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Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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BMZZLFL & BMZZLFL, LFE.Grnfels N. Bmttlfl, Cr. (UBF >?4?05)

Nhbdrt \. E`nfo (UBF 2<7;74) \ury N. Amhdsflamv (UBF 2?>>?5)

?0>? Lvnf`md Nvdfud, Uultd >;2

Hn Cmhhn, Enhlgmrfln <2;5? Zdhdp`mfd3 (040) <>:-2;;>Gneslilhd3 (040) <>:-2;;2gbmttlflKbmttlflhnw.emine`nfoKbmttlflhnw.emiyamhdsflamvKbmttlflhnw.emi

EMZE@DZZ, [LZRD & IEE NRZ@\ , HH[ Cmsdp` _. Emte`dtt (UBF 5752:)Inra E. Imhuip`y (UBF >70;;<)

Unf Grnfelsem Nlrpmrt Mggled Edftdr0:; Inhemhi Rmnj, Uultd 2;;Burhlfonid, Enhlgmrfln <:;>;

Zdhdp`mfd3 (74;) 7<?-7;;;Gneslilhd3 (74;) 7<?-;4??cemte`dttKepihdonh.emiiimhuip`yKepihdonh.emi

Emufsdh gmr [hnlftlgg Nft`mfy Bnslhd

QNjjltlmfnh emufsdh hlstdj mf slofnturd pnod.Y

TFLZDJ UZNZDU JLUZRLEZ EMTRZ

EDFZRNH JLUZRLEZ MG ENHLGMRFLN

UMTZ@DRF JLWLULMF

NFZ@MF\ BNULHD, lfjlvljunhhy nfjmf bd`nhg mg nhh mt`drs slilhnrhy sltuntdj,

[hnlftlgg,

vs.

WNHDNFZ [@NRINEDTZLENHULFZDRFNZLMFNH, LFE.,

WNHDNFZ [@NRINEDTZLENHULFZDRFNZLMFNH, NOIU, LFE.,[DRU@LFO U^TNRD EN[LZNHINFNODIDFZ, H.[., [UINFNODIDFZ O[, HHE, [UGTFJ >, HHE, _LHHLNI N.

NEAINF, nfj JMDU >->;,

Jdgdfjnfts.

Elvlh Netlmf Fm. ]]]]]]]]]]]]]]]

Ehnss Netlmf

Emiphnlft gmr Wlmhntlmfs mg t`dGdjdrnh Udeurltlds Hnws

Jdinfj gmr Cury Zrlnh

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod > mg 5: [nod LJ #3>



- 5 -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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0.

Nridj wlt` t`d intdrlnh fmf-pubhle lfgmrintlmf t`nt Wnhdnft wmuhj

hnufe` n tdfjdr mggdr gmr Nhhdronf“s s`nrds, [U Gufj > bdonf buylfo up sloflglenft

nimufts mg Nhhdronf stmea mf Gdbrunry 24, 2;>: ― tnalfo enrdguh stdps tm nvmlj inalfo

nfy jlsehmsurd mg lts lftdftlmfs3

(n) Rnt`dr t`nf buylfo Nhhdronf stmea jlrdethy, [U Gufj > bmuo`t zdrm-

strlad prled ‘enhh mptlmfs.’ Z`dsd zdrm-strlad mptlmfs onvd [U Gufj > dssdftlnhhy

t`d snid mwfdrs`lp rlo`ts ns lg lt `nj pure`nsdj t`d s`nrds jlrdethy.

(b) [U Gufj >“s gmrintlmf norddidft wns fmt nidfjdj tm njj Wnhdnft

ns n idibdr uftlh Nprlh 7, 2;>:, nfj Wnhdnft“s enpltnh emftrlbutlmf ― n ilfmr 5

pdredft mg t`d tmtnh gufjs ― wns fmt injd uftlh Nprlh >;, 2;>:, cust mfd jnybdgmrd [U Gufj >“s mwfdrs`lp mg Nhhdronf stmea ermssdj t`d 4% t`rds`mhj mf

Nprlh >>, 2;>:.

(e) Jurlfo t`d tdf-jny pdrlmj grmi Nprlh >> tm Nprlh 2>, 2;>:, [U Gufj

> emftlfudj mf nf dvdf imrd rnplj buylfo sprdd, lf mrjdr tm tnad njvnftnod mg

t`d _lhhlnis Net“s mutjntdj tdf-jny wlfjmw, nf mgt-erltlelzdj prmvlslmf t`nt

nhhmws nf lfvdstmr tm wnlt tdf guhh jnys ngtdr ermsslfo t`d 4% t`rds`mhj bdgmrd

jlsehmslfo lts pure`nsds nfj lftdftlmfs tm t`d inradt. By t`d tlid [drs`lfo

Uqunrd glfnhhy jlsehmsdj [U Gufj >“s stnad mf Nprlh 2>, 2;>:, t`dy `nj nequlrdj

<.?% mg Nhhdronf“s mutstnfjlfo stmea, gmr n tmtnh lf vdstidft nt t`d tlid mg mvdr

$5.2 blhhlmf ― wlt`mut prmvljlfo Nhhdronf“s stmea`mhjdrs nfj t`d inradtphned nfy

jlsehmsurd nbmut Wnhdnft“s lftdftlmf tm hnufe` n tdfjdr mggdr gmr Nhhdronf.

<.

Nhhdronf“s stmea`mhjdrs nfj t`d inradtphned, `mwdvdr, wdrd ufnwnrd mg

t`d [drs`lfo Jdgdfjnfts“ ufjlsehmsdj pure`nsds mg Nhhdronf stmea. Fmr wdrd t`dy

nwnrd t`nt Wnhdnft“s tdfjdr mggdr wns gmrt`emilfo.

>;.

Ns n rdsuht, [hnlftlgg nfj mt`dr Nhhdronf s`nrd`mhjdrs w`m smhj Nhhdronf

stmea jurlfo t`d Ehnss [drlmj smhj mf nf uflfgmridj bnsls nt nf ufgnlr prled ― w`lhd

Neainf wns prmgltlfo ufhnwguhhy grmi `ls dnrhy lfsljd lfgmrintlmf nbmut t`d dxpdetdj

tdfjdr mggdr.

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod : mg 5: [nod LJ #3:



- : -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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Mfed [drs`lfo Uqunrd `nj neeuiuhntdj lts pmsltlmf, Wnhdnft pubhlehy

nffmufedj gmr t`d glrst tlid t`nt lt wls`dj tm ‘fdomtlntd’ n idrodr norddidft wlt`

Nhhdronf“s bmnrj, nfj mggdrdj n ilx mg ens` nfj Wnhdnft stmea gmr dne` Nhhdronf s`nrd.

Tpmf t`nt Nprlh 22, 2;>: nffmufedidft, t`d vnhud mg [drs`lfo Uqunrd“s lfvdstidft lf

Nhhdronf stmea lferdnsdj by n blhhlmf jmhhnrs.

>2.

Lf lts glrst emiiuflentlmfs, Wnhdnft enrdguhhy nvmljdj jlsehmslfo t`nt lt

phnffdj tm hnufe` n ‘tdfjdr mggdr,’ but lfstdnj ehnlidj tm bd lftdrdstdj lf n grldfjhy

idrodr. Bnsdj mf Nhhdronf“s rdspmfsd tm Wnhdnft“s prlmr mvdrturd, `mwdvdr, nfj ns

emrrmbmrntdj by nfnhyst emiidfts lf Gdbrunry 2;>:, w`le` ufjdrsemrdj t`nt Nhhdronf

wmuhj fmt bd lftdrdstdj lf idrolfo wlt` Wnhdnft ― pnrtleuhnrhy w`drd Nhhdronf“s

stmea`mhjdrs wmuhj bd emipdfsntdj lf hnrod pnrt wlt` Wnhdnft stmea ― Wnhdnft wns wdhh

nwnrd t`nt n grldfjhy buslfdss emiblfntlmf wmuhj fmt hladhy meeur, nfj emfedjdj ns

iue` hntdr mf. Lfjddj, emftrnry tm Wnhdnft“s ehnli t`nt lt wns hmmalfo gmr n grldfjhy

jdnh, Wnhdnft nfj [drs`lfo Uqunrd, grmi t`d mutsdt , dfonodj lf t`d smrts mg prdssurd tnetles

emiimfhy nssmelntdj wlt` `mstlhd tdfjdr mggdrs3 n idjln bhltz, iuhtlphd t`rdntdflfo

hdttdrs tm Nhhdronf“s bmnrj, nfj jlrdet emiiuflentlmfs wlt` Nhhdronf“s eustmidrs nfj

diphmydds.

>5.

Ns Wnhdnft guhhy dxpdetdj, ngtdr enrdguhhy emfsljdrlfo Wnhdnft“s prmpmsnh,

Nhhdronf“s bmnrj mg jlrdetmrs emfehujdj t`nt t`d mggdr ufjdrvnhudj Nhhdronf nfj wns fmt

lf t`d bdst lftdrdsts mg lts stmea`mhjdrs, nfj injd ehdnr t`nt Nhhdronf wmuhj fmt dfonod

lf jlseusslmfs nbmut n pmtdftlnh idrodr trnfsnetlmf hlad t`d mfd Wnhdnft wns prmpmslfo.

Z`us, mf Cufd 2, 2;>:, Wnhdnft pubhlehy nffmufedj t`nt lt wmuhj hnufe` n `mstlhd tdfjdr

mggdr gmr Nhhdronf“s s`nrds.

>:.

Nht`muo` Wnhdnft uhtlintdhy wlt`jrdw grmi t`d bljjlfo emipdtltlmf gmr

Nhhdronf lf Fmvdibdr 2;>: (ngtdr nfmt`dr pmtdftlnh nequlrdr injd n `lo`dr blj),

Nhhdronf“s stmea prled lferdnsdj substnftlnhhy ns n rdsuht mg t`d tdfjdr mggdr. Z`us, t`d

[drs`lfo Jdgdfjnfts prmgltdj `nfjsmidhy ― nfj lhhdonhhy ― grmi t`dlr insslvd pure`nsds

mg Nhhdronf stmea jurlfo t`d Ehnss [drlmj, bnsdj mf intdrlnh, fmf-pubhle lfgmrintlmf.

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod 4 mg 5: [nod LJ #34




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Z@D [NRZLDU

L.

[hnlftlgg

>4.

Ns sdt gmrt` lf t`d neemipnfylfo swmrf edrtlglentlmf, [hnlftlgg Nft`mfy

Bnslhd smhj Nhhdronf stmea jurlfo t`d Ehnss [drlmj nfj wns `nridj ns n rdsuht.LL. Jdgdfjnfts

N. Wnhdnft

>7. Jdgdfjnft Wnhdnft Lftdrfntlmfnh ls n pubhlehy-trnjdj emipnfy

lfemrpmrntdj ufjdr t`d hnws mg t`d [rmvlfed mg Brltls` Emhuibln, Enfnjn wlt` lts

prlfelpnh phned mg buslfdss lf Hnvnh, ^udbde, Enfnjn. Wnhdnft Lftdrfntlmfnh

infugneturds nfj inradts p`nrinedutlenhs, mvdr-t`d-emuftdr prmjuets, nfj idjlenh

jdvleds lf t`d nrdns mg dyd `dnht`, jdrintmhmoy, nfj fdurmhmoy t`drnpdutle ehnssds.

Wnhdnft Lftdrfntlmfnh netlvdhy nfj jlrdethy pnrtlelpntdj lf t`d prmpmsdj mggdr injd tm

Nhhdonf diphmydds nfj stmea`mhjdrs.

>?. Jdgdfjnft Wnhdnft TUN ls n Jdhnwnrd emrpmrntlmf wlt` lts prlfelpnh phned

mg buslfdss lf Fdw Cdrsdy. Wnhdnft TUN netlvdhy nfj jlrdethy pnrtlelpntdj lf t`d

prmpmsdj mggdr injd tm Nhhdronf diphmydds nfj stmea`mhjdrs, nfj bdenid n idibdr mg

[U Gufj > mf Nprlh 7, 2;>:.

>0.

Jdgdfjnft NOIU ls n Jdhnwnrd Emrpmrntlmf nfj w`mhhy mwfdj subsljlnry

mg Wnhdnft Lftdrfntlmfnh. Wnhdnft ls pursulfo lts tdfjdr mggdr t`rmuo` NOIU.

B. Z`d [drs`lfo Jdgdfjnfts

><.

Jdgdfjnft [drs`lfo Uqunrd ls nf lfvdstidft njvlsdr gmufjdj lf 2;;5 nfj

rdolstdrdj wlt` t`d UDE ufjdr t`d Lfvdstidft Njvlsdrs Net mg ><:;, ns nidfjdj. Lt

infnods n sdrlds mg `djod gufjs. [drs`lfo Uqunrd ls n Jdhnwnrd hliltdj pnrtfdrs`lp wlt`

lts prlfelpnh phned mg buslfdss lf Fdw \mra, Fdw \mra.

2;.

Jdgdfjnft [U Infnodidft sdrvds ns t`d smhd odfdrnh pnrtfdr mg [drs`lfo

Uqunrd. [U Infnodidft ls n Jdhnwnrd hliltdj hlnblhlty emipnfy wlt` lts prlfelpnh phned

mg buslfdss lf Fdw \mra, Fdw \mra.





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2>.

Jdgdfjnft Neainf ls t`d gmufjdr nfj E`ldg Dxdeutlvd Mggledr (‘EDM’)

mg [drs`lfo Uqunrd. Neainf, by vlrtud mg `ls pmsltlmf wlt` [drs`lfo Uqunrd, nt nhh

rdhdvnft tlids emftrmhhdj [U Gufj >.

22.

Jdgdfjnft [U Gufj > ls n hliltdj hlnblhlty emipnfy gmridj by nfj nimfo3

[drs`lfo Uqunrd1 [drs`lfo Uqunrd, H.[., n Jdhnwnrd hliltdj pnrtfdrs`lp1 [drs`lfo Uqunrd

LL, H.[., n Jdhnwnrd hliltdj pnrtfdrs`lp1 [drs`lfo Uqunrd Lftdrfntlmfnh, Htj., n Enyinf

Lshnfjs dxdiptdj emipnfy1 [drs`lfo Uqunrd @mhjlfos, Htj., n Oudrfsdy hliltdj hlnblhlty

emipnfy1 nfj fdnrhy twm imft`s hntdr, Wnhdnft TUN. [U Gufj > wns gmridj gmr t`d

purpmsd mg sdrvlfo ns t`d nequlsltlmf vd`lehd lf t`d nequlsltlmf mg Nhhdronf stmea. [U

Gufj > wns gmridj lf Jdhnwnrd mf Gdbrunry >>, 2;>:, nfj `ns lts prlfelpnh phned mgbuslfdss lf Fdw \mra, Fdw \mra. [U Gufj > nt nhh rdhdvnft tlids wns emftrmhhdj by

[drs`lfo Uqunrd, w`le` wns, lf turf, emftrmhhdj by Neainf.

