Document:

Form of Investment Management Trust Agreement

 Exhibit 10.3 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Investment Management Trust Agreement Agreement (this
“Agreement”) is made as of                     , 2006 by and between Trans-India Acquisition Corporation, a Delaware corporation
(the “Company”) and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”). 
  WHEREAS, the Company’s Registration Statement on Form S-1, as amended, No. 333-136300 (together with any registration statement filed pursuant to Rule 462(b), the “Registration Statement”), for its initial public
offering of securities (the “IPO”) has been declared effective as of the date hereof by the Securities and Exchange Commission (the “Effective Date”); and 
 WHEREAS, the Company has agreed to issue securities in private placements that will occur immediately prior to the IPO (the “Private
Placements”); 
  WHEREAS, I-Bankers Securities, Inc. (the “Representative”) is acting as the representative of the
underwriters in the IPO (collectively, the “Underwriters”); and 
  WHEREAS, as described in the Registration Statement, and in
accordance with (i) the Company’s Certificate of Incorporation, $73,400,000 of the gross proceeds of the IPO ($84,560,000 if the underwriters’ over-allotment option is exercised in full), (ii) the Subscription Agreement, dated
                    , 2006, among the Company, the Representative and certain purchasers, $1,600,000 of the gross proceeds of the Private
Placements, and (iii) the Underwriting Agreement, dated                     , 2006 between the Company and the Representative, as
representative of the Underwriters, $2,400,000 (or $2,760,000 if the underwriters’ over-allotment option is exercised in full), representing a portion of the underwriters’ discounts and commissions (the “Escrowed Fees”) that the
Representative, on behalf of the Underwriters, has agreed to deposit into the Trust Account (as defined below), will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company, the Underwriters and the
holders of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) included in the units of the Company’s securities issued in the IPO (the amounts 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, the Underwriters and the Company will be referred to together
as the “Beneficiaries”); 
 WHEREAS, the Escrowed Fees will be paid from the Trust Account to the Representative only upon the
consummation of a Business Combination in accordance with the Termination Letter (as defined below); 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; 
 NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
 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 at a bank to be selected by the
Trustee with the approval of the Company; 

 (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth
herein; 
 (c) In a timely manner, upon the written instruction of the Company, to invest and reinvest the Property in any “Government
Security” or in money market funds selected by the Company meeting the conditions specified in Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, as determined by the Company. As used herein, “Government
Security” means any Treasury Bill issued by the United States, having a maturity of one hundred and eighty (180) days or less; 
 (d) Collect and receive, when due, all principal and income arising from the Property, net of taxes, which shall become part of the “Property,” as such term is used herein; 
 (e) Notify the Company 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
relating to income from the Property in the Trust Account or otherwise; 
 (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 in writing to do so; 
 (h) Render to the
Company and to the Representative, 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) If there is any income or other tax obligation relating to the income from the Property in the Trust Account as determined by the Company, then, from
time to time, at the written instruction of the Company, the Trustee shall promptly to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, liquidate such assets held in the Trust Account as shall be designated by
the Company in writing, and disburse to the Company by wire transfer, out of the Property in the Trust Account, the amount indicated by the Company as owing in respect of such income tax obligation; and 
 (j) Commence liquidation of the Trust Account only upon receipt of and only in accordance with the terms of a letter (the “Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company by its President or Chairman of the Board and Secretary, 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. 
  

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 2. Limited Distributions Of Income From Trust Account. 
 (a) If there is any income tax obligation relating to the income from the Property in the Trust Account, then, at the written instruction of the Company,
the Trustee shall disburse to the Company by wire transfer, out of the Property in the Trust Account, the amount indicated by the Company as required to pay income taxes; and 
 (b) Upon written request from the Company in a form substantially similar to that attached hereto as Exhibit C, which may be given not more than once in
any calendar month (except during the first month following the Effective Date, during which period the request may not be more than once per week), the Trustee shall distribute to the Company by wire transfer income collected on the Property
through the last day of the calendar month immediately preceding the date of receipt of the Company’s request (except during the first month following the Effective Date, during which period the Trustee shall distribute the income collected on
the Property through the last day of the week immediately preceding the date of receipt of the Company’s request); provided, however, that the maximum amount of distributions, net of taxes, that the Company may request and the Trustee shall
distribute pursuant to this Section 2(b) shall be $2,200,000. It is understood that the Trustee’s only responsibility under this section is to follow the instructions of the Company; and 
 (c) Except as provided in Section 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with
Sections 1(i) and 1(j) hereof. 
 3. 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 President or Chairman of the Board. In addition, except with respect to its duties under Section 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 Company may participate in such action with its own counsel; 
  

