Research › Search › Judgment
High Court of Karnataka · body
2026 DAILYLAW 48448 (KAR)
M/S BHUVANESHWARI ENTERPRISES v. THE ADDITIONAL SECRETARY
WP/17636/2025 · 2026-01-13
R Nataraj
body2026
[ 2026 DAILYLAW 48448 (KAR) · dailylaw.ai ]
[ 2026 DAILYLAW 48448 (KAR) · dailylaw.ai ]
Judgment text
Extracted from the PDF above. The PDF is authoritative.
- 1 -
!"!#
$%" "
&%'
! " #
$ % &
$"
#
'
%
"
$
%
"
"
$ %
" #
#
( #
##
Digitally signed by SACHIN Location:
HIGH COURT OF KARNATAKA
- 2 -
$#%
)
$*
+% #,
(
$*+%
'
"
&
$"
# -
"
'"
#(%
#
! # #
"
# )
$#%! *
"
.*. #
)
$
/
"% * (
"
.*. #
"
0
0 1'
'
- 3 -
23 4356567839 2:; <2:==38>3? :8 38?79;3@385 A3:968> 7
$#%! * ?:53? 6;;B3? AC 523 93;478?385 7 9:56DC68> 65;
3:9=639 79?39 A3:968> 7 * 23 4356567839 2:; <2:==38>3? : <78;3EB385 79?39 A3:968> 7
$
/
"% * ?:53? ( 6;;B3?AC52393;478?3857?3A:9968>26@ D97@ 4:956<64:568> 68 :8C 538?39 D79 : 43967? 7D 52933 C3:9;2343565678392:;;7B>25D79F965685238:5B937D <395679:96 57 EB:;2 523 6@4B>83? 79?39 7
$
/
"% * ?:53? ( ! 4:;;3? AC 93;478?3857?3A:9968>4356567839D97@4:956<64:568>68 523538?39D79:43967?7D52933C3:9;6G3F6;323 2:; ;7B>25D79 :F96568 5238:5B93 7D<395679:9657EB:;2 52379?397! 38>:=B9B?:53? 4:;;3? AC 93;478?385 7 :; F3== :; :8 79?39 A3:968> 7 $* % *?:53? 4:;;3? AC 93;478?385 7 :8? :=;7 :8 79?39 A3:968>
- 4 -
7 $ % * ?:53? 4:;;3?AC52393;478?3857
23 4356567839 <78538?; 52:5 65 6; :
4974963579;264<78<3983;5:A=6;23?68523C3:9 ,:8?6; 68523AB;683;;7D497H6?68>@:847F39;39H6<3;$68<=B?68> ;3<B965C :>38<63; 57
:8? 75239 >7H398@385 ?34:95@385;%52:;<=:6@3?52:578 , ,:=6<38;3 A3:968>7 * ,F:;6;;B3?575234356567839 D7938>:>68>68523AB;683;;7D496H:53;3<B965C:>38<CD79 : 43967? 7D D6H3 C3:9; 8 523 93;478?385 768H653?538?39D79497<B93@3857D@:847F39;39H6<3;
$;3<B965C ;39H6<3;% 78 <7859:<5 A:;6; 23 4356567839 F:;
?3<=:93? :; 523 ;B<<3;;DB= A6??39 :; 23 2:? EB753? 523 =7F3;59:53;D79497H6?68>;3<B965C;39H6<3;68:8?268:>:9 :8? :==3;2F:9:@ 8 ! 523 93;478?385 7 2:? 6;;B3? 5F7 ;34:9:53 F79G 79?39; D79 : 43967? 7D 783 C3:9 D97@ ! 57 ( ( D79 :==3;2F:9:@ :8?:8?268:>:9<78;565B38<63;8523;:@3?:C6378 ! 5F7 ;34:9:53 :>933@385; F393 385393? - 5 -
