BlackRock Allocation Target Shares: Series S Portfolio v. Wells Fargo Bank N.A. Re: Black Rock and...

8/12/2019 BlackRock Allocation Target Shares: Series S Portfolio v. Wells Fargo Bank N.A. Re: Black Rock and PIMCO Sue Six…

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VTYUDHD FJTU[ J@ [MD V[G[D J@ AD^ RJUO

FJTA[R J@ AD^ RJUO

ELGFOUJFO GLLJFG[BJA [GUND[VMGUDV3 VDUBDV V YJU[@JLBJ?ELGFOUJFO FJUD GF[BPD EJAK@TAK E? ELGFOUJFO FJUD GF[BPDLBEJU @TAK E? ELGFOUJFO FJUDEJAK YJU[@JLBJ? ELGFOUJFOFJUDGLYMG EJAK @TAK D?ELGFOUJFO FJUDGLYMG EJAKHGV[DU YJU[@JLBJ? ELGFOUJFOFJUDYLTV EJAK @TAK E?ELGFOUJFO DAMGAFDK

NJPDUAHDA[ @TAK, BAF.?ELGFOUJFO @B]DK BAFJHDNLJEGLGLYMG HGV[DU @TAK L[K.?ELGFOUJFO @B]DK BAFJHD PGLTDJYYJU[TAB[BDV? ELGFOUJFOBAFJHD [UTV[, BAF.? ELGFOUJFOLJAN KTUG[BJA GLYMGYLTV EJAK@TAK? ELGFOUJFO HTL[B-GVVD[BAFJHD ‖ AJA-GNDAFR HEVYJU[@JLBJ? ELGFOUJFO HTL[B-VDF[JU BAFJHD [UTV[?

ELGFOUJFO V[UG[DNBF BAFJHDJYYJU[TAB[BDV YJU[@JLBJ?ELGFOUJFO [J[GL UD[TUAYJU[@JLBJ (BAV ‖ VDUBDV)?ELGFOUJFO TV HJU[NGND? @B]DKBAFJHD VMGUDV (VDUBDV U)? @B]DKBAFJHD VMGUDV3 VDUBDV F? @B]DKBAFJHD VMGUDV3 VDUBDV H? LPV BLLF? LPV BB LLF? YGUV GVYBUD @TAK?YFH @TAK, BAF.? YBHFJ GEVJLT[DUD[TUA V[UG[DNR 6K J@@VMJUD

@TAK L[K.? YBHFJ GEVJLT[DUD[TUA V[UG[DNR BB HGV[DU @TAKLKF? YBHFJ GEVJLT[D UD[TUAV[UG[DNR BBB HGV[DU @TAK LKF?YBHFJ GEVJLT[D UD[TUAV[UG[DNR BP BK@ LLF? YBHFJGEVJLT[D UD[TUA V[UG[DNR BPHGV[DU @TAK LKF? YBHFJ

Bakdx Aj. flbfo mdrd

KDUBPG[BPD FJHYLGBA[GNGBAV[ ^DLLV @GUNJ EGAO,AG[BJAGL GVVJFBG[BJA @JUEUDGFM J@ FJA[UGF[?PBJLG[BJA J@ [MD [UTV[BAKDA[TUD GF[ J@ 7262?EUDGFM J@ @BKTFBGUR KT[R?EUDGFM J@ KT[R J@BAKDYDAKDAFD? GAKADNLBNDAFD

BLDK3 AD^ RJUO FJTA[R FLDUO 90/7=/597; BAKD] AJ. 047=0>/597;

VFD@ KJF. AJ. 5 UDFDBPDK ARVFD@3 90/7=/597;



GEVJLT[D UD[TUA V[UG[DNR PHGV[DU @TAK LKF? YBHFJ FGAGKGFGAGKBGA FJUDYLTV EJAK [UTV[?YBHFJ FJHEBADK GLYMGV[UG[DNBDV HGV[DU @TAK LKF?