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 (c) Pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each
disbursement made pursuant to Sections 2(a) and 2(b) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees and
further agreed that said transaction processing fees shall be deducted by the Trustee from the disbursements made to the Company pursuant to Section 2(b). 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 annual 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 set forth in this Section 3(c) and as may be provided in Section 3(b) hereof (it being expressly understood that the Property shall not be used to make any payments
to the Trustee under such Sections); 
 (d) Provide to the Trustee a copy of any letter of intent, agreement in principle or definitive
agreement that is executed by the Company prior to the conclusion of 18 months following consummation of the IPO; and 
 (e) Provide to the
Trustee a copy of the certified oath and report of an independent inspector of election in respect of the stockholder vote at the meeting called by the Company to consider and act upon any proposed business combination transaction. 
 4. 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 Section 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 written 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 Section 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, judgment, instruction, notice, 

  

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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; 
 (h) As and to the extent requested from time to time by the
Company, prepare, execute and file such tax reports, income or other tax returns and pay any taxes with respect to income and activities relating to the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company
(including but not limited to income tax obligations), it being expressly understood that as set forth in Section 1(i), if there is any income or other tax obligation relating to the Trust Account or the Property in the Trust Account, as
determined from time to time by the Company and regardless of whether such tax is payable by the Company or the Trust, at the written instruction of the Company, the Trustee shall issue a check directly to the taxing authorities designated by the
Company, out of the Property in the Trust Account, for the amount indicated by the Company as owing to each such taxing authority; and 
 (i)
Verify calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 2(a) or 2(b) above. 
 5.
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. 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; 
 (b) At such time that the Trustee
has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(j) hereof, and distributed the Property in 

  

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accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 3(b). 
 6. 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 D. 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. 
 (c) This Agreement may be executed in any
number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
 (d) This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. The parties hereto
may change, waive, amend or modify any provision contained herein that may be defective or inconsistent with any other provision contained herein only upon the written consent of each of the parties hereto; provided that such action shall not
materially adversely affect the interests of the Public Stockholders. Any other change, waiver, amendment or modification to this Agreement shall be subject to approval by a majority of the Public Stockholders. As to any claim, cross-claim or
counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 
 (e) The parties hereto consent to the
jurisdiction and venue of any state or federal court located in the City of New York for purposes of resolving any disputes hereunder. 
 (f)
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: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 8th Floor 
 New York, New York 10004 
 Attn: Frank Di Paolo, CFO 
 Fax: (212) 616-7620 
  

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 if to the Company, to: 
 Trans-India Acquisition Corporation 
 300 South Wacker Drive 
 Suite 1000 
 Chicago, Illinois 60606 
 Attn: Bobba Venkatadri, CEO 
 Fax: (312) 922-9283 
 with a copy to: 
 Hayden Bergman Rooney 
 Professional Corporation 
 150 Post Street, Suite 650 
 San Francisco, California 94108 
 Attn: Kevin K. Rooney, Esq. 
 Fax: (415) 399-9320 
 in either case with a copy on behalf of the Representative to: 
 I-Bankers Securities, Inc.

 125 E. John Carpenter Freeway, Suite 260 
 Irving, TX 75062 
 Attn: Shelly Gluck, President 
 Fax: (214) 687-0023 
 with a copy to: 
 Dilworth Paxson LLP 
 1133 Connecticut Avenue N.W. Suite 620 
 Washington, DC 20036 
 Attn: Kathleen Cerveny, Esq. 
 Fax: (202) 452-0930 
 (g) This Agreement may not be assigned by the Trustee without the prior consent of the Company. This agreement may be assigned by the Company to a
wholly-owned subsidiary of the Company upon written notice to the Trustee. 
 (h) The Section headings herein are for convenience only and
are not part of this Agreement and shall not affect the interpretation thereof. 
 (i) 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 part of the Property under any circumstance. 
  