A35F338 523 4356567839 :8? 523 93;478?385 7 3H6?38<68> 523 539@; :8? <78?65678; 7D <7859:<5 8 ! (B478;:56;D:<56787D523;39H6<3;938?393?AC 523 4356567839 523 F79G 79?39; 6;;B3? F393 3I538?3? AC 52393;478?3857B856=DB9523979?39;8 52393;478?3857:??93;;3?:=35539?:53? 5752393;478?3857:==3>68>52:552347=6<3H396D6<:5678 <3956D6<:53497?B<3?D799383F68>523=6<38<3F:;D:G38 52393;478?385 7 6;;B3? : 8756<3 A3:968> 7! 57523435656783993>:9?68>68656:56787D 497<33?68>;D79<:8<3==:56787D523
3956D6<:538 523435656783993EB3;53?52393;478?3857 57 93*68656:53 523 H396D6<:5678 497<3;; ;5:568> 52:5 ;7@3 :>38<63;2:?23=43?26@577A5:68523<3956D6<:53D79F26<2 232:?4:6?;7@3:@7B8557523@:8?52:5236;93:?C57 DB986;2523?7<B@385;:D5397A5:6868>D97@523<78<3983? :B52796563; 6D 833? A3 8 : <7@4=:685 F:;
=7?>3? AC : 439;78 8:@3? 96 2:8?9:;3G2:9 7F?: ;5:568>52:552343565678392:?DB986;23?D79>3??7<B@385;
- 6 -
D79 7A5:6868> 523
3956D6<:53 :;3? 78 523 ;:6? <7@4=:685:<:;36896@37 F:;93>6;5393?D79 7DD38<3; 4B86;2:A=3 B8?39 3<5678; , :8? 7D 356567839 <=:6@; 52:5 523 93;478?385 7 5238 ?693<53?5234356567839572:8?7H39523
3956D6<:53 F26<2F:;4B947953?=CD:G3575235:537H398@3858 52393;478?385778523A:;6;7D52379?39 ?:53? <:8<3==3? 523 F79G 79?39 F652 6@@3?6:53 3DD3<5 2393;478?385 7 :=;7 D7==7F3? ;B65 :8? <:8<3==3?
523 F79G 79?39 F652 6@@3?6:53 3DD3<5
8756<3 F:; 5238 6;;B3? AC 93;478?385 7 57 523 4356567839 93>:9?68> ?3A:9@385 7D 523 4356567839 D97@ 4:956<64:568> 68 538?39; D79 : 43967? 7D 52933 C3:9; :8? <:==3?B478523435656783957;BA@65:934=C234356567839 ?B3 57 93:;78; A3C78? 26; <78597= <7B=? 875 ;BA@65 523 934=C F65268 ;3H38 ?:C; 2393:D539 :875239 8756<3 F:;
6;;B3?78 ! <:==68>B478523435656783957;BA@65 26;934=C2385775234356567839?6?875;BA@6526;934=C 8 ( ! 523 93;478?385 7 4:;;3? :8 79?39
- 7 -
?3A:9968> 523 4356567839 D97@ 4:956<64:568> 68 523 538?39;D79:43967?7D52933C3:9;234356567839<=:6@;
52:5 526; F:; ?783 F6527B5 497H6?68> :8 744795B865C 7D A368> 23:9? 23 4356567839 5238 <2:==38>3? 523 93>6;59:5678 7D : <:;3 68 96@3 7 A3D793 526;
7B95 68
7 26; 7B95 68 539@; 7D :8 79?39 ?:53? EB:;23? 523 497<33?68>; AB5 93;39H3?=6A395C57523<7@435385:B527965C575:G3:<5678 68<:;36D656;D7B8?52:552343565678392:?7A5:683?:D:G3
<3956D6<:53 8 , 523 93;478?385 7 6;;B3? : =35539 <78D69@68> 52:5 87 F79G 79?39 F:; 6;;B3?A:;3?78523:==3>3?=CD:G3
3956D6<:538 523 93;478?385 7 :=;7 6;;B3? : ;6@6=:9 =35539 ;5:568> 52:5 87 F79G 79?39 F:; 6;;B3? 57 523 4356567839 A:;3? 78 523 :==3>3?=C D:G3 <3956D6<:53 23 4356567839 <=:6@; 52:5 A368> :>>963H3? AC 523 79?39 ?3A:9968> 26@ D97@ 4:956<64:568> 68 523 538?39 23 D6=3? 7, 23;:6?F96543565678F:;?6;47;3?7DD 68 539@; 7D :8 79?39 ?:53? 439@65568> 523
