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High Court of Karnataka · body
2025 DAILYLAW 92632 (KAR)
M/S MANGAL REALITY v. NANDKUMAR
RERA.A/200001/2025 · 2025-09-25
H P Sandesh, T M Nadaf
body2025
[ 2025 DAILYLAW 92632 (KAR) · dailylaw.ai ]
[ 2025 DAILYLAW 92632 (KAR) · dailylaw.ai ]
Judgment text
Extracted from the PDF above. The PDF is authoritative.
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Digitally signed by BASALINGAPPA SHIVARAJ DHUTTARGAON Location: HIGH COURT OF KARNATAKA
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F 0 2 69<2= </2 3'>782<0'4 '9 )</ >'4</ /2 =282612 '9 78'< :26=04@ ' )<'</2688'<<22/65:224':<6042561'4 ( 6455?8;04<0>6<25<'</2688'<<22 172=86?12'9</2 @=22>24<</2688'<<22=2B?0=25<'76;'A2=4>24<82A021 <' 64 2G<24< '9 1 $$) 0432 </2=2 01 5286; 04 76;>24<6456550<0'4683/6=@21<'D6=51'A2=4>24<82A; </2 ='>'<2= 011?25 6 82@68 4'<032 '4 F 36432804@ </2 78'< 688'<<25 <' </2 688'<<22 9'= 4'4 65/2=2432 <' 76;>24< 3'450<0'41 D/03/ 01 04 <2=>1 '9 86?12' 3'4<6042504</2@=22>24< /286?12' - 7 - 01 =27='5?325 :; ?1 61 52703<25 04 76=6 ' '9 </2 772886<2'?=<E?5@>24<=265161?452=% ( 7'4 1?:>0110'4 '9 7826504@1 </2 6=46<6C6 268 1<6<2 2@?86<'=; ?</'=0<; 7='322525 <' /26= </2 76=<021 645 1?:12B?24<8; 761125 </2 E?5@>24< D/2=2:; 501>01125 </2 72<0<0'4 /'8504@ </6< </2 688'<<22 01 4'< 24<0<825 9'= </2 =28029 3860>25 /2 2@?86<04@ ?</'=0<; 9?=</2=':12=A25</6<</2=28029'93'>72416<0'49'=>24<68 6@'4;5'214'<3'>2?452=</27?=A02D'9</2 2@?86<04@ ?</'=0<; /2 688'<<22 =2B?0=25 <' 9082 3'>78604< :29'=2 </2 5E?5036<04@ 99032= 9'= 3860>04@ 1?3/ =28029 33'=504@8;7='322525<'501>011</23'>78604< - 8 - F 22804@ 6@@=02A25 :; </2 1605 E?5@>24< </2 688'<<227=292==2564 677268 ?452=23<0'4 $$ '9 </2 3< (:29'=2</26=46<6C6 268 1<6<2772886<2=0:?468 24@68?=?"9'=1/'=<,</2772886<2=0:?468-# 29'=2</2 772886<2=0:?468</2688'<<22/613'4<24525</6<04A02D '95286;04='E23<645'992=04@</210<2D/03/0182112=04 50>2410'41 </64 </2 '42 ?452= </2 6@=22>24< 24<2=25 04<' </'?@/ </2688'<<22 /61 7605 >'=2 </64 FH '9 </2 6>'?4<<'D6=5116823'41052=6<0'4 4A02D'95286;</2 688'<<22 '4 12A2=68 '33610'4 04<0>6<25 </2 ='>'<2= </2 =261'49'=5286;2576;>24<645/65681'1<6<25</6<</2=2 01 5296?8< 3'>>0<<25 :; :'</ </2 76=<021 0 2 688'<<22 61 D288 61 </2 ='>'<2= /2 =261'4 9'= 4'476;>24< 01 5286;252G23?<0'4'9='E23<D'=C645688'<>24<'910<204 78'< ' ) 041<265 '9 78'< ' F 04 6 =25?325 >261?