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 (j) The Trustee hereby consents to the inclusion of Continental Stock Transfer & Trust Company
in the Registration Statement and other materials relating to the IPO. 
 [Remainder of Page Intentionally Left Blank] 
  

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

			
	 CONTINENTAL STOCK TRANSFER
 & TRUST COMPANY

		
	 By:
	 	  
		 	 Name: Steven Nelson

		 	 Title:   Chairman

	
	 TRANS-INDIA ACQUISITION CORPORATION

		
	 By:
	 	  
		 	 Name: Bobba Venkatadri

		 	 Title:   Chief Executive Officer

  
 [Signature Page to
Investment Management Trust Agreement] 
  

 9 

 EXHIBIT A 
 [LETTERHEAD OF COMPANY] 
 [INSERT DATE] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 8th Floor 
 New York, New York 10004 

	Attn:	Steven Nelson, President 

  

	Re:	Trust Account No. [                    ] 

	    	Termination Letter 

 Gentlemen: 
  Pursuant to Section 1(i) of the Investment Management Trust Agreement between Trans-India Acquisition Corporation (the “Company”) and
Continental Stock Transfer & Trust Company (the “Trustee”), dated as of                     , 2006 (the “Trust
Agreement”), this is to advise you that the Company has entered into an agreement (“Business Agreement”) with
                     (the “Target Business”) to consummate a business combination transaction with Target Business (a “Business
Combination”) on or about                     . The Company shall notify you at least 48 hours in advance of the actual date of the
consummation of the Business Combination (the “Consummation Date”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Trust Agreement. 
  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 in writing 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
(the “Counsel Letter”) and (ii) the Company shall deliver to you written instructions with respect to the transfer of the funds held in the Trust Account which shall have been approved in writing by the Representative (the
“Instruction Letter”), including but not limited to (a) the funds to be delivered to any Public Stockholder that has properly exercised conversion rights (as described in the Registration Statement), (b) the Escrowed Fees to be delivered
to the Representative on behalf of the underwriters together with interest thereon less $0.24 for each share converted to cash by Public Stockholders, and (c) the remaining funds to the account or accounts of the Company. You are hereby directed and
authorized to disburse the funds held in the Trust Account immediately upon your receipt of both the Counsel Letter and 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. 

			
	 Very truly yours,

	
	 TRANS-INDIA ACQUISITION CORPORATION

		
	 By:
	 	  
	 Name:
	 	 Bobba Venkatadri

	 Title:
	 	 Chief Executive Officer

 EXHIBIT B 
 [LETTERHEAD OF COMPANY] 
 [INSERT DATE] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 8th Floor 
 New York, New York 10004 

	Attn:	Frank Di Paolo, CFO 

  

	Re:	Trust Account No. [                    ] 

	    	Termination Letter 

 Gentlemen: 
  Pursuant to paragraph 1(i) of the Investment Management Trust Agreement between Trans-India Acquisition Corporation (the “Company”) and
Continental Stock Transfer & Trust Company (the “Trustee”), dated as of                     , 2006 (the “Trust
Agreement”), this is to advise you that the Company has been dissolved due to the Company’s inability to effect a business combination transaction within the time frame specified in the Company’s prospectus relating to its IPO.
Attached hereto is a certified copy of the Certificate of Dissolution as filed with the Delaware Secretary of State. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Trust Agreement. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account. You will notify the Company
and Morgan Stanley (the “Designated Paying Agent”) in writing as to when all of the funds in the Trust Account will be available for immediate transfer (the “Transfer Date”). The Designated Paying Agent shall thereafter notify
you as to the account or accounts of the Designated Paying Agent that the funds in the Trust Account should be transferred to on the Transfer Date so that the Designated Paying Agent may commence distribution of such funds in accordance with the
Company’s instructions including (a) the funds to be delivered to any Public Stockholder that has properly exercised conversion rights (as described in the Registration Statement) and (b) the remaining funds in accordance with the
Company’s Amended and Restated Certificate of Incorporation. You shall have no obligation to oversee the Designated Paying Agent’s distribution of the funds. Upon the payment to the Designated Paying Agent of all the funds in the Trust
Account, the Trust Agreement shall terminate in accordance with the terms thereof. 
   