- 8 -
4356567839 57 D6=3 26; 7AJ3<5678; 23 4356567839 5238 ;BA@6553? 26; 7AJ3<5678; 78 23 93;478?385 7 :==3>3?=C F6527B5 <78;6?3968> 26; 934=C 4:;;3? :8 79?39?:53? <78D69@68>5233:9=639?3A:9@385 79?39 ?:53? ( ! :8?4:;;3? :8 79?39 ( <78D69@68> 523 ?3A:9@385 7D 523 4356567839 D97@ 4:956<64:568> 68 523 538?39 D79 : 43967? 7D 52933 C3:9;
368>:>>963H3?AC523;:6?79?39?:53? ( 523 43565678396;A3D793526;7B95 ( 23F965435656786;7447;3?AC52393;478?385 7;(:8? 56;<=:6@3?68523;5:53@3857D7AJ3<5678;52:5 523 4356567839 F:; :F:9?3? 523 <7859:<5 D79 497<B93@385 7D ;B44=C 7D @:847F39 ;39H6<3; $;3<B965C ;39H6<3;% 78 <7859:<5A:;6;D79:43967?7D783C3:9D97@ ! 57 ( ( 5 6; :=;7 :?@6553? 52:5 : F79G 79?39 F:;
6;;B3? 78 ! ( F26<2 F:; 3I538?3? B856= DB95239 79?39;
- 9 -
5 6; <=:6@3? 52:5 65 F:; : <78?65678 493<3?385 D79 ;B<2 3I538?3?F79G 79?39; 523 4356567839F:; A7B8? 577A5:68:H:=6? 3956D6<:53D97@523?34:95@385 7D 47=6<3 5 6; <78538?3? 52:5 523 93;478?385 7 :??93;;3? : =35539 ?:53?
57 523 93;478?385 7 ;5:568> 52:5 523 47=6<3 H396D6<:5678 <3956D6<:53 497?B<3? D79 9383F:= 7D
=6<38<3 F:; D:G3 2393:D539 78 93;478?385 7 6;;B3? :
8756<3A3:968>! 57 523 435656783993>:9?68> 68656:5678 7D 497<33?68>; D79 <:8<3==:5678 7D 523
3956D6<:53 5 6; <7853853? 52:5 523 93;478?385 7 H6?3 79?39 ?:53? <:8<3==3? 523
<3956D6<:53 :8? ?693<53? 523 4356567839 57 2:8? 7H39 523 796>68:=
3956D6<:53575237H398@38578523>97B8?52:5 65F:;6;;B3?A:;3?78D:G3?7<B@385;BA;3EB385=C78 5236;;B3?:879?39<:8<3==68>523F79G 79?39; F652 6@@3?6:53 3DD3<5 2393:D539 : ;27F <:B;3 8756<3F:;6;;B3?57523435656783978 ! 57;27F <:B;3 F2C :4497496:53 :<5678 ;27B=? 875 A3 68656:53? - 10 -
:>:68;5657F3H3952393F:;87934=C236;;B3?:
D68:= ;27F <:B;3 8756<3 78 ! 57 F26<2 523 4356567839 ?6? 875 934=C 23 52393D793 4:;;3? :8 79?39 ?:53? ( ! ?3A:9968> 523 4356567839 D97@ 4:956<64:568>68538?39;D79:43967?7D52933C3:9; 234356567839<2:==38>3?523;:6?79?39A3D793526;7B95 68
7, F26<2 F:; :==7F3? 68 539@; 7D :8 79?39?:53? :8?439@6553?523435656783957D6=3 : 934=C 57 523 ;27F <:B;3 8756<3 8 523 4356567839;BA@6553?26;934=C <<79?68>=C:@33568>F:;
23=?78 :5 ( 4@68523493;38<37D523 23:? 7D 523 3>:= <3== 23 :;;395678; @:?3 68 523 934=C D6=3? AC 523 4356567839 F:; 439B;3? :8? 523 F:; ;:56;D63?52:5523934=C?6?875<785:68:8C93:;78:A=379 538:A=3 >97B8?; :8? 52393D793 523 @33568> 93;7=H3? 57 93J3<565:8?:87DD6<379?39AC52343<6:=7@@6;;67839 ?:53? ( F:; 4:;;3? 936539:568> 523 3:9=639 79?39?:53?( ! :8??3A:993?5234356567839D97@ 4:956<64:568> 68 538?39; D79 : 43967? 7D 52933 C3:9;