YBHFJ FJUYJUG[D & BAFJHDJYYJU[TAB[R @TAK? YBHFJFJUYJUG[D & BAFJHD V[UG[DNR@TAK? YBHFJ KBV[UDVVDK VDABJUFUDKB[ JYYJU[TAB[BDV @TAK BB,L.Y.? YBHFJ KRAGHBF FUDKB[BAFJHD @TAK? YBHFJ KRAGHBFBAFJHD @TAK? YBHFJ D[@ [UTV[3YBHFJ DAMGAFDK VMJU[HG[TUB[R D]FMGAND-[UGKDK@TAK? YBHFJ D[@ [UTV[3 YBHFJ

LJ^ KTUG[BJA D]FMGAND-[UGKDK @TAK? YBHFJ D[@ [UTV[3YBHFJ [J[GL UD[TUA D]FMGAND-[UGKDK @TAK? YBHFJ @TAKV3YBHFJ DH @TAKGHDA[GLBAKD]YLTV® GU V[UG[DNR @TAK?YBHFJ @TAKV3 YBHFJBA[DUAG[BJAGL @TAKGHDA[GLBAKD]YLTV® GU V[UG[DNR @TAK?YBHFJ @TAKV3 YBHFJ VHGLLFJHYGAR @TAKGHDA[GLBAKD]YLTV® GU V[UG[DNR @TAK?YBHFJ @TAKV3 YBHFJFJHHJKB[BDVYLTV® V[UG[DNR@TAK? YBHFJ @TAKV3 YBHFJFJHHJKB[R UDGL UD[TUAV[UG[DNR @TAK®? YBHFJ @TAKV3YBHFJ FUDKB[ GEVJLT[D UD[TUA@TAK? YBHFJ @TAKV3 YBHFJKBPDUVB@BDK BAFJHD @TAK? YBHFJ@TAKV3 YBHFJ DHDUNBAN LJFGLEJAK @TAK? YBHFJ @TAKV3 YBHFJDHDUNBAN HGUOD[V EJAK @TAK?YBHFJ @TAKV3 YBHFJ @LJG[BANBAFJHD @TAK? YBHFJ @TAKV3YBHFJ @JUDBNA EJAK @TAK (T.V.KJLLGU-MDKNDK)? YBHFJ @TAKV3YBHFJ @JUDBNA EJAK @TAK(TAMDKNDK)? YBHFJ @TAKV3 YBHFJ@TAKGHDA[GL GKPGA[GND



GEVJLT[D UD[TUA V[UG[DNR@TAK? YBHFJ @TAKV3 YBHFJ@TAKGHDA[GL BAKD]YLTV® GU@TAK? YBHFJ @TAKV3 YBHFJNLJEGL GKPGA[GND® V[UG[DNR

EJAK @TAK? YBHFJ @TAKV3 YBHFJNLJEGL EJAK @TAK (T.V. KJLLGU-MDKNDK)? YBHFJ @TAKV3 YBHFJNLJEGL EJAK @TAK (TAMDKNDK)?YBHFJ @TAKV3 YBHFJ NLJEGLHTL[B-GVVD[ @TAK? YBHFJ @TAKV3YBHFJ MBNM RBDLK @TAK? YBHFJ@TAKV3 YBHFJ BAFJHD @TAK?YBHFJ @TAKV3 YBHFJ BA@LG[BJAUDVYJAVD HTL[B-GVVD[ @TAK?YBHFJ @TAKV3 YBHFJ