			
	 Very truly yours,

	
	 TRANS-INDIA ACQUISITION CORPORATION

		
	 By:
	 	  
	 Name:
	 	 Bobba Venkatadri

	 Title:
	 	 Chief Executive Officer

 EXHIBIT C 
 [LETTERHEAD OF COMPANY] 
 [INSERT DATE] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 

	Attn:	[                        ] 

  

	Re:	Trust Account No. [                    ] — Distribution of Income on
Property 

 Gentlemen: 
 Pursuant to Section 2(b) of the Investment Management Trust Agreement between Trans-India Acquisition Corporation (the “Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of                     , 2006 (the “Trust Agreement”), we are requesting for our working capital
purposes that you deliver to us $                     representing income earned on the Property from
                     to
                    . In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer said amount,
less any fees due the Trustee pursuant to Section 3(c) of the Trust Agreement, immediately upon your receipt of this letter to the Company’s operating account at: 
  

			
	Bank:	  	[                    ]
	ABA #:	  	[                    ]
	Account Name:	  	                      .
	Account Number:	  	[                    ]
	Reference:	  	Distribution of Income Earned on Trust Property

  

			
	 Very truly yours,

	
	 TRANS-INDIA ACQUISITION CORPORATION

		
	 By:
	 	  
	 Name:
	 	 Bobba Venkatadri

	 Title:
	 	 Chief Executive Officer

 EXHIBIT D 
 AUTHORIZED INDIVIDUAL(S) AND TELEPHONE NUMBERS 
 AUTHORIZED FOR TELEPHONE CALL BACK 

 

			
	COMPANY:	  	 Trans-India Acquisition Corporation
 300 South Wacker Drive
 Suite 1000
 Chicago, Illinois 60606
 Attn: Bobba Venkatadri, Chief Executive Officer
 Telephone: (312) 922-1980

		
	TRUSTEE:	  	 Continental Stock Transfer & Trust Company
 17
Battery Place
 8th
Floor
 New York, New York 10004
 Attn: Steven Nelson,
President
 Telephone: (212) 845-3202

 SCHEDULE A 
 Schedule of fees pursuant to Section 3(c) of Investment Management Trust Agreement 
 between Trans-India
Acquisition Corporation and 
 Continental Stock Transfer & Trust Company 
  

						
	 Fee Item
	  	 Time and method of payment
	  	Amount
	Initial acceptance fee	  	Initial closing of IPO by wire transfer	  	$	1,000
	Annual fee	  	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	  	$	3,000
	Transaction processing fee for disbursements to Company under Sections 2(a) and 2(b)	  	Deduction by Trustee from disbursement made to Company under Section 2(b)	  	$	250

  

									
		 		 	 Agreed:

	 Dated:
                    , 2006
	 		 	
		 		 	 TRANS-INDIA ACQUISITION CORPORATION

					
		 		 		 	 By:
	 	  
		 		 		 		 	 Authorized Officer

			
		 		 	 Continental Stock Transfer & Trust Co.

					
		 		 		 	 By:
	 	  
		 		 		 		 	 Authorized OfficerForm of Securities Escrow Agreement

 EXHIBIT 10.4 
 SECURITIES ESCROW AGREEMENT 
  This Securities Escrow Agreement is made as of
                    , 2006 (this “Agreement”), by and among Trans-India Acquisition Corporation, a Delaware corporation (the
“Company”), Marillion Pharmaceuticals India Pvt. Ltd., Business Ventures Corp., Trans-India Investors Limited, Bobba Venkatadri, Craig Colmar, Nalluru Murthy, Narayanan Vaghul, Edmund Olivier and Rasheed Yar Khan (collectively
“Initial Stockholders”) and Continental Stock Transfer & Trust Company, a New York corporation (the “Escrow Agent”). 
 WHEREAS, the Company has entered into an Underwriting Agreement, dated             , 2006 (the “Underwriting Agreement”), with I-Bankers Securities, Inc. (the
“Representative”) acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase up to 11,500,000 units (the
“Units”) of the Company. Each Unit consists of one share of the Company’s common stock, par value $0.0001 per share (“Common Stock”), and one Warrant to purchase one share of Common Stock (“Warrants”), all as more
fully described in the Company’s final Prospectus, dated                      2006 (the “Prospectus”) comprising part of the
Company’s Registration Statement on Form S-1 (File No. 333-136300), as amended, under the Securities Act of 1933, as amended (the “Registration Statement”), declared effective on
                     2006 (the “Effective Date”). 
  WHEREAS, the Initial Stockholders have agreed, as a condition to the Representative’s obligation to purchase the Units pursuant to the Underwriting
Agreement and to offer them to the public, to deposit their shares of Common Stock and their Warrants, as set forth opposite their respective names in Exhibit A attached hereto (collectively “Escrow Securities”), in escrow as hereinafter
provided. 
  WHEREAS, the Escrow Securities shall included the 200,000 Units being purchased by those certain Initial Stockholders in the
private placements to occur immediately prior to the public offering of Units by the Company. 
  WHEREAS, the Company and the Initial
Stockholders desire that the Escrow Agent accept the Escrow Securities, in escrow, to be held and disbursed as hereinafter provided. 
 NOW
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
 1. Appointment of Escrow Agent. The
Company and the Initial Stockholders hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such
terms. 
 2. Deposit of Escrow Securities. On or before the Effective Date, each of the Initial Stockholders or the Company shall deliver to the
Escrow Agent certificates representing his respective Escrow Securities, to be held and disbursed subject to the terms and conditions of this Agreement. Each Initial Stockholder acknowledges that the certificate representing his Escrow Securities is
legended to reflect the deposit of such Escrow Securities under this Agreement. 
  