- 11 -
D97@( ! 56;52B;<78538?3?52:55236@4B>83? 79?39 4:;;3? AC 523 93;478?385 7;( :8? 6; JB;5 :8? 497439:8??73;875<:==D79:8C68539D3938<3
@3@7 F:; :=;7 D6=3? AC 523 =3:983? <7B8;3= D79 523 93;478?385 7;( 57 ;5:568> 52:5 68 :??65678 57 523 F79G >9:853? 57 523 4356567839 68 539@; 7D 523 F79G 79?39; @3856783? 68 523 F965 43565678 523 4356567839 F:;
>9:853? : F79G 79?39 D79 497H6?68> ;3<B965C ;39H6<3; :5 HB=839:A=3 4:9G 68 :?@:8:A2 :>:9 <78;565B38<C D79 :
43967?7D@7852;D97@ 57 (F26<2 F:;3I538?3?D97@ (56==DB9523979?39;26;F:;
:>:683I538?3?56==( H6?33I538;6787D523F79G 79?39?:53?! (56;52393D793<78538?3?52:5523 <=:6@ 7D 523 4356567839 52:5 A:;3? 78 523 D:G3
3956D6<:5352343565678392:?8757A5:683?:8CF79G79?39; 6;D:=;3 ! 8 :44=6<:5678 D79 6@4=3:?68> 6; D6=3? AC 92:8?9:;3G2:97F?:F27F:;523439;78F272:? =:B8<23?497<33?68>;:>:68;55234356567839F26<293;B=53? - 12 -
68 : <96@68:= <:;3 68 96@3 7! 5 6; <78538?3? 52:5 523 4356567839 2:? @:?3 ;3H39:= :==3>:5678; :>:68;5 523 :44=6<:85 :8? 52393D793 23 2:; 57 A3 A97B>25 78 93<79?
H38 A3D793 523 :44=6<:5678 D79 6@4=3:?68> 6;
:==7F3?:;5:53@3857D7AJ3<5678;6;D6=3?AC52349747;3? 93;478?385 F239368 23 2:; 38<=7;3? ;3H39:= ?7<B@385;
783 7D F26<2 6; : <7@@B86<:5678 ?:53? , :??93;;3?AC52393;478?38575752393;478?3857 57 H396DC 523 >38B86865C 7D 523
3956D6<:53 DB986;23?AC5234356567839577A5:685233I538;6787D523 F79G 79?39; =35539 ?:53? :??93;;3? 57 523 93;478?3857AC52393;478?38576;:=;738<=7;3? F26<2 3;5:A=6;2 52:5 523 93;478?385 7 F:; 7D 523 7468678 52:5 523
3956D6<:53 7A5:683? AC 523 4356567839 F:; D:G3 :8? 875 6;;B3? AC 523 7DD6<3 7D 523 93;478?3857:;3?B478526;:8756<3F:;<:B;3?AC 523 93;478?385 7 D79 <:8<3==:5678 7D 523
3956D6<:536;;B3?57523435656783932:;:=;74=:<3?78 93<79? : <7@@B86<:5678 ?:53? , :??93;;3? AC
- 13 -
52393;478?38575726@:<G87F=3?>68>52:5A:;3?78 523 D:G3
<3956D6<:53 523 4356567839 F:; >9:853? 3I538;6787D523F79G79?39;8H63F7D52379?394:;;3? 68 526; F965 43565678 526; 7B95 6; 7D 523 7468678 52:5 523 4:956<64:56787D5236@4=3:?68>:44=6<:856;B883<3;;:9C , 23 =3:983? 38679 <7B8;3= :443:968> D79 523 4356567839<78538?3?52:552343565678392:?8768G=68>52:5 523