E.

Z`d Jmd Jdgdfjnfts

25.

[hnlftlgg jmds fmt afmw t`d fnids nfj ljdftltlds mg Jmds > t`rmuo` >;,

lfehuslvd, nfj t`drdgmrd suds t`msd jdgdfjnfts by sue` gletltlmus fnids. [hnlftlgg ls

lfgmridj nfj bdhldvds, nfj mf t`nt bnsls nhhdods, t`nt Jmds > t`rmuo` >;, lfehuslvd, nrd

rdspmfslbhd gmr t`d nets nhhdodj lf t`ls Emiphnlft. _`df t`d trud fnids mg sue`

gletltlmus jdgdfjnfts nrd nsedrtnlfdj, Nhhdronf wlhh sdda hdnvd mg t`ls Emurt tm nidfj t`ls

Emiphnlft tm fnid t`msd lfjlvljunhs mr dftltlds.

CTRLUJLEZLMF NFJ WDFTD

2:.

Z`ls Emurt `ns subcdet-inttdr curlsjletlmf mvdr t`ls netlmf ufjdr >4 T.U.E.

§§ ?0nn, ?0f(n), nfj 20 T.U.E. § >55>.

24.

Z`ls Emurt `ns pdrsmfnh curlsjletlmf bdenusd dne` Jdgdfjnft `ns suggleldft

ilfliui emftnets lf t`d Utntd mg Enhlgmrfln tm sntlsgy Enhlgmrfln“s hmfo -nri stntutd nfj

emfstltutlmfnh jud prmedss rdqulrdidfts ns, mf lfgmrintlmf nfj bdhldg, Jdgdfjnfts `nvd

pnrtlelpntdj lf n emmrjlfntdj tnadmvdr nttdipt mg t`d Enhlgmrfln-bnsdj Nhhdronf.

27. Wdfud ls prmpdr lf t`d Edftrnh Jlstrlet mg Enhlgmrfln pursunft tm >4 T.U.E.

§ ?0nn nfj 20 T.U.E. § >5<>(b) nfj (e).

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod ? mg 5: [nod LJ #3?



- ? -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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UTBUZNFZLWD NHHDONZLMFU

L.

Wnhdnft Znads Uubstnftlnh Utdps Zmwnrj n Zdfjdr Mggdr

N.

Wnhdnft Injd nf Mvdrturd tm Nhhdronf lf 2;>2

2?.

Wnhdnft `nj bddf emfsljdrlfo n pmtdftlnh trnfsnetlmf wlt` Nhhdronf slfedt`d gnhh mg 2;>2, w`df Rmbdrt N. Lforni wns sdrvlfo mf bmt` t`d Nhhdronf nfj Wnhdnft

bmnrjs.

20. Mf Udptdibdr >;, 2;>2, Wnhdnft“s EDM nfj E`nlrinf, C. Ile`ndh

[dnrsmf, rdne`dj mut tm Nhhdronf“s EDM, Jnvlj D.L. [ymtt, nfj dxprdssdj lftdrdst lf n

idrodr wlt` Nhhdronf. Nrmufj t`d snid tlid, lf hlo`t mg t`d pdfjlfo idrodr mg Wnhdnft

nfj Idjlels [`nrinedutlenh Emrpmrntlmf, nf Nhhdronf emipdtltmr, Nhhdronf rdqudstdj

t`nt Ir. Lforni stdp jmwf grmi mfd mg `ls jlrdetmrs`lps olvdf t`d pmtdftlnh gmr n

emfghlet mg lftdrdst. Ir. Lforni rdpdntdjhy tmhj ̀ ls Nhhdronf emhhdnouds t`nt `d wmuhj

stdp jmwf grmi Wnhdnft“s bmnrj bdgmrd t`d Jdedibdr 2;>2 Nhhdronf bmnrj iddtlfo.

2<. Mf t`d bnsls mg `ls rdprdsdftntlmfs, Ir. Lforni wns pdrilttdj tm nttdfj

Nhhdronf bmnrj nfj strntdole iddtlfos lf Udptdibdr 2;>2, jurlfo w`le` emfgljdftlnh

lfgmrintlmf nbmut Nhhdronf“s buslfdss nfj strntdoy wns jlseussdj.

5;.

Lf Jdedibdr 2;>2, emftrnry tm `ls rdprdsdftntlmfs, Ir. Lforni lfstdnj

rdslofdj grmi Nhhdronf“s bmnrj, nfj stnydj mf nt Wnhdnft. Lt `ns slfed emid tm hlo`t t`nt

Wnhdnft `nj bddf emfsljdrlfo, nfj lfjddj, nut`mrlzdj nf nequlsltlmf mg Nhhdronf lf

Udptdibdr 2;>2, prlmr tm ehmslfo t`d Idjlels trnfsnetlmf nfj prlmr tm Ir. Lforni“s

nttdfjnfed nt t`d Udptdibdr 2;>2 Nhhdronf bmnrj iddtlfo.

5>.

Bdenusd mg Nhhdronf“s hnea mg lftdrdst, Ir. [dnrsmf ufjdrstmmj t`nt (n)

Wnhdnft wmuhj hladhy `nvd tm hnufe` n `mstlhd tnadmvdr lf mrjdr tm nequlrd Nhhdronf1 nfj

(b) nfy sue` tnadmvdr nttdipt wmuhj rdqulrd substnftlnh glfnfelfo. \dt, Wnhdnft“s nblhlty

tm mbtnlf sue` glfnfelfo wns strnlfdj jud tm n sdrlds mg noordsslvd idrodrs nfj

tnadmvdrs lf t`d pnst gdw ydnrs. Lfjddj, neemrjlfo tm lts Nprlh 22, 2;>: prdss rdhdnsd,

Wnhdnft dftdrdj lftm mvdr >;; trnfsnetlmfs slfed 2;;0. Nfj lt wns wdhh afmwf t`nt

Wnhdnft“s buslfdss strntdoy dftnlhs noordsslvd dxpnfslmf t`rmuo` idrodrs.





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B.

Wnhdnft [rdpnrdj gmr n Zdfjdr Mggdr lf Gdbrunry 2;>:, Zmodt`dr wlt`[drs`lfo Uqunrd

52. Bdenusd Nhhdronf“s bmnrj wns fmt lftdrdstdj lf n trnfsnetlmf wlt` Wnhdnft

lf 2;>2 nfj jdehlfdj tm dfonod lf jlseusslmfs, Wnhdnft wns wdhh nwnrd lf dnrhy 2;>: t`nt

Nhhdronf wns fmt hladhy tm bd suppmrtlvd mg n grldfjhy idrodr. Z`drdgmrd, Wnhdnft bdonf

phmttlfo nf nhtdrfntd emursd.

55.

Hdss t`nf n ydnr ngtdr lts $0.? blhhlmf nequlsltlmf mg Bnuse` & Hmib lf

Fmvdibdr 2;>5, jdbt-hnjdf Wnhdnft ordw dvdf imrd lftdrdstdj lf nequlrlfo Nhhdronf,

w`le` `nj $>.4 blhhlmf lf ens`, tm `dhp dvdf mut Wnhdnft“s bmmas.

5:.

[drs`lfo Uqunrd, mpdrntdj ufjdr nfj emftrmhhdj by Neainf, wns nf ljdnh

pnrtfdr tm prmvljd t`d fdedssnry glfnfelfo Wnhdnft fddjdj tm hnufe` n `mstlhd tnadmvdrmg Nhhdronf. _dhh afmwf ns nf ‘netlvlst lfvdstmr,’ Neainf typlenhhy trldj tm inad

imfdy by nequlrlfo ilfmrlty stnads lf emipnflds nfj t`rdntdflfo t`dlr bmnrjs wlt` n

prmxy emftdst ufhdss t`dy tnad stdps tmwnrj n s`mrt-tdri lferdnsd lf t`d stmea prled

(mgtdf t`rmuo` n idrodr). Infnolfo npprmxlintdhy $>5 blhhlmf lf enpltnh, [drs`lfo

Uqunrd ls dxpdrldfedj lf `nfjhlfo `mstlhd tnadmvdrs.

54.

Nrmufj t`d snid tlid, [drs`lfo Uqunrd `lrdj _lhhlni G. Jmyhd ns n

‘spdelnh njvlsmr.’ N buslfdss se`mmh ehnssintd mg Neainf“s, Ir. Jmyhd prmvljdj t`d

lfsljd emffdetlmf Ir. [dnrsmf fddjdj tm rdne` mut tm [drs l̀fo Uqunrd. Z`d rdtdftlmf

mg Jmyhd wns n enheuhntdj jdelslmf mf t`d pnrt mg Ir. [dnrsmf tm gmri n pnrtfdrs`lp

wlt` [drs`lfo Uqunrd lf n emfedrtdj nttdipt tm hnufe` n ̀ mstlhd tnadmvdr mg Nhhdronf.

57.

Ns dnrhy ns Gdbrunry :, 2;>:, nfj emftlfulfo gmr t`d fdxt sdvdrnh wddas,

Wnhdnft tmma substnftlnh stdps tmwnrj n tdfjdr mggdr by dfonolfo lf emfedrtdj dggmrts

wlt` t`d [drs`lfo Jdgdfjnfts tm stnrt nequlrlfo Nhhdronf stmea.

5?.

Glrst, t`rmuo` Ir. Jmyhd, Ir. [dnrsmf nfj Neainf idt mf Gdbrunry :,

2;>:, tm jlseuss pmtdftlnh pnrtfdrs`lps lf nequlsltlmfs, lfehujlfo t`d pmtdftlnh nequlsltlmf

mg Nhhdronf.

50. Mf Gdbrunry 7, 2;>:, Ir. [dnrsmf nfj Neainf `nj n tdhdp`mfd enhh lf

w`le` t`dy gurt`dr jlseussdj `mw t`dy ilo t̀ wmra tmodt`dr tm pursud tnrodts lf t`d

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod < mg 5: [nod LJ #3<



- < -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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p`nrinedutlenh lfjustry. Emfedptunhhy, t`dy jlseussdj n pmtdftlnh strueturd lf w`le`

Wnhdnft wmuhj ljdftlgy n tnrodt nfj jlsehmsd lt emfgljdftlnhhy tm [drs`lfo Uqunrd, ngtdr

w`le` [drs`lfo Uqunrd emuhj jdeljd w`dt`dr lt wns lftdrdstdj lf wmralfo wlt` Wnhdnft

wlt` rdspdet tm sue` tnrodt nfj, lg lt wns fmt, [drs`lfo Uqunrd wmuhj nordd fmt tm inad

pure`nsds mg sdeurltlds lf sue` tnrodt. Fm spdelgle tnrodts wdrd jlseussdj mf t`d

tdhdp`mfd enhh. Lg [drs`lfo Uqunrd wdrd tm jdeljd t`nt lt wns lftdrdstdj lf wmralfo wlt`

Wnhdnft wlt` rdspdet tm n pnrtleuhnr tnrodt ljdftlgldj by Wnhdnft nt n hntdr jntd, t`df

[drs`lfo Uqunrd wmuhj emfjuet lfjdpdfjdft jud jlhlodfed mf t`d tnrodt, emfglri lts

lftdrdst lf wmralfo wlt` Wnhdnft tm pursud n pmtdftlnh emiblfntlmf mg Wnhdnft nfj t`d

tnrodt, nfj prmeddj tm jdvdhmp n strntdoy tm pure`nsd dqulty lf t`d tnrodt.5<. Nrmufj t`d snid tlid, Ir. [dnrsmf injd nf nppmlftidft tm iddt wlt`

Ir. [ymtt t`d gmhhmwlfo wddadfj tm gmhhmw up mf t`dlr Udptdibdr 2;>2 jlseusslmfs

rdonrjlfo t`d pmsslblhlty mg emiblflfo Wnhdnft nfj Nhhdronf.

:;.

Bdolfflfo mf Gdbrunry 7, 2;>:, Wnhdnft dfonodj t`rdd hnw glris ― Uuhhlvnf

& Ermiwdhh HH[, Uanjjdf, Nrps, Uhntd, Idno`dr & Ghmi HH[, nfj Mshdr, @msalfs &

@nremurt HH[ ― ns emufsdh lf emffdetlmf wlt` n pmtdftlnh Nhhdronf trnfsnetlmf.

:>.

Mf Gdbrunry ?, 2;>:, t`d Glfnfed nfj Zrnfsnetlmfs Emiilttdd mg

Wnhdnft“s bmnrj mg jlrdetmrs `dhj n tdhdp`mfle iddtlfo nt w`le` t`dy jlseussdj n

pmsslbhd emiblfntlmf mg Wnhdnft nfj Nhhdronf. Jurlfo t`d fdxt twm wddas, Wnhdnft“s

bmnrj ― nfj jlggdrdft subemiilttdds t`drdmg ― idt glvd imrd tlids tm jlseuss tnadmvdr

phnfs.

:2.

Mf Gdbrunry <, 2;>:, Wnhdnft nfj [drs`lfo Uqunrd dftdrdj lftm n

emfgljdftlnhlty norddidft (w`le` wns nidfjdj mf Gdbrunry 2;, 2;>:), ngtdr w`le` Ir.

[dnrsmf lfgmridj Neainf mg Wnhdnft“s lftdrdst lf n pmtdftlnh trnfsnetlmf wlt` Nhhdronf.

:5.

_lt` lts lfsljd afmwhdjod mg Wnhdnft“s lipdfjlfo tnadmvdr, [drs`lfo

Uqunrd norddj tm usd lts mwf gufjs tm nequlrd n sloflglenft stnad lf Nhhdronf, lf mrjdr tm

(n) suppmrt Wnhdnft“s dggmrts1 nfj (b) sdeurd insslvd prmglts gmr ltsdhg. Lf gurt`drnfed mg

Wnhdnft“s phnf, mf Gdbrunry >>, 2;>:, [drs`lfo Uqunrd nfj mt`dr [drs`lfo Uqunrd

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod >; mg 5: [nod LJ #3>;



- >; -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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dftltlds gmridj n fdw Jdhnwnrd hliltdj hlnblhlty emipnfy, [U Gufj >, t`nt wmuhj

uhtlintdhy enrry mut t`d stmea nequlsltlmf.