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 3. Disbursement of the Escrow Securities. The Escrow Agent shall hold the Escrow Securities until the Company
consummates a business combination (as such term is defined in the Prospectus) (the “Escrow Period”), on which date it shall, upon written instructions from each Initial Stockholder, disburse each of the Initial Stockholder’s Escrow
Securities to such Initial Stockholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof, that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent
shall promptly destroy the certificates representing the Escrow Securities. The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Securities in accordance with this Section 3. 
 4. Rights of Initial Stockholders in Escrow Securities. 
 4.1 Voting Rights as a Stockholder. Subject to the terms of the Insider Letter described in Section 4.4 hereof and except as herein provided, the Initial Stockholders shall retain all of their rights as stockholders of the
Company during the Escrow Period, including, without limitation, the right to vote such shares represented by the issued and outstanding shares of Common Stock. 
 4.2 Dividends and Other Distributions in Respect of the Escrow Securities. During the Escrow Period, all dividends payable in cash with respect to the Escrow Securities shall be paid to the Initial
Stockholders, but all dividends payable in stock or other non-cash property (the “Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow
Securities” shall be deemed to include the Non-Cash Dividends distributed thereon, if any. 
 4.3 Restrictions on Transfer.
During the Escrow Period, no sale, transfer or other disposition may be made of any or all of the Escrow Securities except (i) by gift to a member of Initial Stockholder’s immediate family or to a trust, the beneficiary of which is an
Initial Stockholder or a member of an Initial Stockholder’s immediate family, (ii) by virtue of the laws of descent and distribution upon death of any Initial Stockholder, (iii) pursuant to a qualified domestic relations order, or
(iv) pursuant to a transfer of record ownership whereby there is no change in beneficial ownership; provided, however, that such permissive transfers may be implemented only upon the respective transferee’s written agreement to be bound by
the terms and conditions of this Agreement and of the Insider Letter signed by the Initial Stockholder 

  

 2 

 
transferring the Escrow Securities. Any Escrow Securities so transferred shall continue to be held by the Escrow Agent pursuant to the terms of this
Agreement. During the Escrow Period, the Initial Stockholders shall not pledge or grant a security interest in the Escrow Securities or grant a security interest in their rights under this Agreement. 
 4.4 Insider Letters. Each of the Initial Stockholders has executed a letter agreement with the Representative and the Company, dated as indicated
on Exhibit A hereto, and which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations of such Initial Stockholder in certain events, including but not limited to the liquidation
of the Company. 
 5. Concerning the Escrow Agent. 
 5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment, and 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 Escrow Agent), 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 Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent
shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of
the Escrow Agent are affected, unless it shall have given its prior written consent thereto. 
 5.2 Indemnification. The Escrow Agent
shall be indemnified and held harmless by the Company from and against any expenses, including reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any
claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Securities held by it hereunder, other than expenses or losses arising from the gross negligence or
willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the
event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Securities or it may deposit the Escrow
Securities with the clerk of any appropriate court or it may retain the Escrow Securities pending receipt of a final, non appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances
the Escrow Securities are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below. 
 5.3 Compensation. The Escrow Agent shall be entitled to receive reasonable compensation for all services rendered by it hereunder. The Escrow
Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and
disbursements and all taxes or other governmental charges. 
  