=2>24<0 2 F1B 9< 041<265'9$1B 9< 645 </2 ='>'<2= /65 52>64525 6550<0'468 76;>24<1 ?452= </2 @?012 '9 'A2=4>24< 82A; &/24 </2 78'< D61 52>64525 68'4@ D0</ 04<2=21< </2 16>2 D61 ?4086<2=688; - 9 - 364328825 :; </2 ='>'<2= 04A'C04@ 86?12 ' '9 </2 6@=22>24< D0</'?< </2=2 :204@ 64; =261'4 9'= 9'=920<04@ </2 6>'?4< 7605 <'D6=51 </2 1682 3'41052=6<0'4 /01 61723<'9</2>6<<2=/614'<:2247='72=8;3'41052=25:; </2 2@?86<'=;?</'=0<;D/03//61=21?8<2504501>01104@ </2 3'>78604< 36?104@ >0136==06@2 '9 E?1<032 <' </2 688'<<22D/'/65 >652 76;>24<1'9426=8; FH'9<'<68 16823'41052=6<0'4 /2 ='>'<2= =29?<25 </2 1?:>0110'41 '9 </2 826=425 3'?4128 9'= </2 688'<<22 :29'=2 </2 772886<2 =0:?468 3'4<24504@ </6< </2 2@?86<'=; ?</'=0<; /6A04@ 3'41052=25 </2 >6<2=0681
786325 :29'=2 0< 645 04 A02D '9 :=263/ '9 86?12 ' 3'>21 <' 6 =0@/< 3'438?10'4 </6< </2=2 01 96?8< 3'>>0<<25 :; </2 688'<<22 04 >6C04@ </2 =2@?86= 76;>24<1 645 633'=504@8; /285 </6< /2 01 4'< 24<0<8259'=64;=280296<</2/6451'9 2@?86<'=;?</'=0<; 645 9'= </2 3'>78604< '9 3'>72416<0'4 9'= >24<68 6@'4; 645 '</2= 61 3'4<24525 :;</2 688'<<22 =282@6<25/0> <' 90824232116=;6778036<0'4:29'=2</25E?5036<04@?</'=0<; - 10 - 61 3'4<2>786<25 ?452= </2 7='A010'41 '9 </2 3< ( /21605E?5@>24<5'214'<36889'=64;04<2=92=24326<</2 /6451 '9 </2 772886<2 ?</'=0<; 61 </2 16>2 01 D288 =261'4256451'?@/<<'501>011</2677268 ) /2772886<2=0:?46869<2=/26=04@:'</10521 9'=>25 6 7'04< 9'= 3'41052=6<0'4 61 <' D/2</2= </2 7728864<688'<<22 7='A21 </6< </2 ?</'=0<; D61 4'< E?1<09025 04 501>01104@ </2 3'>78604< 645 641D2=25 </2 7'04<' 76=<8;046990=>6<0A2/'8504@</6<</2501>01168 '9 </2 3'>78604< 01 ?4E?1<09025 D/2=2:; 688'D25 </2 677268 12<<04@ 61052 </2 E?5@>24< 761125 :; </2 2@?86<'=; ?</'=0<; 56<25 ) 1<6<25 !
645 >'509025 </2 0>7?@425 '=52= 50=23<04@ </2 =217'4524< ='>'<2=<'2G23?<2</29?889825@25168252250496A'?='9 </2 688'<<22 =2320A04@ 6 1?> '9 1 $ D/03/ 0438?521 1 FF<'D6=51</216823'41052=6<0'4645 1 $$) <'D6=51 'A2=4>24< 82A; D0</04 6 72=0'5 '9 </=22 >'4</1 9='> </2 56<2 '9 =23207< '9 3'7; '9 </2 E?5@>24< - 11 - 68804@ 04 B?21<0'4 </01 '=52= 761125 :; </2 772886<2=0:?468</2='>'<2=01:29'=2</01'?=<04</01 123'45677268 26=5 =0 =22<6> 2?8@6'4C6= 826=425 3'?4128 67726=04@ 9'= </2 67728864< 217'4524< </'?@/ 12=A25?4=27=2124<25 =0=22<6>2?8@6'4C6=A2/2>24<8;1?:>0<<25 </6<</2772886<2=0:?468960825<'3'41052=D288=261'425 E?5@>24< '9 </2 2@?86<'=; ?</'=0<; D/2=204 </2 2@?86<'=; ?</'=0<; 3'41052=04@ 86?12 ' D/03/ 3826=8; 7=213=0:21 </6< 04</2 2A24< 64; 5296?8< 04 76;04@ </=22 041<688>24<1 :; </2 >2>:2= </2 6@=22>24< D'?85 :2 364328825 645 688 </2 041<688>24<1 68=265; 7605 1<6451 9'=920<250496A'?