::. Mf Gdbrunry >5, 2;>:, rdprdsdftntlvds mg Wnhdnft nfj [drs`lfo Uqunrd nfj

t`dlr rdspdetlvd emufsdh idt tm jlseuss n pmtdftlnh trnfsnetlmf lfvmhvlfo Nhhdronf.

:4.

Jurlfo t`ls pdrlmj, Wnhdnft“s bmnrj mg jlrdetmrs idt nt hdnst slx tlids (mf

Gdbrunry ?, <, >7, >?, >0 nfj 2>, 2;>:) tm jlseuss n pmtdftlnh nequlsltlmf mg Nhhdronf.

Neemrjlfo tm n Fmvdibdr :, 2;>: mrjdr lf Nhhdronf, Lfe. v. Wnhdnft [`nrinedutlenhs

Lftdrfntlmfnh, Lfe., Fm. UNEW >:->2>: JME (NFx) (E.J. Enh.) (t`d ‘Fmvdibdr :, 2;>:

Mrjdr’), Wnhdnft“s bmnrj iddtlfo intdrlnhs ‘rdghdet t`nt Wnhdnft afdw t`drd wns n `lo`

hladhl`mmj t`nt n trnfsnetlmf wlt` Nhhdronf wmuhj lfvmhvd n ‐Q`Ymstlhd ens` nfj stmea

idrodr.“’

E.

Wnhdnft nfj t`d [drs`lfo Jdgdfjnfts Dftdrdj lftm t`d Rdhntlmfs`lp Norddidft

:7. Bdtwddf Gdbrunry 2;, 2;>: nfj Gdbrunry 24, 2;>:, rdprdsdftntlvds mg

Wnhdnft nfj [drs`lfo Uqunrd nfj t`dlr rdspdetlvd emufsdh dxe`nfodj jrngts mg nfj

fdomtlntdj n emftrnetunh nfj glfnfelnh norddidft rdhntdj tm t`d pure`nsd mg dqulty lf

Nhhdronf (t`d ‘Rdhntlmfs`lp Norddidft’). Wnhdnft nfj [drs`lfo Uqunrd glfnhlzdj nfj

dxdeutdj t`d Rdhntlmfs`lp Norddidft mf Gdbrunry 24, 2;>:.

:?.

Tfjdr t`d Rdhntlmfs`lp Norddidft, Wnhdnft norddj tm emftrlbutd $?4.<

ilhhlmf ― t`d inxliui nhhmwdj wlt`mut trloodrlfo nftltrust jlsehmsurd rdqulrdidfts ― tm

t`d prmpmsdj ‘em-bljjdr dftlty’ lf [U Gufj > tm nsslst wlt` t`d [drs`lfo Jdgdfjnfts“

nequlsltlmf mg n sloflglenft stnad mg Nhhdronf“s stmea nt fmf-prdilui prleds bdgmrd

Wnhdnft jlsehmsdj lts tnadmvdr phnfs tm t`d inradt. [drs`lfo Uqunrd supphldj gufjs mg

mvdr $5 blhhlmf, nfj rdtnlfdj smhd emftrmh mvdr [U Gufj >.

:0.

Lf t`d dvdft t`nt Wnhdnft wmuhj hnufe` n tdfjdr mggdr, [drs`lfo Uqunrd nfj

Wnhdnft wdrd rdqulrdj ufjdr t`d Rdhntlmfs`lp Norddidft tm ljdftlgy t`disdhvds ns ‘em-

bljjdrs.’

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod >> mg 5: [nod LJ #3>>



- >> -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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:<.

Z`rmuo`mut t`d wddas jurlfo w`le` Wnhdnft wns tnalfo t`dsd substnftlnh

stdps, lt rdinlfdj ehdnr tm Wnhdnft t`nt Nhhdronf wmuhj fmt hladhy bd lftdrdstdj lf

fdomtlntlfo n grldfjhy idrodr wlt` Wnhdnft. Mf Gdbrunry >;, 2;>:, lf emffdetlmf wlt`

Nhhdronf sdflmr infnodidft“s iddtlfos wlt` nfnhysts, Unfgmrj B. Bdrfstdlf & Em.

pubhls`dj n rdpmrt mg lts jlseusslmfs wlt` Ir. [ymtt, rdpmrtlfo t`nt nf nequlsltlmf mg

Nhhdronf by Wnhdnft ‘wns fmt n ommj glt nfj s`nrd`mhjdrs wmuhj `dsltntd tm tnad Wnhdnft

pnpdr.’ Z`nt snid jny, Bnfa mg Nidrlen Idrrlhh Hyfe` nfnhyst Ordoo Olhbdrt lssudj n

fmtd stntlfo t`nt Nhhdronf wmuhj fmt bd lftdrdstdj lf n trnfsnetlmf wlt` Wnhdnft.

4;.

Lf hlo`t mg t`ls fdontlvd prdss, nfj emfslstdft wlt` `ls dxpdetntlmf t`nt n

grldfjhy emiblfntlmf wmuhj fmt bd pmsslbhd, Ir. [dnrsmf enfedhhdj `ls se`djuhdjGdbrunry >:, 2;>: iddtlfo wlt` Ir. [ymtt.

4>.

Olvdf t`ls e`rmfmhmoy, Ir. [dnrsmf afdw t`nt n fdomtlntdj trnfsnetlmf

wmuhj fmt bd pmsslbhd nfj t`nt n `mstlhd tdfjdr mggdr wmuhj uhtlintdhy bd fdedssnry. Ir.

[dnrsmf“s nftlelpntlmf mg n tdfjdr mggdr wns rdghdetdj lf Wnhdnft“s Gdbrunry >?, 2;>:

Ruhd :24 glhlfo wlt` t`d UDE, lf w`le` `d stntdj t`nt `d wns ‘emrrdet’ lf `ls lfltlnh

susplelmf t`nt Wnhdnft ‘wmuhj uhtlintdhy `nvd tm om jlrdethy tm Nhhdronf s`nrd`mhjdrs.’

42.

Z`us, bdgmrd Wnhdnft nfj [drs`lfo Uqunrd dftdrdj lftm t`d Rdhntlmfs`lp

Norddidft mf Gdbrunry 24, 2;>:, nfj bdgmrd [U Gufj > `nj pure`nsdj nfy s`nrds mg

Nhhdronf, Wnhdnft `nj nhrdnjy tnadf substnftlnh stdps tmwnrj emiidfelfo lts tdfjdr

mggdr, lfehujlfo3 (n) dfonolfo hdonh emufsdh1 (b) rdne`lfo mut tm Neainf nfj emfvlfelfo

`li tm pnrtlelpntd ns n glfnfeldr nfj suppmrtdr1 (e) `mhjlfo bmnrj nfj emiilttdd

iddtlfos rdonrjlfo t`d pmtdftlnh mggdr mf Gdbrunry ?, <, >7, >?, >0 nfj 2>, 2;>:1 (j)

fdomtlntlfo t`d rdspdetlvd glfnfelnh emiiltidfts mg Wnhdnft nfj t`d [drs`lfo

Jdgdfjnfts1 nfj (d) norddlfo tm emiilt mvdr $?4 ilhhlmf tm t`d Rdhntlmfs`lp Norddidft

tm `dhp glfnfed t`d stmea nequlsltlmf.

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod >2 mg 5: [nod LJ #3>2



- >2 -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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LL.

Wnhdnft nfj [drs`lfo Uqunrd Wlmhntdj Ruhd >:d-5 by Zlpplfo nfj Zrnjlfomf Intdrlnh Fmf-[ubhle Lfgmrintlmf Nbmut n Zdfjdr Mggdr

45. Lf t`d Rdhntlmfs`lp Norddidft, Jdgdfjnfts spdelglenhhy ehnlidj tm bd

‘em-bljjdrs’ lf emffdetlmf wlt` n pmtdftlnh Nhhdronf trnfsnetlmf ― hladhy lf mrjdr tm

suppmrt nf nrouidft t`nt t`dy wdrd nhh t`d snid ‘pdrsmf’ gmr purpmsds mg t`d lfsljdr

trnjlfo ruhds. Nridj wlt` t`ls sdhg-sdrvlfo hnbdh, [U Gufj > (jlrdetdj by [drs`lfo

Uqunrd nfj Neainf) sderdthy pure`nsdj n substnftlnh nimuft mg Nhhdronf stmea wlt`mut

glhlfo jlsehmsurd jmeuidfts wlt` t`d UDE mr pnylfo nfy gmri mg emftrmh prdilui.

4:.

[drs`lfo Uqunrd wns t`d prlinry netmr lf pure`nslfo Nhhdronf stmea1 lt

prmvljdj npprmxlintdhy <?.4% mg t`d gufjlfo gmr [U Gufj >, nfj t`d Rdhntlmfs`lp

Norddidft stntds t`nt [drs`lfo Uqunrd Enpltnh Infnodidft ‘wlhh jlrdet t`d

infnodidft’ mg [U Gufj >.

44.

Lf n sdrlds mg emiphdx, ufjlsehmsdj, nfj enrdguhhy-enheuhntdj trnfsnetlmfs

bdtwddf Gdbrunry 24 nfj Nprlh 2>, 2;>:, [U Gufj > nequlrdj <.?% mg Nhhdronf“s stmea

(t`d ‘Nhhdronf Utmea [ure`nsd [rmorni’), prlinrlhy t`rmuo` mvdr-t`d-emuftdr (‘MZE’)

enhh mptlmfs nfj MZE dqulty guturds. Z`ls pdredftnod mg Nhhdronf“s stmea wns cust s`y

mg t`d ‘s`mrt swlfo’ prmglts prm`lbltlmf lf Udetlmf >7 mg t`d Dxe`nfod Net, w`le`

rdqulrds `mhjdrs mg ordntdr t`nf >;% mg n emipnfy“s stmea tm jlsomrod nfy prmglts injd

lf n slx-imft` buy-sdhh pdrlmj.

47. Z`d [drs`lfo Jdgdfjnfts bdonf t`d Nhhdronf Utmea [ure`nsd [rmorni nt n

tlid w`df t`dy ufqudstlmfnbhy `nj intdrlnh fmf-pubhle lfgmrintlmf rdhntlfo tm

Wnhdnft“s gmrt`emilfo tdfjdr mggdr, lf vlmhntlmf mg Udetlmf >:(d) mg t`d _lhhlnis Net, ns

wdhh ns Ruhd >:d-5.

4?.

Ruhd >:d-5 prmvljds t`nt, w`drd nfy pdrsmf `ns tnadf ‘n substnftlnh stdp mr

stdps’ (t`d ‘mggdrlfo pdrsmf’) tm emiidfed n tdfjdr mggdr mg n tnrodt emipnfy, nfy

‘mt`dr pdrsmf’ w`m ls lf pmssdsslmf mg intdrlnh fmf-pubhle lfgmrintlmf rdhntlfo tm t`nt

tdfjdr mggdr ls prm`lbltdj grmi pure`nslfo mr sdhhlfo nfy sdeurltlds mg t`d tnrodt

emipnfy, ufhdss t`d lfgmrintlmf ls pubhlehy jlsehmsdj wlt`lf n rdnsmfnbhd tlid prlmr tm

t`d pure`nsd mr snhd. Z`d ruhd lipmsds n juty tm jlsehmsd mr nbstnlf grmi trnjlfo





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lrrdspdetlvd mg w`dt`dr t`d trnjdr mwds n juty tm rdspdet t`d emfgljdftlnhlty mg t`d

lfgmrintlmf.

40. Wnhdnft tmma substnftlnh stdps tmwnrj n tdfjdr mggdr gmr Nhhdronf“s stmea

bdolfflfo mf mr bdgmrd Gdbrunry 7, 2;>:. Imrdmvdr, `nvlfo nhrdnjy bddf rdbuggdj,

Wnhdnft afdw t`nt lt wmuhj fmt hladhy bd nbhd tm nequlrd Nhhdronf t`rmuo` n ‘grldfjhy’

jdnh, nfj t`nt n `mstlhd tdfjdr mggdr wns t`drdgmrd lfdvltnbhd.

4<.

Wnhdnft tmhj [drs`lfo Uqunrd nbmut Wnhdnft“s emfgljdftlnh phnfs tm hnufe` n

tdfjdr mggdr prdelsdhy bdenusd Wnhdnft wnftdj [drs`lfo Uqunrd tm trnjd mf t`nt

lfgmrintlmf. Wnhdnft wnftdj ns infy s`nrds ns pmsslbhd tm bd `dhj by stmea`mhjdrs t`nt

Wnhdnft pdredlvdj ns hladhy tm suppmrt nf Nhhdronf tnadmvdr, but slfed lt emuhj fmt pnygmr t`d s`nrds jlrdethy, lt turfdj tm [drs`lfo Uqunrd. Z`d lhhlelt tlp grmi Wnhdnft wns

[drs`lfo Uqunrd“s lfedftlvd tm cmlf t`d se`did. [drs`lfo Uqunrd norddj nfj nequlrdj

<.?% mg Nhhdronf“s mutstnfjlfo stmea w`lhd lf pmssdsslmf mg t`nt intdrlnh, fmf-pubhle

lfgmrintlmf.

7;.

Fmfd mg t`d pnrtlds jlsehmsdj Wnhdnft“s tnadmvdr lftdftlmfs uftlh hmfo ngtdr

t`d pure`nsds wdrd injd, nfj hmfo ngtdr Nhhdronf stmea`mhjdrs ― lfehujlfo [hnlftlgg ―

nfj t`d mvdrnhh inradt `nj bddf jninodj tm t`d bdfdglt mg [drs`lfo Uqunrd nfj

Wnhdnft.

7>. [hnlftlgg wns `nridj nfj suggdrdj jninods ns n rdsuht mg t`dsd trnjds

bdenusd `d jlj fmt afmw t`d lfgmrintlmf `d wns dftlthdj tm afmw ufjdr Ruhd >:d-5“s

jlsehmsd-mr-nbstnlf rdqulrdidft, nfj emfsdqudfthy smhj `ls Nhhdronf stmea gmr nf ufgnlr

prled nfj jlj fmt rdedlvd t`d bdfdglt mg t`d prdilui t`nt gmhhmwdj mfed Wnhdnft“s

prmpmsnh ― t`d intdrlnh fmf-pubhle lfgmrintlmf pmssdssdj by [drs`lfo Jdgdfjnfts ―

wns rdhdnsdj tm t`d inradt.

72.