 3 

 5.4 Further Assurances. From time to time on and after the date hereof, the Company and the
Initial Stockholders shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry out more effectively the
provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder. 
 5.5 Resignation. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto written notice and such resignation shall become effective as hereinafter
provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Securities held hereunder. If no new escrow agent is so appointed within the 60-day
period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Securities with any court it reasonably deems appropriate. 
 5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the other parties hereto, jointly, provided,
however, that such resignation shall become effective only upon acceptance of appointment by a successor escrow agent as provided in Section 5.5 hereof. 
 5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or its own willful misconduct. 
 6. Miscellaneous. 
 6.1 Governing Law. This
Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of New York. 
 6.2 Third Party Beneficiaries. Each of the Initial Stockholders hereby acknowledges that the Underwriters are third party beneficiaries of this Agreement and this Agreement may not be modified or changed without the prior written
consent of the Representative. 
 6.3 Entire Agreement. This Agreement contains the entire agreement of the parties hereto with
respect to the subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to the charged. 
 6.4 Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation thereof. 
 6.5 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties
hereto and their legal representatives, successors and assigns. 
 6.6 Notices. Any notice or other communication required or which
may be given hereunder shall be in writing and either be delivered personally or be mailed, certified or 

  

 4 

 
registered mail, or by private national courier service, return receipt requested, postage prepaid, and shall be deemed given when so delivered personally
or, if mailed, two days after the date of mailing, as follows: 
 If to the Company, to: 
 Trans-India Acquisition Corporation 
 300 South Wacker Drive 
 Suite 1000 
 Chicago, Illinois 60606 
 Attn: Bobba Venkatadri, CEO 
 If to a Stockholder, to his address set forth in Exhibit A. 
 and if to the Escrow Agent, to: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Chairman 
 A copy of any notice sent hereunder shall be sent to: 
 Hayden Bergman Rooney 
 Professional Corporation 
 150 Post Street, Suite 650 
 San Francisco, California 94108 
 Attn: Kevin K. Rooney, Esq. 
 and 
 I-Bankers Securities, Inc. 
 125 E. John Carpenter Freeway, Suite 260 
 Irving, TX 75062 
 Attn: Shelly Gluck, President 
 and: 
 Dilworth Paxson LLP 
 1133 Connecticut Avenue N.W., Suite 620 
 Washington, DC 20036 
 Attn: Kathleen L. Cerveny, Esq. 
 The parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change
in the manner provided herein for giving notice. 
  

 5 

 6.7 Liquidation of Company. The Company shall give the Escrow Agent written notification of the
liquidation and dissolution of the Company in the event that the Company fails to consummate a business combination within the time period(s) specified in the Registration Statement. 
 6.8 Assignment. This Agreement may not be assigned by the Escrow Agent without the prior consent of the Company. 
 [Remainder of Page Intentionally Left Blank] 
  

 6 

 IN WITNESS WHEREOF, the parties have duly executed this Securities Escrow Agreement as of the date first
written above. 
  
  
			
	TRANS-INDIA ACQUISITION CORPORATION
		
	By:	 	  

	Name:	 	Bobba Venkatadri
	Title:	 	Chief Executive Officer
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	  

	Name:	 	Steven Nelson
	Title:	 	Chairman
	
	 INITIAL STOCKHOLDERS:
  
 MARILLION PHARMACEUTICALS INDIA PVT. LTD.

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BUSINESS VENTURES CORP.
		
	By:	 	  

	Name:	 	Steven P. Colmar
	Title:	 	President
	
	TRANS-INDIA INVESTORS LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	  

	Bobba Venkatadri
	
	  

	Craig Colmar

  [Signature Page to Securities Escrow Agreement] 

	
	  

	Nalluru Murthy
	
	  

	Narayanan Vaghul
	
	  

	Edmund Olivier
	
	  

	Rasheed Yar Khan

 [Signature Page to Securities Escrow Agreement] 

 EXHIBIT A 
  

									
	 Name and Address
 of Initial Stockholder
	  	Number of
Common
Stock	  	Stock
Certificate
Number	  	 Number
 of Warrants
	  	 Number
 of Units*

					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	

  

	*	Reference is made to (i) the Subscription Agreement, dated as of July 28, 2006, by and among the Company and the persons and entities listed on Exhibit A thereto in connection
with the private placement of 125,000 Units immediately prior to the closing of the initial public offering of Units by the Company, and (ii) the Regulation S Subscription Agreement, dated as of November 13, 2006, by and among the Company and the
entities listed on Exhibit A thereto in connection with the private placement of 75,000 Units immediately prior to the closing of the initial public offering of Units by the Company.

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