BA[DUAG[BJAGL V[JFOVYLTV® GUV[UG[DNR @TAK (T.V. KJLLGU-MDKNDK)? YBHFJ @TAKV3 YBHFJBA[DUAG[BJAGL V[JFOVYLTV® GUV[UG[DNR @TAK (TAMDKNDK)?YBHFJ @TAKV3 YBHFJ BAPDV[HDA[NUGKD FJUYJUG[D EJAK @TAK?YBHFJ @TAKV3 YBHFJ LJANKTUG[BJA [J[GL UD[TUA @TAK?YBHFJ @TAKV3 YBHFJ LJAN-[DUHFUDKB[ @TAK? YBHFJ @TAKV3 YBHFJLJAN-[DUH T.V. NJPDUAHDA[@TAK? YBHFJ @TAKV3 YBHFJ LJ^KTUG[BJA @TAK? YBHFJ @TAKV3YBHFJ LJ^ KTUG[BJA @TAK BB?YBHFJ @TAKV3 YBHFJ LJ^KTUG[BJA @TAK BBB? YBHFJ @TAKV3YBHFJ HJKDUG[D KTUG[BJA@TAK? YBHFJ @TAKV3 YBHFJHJU[NGND JYYJU[TAB[BDV @TAK?YBHFJ @TAKV3 YBHFJ HJU[NGND-EGFODK VDFTUB[BDV @TAK? YBHFJ@TAKV3 YBHFJ UDGL DV[G[D UDGLUD[TUA V[UG[DNR @TAK? YBHFJ@TAKV3 YBHFJ UDGL UD[TUA GVVD[@TAK? YBHFJ @TAKV3 YBHFJ UDGLUD[TUA @TAK? YBHFJ @TAKV3YBHFJ VMJU[-[DUH @TAK? YBHFJ@TAKV3 YBHFJ VHGLL FGYV[JFOVYLTV® GU V[UG[DNR @TAK?



YBHFJ @TAKV3 YBHFJV[JFOVYLTV® GEVJLT[D UD[TUA@TAK? YBHFJ @TAKV3 YBHFJV[JFOVYLTV® GU VMJU[V[UG[DNR @TAK? YBHFJ @TAKV3

YBHFJ V[JFOVYLTV® @TAK? YBHFJ@TAKV3 YBHFJ [J[GL UD[TUA@TAK? YBHFJ @TAKV3 YBHFJ [J[GLUD[TUA @TAK BB? YBHFJ @TAKV3YBHFJ [J[GL UD[TUA @TAK BBB?YBHFJ @TAKV3 YBHFJ [J[GLUD[TUA @TAK BP? YBHFJ @TAKV3YBHFJ TAFJAV[UGBADK EJAK@TAK? YBHFJ @TAKV3 YBHFJTAFJAV[UGBADK [G] HGAGNDKEJAK @TAK? YBHFJ @TAKV3 YBHFJ

^JULK^BKD @TAKGHDA[GLGKPGA[GND GU V[UG[DNR @TAK?YBHFJ @TAKV3 YUBPG[D GFFJTA[YJU[@JLBJ VDUBDV GVVD[-EGFODKVDFTUB[BDV YJU[@JLBJ? YBHFJ@TAKV3 YUBPG[D GFFJTA[YJU[@JLBJ VDUBDV KDPDLJYBANLJFGL HGUOD[V YJU[@JLBJ?YBHFJ @TAKV3 YUBPG[D GFFJTA[YJU[@JLBJ VDUBDV DHDUNBANHGUOD[V YJU[@JLBJ? YBHFJ@TAKV3 YUBPG[D GFFJTA[YJU[@JLBJ VDUBDV MBNM RBDLKYJU[@JLBJ? YBHFJ @TAKV3 YUBPG[DGFFJTA[ YJU[@JLBJ VDUBDVBA[DUAG[BJAGL YJU[@JLBJ? YBHFJ@TAKV3 YUBPG[D GFFJTA[YJU[@JLBJ VDUBDV HJU[NGNDYJU[@JLBJ? YBHFJ @TAKV3 YUBPG[DGFFJTA[ YJU[@JLBJ VDUBDVVMJU[-[DUH YJU[@JLBJ? YBHFJ@TAKV3 YUBPG[D GFFJTA[YJU[@JLBJ VDUBDV T.V.NJPDUAHDA[ VDF[JU YJU[@JLBJ?YBHFJ NLJEGL FUDKB[JYYJU[TAB[R HGV[DU @TAK LKF?YBHFJ NLJEGL BAFJHDJYYJU[TAB[BDV @TAK? YBHFJNLJEGL V[JFOVYLTV & BAFJHD@TAK? YBHFJ MBNM BAFJHD @TAK?