='9</2='>'<2=6156>6@219'=:=263/ '93'4<=63<04A02D'99608?=2'4</276=<'9123'4576=<;<' >6C2 76;>24< 04 <0>2 61 6@=225 501>01125 </2 3'>78604< /2=2 01 4' 5286; 36?125 :; </2 67728864<='>'<2=616882@25 /2='>'<2=04<2=>1'9 - 12 - 86D@'<1643<0'425</27864/'D2A2=04A02D'93/64@25 7864 </2=2 01 =25?3<0'4 04 </2 >261?=2>24< '9 </2 10<2 D/03//2/6104<0>6<25<'</2688'<<22645681'6@=225<' 525?3< </2 6>'?4< <'D6=51 =25?325 >261?=2>24< <' 64 2G<24< '9 1 72= 1B 9< 645 =290G25 </2 1682 3'41052=6<0'4 '48; <' </2 2G<24< F 1B 9B 041<265 '9 $ 1B 9< 2 /61 @0A24 04<0>6<0'4 1?:12B?24< <' 3/64@2'91643<0'47864 /2=20165286;'4</276=<'9 </2 688'<<22 04 76;>24< '9 =2@?86= 041<688>24<1 2170<2 12A2=68 =2>0452=1 </2=2 01 4' 76;>24< 0432 2:=?6=; (</2=201<'<681<'776@2'9041<688>24<1 /2='E23< D61 3'>782<25 61 6@=225 04 </2 6@=22>24< D0</04 </2 1<07?86<25 <0>2 < 01 </2 688'<<22 D/' /61 5296?8<25 04 >6C04@ </2 7='72= 76;>24<1 /01 04 <2=>1 '9 86?12 6>'?4<1<'6:=263/'93'450<0'416459608?=2'4</276=< '9 </2 688'<<22 24<0<804@ </2 ='>'<2= <' 364328 </2 688'<>24< 61 D288 61 9'=920<04@ </2 6>'?4<1 68=265; 7605 <'D6=5116823'41052=6<0'4 /0161723<'9</2>6<<2=/61 4'< :224 7='72=8; 3'41052=25 :; </2 772886<2 =0:?468 - 13 - /2 772886<2 =0:?468 1D6;25 '4 </2 61723< </6< </2 3< 01 6 1'3068 82@0186<0'4 2463<25 <' 7='<23< </2 04<2=21< '9 /'>2 :?;2=1 645 7='>'<2 <=64176=243; 633'?4<6:080<;04</2=26821<6<2123<'=645</0161723</61 :224 960825<'3'41052= :;</2 2@?86<'=;?</'=0<; /6< 676=<</2=261'49'=</2772886<2=0:?468<'3'41052=</2 3612 '9 </2 688'<<22 01 </2 2>608 124< '4 D/2=204 </2 688'<<22 /61 1<6<25 </6< </2 ='E23< D61 1?77'125<'@2<3'>782<25:;*64?6=;FD6163<?688; 3'>782<25046=3/ /2=2D615286;'9>'4</1 9='> *64?6=; F 645 </2 688'<<22 /61 9?=</2= 1<6<25 </6< /2 /61 7605 1 <'D6=51 </2 1682 3'41052=6<0'4 /2 /61 681' 1<6<25 04 </2 1605 2>608 </6< </25286;3/6=@21'4 1 :265E?1<25<'D6=51 </25286;3/6=@219'=</2=2>60404@6>'?4<<':27605:; /0>64569<2==23683?86<04@</216051?>1<'</278'</2 01=265;<'76;</26>'?4< /01/61<6C24</2772886<2 =0:?468 <' /'85 </6< </2 '=52= 761125 :; </2 2@?86<'=; ?</'=0<;501>01104@</267726861?4E?1<09025 ?=</2=<' - 14 - /'85</6<</236432886<0'4:;</2='>'<2=6459'=920<?=2'9 </26>'?4<01/0@/8;6=:0<=6=;D/243'41052=6:826>'?4< <'D6=51</216825225/6168=265;:2247605 33'=504@8; 1'?@/< </6< </2 677268 5212=A21 <' :2 688'D25 12<<04@ 61052</2E?5@>24<761125:;</2772886<2=0:?468 ' :?<<=211 /01 6=@?>24< </2 826=425 3'?4128 67726=04@9'=</267728864<=28025'4</2E?5@>24<'9</2 '4-:82 72G '?=< 04 </2 3612 '9 6451<=21125'476=6' D/03/D2 =27='5?3261?452=% I /29?=</2=1?:>0110'4>652:;826=425 3'?4128 9'= </2