<3956D6<:53 7A5:683? AC 26@ F:; D:G3 3 ;BA@65; 52:5 4356567839 2:? 38>:>3? 523 ;39H6<3; 7D :8 :>385D797A5:6868>5239383F:=7D523<3956D6<:53:8?52:5 23F:;B8:F:9352:5523:>3852:?68?B=>3?68D9:B?B=385 @3:8;577A5:685239383F:=3DB95239<78538?;52:5523 4356567839 2:? 875 497?B<3? 523 3I538?3? <3956D6<:53 57 7A5:68 :8C 79?39; :8? 523 ;:@3 6; 3H6?385 D97@523=35539;:??93;;3?AC52393;478?3857;:8? 3 52393D793 <78538?; F238 523 4356567839 2:; 875 497?B<3? 523 D:G3 <3956D6<:53 D79 7A5:6868> :8C D:H79:A=3 79?39; :8? 52393D793 23 <:8875 A3 ?3A:993? D97@ 4:956<64:568> 68 523 538?39; 7D 523 3 DB95239
- 14 -
;BA@65;52:55234356567839<:8875A3?3A:993?D79:43967? 7D 52933 C3:9; F26<2 6; 523 @:I6@B@ 43967? 493;<96A3? B8?393<5678 7D523:98:5:G:9:8;4:938<C68BA=6< 97<B93@385;
<5 $D79 ;2795 K523 <5L% 3 <78538?; 52:5 F238 52393 6; 87 JB;56D6<:5678 57 A:9 523 4356567839 523 6@4B>83? 79?39 6; 3I<3;;6H3=C 2:9;2 :8? F:99:85;68539D3938<3
523 =3:983? <7B8;3= D79 93;478?385 7 57 ;BA@6553? 52:5 497?B<5678 7D : H:=6? <3956D6<:536;3;;3856:=D795234B947;37D3H387A5:6868>:8 3I538;6787D523F79G79?39:8?523;:@36;3H6?385D97@ 523 F79G 79?39; 65;3=D 3 ;BA@65; 52:5 523 4356567839 G87F68>DB==CF3==52:5523
<3956D6<:537A5:683?AC 26@F:;D9:B?B=385:8?F:;D:G32:?497?B<3?523;:@3 D79 7A5:6868> 523 3I538;678 7D 523 F79G 79?39; 3 52393D793 ;BA@65; 52:5 523 6@4B>83? 79?39 4:;;3? AC 93;478?38576;JB;5:8?497439:8??73;875F:99:85 :8C68539D3938<3368H653?523:553856787D5237B9557 523538?39<78?65678;:8?;BA@6553?52:5:;439523538?39
- 15 -
<78?65678; 523 93;478?385 6; 38565=3? 57 ?3A:9 523 4356567839D97@4:956<64:568>68523538?39D79;B<256@3:;
65 @:C ?3539@683 6D 65 6; D7B8? 52:5 523 4356567839 2:? 38>:>3?68<799B4579D9:B?B=38549:<56<3;F26=3<7@43568> D79 523 <7859:<5 3 52393D793 <78538?; 52:5 93;478?385 7 :D539 <78;6?3968> 523 @:I6@B@ 56@3 493;<96A3? B8?39 3<5678 7D 523 <5 2:; ?3A:993?
523 4356567839 D97@ 4:956<64:568> 68 523 538?39; D79 :
43967? 7D 52933 C3:9; 3 52393D793 ;BA@65; 52:5 523 6@4B>83?79?396;JB;5:8?H:=6?:8??73;875F:99:85:8C 68539D3938<3 :; 523 4356567839 F:; 497H6?3? F652 :== 744795B865C57JB;56DC26;:<5;352393D793<78538?;52:5 8768539D3938<36;F:99:853?68523;:6?43565678 23 =3:983? <7B8;3= D79 523 6@4=3:?68> 49747;3? 93;478?385; :=;7 936539:53? 523 :A7H3 ;BA@6;;678; :8? ;BA@6553? 52:5 523 4356567839 2:? H7=B85:96=C2:8?3?7H39523;3<3956D6<:53;D797A5:6868>523 3I538;6787D523F79G79?39;:8?52393D793236;A7B8?57 D:<3 523 <78;3EB38<3; 3 :=;7 2:; D6=3? : @3@7