YBHFJ BAFJHD JYYJU[TAB[R@TAK? YBHFJ BAFJHD V[UG[DNR@TAK? YBHFJ BAFJHD V[UG[DNR@TAK BB? YBHFJ LGUND FGYV[JFOVYLTV GEVJLT[D UD[TUA

@TAK? YBHFJ HJA[MLR BAFJHD@TAK (FGAGKG)? YBHFJ J@@VMJUD@TAKV - YBHFJ GEVJLT[D UD[TUAV[UG[DNR BP D@TAK? YBHFJJ@@VMJUD @TAKV3 YBHFJJ@@VMJUD @TAKV - YBHFJGEVJLT[D UD[TUA V[UG[DNR PGLYMG @TAK? YBHFJ V[UG[DNBFNLJEGL NJPDUAHDA[ @TAK, BAF.?YBHFJ [GF[BFGL JYYJU[TAB[BDVHGV[DU @TAK L[K.? YBHFJ

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



GFFJTA[? [BGG NLJEGL YTELBFBAPDV[HDA[V, HEV LLF? [BGG-FUD@EJAK @TAK? [BGG-FUD@ EJAK YLTV@TAK? [BGG-FUD@ LB@D EJAK @TAK?[BGG-FUD@ LB@D BAVTUGAFD

FJHYGAR? [BGG-FUD@ VMJU[-[DUHEJAK @TAK? [BGG-FUD@ VJFBGLFMJBFD EJAK @TAK? YUTKDA[BGLEGAO & [UTV[? YUTKDA[BGLUD[BUDHDA[ BAVTUGAFD GAKGAATB[R FJHYGAR? YUTKDA[BGL[UTV[ FJHYGAR? [MD NBEUGL[GULB@D BAVTUGAFD FJHYGAR L[K.?[MD YUTKDA[BGL BAVTUGAFDFJHYGAR J@ GHDUBFG? [MDYUTKDA[BGL BAPDV[HDA[

YJU[@JLBJV 5? [MD YUTKDA[BGLBAPDV[HDA[ YJU[@JLBJV 2? [MDYUTKDA[BGL BAPDV[HDA[YJU[@JLBJV BAF.? [MD YUTKDA[BGLBAPDV[HDA[ YJU[@JLBJV, BAF. 7>?[MD YUTKDA[BGL VDUBDV @TAK?EUJJO@BDLK HJU[NGNDJYYJU[TAB[R BAFJHD @TAK BAF.?EUJJO@BDLK [J[GL UD[TUA @TAKBAF.? HBLLDU[JA GEV FKJ L[K.?OJUD GKPBVJUV LY? VDGLBAO@TAKBAN LBHB[DK? KS EGAO GN,kdrbvgtbvdly, ja edmgl` j` tmd [rustsBkdatb`bdk ba Dxmbebt 7

Ylgbatb``s,

-gngbast-

^DLLV @GUNJ EGAO, AG[BJAGLGVVJFBG[BJA,

Kd`dakgat,

-gak-

tmd [rusts Bkdatb`bdk ba Dxmbebt 7,

Ajhbagl Kd`dakgats.



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[GELD J@ FJA[DA[V

Ygnd

B. AG[TUD GAK VTHHGUR J@ [MD GF[BJA .............................................................. 7

BB. YGU[BDV .......................................................................................................................... 79

G. Ylgbatb``s ................................................................................................................ 79

7. ElgfoUjfo @uaks ...................................................................................... 79

5. Erjjo`bdlk ................................................................................................. 74

6. KS Egao .................................................................................................... 70

;. Ojrd........................................................................................................... 70

4. YBHFJ ...................................................................................................... 70

0. Yrukdatbgl .................................................................................................. ;4

>. Vdglbao....................................................................................................... ;2