67728864<1 </6< 09 </2 688'<<22 /615296?8<25</2<2=>1'9</26@=22>24<645 1<088 =29?45 01 3860>25 D/03/ 364 :2 7'110:82 <' :2 52<2=>0425 :; </2 65E?5036<04@ '99032= /21?:>0110'467726=1<':26<<=63<0A2:?<01 4'< 1?77'=<25 D0</ 82@0186<0A2 04<24< 9'= </2 =261'4</6<09</2688'<<22/61>65265296?8< 20</2= 04 >6C04@ 041<688>24<1 '= >652 64; 1 C.A.No.6745-6749 of 2021 - 15 - :=263/'9</26@=22>24<</27='>'<2=/616 =0@/< <' 364328 </2 688'<>24< 04 <2=>1 '9 23<0'4 "# '9 </2 3< 645 7='A01' <' 1?: 123<0'4'923<0'4246:821</2688'<<22<' 677='63/</2=2@?86<'=;6?</'=0<;<'B?21<0'4 </2 <2=>046<0'4 '= 36432886<0'4 '9 </2 6@=22>24< :; </2 7='>'<2= 645 </?1 </2 04<2=21< '9 </2 7='>'<2= 01 2B?688; 1692@?6=525 J $ 6A04@ /26=5 </2 826=425 3'?4128 9'= </2 67728864< 72=?125 </2 24<0=2 677268 7672=1 </2 '48; B?21<0'4</6<D'?856=0129'=3'41052=6<0'401% &/2</2= </2 67728864< /61 >652 '?< 64; 3612 <' 3'41052= </2 677268 '4 64; 1?:1<64<068B?21<0'4'986D<'641D2=2A24 <'65>0<</2677268<'641D2=/013860>1K ?=641D2=<'</26:'A27'04<9'=3'41052=6<0'4 0104,2@6<0A2-9'=</29'88'D04@% ( 29'=25D28804@'4</27'04<9'=3'41052=6<0'40< 017='90<6:82<'641D2='4</27'D2=?452=23<0'4'9 - 16 - </2 3< ( 1 72= 23<0'4 '9 </2 3< ( <' >604<60464677268:29'=2</01'?=<D/03/0161@''5616 =2@?86=123'45677268D0</04</2>26404@'923<0'4 '9 </2 677268 >?1< 3'4<604 1?:1<64<068 B?21<0'4 '9 86D 04A'8A25 04 </2 3612 '= 261; =292=2432 D2 =27='5?32 23<0'4 '9 </2 3< ( D/03/ =2651 61 ?452=% I 77268 <' 0@/ '?=< L "# 4; 72=1'4 6@@=02A25:; 64;523010'4 '= '=52='9</2 772886<2 =0:?468 >6; 9082 64 677268 <' </2 0@/ '?=< D0</04 6 72=0'5 '9 10G<; 56;1 9='> </2 56<2 '9 3'>>?4036<0'4 '9 </2 523010'4 '= '=52= '9 </2 772886<2=0:?468<'/0>'464;'42'=>'=2'9</2 @='?45117230902504123<0'4'9</2'52'90A08 ='325?=2)"'9)#% ='A0525 </6< </2 0@/ '?=< >6; 24<2=<604 </267726869<2=</22G70=;'9</2160572=0'5'910G<; 56;1 09 0< 01 16<019025 </6< </2 67728864< D61 7=2A24<25 :; 1?9903024< 36?12 9='> 7=292==04@ </2 67726804<0>2 "# /2 2G7=2110'4 I0@/ '?=<J >2641 </2 0@/ '?=< '9 6 <6<2 '= 40'4 <2==0<'=; D/2=2</2=26821<6<27='E23<0110<?6<25 - 17 - "#'6772681/6888026@6041<64;523010'4'= '=52= >652 :; </2 772886<2 =0:?468 D0</ </2 3'4124<'9</276=<021 J F '</2B?2=;'9'?=<-1B?21<0'4</267728864< /61 1?:>0<<25 </6< /2 /61 =60125 7'04< 9'= 3'41052=6<0'4 <'<688;12A24044?>:2=64516>2:2=265611?:1<64<068 B?21<0'4'986D 1 3'?85 :2 1224 9='> </2 =23'=51 0< 01 3826= </6< </2=2 D61 64 6@=22>24< 56<25 :2<D224 </2 688'<<22 645 </2 ='>'<2= 9'= 688'<>24< '9 6 10<2 :26=04@ ' F >261?=04@ $ 1B 9< 645 1682 3'41052=6<0'4 D61 90G25 6< 1 $