Lfjddj, t`d [drs`lfo Jdgdfjnfts rdnpdj n iuhtl-blhhlmf-jmhhnr bdfdglt

w`df W nhdnft“s prmpmsnh wns nffmufedj. Z`d [drs`lfo Jdgdfjnfts t`us dxphmltdj

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod >: mg 5: [nod LJ #3>:



- >: -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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dxnethy t`d smrt mg lfgmrintlmfnh njvnftnod t`nt Ruhd >:d-5 wns jdslofdj tm prdvdft

bdenusd, ns t`d UDE stntdj w`df njmptlfo t`d ruhd3>

Z`d Emiilsslmf `ns prdvlmushy dxprdssdj nfj emftlfuds tm`nvd sdrlmus emfedrfs nbmut trnjlfo by pdrsmfs lf pmssdsslmfmg intdrlnh, fmf-pubhle lfgmrintlmf rdhntlfo tm n tdfjdr mggdr.

Z`ls prnetled rdsuhts lf ufgnlr jlspnrltlds lf inradtlfgmrintlmf nfj inradt jlsruptlmf. Udeurlty `mhjdrs w`mpure`nsd grmi mr sdhh tm sue` pdrsmfs nrd dggdetlvdhy jdfldjt`d bdfdglts mg jlsehmsurd nfj t`d substnftlvd prmtdetlmfs mgt`d _lhhlnis Net. Lg gurfls`dj wlt` t`d lfgmrintlmf, t`dsdsdeurlty `mhjdrs wmuhj bd nbhd tm inad nf lfgmridjlfvdstidft jdelslmf, w`le` emuhj lfvmhvd jdgdrrlfo t`dpure`nsd mr snhd mg t`d sdeurltlds uftlh t`d intdrlnhlfgmrintlmf `nj bddf jlssdilfntdj mr uftlh t`d tdfjdr mggdr`nj bddf emiidfedj mr tdrilfntdj. Imrdmvdr, t`d _lhhlnis

Net wns jdslofdj tm nvdrt n ‘stnipdjd dggdet’ lf t`d emftdxt

mg tdfjdr mggdrs, nfj t`d trnjlfo mf intdrlnh, fmf-pubhlelfgmrintlmf nfj t`d jlssdilfntlmf mg hdnas nfj ruimrs lfemffdetlmf wlt` sue` trnjlfo tdfjs tm prmimtd t`lsjdtrlidftnh dggdet.

Ns Neainf bmnstdj mf Fmvdibdr 27, 2;>:, t`d [drs`lfo Jdgdfjnfts“ prmglt `ns fmw

lferdnsdj tm $2.4 blhhlmf.

75. Lf nf dggmrt tm elreuivdft Ruhd >:d-5, Wnhdnft nfj [drs`lfo Uqunrd

nttdiptdj lf t`dlr wrlttdf norddidfts wlt` dne` mt`dr tm emfstruet n ‘em-bljjdr’ gletlmf

― gnhsdhy suoodstlfo t`nt t`dy s`muhj bd emfsljdrdj n slfohd ‘pdrsmf’ mr ‘mggdrlfopdrsmf’ ufjdr t`d Ruhd. @mwdvdr, Wnhdnft nfj [drs`lfo Uqunrd“s emfstruetlmf mg n

s`dhh dftlty t`rmuo` w`le` tm net, nfj t`dlr sdhg-sdrvlfo jdserlptlmf mg t`dlr mwf

emfjuet, nrd lrrdhdvnft. Z`d tdris mg t`d Rdhntlmfs`lp Norddidft, t`d pnrtlds“

subsdqudft netlmfs, nfj t`d demfmiles mg t`ls nttdiptdj tnadmvdr inad ehdnr t`nt t`dy

wdrd fmt netlfo ns n slfohd ‘mggdrlfo pdrsmf’ nt t`d tlid mg [drs`lfo Uqunrd“s trnjds.

7:.

Nt t`d tlid t`d prmpmsdj nequlsltlmf wns nffmufedj, Wnhdnft wns t`d smhd

bljjdr. Z`d prmpmsnh tm nequlrd Nhhdronf wns fmt injd by Neainf mr [drs`lfo Uqunrd,

fmr wns lt injd mf bd`nhg mg Neainf mr [drs`lfo Uqunrd.

> Udd Zdfjdr Mggdrs, Dxe`nfod Net Rdhdnsd Fm. >?>2;, ><0; _H 2;07< (Udpt. :,><0;).





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74.

Eruelnhhy, mfhy Wnhdnft ls mggdrlfo emfsljdrntlmf lf t`d gmri mg s`nrds nfj

ens` tm Nhhdronf“s stmea`mhjdrs. By emftrnst, Neainf nfj t`d mt`dr [drs`lfo Uqunrd

dftltlds nrd tmodt`dr mggdrlfo fmt`lfo tm Nhhdronf stmea`mhjdrs ― t`dy nrd sddalfo tm sdhh

Nhhdronf stmea, ns Wnhdnft sddas tm buy lt. Lf gnet, ns fmtdj lf t`d Fmvdibdr :, 2;>:

Mrjdr, t`d Gmri U-: glhdj by Jdgdfjnfts ehdnrhy stntdj t`nt3

(n) ‘Wnhdnft (t`rmuo` QNOIUY’ ― fmt t`d [drs`lfo Jdgdfjnfts ― wns

mggdrlfo tm nequlrd Nhhdronf emiimf stmea1 nfj

(b) ‘QFYmfd mg [drs`lfo Uqunrd, [U Gufj > mr nfy mg [drs`lfo Uqunrd“s

ngglhlntds QwnsY mggdrlfo tm nequlrd nfy s`nrds mg Nhhdronf emiimf stmea lf t`d

mggdr.’ 77. Imrdmvdr, Neainf wns fmt omlfo tm bd n bmnrj idibdr mg Wnhdnft,

wmuhj fmt mt`drwlsd bd n emftrmh pdrsmf mg Wnhdnft, nfj wns fmt omlfo tm rdedlvd nfy

buslfdss mr nssdt mg Nhhdronf ns n rdsuht mg t`d tdfjdr mggdr. Neainf nhsm emfglridj

pubhlehy t`nt lt wns Wnhdnft, nfj fmt [drs`lfo Uqunrd, t`nt wmuhj rdtnlf emiphdtd

emftrmh mvdr t`d trnfsnetlmf. Lf n Cuhy 2>, 2;>: lftdrvldw mf EFBE, w`df nsadj

w`dt`dr `d nfj Wnhdnft w muhj ‘rnlsd t`dlr mggdr’ lf hlo`t mg Nhhdronf“s strmfo sdemfj

qunrtdr pdrgmrinfed, Neainf rdspmfjdj, ‘Wnhdnft emftrmhs w`nt t`dy“rd prdpnrdj tm

pny.’ Lf gnet, t`d Fmvdibdr :, 2;>: Mrjdr gmufj t`nt, ‘nt ilfliui,’ ‘sdrlmus

qudstlmfs’ wdrd rnlsdj ns tm ‘w`dt`dr [drs`lfo Uqunrd QwnsY nf ‐mggdrlfo pdrsmf“ mr ‐em-

mggdrlfo pdrsmf“ dxdipt grmi Ruhd >:-d-5“s ‐jlsehmsd mr nbstnlf“ ruhd.’ Neemrjlfohy,

rdonrjhdss mg sdinftles, Neainf nfj [drs`lfo Uqunrd dftltlds nrd fmt nf ‘mggdrlfo

pdrsmf’ wlt`lf t`d idnflfo mg Ruhd >:d-5.

7?.

Wnhdnft emfedjds t`nt lt wns fmt dvdf njjdj ns n idibdr mg [U Gufj >

uftlh wdhh lftm t`d Nhhdronf Utmea [ure`nsd [rmorni ― Nprlh 7, 2;>: ― nfj jlj fmt

emftrlbutd nfy enpltnh tm [U Gufj > uftlh Nprlh >;, 2;>:. By t`ls tlid, [U Gufj > `nj

nequlrdj imrd t`nf >> ilhhlmf s`nrds mr mptlmfs.

70. Dvdf ngtdr Wnhdnft purpmrtdjhy bdenid n idibdr mg [U Gufj >, t`d

fnturd mg Jdgdfjnfts“ rdhntlmfs`lp rdinlfdj ehdnr3 Wnhdnft wns nf mggdrlfo pdrsmf, nfj





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[U Gufj > ― nt t`d jlrdetlmf mg [drs`lfo Uqunrd ― wns nfmt`dr pdrsmf nequlrlfo s`nrds

lf vlmhntlmf mg Ruhd >:d-5.

7<. Tfjdr t`d Rdhntlmfs`lp Norddidft, [drs`lfo Uqunrd rdtnlfs t`d nut`mrlty

tm net gmr lts mwf neemuft ― dvdf lf emftrnvdftlmf mg Wnhdnft“s lftdrdsts. Z`d

Rdhntlmfs`lp Norddidft prmvljds t`nt lt wlhh tdrilfntd lg n ‘Z`lrj [nrty Zrnfsnetlmf

[rmpmsnh’ ― n pubhle prmpmsnh by n bljjdr mt`dr t`nf Wnhdnft ― ls injd, nfj Wnhdnft

jmds fmt inte` mr dxeddj t`nt prmpmsnh wlt`lf :4 jnys.

?;.

Z`d Rdhntlmfs`lp Norddidft nhsm olvds Wnhdnft uflhntdrnh jlserdtlmf tm

tdrilfntd t`d emftrnet upmf fmtled tm [drs`lfo Uqunrd t`nt ‘lt ls fmt lftdrdstdj lf

emfsuiintlfo’ n trnfsnetlmf wlt` Nhhdronf. Rdonrjhdss mg t`d ‘em-bljjdr’ hnbdh, ufjdr

t`d tdris mg t`d Rdhntlmfs`lp Norddidft, [drs`lfo Uqunrd wns fmt t`d snid ‘pdrsmf’

ns Wnhdnft wlt` rdspdet tm t`ls prmpmsnh. Rnt`dr, lt rdinlfs n sdpnrntd, lfjdpdfjdft

lfvdstmr, ufngglhlntdj wlt` Wnhdnft, w`le` `ns rdtnlfdj t`d grddjmi tm needpt n bdttdr

jdnh lg mfd emids nhmfo ― w`lhd Wnhdnft `ns rdtnlfdj uflhntdrnh jlserdtlmf tm tdrilfntd

t`d tnadmvdr nhtmodt`dr.

?>.

Wnhdnft nfj [drs`lfo nhsm tmma ordnt pnlfs tm emfednh t`dlr trud lftdft dnrhy

mf by purpmsdhy lfehujlfo hnfounod lf t`dlr norddidft t`nt ‘fm stdps `nvd bddf tnadf

tmwnrj n tdfjdr mr dxe`nfod mgg dr.’

?2. Z`ls stntdidft wns fmt mfhy jdimfstrnbhy gnhsd, but nhsm ehdnrhy erngtdj lf

nf nttdipt tm elreuivdft t`d prm`lbltlmfs mg Ruhd >:d-5 nfj rdqulrdidfts mg t`d

_lhhlnis Net imrd odfdrnhhy.

LLL.

Z`d Nhhdronf Utmea [ure`nsd [rmorni _ns Enrdguhhy Jdslofdj tm Nvmlj

Rdqulrdj Jlsehmsurd?5. Lf njjltlmf tm vlmhntlfo Ruhd >:d-5, t`d Nhhdronf Utmea [ure`nsd [rmorni

wns nlidj nt prdsdrvlfo sderdey nfj sddalfo tm dvnjd jlsehmsurd rdqulrdidfts nt dvdry

turf.

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod >? mg 5: [nod LJ #3>?



- >? -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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?:.

Z`d inffdr lf w`le` t`dsd trnjds meeurrdj wns enrdguhhy jdslofdj tm

prdsdrvd t`d sderdey mg t`d bhmea nequlsltlmfs nfj t`drdgmrd [drs`lfo Uqunrd“s

lfgmrintlmfnh njvnftnod mvdr t`d inradt.

?4.

Mf Gdbrunry 24 nfj 27, 2;>:, [U Gufj > nequlrdj npprmxlintdhy 7;;,;;;

s`nrds mg t`d mutstnfjlfo emiimf stmea mg Nhhdronf.

?7.

Bdtwddf Inre` 5, 2;>: nfj Nprlh 0, 2;>:, [U Gufj > nequlrdj njjltlmfnh

Nhhdronf s`nrds, brlfolfo lts `mhjlfos up tm :.<<% t`rmuo` jddp-lf-t`d-imfdy

Nidrlenf-styhd, MZE zdrm-strlad enhh mptlmfs. Z`dsd zdrm-strlad prled mptlmfs wdrd

uflqud lf t`nt, bdenusd mg t`d dxtrdidhy hmw strlad prled, t`dy wdrd ounrnftddj tm bd

dxdrelsdj nfj t`us wdrd t`d dqulvnhdft mg mutrlo`t mwfdrs`lp.??. Cust s`y mg t`d 4% rdpmrtlfo t`rds`mhj ufjdr Udetlmf >5(j), t`dsd

pure`nsds nhsm nhhmwdj Wnhdnft tm nvmlj nftltrust jlsehmsurd rdqulrdidfts.

?0.

[drs`lfo Uqunrd t`df `nhtdj trnjlfo gmr twm jnys tm hdt Nhhdronf“s stmea

prled sdtthd jmwf tm n purpmrtdj ‘ufnggdetdj’ stmea prled.

?<.

Znalfo njvnftnod mg t`d >;-jny wlfjmw ufjdr Udetlmf >5(j), [U Gufj >

emftlfudj wlt` t`d sdemfj `nhg mg lts noordsslvd neeuiuhntlmf mg Nhhdronf stmea bdtwddf

Nprlh >> nfj Nprlh 2>, 2;>:. Jurlfo t`ls wlfjmw, [U Gufj > lferdnsdj lts ̀ mhjlfos tm

fdnrhy >;% mg Nhhdronf“s stmea (nhimst >: ilhhlmf s`nrds) t`rmuo` njjltlmfnh jddp-lf-

t`d-imfdy MZE enhh mptlmfs nfj MZE dqulty gmrwnrjs mf Nprlh 2>, 2;>:.

0;. By Nprlh 2>, 2;>:, [U Gufj > `nj nhrdnjy nequlrdj <.?% pdredft mg t`d

mutstnfjlfo Nhhdronf stmea ― stlhh wlt`mut jlsehmslfo lts mwfdrs`lp neeuiuhntlmf mr

Wnhdnft“s tnadmvdr lftdftlmfs.2

0>.

Grmi t`d tlid t`dsd sloflglenft nequlsltlmfs bdonf, Nhhdronf“s stmea prled

lferdnsdj grmi $>24.4: pdr s`nrd mf Gdbrunry 24, 2;>:, tm n ehmslfo prled mg $>75.74

pdr s`nrd mf Nprlh 22, 2;>:, t`d jny mg Wnhdnft“s nffmufedj prmpmsnh.