=. [BGG ......................................................................................................... 49

E. Kd`dakgats ............................................................................................................ 45

7. ^dlls @grnj ............................................................................................... 45

5. [md Ajhbagl Kd`dakgat [rusts ................................................................. 46

BBB. JPDUPBD^ J@ [MD [UTV[V ...................................................................................... 4;

BP. CTUBVKBF[BJA GAK PDATD ....................................................................................... 44

P. YUDVTB[ KDHGAK JA ^DLLV @GUNJ BV AJ[ UDWTBUDK GAK^JTLK GLVJ ED @T[BLD ........................................................................................... 40

PB. EGFONUJTAK - [MD [UTV[DD‒V UJLD GV NG[DODDYDU BA [MDVDFTUB[BSG[BJA YUJFDVV ....................................................................................... 4>

PBB. ^DLLV @GUNJ‒V FJA[UGF[TGL JELBNG[BJAV ................................................ 09

G. [md Hjrtngnd Ljga Yurfmgsd Gak Vgld Gnrddhdat............................................. 07

E. [md Yjjlban Gak Vdrvbfban Gnrddhdats .............................................................. 06

7. ^dlls @grnj‒s Kutbds Gak Jelbngtbjas Takdr [md YVGs ......................... 06

g) Kuty [j Yrjvbkd Ajtbfd J` Erdgfmds Gak[j Da`jrfd Yutegfo Ubnmts ............................................................0;



-bb-

e) ^dlls @grnj‒s Kutbds Udngrkban [mdVdrvbfdrs .........................................................................................04

f) Kutbds Tpja Oajwldknd J` Ga Dvdat J`Kd`gult............................................................................................04

5. [md Vdrvbfdrs‒ Kutbds Gak Jelbngtbjas Takdr [md YVGs ........................ 00

g) Kuty [j Yrjvbkd Ajtbfd J` Erdgfmds Gak[j Da`jrfd Yutegfo Ubnmts ............................................................00

e) Kuty [j Ydr`jrh Yrukdat Gak FustjhgryVdrvbfban Yrgftbfds .........................................................................0>

f) Kuty [j Ydr`jrh Yrukdat @jrdfljsurdYrgftbfds .........................................................................................0=

k)

Kuty [j Ydr`jrh Yrukdat VdrvbfbanGkvgafds ........................................................................................02

F. [md Bakdaturds Gak Vgld Vdrvbfban Gnrddhdats .................................................. >9

PBBB. [MD [UTV[V VT@@DUDK @UJH YDUPGVBPD EUDGFMDV J@UDYUDVDA[G[BJAV GAK ^GUUGA[BDV ER [MD VDLLDUV ............................... >6

G. Mbnm Kd`gult Ugtds J` [md Hjrtngnd Ljgas Gak YluhhdtbanFrdkbt Ugtbans Grd Bakbfgtbvd J` Hgssbvd Vdlldr Erdgfmds .................................. >6

E. [md Vystdhbf Kbsrdngrk J` Takdrwrbtban Vtgakgrks ^gs YdrvgsbvdKurban [md Udldvgat Ydrbjk ................................................................................. >;

F. [mdrd Bs Dvbkdafd J` ^bkdsprdgk Erdgfmds J` UdprdsdatgtbjasGak ^grrgatbds Ey [md Vpdfb`bf Jrbnbagtjrs [mgt Vjlk Ljgas [j[md [rusts ............................................................................................................. >0

7. Jptbja Jad ................................................................................................ >0

5. Grndat ....................................................................................................... =9

6. ^HF......................................................................................................... =5

;. @brst @rgaolba ............................................................................................. =0

4. @rdhjat ..................................................................................................... =>

0. ^dlls @grnj ............................................................................................... 29

>. Fjuatrywbkd .............................................................................................. 25

=. Adw Fdatury ............................................................................................. 2>