D/03/ 01 <' :2 7605 04 ) 2B?68 >'4</8; 041<688>24<1 :; </2 688'<<22 <' </2 ='>'<2= 1 72= 86?12 '9 </2 @=22>24< </2 688'<<22676=<9='>76;04@16823'41052=6<0'401=2B?0=25<' >6C2 @''5 </2 'A2=4>24< 82A; 09 64; <' :2 7605 61 6@=22504</216056@=22>24< - 18 - ) < 01 681' '4 =23'=5 645 4'< 5017?<25 :; </2 ='>'<2=</6<61?>'9 1 7605<'D6=511682 3'41052=6<0'4 < 01 681' 4'< 04 5017?<2 </6< 26=802= 10<2 ' F :204@ 3/64@25 <' 10<2 ' ) 61 681' </2 >261?=2>24< '9 </2 16>2 =25?325 <' F 1B 9< 9='> $1B 9< <01681'4'<045017?<2</6<</2:686432<':2 7605 <'D6=51 </2 1682 3'41052=6<0'4 69<2= 525?3<04@ </2 6>'?4< <'D6=51 </2 >261?=2>24< =25?325 D'?85 :2 1 FF <01681'4'<045017?<2</6<</2688'<<2201 =2B?0=25 <' 76; 6550<0'468 1?> '9 1 $$) <'D6=51 'A2=4>24< 82A; /2 2>608 124< :; </2 688'<<22 D/03/ /61 :224 =27='5?325 :; </2 772886<2 =0:?468 04 76=6 ' 3826=8;1<6<21</6<</2=20165286;042G23?<04@</2 7='E23< D0</04 </2 1<07?86<25 <0>2 645 4'450138'12=1 '9 76=<03?86=11'?@/<:;</2='>'<2=M1'681'</2=2015286; '4</276=<'9</2688'<<22<'76;</2041<688>24<16@=225 :; /0> /2 963< =2>6041 </6< 6 3'41052=6:82 6>'?4< 426=8; <' FH /61 68=265; :224 7605 :; </2 688'<<22 <'D6=51 </2 1682 3'41052=6<0'4 9'= </2 10<2 688'<<25 04 /01 - 19 - 96A'?= 4A02D'93/64@2530=3?>1<64321</2688'<<2201 =2B?0=25 <' 76; =25?325 6>'?4< <'D6=51 </2 1682 3'41052=6<0'4 /2 :686432 76;6:82 :; /0> 01 '48; 1 FF 68'4@ D0</ 'A2=4>24< 82A; D/03/ 01 90G25 6< 1 $$) /2386?12D/03//61:224=292==25:;</2 772886<2=0:?4680476=6@=67/' 3826=8;1<6<21</6<09 </2=2 01 6 9608?=2 <' >6C2 </=22 041<688>24<1 </2 >2>:2=1/07D088:2364328825645</2041<688>24<168=265; 7605D'?85:29'=920<256156>6@219'=:=263/'93'4<=63< 9'=</29608?=2'9</2688'<<22<'76;</2041<688>24<1 4 </2 723?806= 963<1 645 30=3?>1<64321 '9 </2 3612D/2=2FH'916823'41052=6<0'4/61:2247605</2 =21<01D0<//285'48;9'=</2=261'4</6<</2=2015286;04 3'>782<04@</27='E23< 172=</26@=22>24<</27='E23< =2B?0=25 <' :2 3'>782<25 '4 '= :29'=2 *64?6=; F /2 1/'=<3'>04@1 7'04<25 :; </2 688'<<22 <'D6=51 ='>'<2=01/2/614'<1?778025</2=2B?0=2576=<03?86=104 <2=>1 '9 23<0'4 '9</23<( 645 ?82 '9 </2 - 20 - 6=46<6C6 268 1<6<2 " 2@?86<0'4 645 2A28'7>24<# ?821F"/2=20469<2==292==25<'61</2 ?821F# 4 A02D '9 </2 16>2 10432 </2=2 01 1/'=<9688 6<<=0:?<6:82 <' :'</ </2 76=<021 4'42 '9 </2 76=<021 6=2 24<0<825 9'= 64; 04<2=21< 61 3'4<2>786<25 ?452= 23<0'41 (645F'9</23<( /2688'<<22:;/012>608/61 3826=8; 1<6<25 </2 =261'4 9'= 5286;25 76;>24< 645 681' /61 =2B?21<25 <' 65E?1< </2 5286;25 3/6=@21 '4 041<688>24< <'D6=51 </2 5286;