2 Mf Iny >, 2;>:, [U Gufj > dxdrelsdj Nidrlenf-styhd enhh mptlmfs tm pure`nsdimrd t`nf 2: ilhhlmf s`nrds mg Nhhdronf emiimf stmea nfj pnlj t`d npphlenbhd gmrwnrjpure`nsd prled tm pure`nsd mvdr 5 ilhhlmf s`nrds mg Nhhdronf emiimf stmea.





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02.

Z`us, lf mrjdr tm prmglt grmi Wnhdnft“s intdrlnh fmf-pubhle lfgmrintlmf nt

t`d dxpdfsd mg Nhhdronf“s stmea`mhjdrs, t`d [drs`lfo Jdgdfjnfts neeuiuhntdj s`nrds

rnpljhy nt emsts wdhh bdhmw t`d pmst-nffmufedidft s`nrd prled. Z`d Nhhdronf Utmea

[ure`nsd [rmorni wns jdslofdj tm gmrdehmsd t`d prmspdet t`nt mt`dr bljjdrs wmuhj

emid gmrwnrj, olvdf Wnhdnft“s substnftlnh `dnj stnrt.

05.

N rdvldw mg trnjlfo netlvlty lf njvnfed mg Jdgdfjnfts“ Ue`djuhd >5J

glhlfos mf Nprlh 2>, 2;>:, nhsm dvljdfeds trnjlfo t`nt ls fmt dxphnlfdj by [drs`lfo

Uqunrd“s mwf pure`nsds ― nfj pdr`nps suoodsts njjltlmfnh tlpplfo by Wnhdnft nfj

[drs`lfo Uqunrd. Neemrjlfo tm nf Nprlh 22, 2;>: _nhh Utrddt Cmurfnh nrtlehd dftlthdj

‘Ghurry mg Nhhdronf Zrnjlfo [rdedjdj Mggdr’3D vdf ngtdr strlpplfo mut Ir. Neainf“s buylfo, t`d vmhuid mgstmea trnjlfo lf Nhhdronf jurlfo t`d >;-jny pdrlmj bdgmrdImfjny“s nffmufedidft wns 07% `lo`dr t`nf lts nvdrnodmvdr t`d prdvlmus ydnr. . . . QUYue` n sloflglenft surod lftrnjlfo suoodsts t`nt lfgmrintlmf nbmut t`d pmtdftlnh buymutblj emuhj `nvd hdnadj tm mt`dr lfvdstmrs, nfnhysts snlj.

LW. Jdgdfjnfts“ Utntdidfts nfj Netlmfs Gurt`dr Rdvdnh t`d Gnet Z`nt Z`dy Nrd Udpnrntd [drsmfs

0:.

Z`d gnet t`nt Wnhdnft nfj [drs`lfo Uqunrd wdrd fmt ― nfj enffmt ― bd

emfsljdrdj t`d snid ‘mggdrlfo pdrsmf’ ls emfslstdft wlt` Wnhdnft“s nfj Neainf“s pubhle

stntdidfts. Gmr dxniphd, lf lts nidfjdj Gmri U-:, Wnhdnft dxprdsshy jlsehnlis nfy

ngglhlntlmf wlt` [drs`lfo Uqunrd, lf emftdfjlfo t`nt lts prmpmsdj nequlsltlmf mg Nhhdronf

wmuhj fmt bd n trnfsnetlmf wlt` nf ‘Lftdrdstdj Utmea`mhjdr’ ufjdr t`d tdris mg

Nhhdronf“s edrtlg lentd mg lfemrpmrntlmf. Tfjdr Nrtlehd >4 mg t`nt edrtlglentd, nf

ngglrintlvd vmtd mg nt hdnst twm-t`lrjs mg ‘jlslftdrdstdj s`nrds’ ls rdqulrdj gmr t`d

npprmvnh mg n trnfsnetlmf bdtwddf t`d Emipnfy nfj ‘nfy mt`dr emrpmrntlmf mr nfy mg

lts ngglhlntds t`nt lfjlvljunhhy mr lf t`d noordontd nrd jlrdethy mr lfjlrdethy t`d bdfdglelnh

mwfdrs mg 4% mr imrd mg t`d mutstnfjlfo vmtlfo s`nrds mg t`d Emipnfy.’ Lf t`d

nidfjdj Gmri U-:, Wnhdnft `ns tnadf t`d pmsltlmf t`nt, bdenusd Wnhdnft ltsdhg mwfs

mfhy >;; s`nrds, nfj bdenusd lf Wnhdnft“s vldw lt enffmt bd snlj tm bd t`d ‘mwfdr’ mg

t`d s`nrds mg Nhhdronf emiimf stmea `dhj by [U Gufj >, n idrodr bdtwddf Wnhdnft nfj

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod >< mg 5: [nod LJ #3><



- >< -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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Nhhdronf wmuhj fmt bd n ‘Buslfdss Emiblfntlmf’ wlt` nf ‘Lftdrdstdj Utmea`mhjdr.’

Nht`muo` lfemrrdet gmr purpmsds mg Nrtlehd >4, Wnhdnft ltsdhg `ns neafmwhdjodj t`nt

Wnhdnft ls nfj nhwnys `ns bddf t`d mggdrlfo pdrsmf, w`lhd [U Gufj > ls n sdpnrntd,

ufngglhlntdj dftlty.

04.

Ngtdr Wnhdnft nfj [drs`lfo Uqunrd dftdrdj lftm t`d Rdhntlmfs`lp

Norddidft, nfj dvdf ngtdr t`dy pubhlehy nffmufedj t`nt norddidft mf Nprlh 22, 2;>:,

Neainf rdpdntdjhy rdprdsdftdj t`nt `d wns cust nfmt`dr Nhhdronf stmea`mhjdr hmmalfo tm

inxlilzd vnhud, w`dt`dr t`rmuo` n trnfsnetlmf wlt` Wnhdnft mr smid mt`dr emipnfy.

07.

Lf n Iny 4, 2;>: hdttdr tm Nhhdronf“s Hdnj Lfjdpdfjdft Jlrdetmr (Ile`ndh

Onhhno`dr), Neainf wrmtd3(n) ‘Ns Nhhdronf“s hnrodst s`nrd`mhjdr wlt` <.?% mg t`d emiimf stmea,

wd hmma gmrwnrj tm wmralfo wlt` ymu nfj t`d rdst mg t`d bmnrj tm inxlilzd vnhud

gmr nhh Nhhdronf s`nrd`mhjdrs’1 nfj

(b) ‘ wd nrd suppmrtlvd mg Nhhdronf inalfo t`d bdst pmsslbhd jdnh wlt`

Wnhdnft mr ljdftlgylfo n supdrlmr trnfsnetlmf wlt` nfmt`dr emipnfy.’

0?.

Lf n Iny >2, 2;>: hdttdr tm Nhhdronf“s Nssmelntd Odfdrnh Emufsdh nfj

Uderdtnry (Intt`dw Inhdttn), Neainf stntdj t`d purpmsd mg t`d jdinfj ufjdr

Jdhnwnrd Odfdrnh Emrpmrntlmf Hnw Udetlmf 22; gmr t`d lfspdetlmf mg Nhhdronf“s bmmas

nfj rdemrjs3

Z`d purpmsd mg t`ls jdinfj ls tm dfnbhd t`d RdqudstlfoUtmea`mhjdr tm emiiuflentd wlt` gdhhmw stmea`mhjdrs mg t`dEmipnfy mf inttdrs rdhntlfo tm t`dlr iutunh lftdrdst nsstmea`mhjdrs… lfehujlfo, wlt`mut hliltntlmf, t`d smhleltntlmfmg vldws rdonrjlfo Wnhdnft [`nrinedutlenhs LftdrfntlmfnhLfe.“s prmpmsnh tm nequlrd t`d Emipnfy.

Lf t`d hdttdr, Neainf emrrdethy rdgdrdfedj t`d prmpmsnh nfj t`d trnfsnetlmf ns Wnhdnft“s

― fmt [drs`lfo Uqunrd“s ― n e`nrnetdrlzntlmf emfslstdft wlt` Nhhdronf“s pubhle rdcdetlmfs

mg t`d mggdr nfj lfemfslstdft wlt` nfy nttdipt tm enst [drs`lfo Uqunrd nfj Wnhdnft ns n

slfohd ‘pdrsmf.’

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod 2; mg 5: [nod LJ #32;



- 2; -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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00.

Mf Iny >5, 2;>:, Wnhdnft nfj [drs`lfo Uqunrd glhdj n [rdhlilfnry [rmxy

Utntdidft wlt` t`d UDE tm emfjuet n fmf-blfjlfo ‘s`nrd`mhjdr rdgdrdfjui,’

purpmrtlfo tm jlrdet t`d Nhhdronf bmnrj tm ‘prmipthy dfonod lf ommj gnlt` jlseusslmfs

wlt` Wnhdnft rdonrjlfo Wnhdnft“s mggdr tm idrod wlt` t`d Emipnfy’ ― but wlt`mut

prdehujlfo t`d Nhhdronf bmnrj grmi dfonolfo lf jlseusslmfs wlt` mt`dr pnrtlds t`nt

ilo`t mggdr `lo`dr vnhud. Z`ls [rmxy Utntdidft jdglfds [drs`lfo Uqunrd ns t`d

Rdqudstlfo U`nrd`mhjdr, nfj rdqudsts fdomtlntlmfs wlt` Wnhdnft rdonrjlfo Wnhdnft“s

mggdr.

0<.

Lf n Iny ><, 2;>: hdttdr tm Ir. Onhhno`dr, Neainf wrmtd3

(n) ‘L glfj lt lfnpprmprlntd t`nt Nhhdronf“s hdnj lfjdpdfjdft jlrdetmr wns ufwlhhlfo tm spdna tm n s`nrd`mhjdr wlt`mut infnodidft prdsdft’1

(b) ‘Ir. [ymtt `ns nhsm nppnrdfthy erltlelzdj [drs`lfo Uqunrd, dxphnlflfo

t`nt mur vldws s`muhj fmt bd emfsljdrdj, ns wd nrd smid`mw emfghletdj bdenusd

mg mur rdhntlmfs`lp wlt` Wnhdnft. Zm sdt t`d rdemrj strnlo`t, [drs`lfo Uqunrd ls

Nhhdronf“s hnrodst s`nrd`mhjdr wlt` fdnrhy >;% mg t`d emiimf stmea mg t`d

emipnfy . . . . Qnfj lsY lftdrdstdj mfhy lf inxlilzlfo t`d vnhud mg QltsY lfvdstidft

lf Nhhdronf’1 nfj

(e) ‘Bnsdj mf emfvdrsntlmfs w d `nvd `nj wlt` mt`dr Nhhdronf

s`nrd`mhjdrs . . . , wd bdhldvd t`nt t`d incmrlty mg Nhhdronf s`nrd`mhjdrs nrd

lftdrdstdj lf n pmtdftlnh buslfdss emiblfntlmf wlt` Wnhdnft . . . . QLYt ls rnrd t`nt n

s`nrd`mhjdr ls wlhhlfo tm enfjljhy s`nrd lts vldws wlt` n E`nlrinf/EDM w`m wlhh

hladhy hmsd `ls cmb ns n rdsuht mg n prmpmsdj trnfsnetlmfQ.Y’

<;.

Lf n p`mfd emfvdrsntlmf wlt` Ir. [ymtt mf Iny >5, 2;>:, Neainf nonlf

rdprdsdftdj t`nt `d wns n emfedrfdj stmea`mhjdr, nfj jlj fmt ehnli tm bd n bljjdr wlt`

Wnhdnft. Udvdrnh tlids jurlfo t`d enhh Neainf rdgdrrdj tm `lisdhg ns ‘QNhhdronf“sY

hnrodst s`nrd`mhjdr.’ Jurlfo t`d enhh, Neainf stntdj3

_d `nvd n $4 blhhlmf lfvdstidft lf Nhhdronf, wd“rd ymurhnrodst s`nrd`mhjdr, wd `nvd zdrm lfvdstidft lf Wnhdnft, wd`nvd fm sljd nrrnfodidfts wlt` Wnhdnft, wd `nvd fm mt`dr

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod 2> mg 5: [nod LJ #32>



- 2> -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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norddidfts wlt` Wnhdnft, mt`dr t`nf t`d norddidft t`ntymu“vd sddf w`le` snys lg t`drd“s n bdttdr vnhud tm bd `nj lfnhtdrfntlvds Q sle Y trnfsnetlmf tm Wnhdnft, nfj wd `nvd t`d rlo`ttm needpt t`nt vnhud … . Z`d mfhy nodfjn wd `nvd ls tminxlilzd t`d vnhud mg mur lfvdstidft lf Nhhdronf.

<>.

Ns rdedfthy ns Cuhy >7, 2;>:, Neainf wrmtd lf n hdttdr tm Nhhdronf“s bmnrjt`nt, lg nhhdontlmfs mg Wnhdnft“s ‘inhgdnsnfed’ nrd trud, ‘t`df ns Nhhdronf“s hnrodst

s`nrd`mhjdr wlt` n $4 blhhlmf lfvdstidft wd wmuhj mg emursd strmfohy mppmsd n Wnhdnft

trnfsnetlmf.’ Z`dsd nrd fdlt`dr t`d wmrjs fmr t`d netlmfs mg nf netunh bljjdr.

<2. Neainf nfj `ls `djod gufj enffmt bd s`ldhjdj grmi hlnblhlty by enhhlfo

t`disdhvds ‘em-bljjdrs1’ t`dy wdrd mt`dr pdrsmfs w`m wdrd prm`lbltdj grmi trnjlfo ufjdr

Ruhd >:d-5(n).

<5.

Nt lts emrd, Wnhdnft nfj [drs`lfo Uqunrd“s ilsemfjuet emfstltutds nf

lipdrilsslbhd wnrd`muslfo se`did. Wnhdnft hdnadj lts fmf-pubhle tdfjdr mggdr

lftdftlmfs tm [drs`lfo Uqunrd, prmiptlfo [drs`lfo Uqunrd tm pure`nsd <.?% mg Nhhdronf

stmea. Fmt mfhy jlj t`d hdnadj lfgmrintlmf prmeurd sloflglenft prmglts gmr [drs`lfo

Uqunrd, lt nhsm dfsurdj n prdsuiptlvdhy ‘grldfjhy’ stnad gmr Wnhdnft mfed Wnhdnft

hnufe`dj lts tdfjdr mggdr.

W.

