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The Second Amended And Restated Operating Agreement is typically implemented when a company has undergone significant changes in its structure, ownership, or operations that necessitate a comprehensive update to its governing documents. This document becomes necessary when previous amendments have made the original operating agreement complex or difficult to follow, or when substantial changes in Indian corporate law or business circumstances require a thorough revision. It consolidates the original agreement and all subsequent modifications into a single, clear document, ensuring compliance with current Indian regulations, particularly the Companies Act, 2013, and other relevant corporate laws. The agreement is especially relevant for companies experiencing growth, adding new members, changing management structures, or adapting to new business models. It provides a fresh starting point for all parties while maintaining the historical context of the company's evolution.