3/6=@21 76;6:82 <' </2 ='>'<2=:;/0>9'=5286;04/64504@'A2=</27'112110'4 /26@=22>24<D6124<2=2504</2;26=D/2=261</2 7864D611643<0'42504</2;26= /278'<6@=225<' :2688'<<25D61:26=04@' F>261?=04@$1B 9< </6< /61:224=25?325<'F1B 9< 64524<0=278'</61:224 3/64@25 <' 78'< ' ) </'?@/ </2 7='>'<2= /61 4'D 6@=225 9'= =25?325 =6<2 </64 </2 '42 90G25 26=802= 645 4'</04@ 01 786325 :; </2 ='>'<2= <' 16; </6< </2 24<0=2 7='E23< /61 :224 3'>782<25 D0</'?< </2=2 :204@ 64; 1/'=<96881'4</276=<'9</2='>'<2= /0161723<'9</2 - 21 - >6<<2=/61:224>01125:;</2 2@?86<04@?</'=0<;D/03/ /61:2243'41052=25:;</2772886<2?</'=0<; ' 5'?:< 0< 01 <=?2 </6< </2 3< ( 01 2463<25D0</</2':E23<<'1692@?6=5</204<2=21<'9:'</ </276=<021645@0A26<=64176=243;04</2<=64163<0'4645 123?=0<;<':'</</276=<021 /276=6@=67/' 04 "!$ =28025 '4 :; </2 67728864< 3826=8; 1/'D1 </6< </2 ='>'<2= ?452= </2 7='A010'41/616=0@/<<'364328688'<>24<'D04@<'5296?8< 6<<=0:?<6:82<'688'<<2204<2=>1'9</26@=22>24<<'D6=51 </276;>24<645</2688'<<22364677='63/</2 2@?86<'=; ?</'=0<; <' B?21<0'4 </2 <2=>046<0'4 '= 36432886<0'4 '9 6@=22>24< :;</2 ='>'<2= 33'=504@8; 04 </01 3'4<2G< </2'4-:8272G'?=</61':12=A25</6<?452=</23< (</204<2=21<'9</2='>'<2=012B?688;1692@?6=525 :?<</216>23644'<:23'41<=?2561</2688'<<22:'?45<' 76; 04<2=21< '4 </2 5286;25 76;>24< 61 6=@?25 :; </2 826=4253'?4128=0=22</6> - 22 - /2 67728864< /61 4'< 786325 64; >6<2=068 '4 =23'=5<'1/'D</6</2/61>65264;6778036<0'4122C04@ 9'=04<2=21<613'4<2>786<25?452=23<0'4('9</23< ( A24 </2=2 01 4'</04@ '4 =23'=5 <' 1?@@21< </6< </2=2 01 64 '=52= :; </2 2@?86<'=; ?</'=0<; </6< </2 67728864<0124<0<8259'=04<2=21<'4</25286;2576;>24< /2 772886<2 =0:?468 1692@?6=525 </2 04<2=21< '9 :'</ 76=<021<6C04@04<'3'41052=6<0'4</25296?8<3'>>0<<25:; :'</</2 76=<021 04 50=23<04@</2 67728864<<'2G23?<2 </2 9?889825@251682522569<2==23207<'924<0=26>'?4<1<6<25 04</2'=52=0438?504@</2'A2=4>24<82A;:;</2688'<<22 D0</04</=22>'4</19='></256<2'9=23207<'93'7;'9</2 '=52= $ /2 '4-:82 72G '?=< 04 %!$2G<2410A28;3'41052=25</2':E23<645 7='A010'41 '9 </2 3< '9 ( 04 6=6@=67/ '1 ) <' F /2 ':E23< D0</ D/03/ </2 3< ( 2463<25 045036<21 </6< 7=0>6=; 7'10<0'4 '9 </2 2@?86<'=; ?</'=0<; 01 <' =2@?86<2 </2 =268 21<6<2 123<'= /6A04@ E?=01503<0'4 <' - 23 - 241?=2 3'>7806432 D0</ </2 ':80@6<0'4 361< ?7'4 '4 </2 ='>'<2=1 /2'72404@1<6<2>24<'9':E23<1645=261'41 D0</D/03/</23<2463<25=265161?452=% & ! ! !! ! '