Wnhdnft nfj t`d [drs l̀fo Jdgdfjnfts Nffmufed Wnhdnft“s Znadmvdr [hnfs

<:.

Udetlmf >5(j) rdqulrds nfy dftlty t`nt jlrdethy mr lfjlrdethy nequlrds

bdfdglelnh mwfdrs`lp mg imrd t`nf 4% mg n rdolstdrdj ehnss mg nf lssudr“s dqulty

sdeurltlds tm glhd n Ue`djuhd >5J jlsehmsurd stntdidft wlt` t`d UDE wlt`lf tdf jnys mg

t`d jntd t`d glhdr ermssds t`d 4% t r̀ds`mhj. Z`d Ue`djuhd >5J iust emftnlf t`d

lfgmrintlmf spdelgldj lf Udetlmf >5(j) nfj t`d UDE ruhds prmiuhontdj t`drdufjdr,

lfehujlfo, nimfo mt`dr t`lfos3 t`d fuibdr mg s`nrds bdfdglelnhhy mwfdj1 t`d smured nfj

nimuft mg t`d gufjs tm bd usdj lf t`d nequlsltlmf1 lfgmrintlmf ns tm nfy emftrnets,

norddidfts, mr ufjdrstnfjlfos wlt` nfy dftlty rdhntlfo tm t`d sdeurltlds mg t`d lssudr1 nfj

t`d bdfdglelnh mwfdr“s phnfs gmr t`d lssudr“s buslfdss nfj omvdrfnfed. Udetlmf >5(j) nfj

Ue`djuhd >5J gufetlmf tmodt`dr ns ady dhdidfts mg t`d _lhhlnis Net, nfj prmvljd pubhle

stmea`mhjdrs wlt` dnrhy wnrflfo mg n pmtdftlnh tnadmvdr.





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<4.

Mf Nprlh 2>, 2;>:, t`d hnst pmsslbhd jny pdrilsslbhd ufjdr t`d >;-jny

pdrlmj prdserlbdj by Udetlmf >5(j) mg t`d Dxe`nfod Net, Wnhdnft nfj [drs`lfo Uqunrd

s`meadj t`d inradt w`df t`dy dne` glhdj n Ue`djuhd >5J purpmrtlfo tm jlsehmsd t`d

nequlsltlmf mg Nhhdronf stmea nfj Wnhdnft“s hmfostnfjlfo phnf tm tnad mvdr Nhhdronf.

@mwdvdr, t`dsd glhlfos wdrd jdgleldft lf t`nt t`dy jlj fmt lfehujd lipmrtnft jdtnlhs

surrmufjlfo t`d inffdr lf w`le` [drs`lfo Uqunrd neemiphls`dj t`d trnjds.

<7.

Wnhdnft nfj t`d [drs`lfo Jdgdfjnfts jlj fmt njdquntdhy jlsehmsd t`d

fnturd mg t`dlr mwfdrs`lp bdenusd t`dy gnlhdj tm nttne` nfj njdquntdhy jdserlbd t`d

ufjdrhylfo emftrnets gmr t`d MZE enhh mptlmfs nfj MZE dqulty guturds t`rmuo` w`le`

[drs`lfo Uqunrd nequlrdj lts bdfdglelnh mwfdrs`lp.<?. Jdgdfjnfts nhsm gnlhdj tm nttne` nfj njdquntdhy jdserlbd t`d emfgljdftlnhlty

norddidft dxdeutdj by Wnhdnft nfj [drs`lfo Uqunrd mf Gdbrunry <, 2;>:, nfj t`d

Gdbrunry 2;, 2;>: nidfjidft t`drdtm.

<0.

Z`d dxtdft mg Jdgdfjnfts“ jlsehmsurd jdgleldfelds enffmt bd jdtdrilfdj

ufhdss nfj uftlh t`d ufjdrhylfo emftrnets nrd jlsehmsdj.

<<.

Lf lts Nprlh 2>, 2;>: Ue`djuhd >5J, [drs`lfo Uqunrd stntdj t`nt lt

‘lftdfjQsY tm dfonod lf jlseusslmfs’ wlt` Nhhdronf“s bmnrj. Ulilhnrhy, lf lts Nprlh 2>,

2;>: Ue`djuhd >5J, Wnhdnft stntdj t`nt lt ‘eurrdfthy lftdfjs tm prmpmsd n idrodr’ lf

w`le` Nhhdronf“s stmea`mhjdrs wmuhj rdedlvd ‘n emiblfntlmf mg ens` nfj Wnhdnft

emiimf s`nrds,’ nfj t`nt lt dxpdetdj t`d ens` emipmfdft tm tmtnh npprmxlintdhy $>4

blhhlmf. Z`dsd e`nrnetdrlzntlmfs mg Jdgdfjnfts“ lftdftlmfs nt t`nt tlid nrd bdhldj by hntdr

njilsslmfs. Mf Cufd >?, 2;>:, Ir. [dnrsmf njilttdj t`nt n tdfjdr mggdr wns pnrt mg

Wnhdnft“s uhtlintd phnf, stntlfo3 ‘Mf Nprlh 22fj, wd nffmufedj mur mggdr gmr Nhhdronf.

_d suspdetdj nt t`d tlid lt wmuhj uhtlintdhy `nvd tm om jlrdethy tm Nhhdronf

s`nrd`mhjdrs. _d wdrd emrrdet.’

>;;.

Z`us, `nvlfo nhrdnjy tnadf substnftlnh stdps tmwnrj n tdfjdr mggdr nt t`nt

tlid, Wnhdnft“s Ue`djuhd >5J wns nhsm jdgleldft lf t`nt lt jlj fmt neeurn tdhy emfvdy lts

phnfs nfj prmpmsnhs gmr Nhhdronf pursunft tm t`d rdqulrdidfts mg Ltdi :.





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>;>.

Lf nf nppnrdft dggmrt tm rdidjy lts jdgleldft lfltlnh glhlfo, [drs`lfo Uqunrd

glhdj n Ue`djuhd >5J/N nidfjlfo t`d Nprlh 2>, 2;>: jlsehmsurd mf Cuhy >?, 2;>:.

Dx`lblts <<.>: nfj <<.>4 tm t`d Ue`djuhd >5J/N emfslstdj mg prdvlmushy ufjlsehmsdj

s`nrd enhh mptlmf nfj s`nrd gmrwnrj instdr emfglrintlmfs.

>;2.

But [drs`lfo Uqunrd nonlf gnlhdj tm jlsehmsd t`d netunh norddidfts nt lssud.

_`lhd t`d instdr emfglrintlmfs prmvljd t`d odfdrle tdris mg t`d trnfsnetlmfs, t`dy jm

fmt lfehujd netunh trnjd jdtnlhs w`le` wmuhj emftnlf t`d glfnfelnh tdris mg dne` mptlmf.

>;5.

By idrdhy glhlfo t`d gmri mg norddidft, but fmt t`d netunh norddidft,

[drs`lfo Uqunrd `ns nonlf vlmhntdj Ltdi ? mg Ue`djuhd >5J“s rdqulrdidft t`nt t`d glhlfo

pdrsmf nttne` ns dx`lblts ‘emplds mg nhh wrlttdf norddidfts . . . rdhntlfo tm . . . t`d trnfsgdr

mr vmtlfo mg t`d sdeurltlds . . . QmrY mptlmfs, puts, QmrY enhhs . . . ns jlsehmsdj lf Ltdi 7.’

>;:.

Z`us, [drs`lfo Uqunrd nfj Wnhdnft“s Ue`djuhd >5J jlsehmsurds rdinlf

jdgleldft jud tm t`d gnlhurd tm njdquntdhy jdserlbd nfj nttne`3 (n) t`d Gdbrunry <, 2;>:

emfgljdftlnhlty norddidft bdtwddf [drs`lfo Uqunrd nfj Wnhdnft1 nfj (b) t`d ufjdrhylfo

enhh mptlmf nfj dqulty guturds stmea pure`nsd emftrnets. Wnhdnft“s Ue`djuhd >5J

jlsehmsurd ls nhsm gnhsd nfj ilshdnjlfo gmr gnlhlfo neeurntdhy tm jdserlbd t`d purpmsd mg

t`d trnfsnetlmfs nfj lts phnfs lf Ltdi :.

>;4.

[drs`lfo Uqunrd nfj Wnhdnft nrd dne` smp`lstlentdj lfvdstmrs wlt`

smp`lstlentdj hdonh emufsdh, nfj t`dlr gnlhurd tm njdquntdhy jdserlbd nfj nttne`

jmeuidfts rdqulrdj tm bd lfehujdj lf Ue`djuhd >5J suoodsts nf dggmrt tm emfednh t`dlr

trud lftdftlmfs. Z`dsd emftrnets, nfj nf ufjdrstnfjlfo mg w`m wns lfvmhvdj nfj w`nt

spdelgle tdris wdrd norddj tm, nrd dssdftlnh lf mrjdr tm ufjdrstnfj w`nt mt`dr stdps

[drs`lfo Uqunrd nfj Wnhdnft tmma tmwnrj n Wnhdnft tdfjdr mggdr, t`d ljdftlty mg t`d

dftltlds `dhplfo [drs`lfo Uqunrd nfj Wnhdnft, t`d emfsljdrntlmf t`dsd dftltlds rdedlvdj,

nfj t`d rmhd mg t`dsd dftltlds lf t`d `drdtmgmrd ufdxphnlfdj njjltlmfnh pure`nsds mg

Nhhdronf s`nrds.

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod 2: mg 5: [nod LJ #32:



- 2: -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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WL.

Wnhdnft Hnufe`ds nf Noordsslvd Znadmvdr Enipnlof

>;7.

Mf Nprlh 22, 2;>:, Wnhdnft jdhlvdrdj tm Nhhdronf n gmrinh, ufsmhleltdj

prmpmsnh nfj jrngt idrodr norddidft nt $:0.5; lf ens` nfj .05 mg Wnhdnft stmea pdr

Nhhdronf s`nrd.>;?.

_`lhd Wnhdnft lfltlnhhy trldj tm e`nrnetdrlzd lts tnadmvdr ns n ‘idrodr’ lf nf

dggmrt tm salrt t`d gdjdrnh sdeurltlds rdouhntlmfs trloodrdj by n tdfjdr mggdr, lts phnf grmi

t`d vdry bdolfflfo wns tm hnufe` n tdfjdr mggdr. Lfjddj, Wnhdnft“s noordsslvd nfj

`mstlhd tnetles grmi t`d mutsdt ― ns jdtnlhdj `drdlf ― emfstltutdj n jd gnetm tdfjdr mggdr lf

dvdryt`lfo but t`d netunh fnid. _`df Nhhdronf jlj fmt liidjlntdhy nordd tm fdomtlntd

wlt` Jdgdfjnfts, Wnhdnft smuo`t, wlt` Neainf“s `dhp, tm pdrsunjd stmea`mhjdrs t`nt n

jdnh wns ‘lfdvltnbhd,’ ns stntdj lf Wnhdnft“s Cufd 5, 2;>: Ruhd :24 glhlfo.

>;0.

Idnfw`lhd, Neainf mpdfhy brnoodj nbmut `mw `d wns nbhd tm inad t`ls

ufprdedjdftdj onlf wlt`mut, lf `ls vldw, tde`flenhhy vlmhntlfo t`d lfsljdr trnjlfo ruhds.

Nt n hufe` `mstdj by Wnhdnft, Neainf nfj Ir. [dnrsmf ‘neafmwhdjodj t`nt t`drd iny

bd smid qudstlmfs nrmufj `mw [drs`lfo Uqunrd/Blhh Neainf neeuiuhntdj NOF s`nrds

n`dnj mg t`d tnadmut mggdr bdlfo nffmufedj pubhlehy, but t`dy strdssdj dvdryt`lfo t`dy

`nvd jmfd ls emiphdtdhy hdonh.’5

>;<.

Tfjdr t`d gnenjd mg pursulfo n fdomtlntdj idrodr, Wnhdnft hnufe`dj nf

noordsslvd enipnlof, uslfo t`d ehnssle phnybmma gmr `mstlhd tdfjdr mggdrs3 nf mggdfslvd

pubhle rdhntlmfs nfj idjln bhltz, prd-pneanodj lfvdstmr prdsdftntlmfs truipdtlfo t`d

‘syfdrolds’ mg n emiblfdj emipnfy nfj t`d s`mrtemilfos mg Nhhdronf ns n stnfj-nhmfd

emipnfy, emfedrtdj stmea`mhjdr mutrdne`, nfj jlrdet emiiuflentlmfs wlt` Nhhdronf

diphmydds nfj eustmidrs.

>>;. Wnhdnft ufjdrtmma nf noordsslvd pubhle rdhntlmfs enipnlof wlt` glfnfelnh

nfnhysts nfj t`d idjln. Lf nhh mg lts emiiuflentlmfs, Wnhdnft injd ehdnr t`nt lt

5 Erdjlt Uulssd, NHHDRONF LFE.3 Z NADN_N\U GRMI WRP HTFE@3 I NFNODIDFZ[RMWLJDU EMI[DHHLFO [MLFZU GMR NOF Z NADMTZ (Npr. 2?, 2;>:).





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lftdfjdj tm rdhy mf lts emftlfudj ‘shns` nfj burf’ strntdoy by inalfo jddp emst euts nt

Nhhdronf“s `dnjqunrtdrs, pnrtleuhnrhy lf t`d nrdn mg rdsdnre` nfj jdvdhmpidft.

>>>. Mf Nprlh 20, 2;>:, Wnhdnft `mstdj nf nfnhyst dvdft tm jlseuss lts prmpmsnh

tm Nhhdronf. Nt t`d dvdft, Wnhdnft dip`nslzdj t`nt t`d hladhl`mmj mg nfmt`dr bljjdr

didrolfo wns hmw, nfj t`nt Nhhdronf s`muhj fmt ‘tnad imrd t`nf nbmut 5; jnys’ tm

dvnhuntd.:

>>2.

Mf n emfgdrdfed enhh wlt` dqulty nfnhysts mf Z`ursjny, Iny 0, 2;>:, Ir.

[dnrsmf snlj t`nt `d nfj Wnhdnft EGM @mwnrj Ue`lhhdr `nj bddf trnvdhlfo nermss t`d

Tfltdj Utntds tm iddt wlt` Nhhdronf“s tmp stmea`mhjdrs, ns wdhh ns Wnhdnft“s tmp

stmea`mhjdrs. Neemrjlfo tm n Iny 0, 2;>: nrtlehd lf t`d _nhh Utrddt Cmurfnh by Cmsdp` _nhadr, Ir. [dnrsmf stntdj3 ‘_d `nvd bddf lf Fdw \mra, Bnhtlimrd, Bmstmf, Hms

Nfodhds, Unf Grnfelsem, Wnfemuvdr nfj Umut` Ghmrljn. Um gnr, nhh mg t`d gddjbnea `ns

bddf mvdrw`dhilfohy pmsltlvd.’