- 16 -
38<=7;68> 52393F652 68D79@:5678 DB986;23? 57 26@ :8? 57 523 49747;3? 93;478?385 AC 523 38>:=B9B 7B52 :2:8:>:9 :=6G3 :<G87F=3?>68> 52:5 3H38 D79 523 3I538;678 7D 523 F79G 79?39 65 6; 83<3;;:9C D79 523 4356567839 57 7A5:68 :
<3956D6<:53 3 52393D793 <78538?; 52:5 523 4356567839 6; 96>25=C ?3A:993? D97@ 4:956<64:568>68523538?39;D79:43967?7D52933C3:9;
2:H3 <78;6?393? 523 ;BA@6;;678; 7D 523 =3:983? 38679 <7B8;3= D79 5234356567839 :8?523 =3:983? <7B8;3=D7993;478?3857;57:;F3==:;52349747;3? 93;478?385;
; ;5:53? 3:9=639 523 4:956<64:5678 7D 523 49747;3?93;478?3856;B883<3;;:9C:;5236;;B393H7=H3;
:97B8? 523 H:=6?65C 7D 523 <3956D6<:53 7A5:683? AC 523 4356567839 :8? 523 <78;3EB38<3; D7==7F68> 52393D97@ 38<3 D6=3? AC 523 49747;3? 93;478?385 6;
93J3<53? - 17 -
( 23 4356567839 6; 497H6?68> @:847F39 ;39H6<3;
68<=B?68> ;3<B965C ;39H6<3; 57 523 :8? 75239 7H398@385?34:95@385;
=6<38<36;6;;B3?AC52334:95@3857D7=6<3 D7938>:>68>68523AB;683;;7D497H6?68>96H:533<B965C
>385 B8?39 523 497H6;678; 7D 523 96H:53 3<B965C
>38<63;$3>B=:5678% <5 :8?523:98:5:G:96H:53 3<B965C >38<63;B=3; ,234356567839A368>68523 AB;683;; 7D 497H6?68> @:847F39 ;39H6<3; :8? 496H:53 ;3<B965C :>385; 2:? 7A5:683? : =6<38<3 D97@ 523 47=6<3 ?34:95@38578 , ,:8?523;:@3F:;68D79<3D79 : 43967? 7D D6H3 C3:9; :8? 3I4693? 78 , ( 23 4356567839F:;523;B<<3;;DB=538?393968<395:68=7<:5678; 6893;43<57D:538?39D79497H6?68>496H:53;3<B965C:>385; 68:8?26:>:9:8?:==3;2F:9:@2393;478?3857; :8?2:?3I3<B53?;34:9:53F79G79?39;68D:H7B97D523 4356567839 D79 : 43967? 7D 783 C3:9 D97@ ! 57 ( (D79:==3;2F:9:@:8?:8?26:>:923F79G 79?39; ;7 6;;B3? F393 =:539 3I538?3? AC 523 93;478?385
- 18 -
7;:8?78 ! (23;3F79G79?39;;43<6D6<:==C 497H6?3? 52:5 523 539@; :8? <78?65678; :; :>933? B8?39 523 796>68:= 538?39 ?7<B@385 ;27B=? A3 D7==7F3? 2393D793D797A5:6868>5233I538;6787D523F79G79?39;
523 4356567839 F:; A7B8? 57497?B<3 523 =6<38<37A5:683? D97@52334:95@3857D7=6<32343565678394B947953?=C 7A5:683? D93;2 =6<38<3 78 , ( D79 : 43967? 7D D6H3 C3:9;F26<26;573I46937857! ,56;93=3H:85 578753:52:5F2385233I538;6787D523F79G79?39;F:;
6;;B3?78 ! (523=6<38<3>9:853?575234356567839 78 , ,F26<2F:;H:=6?D79:43967?7DD6H3C3:9;
F:;68D79<356;3H6?38552:55234356567839F:;>9:853? 3I538;6787D523F79G79?39D97@ B856=DB95239 79?39;:8?52393:D53978 (F:;6;;B3?3I538?68> 523F79G79?39B457( A:;3?78:>3839:=79?39 ?:53? ! ( 4:;;3?
