Indian company law has seen much debate on the enforceability of shareholder covenants not incorporated in the articles of association of a company, including covenants on matters of internal governance. This dissonance has carried over to the specific context of arbitration clauses, as it appears to be quite common (from the sheer amount of case law on this particular point) for parties to leave out the SHA’s arbitration clause while incorporating its other provisions verbatim in the articles of the subject company. Expectedly, this substantial body of case law is also divided into two irreconcilable views on whether such an arbitration clause will govern the violations of a Company’s articles without being incorporated into the same. Of the two predominant views – the contractual view and the incorporation view – this paper argues that the contractual view is preferable, being consistent with the principle of party autonomy as well as settled law in arbitration-friendly jurisdictions such as Singapore and Hong Kong.