>>5.

Emftrnry tm Ir. [dnrsmf“s stntdidfts, `mwdvdr, infy Nhhdronf

stmea`mhjdrs, lfehujlfo Jnf Jnvljmwltz, E`ldg Lfvdstidft Mggledr mg [mhdf Enpltnh

Infnodidft HHE, dxprdssdj jlsnpprmvnh mg Wnhdnft“s blj gmr Nhhdronf. Neemrjlfo tm n

Iny 7, 2;>: nrtlehd lf t`d H.N. Zlids by Utunrt [gdlgdr, Nhhdronf“s em-gmufjdr nfj

gmridr E`nlrinf, Onvlf U. @drbdrt, urodj lts jlrdetmrs tm rdcdet n buymut mggdr snylfo

t`nt Wnhdnft“s shns`lfo t`d rdsdnre` nfj jdvdhmpidft bujodt wmuhj ‘rdnhhy alhh t`ls

emipnfy . . . L ni vdry iue` nonlfst t`nt.’

>>:.

Mf Iny 0, 2;>:, neemrjlfo tm t`d _nhh Utrddt Cmurfnh, Ue`lhhdr wnrfdj mg

imrd noordsslvd idnsurds, dxphnlflfo t`nt Wnhdnft nfj [drs`lfo Uqunrd wmuhj rdqudst n

stmea`mhjdr hlst grmi Nhhdronf lf mrjdr tm ‘emiidfed n s`nrd`mhjdr rdgdrdfjui t`nt

wlhh jdtdrilfd t`nt t`d Nhhdronf s`nrd`mhjdrs nrd suppmrtlvd mg Nhhdronf“s bmnrj

dfonolfo lf fdomtlntlmfs wlt` us lf pnrnhhdh wlt` mt`dr dggmrts t`dy iny bd ufjdrtnalfo.’

Ue`lhhdr nhsm injd ehdnr t`nt Wnhdnft nfj [drs`lfo Uqunrd wdrd wlhhlfo tm bypnss t`d

: Lj .





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Nhhdronf bmnrj dftlrdhy, stntlfo t`nt ‘lg fdedssnry, wd wlhh nhsm pursud `mhjlfo n spdelnh

iddtlfo tm rdimvd smid mr nhh mg t`d Nhhdronf bmnrj idibdrs.’

>>4. Idnfw`lhd, neemrjlfo tm n Iny <, 2;>: nrtlehd lf t`d _nhh Utrddt Cmurfnh by

Rmb Empdhnfj, Neainf brnoodj t`nt `d wns nhrdnjy up nbmut 50% mf `ls Nhhdronf

stnad, hdss t`nf mfd imft` ngtdr t`d ufusunh jdnh bdenid pubhle. Z`d onlfs njj up tm

nhimst $> blhhlmf lf pnpdr prmglts.

>>7.

Z`rmuo`mut Nprlh nfj Iny 2;>:, Wnhdnft nhsm ufjdrtmma tm emiiuflentd

jlrdethy wlt` Nhhdronf“s eustmidrs nfj diphmydds. Nimfo mt`dr tnetles, Wnhdnft“s

infnodidft nfj mt`dr pdrsmffdh3

(n) Bdonf rdprdsdftlfo tm Nhhdronf“s eustmidrs t`nt t`d nequlsltlmf wns n ‘jmfd jdnh’ nfj ‘wd mwf t`di’1

(b) Mggdrdj rdbntds mf bmt` Nhhdronf nfj Wnhdnft pure`nsds1

(e) Emftnetdj Nhhdronf snhds rdprdsdftntlvds nfj wdhemidj t`di tm

Wnhdnft1

(j) Wlsltdj Nhhdronf eustmidrs, nffmufelfo t`nt t`dy wdrd Nhhdronf“s

fdw snhds rdprdsdftntlvds1

(d) Bdonf tdhhlfo Nhhdronf eustmidrs t`nt Nhhdronf“s UalfIdjlen hlfd

wns omlfo tm bd jlvdstdj1 nfj

(g) Udft n hdttdr tm lts eustmidrs jlseusslfo lts idrodr prmpmsnh nfj

phnfs gmr t`d cmlft emipnfy omlfo gmrwnrj.

WLL.

Wnhdnft Gmrinhhy Hnufe`ds n [rmxy Emftdst nfj @mstlhd Dxe`nfod Mggdr

>>?.

Zwm wddas ngtdr Nhhdronf“s bmnrj mg jlrdetmrs ‘ufnflimushy jdtdrilfdj

t`nt Wnhdnft“s ufsmhleltdj prmpmsnh substnftlnhhy ufjdrvnhuds Nhhdronf,’ mf Iny 20, 2;>:

Wnhdnft lferdnsdj lts mggdr by $>; ens` pdr s`nrd.

>>0.

Bdgmrd t`d Nhhdronf bmnrj `nj t`d e`nfed tm emfsljdr t`d rdvlsdj mggdr,

Wnhdnft rnlsdj lts mggdr nonlf mf Iny 5;, 2;>:, by lferdnslfo t`d ens` pmrtlmf mg lts blj

tm $?2.;; pdr s`nrd (t`d ‘Rdvlsdj [rmpmsnh’).

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod 2? mg 5: [nod LJ #32?



- 2? -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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>><.

Ns pnrt mg t`d Rdvlsdj [rmpmsnh, [drs`lfo Uqunrd norddj tm gmrdom nhh ens`

nfj needpt >;;% mg lts emfsljdrntlmf lf Wnhdnft stmea uslfo nf dxe`nfod rntlm bnsdj mf

t`d prdvlmus jny“s ehmslfo stmea prleds mg Nhhdronf nfj Wnhdnft. [drs`lfo Uqunrd wmuhj

rdedlvd $2;.?4 pdr s`nrd hdss emfsljdrntlmf t`nf mt`dr Nhhdronf stmea`mhjdrs, prmvljlfo

substnftlnhhy imrd vnhud nfj ens` gmr mt`dr Nhhdronf stmea`mhjdrs.4 [drs`lfo Uqunrd

wns nonlf stdpplfo lf tm ̀ dhp glfnfed n jdnh t`nt Wnhdnft emuhj fmt nggmrj.

>2;.

Mf Cufd 2, 2;>:, [drs`lfo Uqunrd glhdj n prdhlilfnry prmxy stntdidft wlt`

t`d UDE, emftdiphntlfo t`d smhleltntlmf mg prmxlds tm enhh t`d Updelnh Iddtlfo. Nt t`d

iddtlfo, [drs`lfo Uqunrd wmuhj (n) prmpmsd rdimvlfo nfj rdphnelfo slx ufspdelgldj

jlrdetmrs grmi t`d eurrdft Nhhdronf bmnrj1 (b ) prmpmsd nf nidfjidft tm Nhhdronf“s

byhnw prmvlslmfs rdonrjlfo spdelnh stmea`mhjdr iddtlfos1 nfj (e) rdqudst t`nt t`d

Nhhdronf bmnrj prmipthy dfonod lf jlseusslmfs wlt` Wnhdnft. Lf n prdsdftntlmf tm

lfvdstmrs t`nt jny, Wnhdnft nbnfjmfdj t`d prdtdfsd mg ‘fdomtlntlmfs’ wlt` t`d Nhhdronf

bmnrj nfj rdngglridj t`nt lt wns ‘prdpnrlfo tm hnufe` nf dxe`nfod mggdr.’

>2>.

Nhhdronf“s bmnrj ufnflimushy rdcdetdj t`d Rdvlsdj [rmpmsnh mf Cufd >;,

2;>:, rdltdrntlfo lts bdhldg t`nt t`d lferdnsdj prmpmsnh stlhh ‘substnftlnhhy ufjdrvnhuds

Nhhdronf, erdntds sloflglenft rlsas nfj ufedrtnlftlds gmr Nhhdronf“s stmea`mhjdrs nfj jmds

fmt rdghdet t`d Emipnfy“s glfnfelnh strdfot`, guturd rdvdfud nfj dnrflfos ormwt` mr

lfjustry-hdnjlfo R&J.’

>22. Mf Cufd >0, 2;>:, Wnhdnft glhdj n Rdolstrntlmf Utntdidft mf Gmri U-: nfj

Ue`djuhd ZM wlt` t`d UDE, glfnhhy emiidfelfo t`d tdfjdr mggdr t`nt lt `nj bddf

phnfflfo gmr sdvdrnh imft`s.

>25.

Mf Cuhy >>, 2;>:, Wnhdnft nfj [drs`lfo Uqunrd glhdj n jdglfltlvd prmxy

stntdidft wlt` t`d UDE, smhleltlfo prmxlds tm enhh t`d Updelnh Iddtlfo.

4 [drs`lfo Uqunrd wns nbhd tm inad t`ls dhdetlmf bdenusd lt `nj nhrdnjy mbtnlfdj npnpdr prmglt mg npprmxlintdhy $> blhhlmf t`rmuo` lts rnplj neeuiuhntlmf prmorni w`lhdlf pmssdsslmf mg intdrlnh, fmf-pubhle lfgmrintlmf. [drs`lfo Uqunrd ls dggdetlvdhy uslfot`msd lhh-omttdf onlfs tm `dhp glfnfed Wnhdnft“s tnadmvdr dggmrt.





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EHNUU NEZLMF NHHDONZLMFU

>2:.

[hnlftlgg brlfos t`ls netlmf ns n ehnss netlmf mf bd`nhg mg nhh pdrsmfs nfj

dftltlds w`m smhj Nhhdronf stmea jurlfo t`d Ehnss [drlmj (bdtwddf Gdbrunry 24, 2;>:

nfj Nprlh 2>, 2;>:). Dxehujdj grmi t`d Ehnss nrd jdgdfjnfts nfj t`dlr gnilhlds, t`dmggledrs nfj jlrdetmrs nfj ngglhlntds mg jdgdfjnfts, idibdrs mg t`dlr liidjlntd gnilhlds

nfj t`dlr hdonh rdprdsdftntlvds, `dlrs, sueedssmrs mr nsslofs, nfj nfy dftlty lf w`le`

jdgdfjnfts `nvd mr `nj n emftrmhhlfo lftdrdst.

>24. Z`d idibdrs mg t`d Ehnss nrd sm fuidrmus t`nt cmlfjdr mg nhh idibdrs ls

liprnetlenbhd. _`lhd t`d dxnet fuibdr mg Ehnss idibdrs ls ufafmwf tm [hnlftlgg nt t`ls

tlid nfj enf mfhy bd nsedrtnlfdj t`rmuo` npprmprlntd jlsemvdry, [hnlftlgg bdhldvds t`nt

t`drd nrd t`musnfjs mg idibdrs lf t`d prmpmsdj Ehnss. Ns mg Gdbrunry >:, 2;>:,

Nhhdronf `nj :,:2; s`nrd`mhjdrs mg rdemrj nfj lf dxedss mg 5;; ilhhlmf s`nrds mg

emiimf stmea mutstnfjlfo, nfj Nhhdronf“s nvdrnod jnlhy trnjlfo vmhuid jurlfo t`d

Ehnss [drlmj wns npprmxlintdhy 5 ilhhlmf s`nrds. Rdemrj mwfdrs nfj mt`dr idibdrs mg

t`d Ehnss iny bd ljdftlgldj grmi rdemrjs inlftnlfdj by Nhhdronf mr lts trnfsgdr nodft

nfj iny bd fmtlgldj mg t`d pdfjdfey mg t`ls netlmf by inlh, uslfo t`d gmri mg fmtled

slilhnr tm t`nt eustminrlhy usdj lf sdeurltlds ehnss netlmfs.

>27.

[hnlftlgg's ehnlis nrd typlenh mg t`d ehnlis mg t`d idibdrs mg t`d Ehnss, ns

nhh idibdrs mg t`d Ehnss nrd slilhnrhy nggdetdj by Jdgdfjnfts“ ilsemfjuet lf vlmhntlmf

mg gdjdrnh hnw t`nt ls sdt gmrt` lf t`ls emiphnlft.

>2?.

[hnlftlgg wlhh gnlrhy nfj njdquntdhy prmtdet t`d lftdrdsts mg t`d idibdrs mg

t`d Ehnss nfj `ns rdtnlfdj emufsdh emipdtdft nfj dxpdrldfedj lf ehnss nfj sdeurltlds

hltlontlmf.

>20. Emiimf qudstlmfs mg hnw nfj gnet dxlst ns tm nhh idibdrs mg t`d Ehnss

nfj prdjmilfntd mvdr nfy qudstlmfs smhdhy nggdetlfo lfjlvljunh idibdrs mg t`d Ehnss.

Nimfo t`d qudstlmfs mg hnw nfj gnet emiimf tm t`d Ehnss nrd3

(n) w`dt`dr t`d [drs`lfo Jdgdfjnfts vlmhntdj t`d _lhhlnis Net nfj lts

nttdfjnft rdouhntlmfs by nequlrlfo s`nrds mg Nhhdronf w`lhd lf pmssdsslmf mg

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod 2< mg 5: [nod LJ #32<



- 2< -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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intdrlnh fmf-pubhle lfgmrintlmf rdhntlfo tm Wnhdnft“s lftdft tm inad n tdfjdr

mggdr gmr Nhhdronf sdeurltlds1

(b) w`dt`dr Wnhdnft vlmhntdj t`d _lhhlnis Net nfj lts nttdfjnft

rdouhntlmfs by emiiuflentlfo intdrlnh, fmf-pubhle lfgmrintlmf rdhntlfo tm

Wnhdnft“s lftdft tm inad n tdfjdr mggdr gmr Nhhdronf sdeurltlds tm [drs`lfo Uqunrd1

(e) w`dt`dr Jdgdfjnfts tmma substnftlnh stdps jurlfo t`d Ehnss [drlmj

tm emiidfed n tdfjdr mggdr gmr Nhhdronf sdeurltlds1

(j) w`dt`dr dne` Jdgdfjnft emfstltutds n em-mggdrlfo pdrsmf1 nfj

(d) w`dt`dr Ehnss idibdrs `nvd sustnlfdj jninods nfj, lg sm, t`d

prmpdr idnsurd mg sue` jninods.>2<. N ehnss netlmf ls supdrlmr tm nhh mt`dr nvnlhnbhd idt`mjs gmr t`d gnlr nfj

dggleldft njcujlentlmf mg t`ls emftrmvdrsy slfed cmlfjdr mg nhh idibdr ls liprnetlenbhd.

