax No.: (212) 801-6400 
 (f) This Agreement may not be assigned by the Trustee without the prior written consent of the Company and Ladenburg. 
 (g) Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement
and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in
the Trust Account under any circumstance. 
  

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 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the
date first written above. 
  

			
	 AMERICAN STOCK TRANSFER & TRUST
 COMPANY, as Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 MILLENNIUM INDIA ACQUISITION
 COMPANY
INC.

		
	 By:   
	 	  

	 Name:
	 	F. Jacob Cherian
	 Title:
	 	President and Chief Executive Officer


  

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 EXHIBIT A 
 [Letterhead of Company] 
 [Insert date] 
 American Stock Transfer 
     & Trust Company 
 59 Maiden Lane 
 New York, New York 10007 
 Attn: 
 Re:    Trust Account No.
[                    ] Termination Letter 
 Gentlemen:

 Pursuant to paragraph 1(i) of the Investment Management Trust Agreement between Millennium India Acquisition Company Inc.
(“Company”) and American Stock Transfer & Trust Company (“Trustee”), dated as of                     , 2006
(“Trust Agreement”), this is to advise you that the Company has entered into an agreement (“Business Agreement”) with
                             (“Target Business”) to consummate a business combination with
Target Business (“Business Combination”) on or about [insert date]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). 

In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the
Consummation Date, all of funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date. 
 On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated
and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of , which verifies the vote of the Company’s stockholders in connection with the Business Combination and (b) written instructions with respect to the
transfer of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel’s letter and the Instruction
Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company
shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement
shall be terminated. 
 In the event that the Business Combination is not consummated on the Consummation Date described in the notice
thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately following
the Consummation Date as set forth in the notice. 
  

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	Very truly yours,
	
	MILLENNIUM INDIA ACQUISITION COMPANY INC.
		
	By:	 	  

		 	 F. Jacob Cherian, President and
 Chief Executive
Officer

		
	 By:
	 	  

		 	Suhel Kanuga, Executive Vice President and Secretary


  

	cc:	Ladenburg Thalmann & Co. Inc. 

  

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 EXHIBIT B 
 [Letterhead of Company] 
 [Insert date] 
 American Stock Transfer 
     & Trust Company 
 59 Maiden Lane 
 New York, New York 10007 
 Attn:     Steven G. Nelson 
 Re:    Trust Account No.
[                    ] Termination Letter 
 Gentlemen: 
 Pursuant to paragraph 1(i) of the Investment Management Trust Agreement between Millennium India
Acquisition Company Inc. (“Company”) and American Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2006 (“Trust Agreement”), this is to advise you that the Company has been unable to effect a Business
Combination with a Target Company within the time frame specified in the Company’s Certificate of Incorporation, as described in the Company’s prospectus relating to its IPO. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you, to commence liquidation of the Trust Account. The Company will establish a
record date for the purposes of determining the stockholders entitled to receive their share of liquidation proceeds. The record date shall be within ten (10) days of the date of this letter or as soon thereafter as is reasonably practicable
and legally permissible. You will notify the Company in writing as to when all of the funds in the Trust Account will be available for immediate transfer (“Transfer Date”) in accordance with the terms of the Trust Agreement and the
Certificate of Incorporation of the Company. You shall commence distribution of such funds in accordance with the terms of the Trust Agreement and the Certificate of Incorporation of the Company and you shall oversee the distribution of the funds.
Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated. 
  

			
	 Very truly yours,

	
	MILLENNIUM INDIA ACQUISITION COMPANY INC.
		
	 By:
	 	  

		 	 F. Jacob Cherian, President and
 Chief Executive Officer

		
	 By:
	 	  

		 	 Suhel Kanuga, Executive Vice President and
 Secretary



  

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 EXHIBIT C 
  

			
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL
BACK
	 	 AUTHORIZED
 TELEPHONE
NUMBER(S)

		
	Company:	 	
		
	 Millennium India Acquisition Company Inc.
 330 East
38th Street, Suite 46C
 New York, New York 10016
 Attn: F. Jacob Cherian, President and CEO
	 	
		
	Trustee:	 	
		
	 American Stock Transfer & Trust Company
 59 Maiden
Lane
 New York, New York 10007
 Attn:
	 	

  

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