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11?3/0<013826=9='></21<6<2>24<'9':E23< 645 =261'41 </2 3< D61 04<='5?325 D0</ 64 ':E23< <' 241?=2 @=26<2= 633'?4<6:080<; <'D6=51 3'41?>2=1 <' 10@4090364<8;=25?329=6?516455286;1645681'</23?==24< /0@/ <=64163<0'4 3'1<1 645 <' :686432 </2 04<2=21<1 '9 3'41?>2=1 645 7='>'<2=1 :; 0>7'104@ 32=<604 =217'410:080<021 '4:'</ 645 <':=04@ <=64176=243; '9 </2 3'4<=63<?68 3'450<0'41 12< >040>?> 1<6456=51 '9 633'?4<6:080<; 645 6 961<<=63C 5017?<2 =21'8?<0'4 >23/6401> < 681' 7='7'121 <' 045?3< 7='92110'46801> 6451<6456=50N6<0'404</2123<'=</?176A04@</2D6;9'= 633282=6<25 @='D</ 645 04A21<>24<1 04 </2 8'4@ =?4
- 25 -
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( 'D 8''C04@ <' </2 7'04< 9'= 3'41052=6<0'4 =60125 04 </2 677268 61 72= </2 67728864< 6=2 </2 1?:1<64<068B?21<0'4'986D04A'8A2504</01677268D29045 688</27'04<19'=3'41052=6<0'49=6>25:;</267728864<6=2 '4 963<1 '42 '9 </2 7'04<1 9'= 3'41052=6<0'4 =60125 :; /0>1?@@21<04A'8A04@64;1?:1<64<068B?21<0'4'986D
F /2 904504@ '9 </2 772886<2 =0:?468 01 '4 >6<2=068 963< 786325 :29'=2 0< /2 386?12 ' 61 3'4<24525:;</267728864<3644'<:21<=2<3/25<''96=<' >6C2?4E?1<24=03/>24<0463612D/2=2FH'96>'?4< '91682 3'41052=6<0'4/61:2247605645:686432D0<//285 9'= 1/'=< '9 2G23?<0'4 '9 </2 ='E23< 04 <0>2 645 4'4 9?=401/04@'976=<03?86=11'?@/<:;</2688'<<22 1</2=201 4'1?:1<64<068B?21<0'4'986D04A'8A2504</2677268</2 16>2 5212=A21 <' :2 501>01125 &2 9045 4' =261'41 <' 04<2=92=2432 D0</ </2 E?5@>24< 761125 :; </2 772886<2 =0:?468D/03//617='72=8;3'41052=25</236127?<9'=</
- 27 -
:;</276=<0212A24<6C04@04<'3'41052=6<0'4</286?12 61D2886186?12' 04</26@=22>24<1'681'23<0'4 '9 </2 3< ( &2 9045 4' 0490=>0<021 04 </2 '=52= 761125:;</2772886<2=0:?468
/2 826=425 3'?4128 =0 =22<6> 2?8@6'4C6= D/0826=@?04@</2>6<<2=/651?:>0<<25</6<</250=23<0'4 011?2501D0</=2@6=5<'76;>24<'96>'?4<:;</2688'<<22 D0</04 </=22 >'4</1 645 </2=269<2= </2 67728864< <' 2G23?<2 </2 1682 5225 'D2A2= </2 688'<<22 D0</'?< >6C04@ 76;>24< 677='63/25 </2 772886<2 =0:?468 645 C22704@ </2 ='>'<2= 2G76=<2 </2 772886<2 =0:?468 50=23<25 </2 76=<; <' 677='63/0A08'?=< <'2G23?<2 </2 D6=564504<2=>1'91?3/50=23<0'42G23?<0'44'<032/61 :224011?25:;</20A08'?=<2G23?<04@</2'=52=761125 :; </2 772886<2 '?=< /2 688'<<22 01 5?<; :'?45 <' >6C2</276;>24<90=1<<'122C9'=2G23?<0'4'916825225 1'?@/<</6<645</01=2B?0=21386=09036<0'4
- 28 -
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