Gurt`drimrd, t`d dxpdfsd nfj burjdf mg lfjlvljunh hltlontlmf inads lt liprnetlenbhd gmr

idibdrs mg t`d Ehnss tm lfjlvljunhhy sdda rdjrdss gmr t`d wrmfos jmfd tm t`di. Z`drd

wlhh bd fm jlggleuhty lf t`d infnodidft mg t`ls netlmf ns n ehnss netlmf.

ENTUDU MG NEZLMF

Emuft L Wlmhntlmf mg Udetlmf >:(d) mg t`d Dxe`nfod Net nfj t`d Ruhds

[rmiuhontdj Z`drdufjdr Nonlfst Nhh Jdgdfjnfts

>5;.

[hnlftlgg lfemrpmrntds by rdgdrdfed nfj rdnhhdods dne` nfj dvdry nhhdontlmf

emftnlfdj nbmvd, ns t`muo` guhhy sdt gmrt` bdhmw.

>5>. Jdgdfjnfts `nvd dfonodj lf grnujuhdft, jdedptlvd, nfj inflpuhntlvd nets

lf emffdetlmf wlt` tnalfo substnftlnh stdps tmwnrj n tdfjdr mggdr, lfehujlfo trnjlfo mf

intdrlnh fmf-pubhle lfgmrintlmf.

>52.

Ruhd >:d-5(n) prmvljds t`nt mfed nf mggdrlfo pdrsmf `ns ‘tnadf n

substnftlnh stdp mr stdps tm emiidfed n tdfjdr mggdr,’ t`df ‘lt s`nhh emfstltutd n

grnujuhdft, jdedptlvd mr inflpuhntlvd net mr prnetled’ gmr nfy pdrsmf w`m ls lf

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod 5; mg 5: [nod LJ #35;



- 5; -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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pmssdsslmf mg intdrlnh fmf-pubhle lfgmrintlmf rdhntlfo tm t`d tdfjdr mggdr (mt`dr t`nf

t`d mggdrlfo pdrsmf) tm nequlrd s`nrds lf t`d tnrodt.

>55. Ruhd >:d-5(j) prmvljds t`nt ufjdr sue` elreuistnfeds, lt s`nhh bd ufhnwguh

gmr nf mggdrlfo pdrsmf ‘tm emiiuflentd intdrlnh, fmf-pubhle lfgmrintlmf rdhntlfo tm n

tdfjdr mggdr tm nfy mt`dr pdrsmf ufjdr elreuistnfeds lf w`le` lt ls rdnsmfnbhy

gmrdsddnbhd t`nt sue` emiiuflentlmf ls hladhy tm rdsuht lf n vlmhntlmf mg t`ls sdetlmf.’

>5:.

Z`d purpmsd mg t`d ruhd ls tm prdvdft pnrtlds wlt` fmf-pubhle lfgmrintlmf

t`nt n tdfjdr mggdr ls omlfo tm bd emiidfedj nt n prdilui prled grmi trnfsnetlfo wlt`

lfvdstmrs w`m jm fmt `nvd sue` lfgmrintlmf ― ufhdss t`dy jlsehmsd t`nt lfgmrintlmf

glrst.>54. Ngtdr Wnhdnft tmma substnftlnh stdps tm emiidfed n tdfjdr mggdr gmr

Nhhdronf s`nrds, t`d [drs`lfo Jdgdfjnfts nequlrdj s`nrds mg Nhhdronf stmea w`lhd lf

pmssdsslmf mg intdrlnh fmf-pubhle lfgmrintlmf nequlrdj jlrdethy grmi Wnhdnft rdhntlfo tm

t`nt tdfjdr mggdr. Lf hlo`t mg t`d Rdhntlmfs`lp Norddidft, lt wns rdnsmfnbhy gmrdsddnbhd

t`nt Wnhdnft“s emiiuflentlmf wmuhj rdsuht lf n vlmhntlmf mg Ruhd >:d-5. Wnhdnft afdw

nfj lftdfjdj t`nt t`d [drs`lfo Jdgdfjnfts wmuhj trnjd mf t`d intdrlnh, fmf-pubhle

lfgmrintlmf by buylfo s`nrds lf Nhhdronf nfj mt`drwlsd tnalfo stdps tm nequlrd t`d rlo`t

tm pure`nsd stmea lf Nhhdronf.

>57. Z`d [drs`lfo Jdgdfjnfts afdw mr `nj rdnsmf tm afmw t`nt t`d

lfgmrintlmf wns fmf-pubhle, nfj t`nt t`d lfgmrintlmf wns prmvljdj by Wnhdnft, t`d

bljjdr.

>5?.

Udetlmf >:(d) prmvljds, lf rdhdvnft pnrt3 ‘Lt s`nhh bd ufhnwguh gmr nfy

pdrsmf tm inad nfy uftrud stntdidft mg n intdrlnh gnet mr milt tm stntd nfy intdrlnh gnet

fdedssnry lf mrjdr tm inad t`d stntdidfts injd, lf t`d hlo`t mg t`d elreuistnfeds ufjdr

w`le` t`dy nrd injd, fmt ilshdnjlfo, mr tm dfonod lf nfy grnujuhdft, jdedptlvd, mr

inflpuhntlvd nets mr prnetleds, lf emffdetlmf wlt` nfy tdfjdr mggdr.’

>50. Wnhdnft“s tdfjdr mggdr intdrlnhs vlmhntdj Udetlmf >:(d) bdenusd t`dy

milttdj intdrlnh gnets rdonrjlfo Wnhdnft nfj [drs`lfo Uqunrd“s rdhntlmfs`lp nfj

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod 5> mg 5: [nod LJ #35>



- 5> -Emiphnlft gmr Wlmhntlmfs mg t`d Gdjdrnh Udeurltlds Hnws

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lftdftlmfs wlt` rdonrj tm t`d prmpmsdj trnfsnetlmf1 t`d edrtnlfty mg t`d prmpmsdj

trnfsnetlmf1 purpmrtdj emst syfdrolds nfj mt`dr glfnfelnh lssuds1 nfj Rmbdrt Lforni“s

sdrvled mf t`d Nhhdronf nfj Wnhdnft bmnrjs.

>5<.

Z`d [drs`lfo Jdgdfjnfts gurt`dr vlmhntdj Udetlmf >:(d) by gnlhlfo tm

jlsehmsd intdrlnh lfgmrintlmf rdonrjlfo Wnhdnft“s nftlelpntdj tdfjdr mggdr, nfj t`d

substnftlnh stdps t`nt Wnhdnft `nj tnadf tmwnrj sue` tdfjdr mggdr, bdgmrd pure`nslfo

Nhhdronf stmea.

>:;.

Jdgdfjnfts `nj t`d imtlvd nfj mppmrtuflty tm emiilt grnuj. Wnhdnft wns

imtlvntdj tm gnelhltntd [drs`lfo Uqunrd“s pure`nsd mg n hnrod stnad lf Nhhdronf, nfj

t`drdby dfsurd erltlenh glfnfelfo nfj grldfjhy bnealfo lf suppmrt mg lts `mstlhd tnadmvdrnttdipt. [drs`lfo Uqunrd wns imtlvntdj tm pure`nsd lts stnad lf Nhhdronf by trnjlfo

wlt` Nhhdronf stmea`mhjdrs mf t`d bnsls mg intdrlnh, fmf-pubhle lfgmrintlmf, nfj

t`drdby rdnp t`d dfmrimus glfnfelnh onlfs neerulfo tm lt grmi t`ls lfgmrintlmf

libnhnfed. Bmt` Jdgdfjnfts injd gnhsd nfj ilshdnjlfo stntdidfts tm t`d inradt lf nf

nttdipt tm `ljd t`d jdtnlhs mg t`dlr emfjuet.

>:>.

Jdgdfjnfts“ grnujuhdft, jdedptlvd, nfj inflpuhntlvd nets vlmhntdj t`dlr

rdspdetlvd mbhlontlmfs ufjdr Udetlmf >:(d) mg t`d _lhhlnis Net nfj t`d ruhds njmptdj

t`drdufjdr, lfehujlfo, nt ilfliui3 >:d-5(n) (prm`lbltlfo t`d [drs`lfo Jdgdfjnfts grmi

trnjlfo mf fmf-pubhle intdrlnh lfgmrintlmf lf emffdetlmf wlt` n tdfjdr mggdr)1 nfj >:d-

5(j) (prm`lbltlfo Wnhdnft grmi emiiuflentlfo fmf-pubhle intdrlnh lfgmrintlmf lf

emffdetlmf wlt` n tdfjdr mggdr).

>:2.

Jdgdfjnfts“ vlmhntlmfs mg Udetlmf >:(d) mg t`d _lhhlnis Net, nfj t`d ruhds

njmptdj t`drdufjdr, `nvd enusdj Ehnss idibdrs substnftlnh imfdtnry jninods.

Emuft LL Wlmhntlmf mg § 2;N mg t`d Dxe`nfod Net

Nonlfst t`d [drs`lfo Jdgdfjnfts

>:5. [hnlftlgg lfemrpmrntds by rdgdrdfed nfj rdnhhdods dne` nfj dvdry nhhdontlmf

emftnlfdj nbmvd, ns t`muo` guhhy sdt gmrt` bdhmw.





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>::.

Ns jdtnlhdj `drdlf, t`d [drs`lfo Jdgdfjnfts wdrd lf pmssdsslmf mg

intdrlnh, fmf-pubhle lfgmrintlmf emfedrflfo Nhhdronf, nfj trnjdj mf t`d bnsls mg t`nt

lfgmrintlmf tm mbtnlf prmglts mg npprmxlintdhy $2.4 blhhlmf.

>:4.

Z`d [drs`lfo Jdgdfjnfts“ trnjds wdrd injd emftdipmrnfdmushy wlt` t`d

trnjds mg [hnlftlgg nfj mt`dr Ehnss idibdrs.

>:7.

[hnlftlgg nfj t`d Ehnss suggdrdj jninods ns n rdsuht mg t`dsd trnjds bdenusd

[hnlftlgg nfj t`d Ehnss jlj fmt `nvd t`d lfgmrintlmf rdqulrdj tm bd jlsehmsdj ufjdr Ruhd

>:d-5 nfj t`drdgmrd smhj gmr nf ufgnlr prled nfj jlj fmt rdedlvd t`d bdfdglt mg t`d

prdilui t`nt gmhhmwdj mfed t`d [drs`lfo Jdgdfjnfts“ intdrlnh fmf-pubhle lfgmrintlmf

wns rdhdnsdj tm t`d inradt.

[RN\DR GMR RDHLDG

_@DRDGMRD, [hnlftlgg prnys gmr cujoidft lf `ls gnvmr nfj nonlfst nhh

jdgdfjnfts ns gmhhmws3

N. Jdtdrilflfo t`nt t`ls netlmf ls n prmpdr ehnss netlmf, edrtlgylfo n ehnss

ufjdr Ruhd 25 mg t`d Gdjdrnh Ruhds mg Elvlh [rmedjurd, nfj nppmlftlfo [hnlftlgg ns n ehnss

rdprdsdftntlvd nfj [hnlftlgg “s emufsdh ns hdnj emufsdh gmr t`d ehnss.

B. Jdehnrlfo t`nt t`d [drs`lfo Jdgdfjnfts vlmhntdj t`d _lhhlnis Net nfj lts

nttdfjnft rdouhntlmfs by nequlrlfo s`nrds mg Nhhdronf w`lhd lf pmssdsslmf mg intdrlnh

fmf-pubhle lfgmrintlmf rdhntlfo tm Wnhdnft“s tdfjdr mggdr.

E. Jdehnrlfo t`nt Wnhdnft vlmhntdj t`d _lhhlnis Net nfj lts nttdfjnft

rdouhntlmfs by emiiuflentlfo intdrlnh, fmf-pubhle lfgmrintlmf rdhntlfo tm Wnhdnft“s

tdfjdr mggdr tm [drs`lfo Uqunrd.

J. Nwnrjlfo jninods tm [hnlftlgg nfj t`d Ehnss ufjdr t`d Dxe`nfod Net,

tmodt`dr wlt` lftdrdst.

D. Nwnrjlfo [hnlftlgg `ls emsts nfj jlsbursdidfts lf t`ls netlmf, lfehujlfo

rdnsmfnbhd nttmrfdys“ nfj dxpdrts“ gdds.

G. Ornftlfo [hnlftlgg sue` mt`dr nfj gurt`dr rdhldg ns t`d Emurt iny jddi cust

nfj prmpdr.




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2?

JDINFJ GMR CTR\ ZRLNH

[hnlftlgg jdinfjs n trlnh by cury.

Jntdj3 Jdedibdr >7, 2;>: Rdspdetguhhy subilttdj,

BMZZLFL & BMZZLFL, LFE.Grnfels N. Bmttlfl, Cr. (UBF >?4?05)

Nhbdrt \. E`nfo (UBF 2<7;74) \ury N. Amhdsflamv (UBF2?>>?5)

s/ Grnfels N. Bmttlfl, r.Grnfels N. Bmttlfl, Cr.

?0>? Lvnf`md Nvdfud, Uultd >;2Hn Cmhhn, Enhlgmrfln <2;5?

Zdhdp`mfd3 (040) <>:-2;;>Gneslilhd3 (040) <>:-2;;2gbmttlflKbmttlflhnw.emine`nfoKbmttlflhnw.emi

amhdsflamv bmttlflhnw.emiEMZE@DZZ, [LZRD & IEE NRZ@\ , HH[

Cmsdp` _. Emte`dtt (UBF 5752:)Inra E. Imhuip`y (UBF >70;;<)Unf Grnfelsem Nlrpmrt Mggled Edftdr0:; Inhemhi Rmnj, Uultd 2;;Burhlfonid, Enhlgmrfln <:;>;

Zdhdp`mfd3 (74;) 7<?-7;;;Gneslilhd3 (74;) 7<?-;4??cemte`dttKepihdonh.emiiimhuip`yKepihdonh.emi

Cmnffn _. HlEnhsl (UBF 200??>)2?>7 Mednf [nra Bmuhdvnrj, Uultd 5;24Unftn Imflen, Enhlgmrfln <;:;4

Zdhdp`mfd3 (5>;) 5<2-2;;0Gneslilhd3 (5>;) 5<2-;>>>chlenhslKepihdonh.emi

Emufsdh gmr [hnlftlgg Nft`mfy Bnslhd

Ensd 23>:-ev-;<72< Jmeuidft > Glhdj >2/>7/>: [nod 5: mg 5: [nod LJ #35:

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