AC 523 43<6:= 7@@6;;67839 7956<B=5B93 5 6; 523 ;BA;3EB385 3I538;678 52:5 F:; A:;3?78523
<3956D6<:537A5:683?AC5234356567839 F26<2 F:; H:=6? D97@ , ( 57 ! , 5 6;
- 19 -
52393D793 @793 52:8 3H6?385 52:5 523 4356567839 F:;
>9:853? 523 3I538?3? F79G 79?39; A:;3? 78 523 D:G3
<3956D6<:53 D 523 4356567839 2:; 68?B=>3? 68 D9:B?B=385 @3:8; 57 7A5:68 : D:H7B9 D97@ 523 5:53 7H398@385 65 6; A7B8? 57 D:<3 523 <78;3EB38<3; 23 539@;7D523<7859:<5B8?39F26<25234356567839F:;D69;5 >9:853? 523 F79G; 3H6?38<3? 52:5 68 <:;3 523 4356567839 7A5:683? 523 <7859:<5 D9:B?B=385=C 79 68?B=>3? 68 :8C <799B45@3:8;68523497<3;;7D7A5:6868>523<7859:<5523 93;478?385;@:C539@68:53523<7859:<5:8??3A:926@D79 ;B<2539@:;523C@:CD33=:4497496:538526;93>:9?65 6; :447;653 57 93D39 57 3<5678 * 7D 523 :98:5:G:
9:8;4:938<C 68 BA=6< 97<B93@385;
<5 F26<2 93:?;:;D7==7F;0
- 20 -
! " #
"
$
%
" #
& ! ' $
( &! ) *+
23 4356567839 6; 3I43<53? 57 7A5:68 : =6<38<3 D97@ 523 7=6<3 34:95@385 @3:868> 52393AC 52:5 523 47=6<3F7B=??7:A:<G>97B8?<23<G7D523:853<3?385;7D
- 21 -
523439;78; F27 :93 3897==3? AC 523 4356567839 :8? :=;7 38;B9352:5523C:9359:683?57497H6?3;3<B965C;39H6<3;
D 523 4356567839 2:; 7A5:683? : D:G3 <3956D6<:53 523 4356567839<:8875JB;56DC26;:<5;7F3H39F2:52:;57A3 8756<3? 6; 52:5 523 4356567839 2:? : H:=6? <3956D6<:53 F238 523 D69;5 3I538;678 7D 523 F79G 79?39; 68 93;43<57D:==3;2F:9:@:8?:8?268:>:9F3936;;B3?78 ! ( 5 6; 875 523 <:;3 7D 523 93;478?385; 52:5 523 496H:53 ;3<B965C >B:9?; ?34=7C3? AC 523 4356567839 2:? <2:8>3? A35F338 , ( $F238
<3956D6<:53 ?:53? , , F:; 68 D79<3% :8? 523 ?:53 F238 523 D:G3
<3956D6<:53?:53?, (F:;7A5:683?D 523 4356567839 2:? ?34B53? 523 ;:@3 439;7883= 5238 ?3A:9968> 65 D97@ 4:956<64:568> 68 538?39; D79 : 43967?7D52933C3:9;6;2:9;2 8C4B86;2@385;27B=?A3 <7@@38;B9:53 57 523 @6;5:G3 79 @6;<78?B<5 23 93;478?385;<:8875A:95234356567839D79:43967?7D52933 C3:9;@393=C78523>97B8?52:53< 7D523 <5
- 22 -
497H6?3; D79 65 23 93;478?385; :93 H3;53? F652 523 ?6;<935678 57 ?3A:9 523 4356567839 D79 ;B<2 539@ :; 523C D33=93:;78:A=32393D793526;7B956;7D523746867852:5 523 ?3A:9@385 7D 523 4356567839 D79 : 43967? 7D 783 C3:9 F7B=? @335 523 38?; 7D JB;56<3 38<3 523 6@4B>83? 79?39 ?:53? ( ! H6?3 883IB93* 4:;;3? AC 523 93;478?385 7 6; @7?6D63? :8?
523 ?3A:9@385 7D 523 43565678396;93;596<53?D79:43967?7D783C3:9F6523DD3<5 D97@ 523 ?:53 7D 523 6@4B>83? 79?39 #B95239 538?39 <78?656787(93:?;:;A3=7F0
, - - - . $
$
- / ) 01 / , . - .+
- 23 -
! 2343565678396;52393D79338565=3?D794:C@385 D79:==523;39H6<3;497H6?3?56==( ! F23852379?39 ?3A:9968>65D97@497H6?68>;39H6<3;F:;4:;;3? 8H63F7D523:A7H3523F965435656786;
236@4B>83?79?394:;;3?AC52393;478?3857 ?3A:9968>5234356567839D97@4:956<64:568>68538?39;
D79:43967?7D52933C3:9;6;@7?6D63?:8?656;93;596<53? D79:43967?7D783C3:9 56;833?=3;;57;5:5352:552393;478?385;;2:==5:G3 6@@3?6:53 ;534; 57 93=3:;3 523 4:C@385; 6D :8C D79 523 43967? D97@ ! ( 56== ( ! F238 523 6@4B>83? 79?39; ?3A:9968> 523 4356567839 D97@ 4:956<64:568>68523538?39;F:;4:;;3? () &"'
"
6;570=70