-bbb-

K. [md Vystdhbf Kbsrdngrk J` Yrukdat Vdfurbtbzgtbja Vtgakgrks ^gsYdrvgsbvd Kurban [md Udldvgat Ydrbjk ............................................................... 799

D. [mdrd Bs Dvbkdafd J` ^bkdsprdgk Erdgfmds J` UdprdsdatgtbjasGak ^grrgatbds Ey [md Vpdfb`bf Vpjasjrs J` [md [rusts ................................. 797

7. Egao J` Ghdrbfg .................................................................................... 797 5. Ygro Ylgfd................................................................................................ 790

6. Hdrrbll Lyafm .......................................................................................... 79=

;. Ldmhga ................................................................................................... 792

4. @brst @rgaolba ........................................................................................... 777

0. Hjrnga Vtgaldy ....................................................................................... 77;

>. Egrflgys................................................................................................... 774

=. Fgrrbantja ............................................................................................... 77=

2. UEV ......................................................................................................... 759

79. TEV ......................................................................................................... 756

77. Frdkbt Vubssd (KLC Hjrtngnd Fgpbtgl) .................................................... 754

B]. ^DLLV @GUNJ OAD^ [MG[ [MD [UTV[V ^DUD @BLLDK ^B[MKD@DF[BPD LJGAV .................................................................................................... 75=

G. [md [rusts‒ Yjjr Ydr`jrhgafd ............................................................................ 75=

E. Frdkbt Ugtban Kjwanrgkds J` [md Fdrtb`bfgtds @urtmdr Vuppjrts[md Vdlldrs‒ Yrjeldhs ......................................................................................... 767

F. ^dlls @grnj Kbsfjvdrdk ^bkdsprdgk Vdlldr Erdgfmds J`Udprdsdatgtbjas Gak ^grrgatbds Ba Bts Fgpgfbty Gs Vdrvbfdr ............................ 767

K. ^dlls @grnj Udfdbvdk ^rbttda Ajtbfd J` Ydrvgsbvd Gak VystdhbfVdlldr Erdgfmds @rjh @bagafbgl Nugrgaty Basurdrs ............................................ 765

D. ^dlls @grnj Udpdgtdkly Udfdbvdk ^rbttda Ajtbfd J` YdrvgsbvdGak Vystdhbf Vdlldr Erdgfmds @rjh Fdrtb`bfgtdmjlkdrs Gak

[rustdds ............................................................................................................... 764

@. ^dlls @grnj ^gs Aghdk Ba UHEV Lbtbngtbja Bavjlvban FjhhjaLjga Vdlldrs‒ Vystdhbf Gegakjahdat J` Takdrwrbtban Nubkdlbads .................. 7;9

N. ^dlls @grnj Mgs Vdldftbvdly Gssdrtdk [md [rusts‒ UdpurfmgsdUbnmts Gngbast [md Vdlldrs.................................................................................. 7;7

]. [MD [UTV[V GLVJ VT@@DUDK @UJH YDUPGVBPD VDUPBFDUPBJLG[BJAV ................................................................................................................ 7;6



-bv-

G. [md Vdrvbfdrs @gbldk [j Nbvd Ajtbfd J` Vdlldr Erdgfmds JÙdprdsdatgtbjas Gak ^grrgatbds Gak Da`jrfd [md Vdlldrs‒Udpurfmgsd Jelbngtbjas ...................................................................................... 7;;

E. [md Vdrvbfdrs Mgvd Pbjlgtdk [mdbr Yrukdat Vdrvbfban Jelbngtbjas ................... 7;0

F. [md Vdrvbfdrs Mgvd Pbjlgtdk [mdbr @jrdfljsurd Jelbngtbjas ............................. 747 K. [md Vdrvbfdrs Mgvd Pbjlgtdk [mdbr Hjkb`bfgtbja Jelbngtbjas ........................... 744

D. [md Vdrvbfdrs Mgvd Geusdk [mdbr Vdrvbfban Gkvgafds Jelbngtbjas ................. 740

]B. ^DLLV @GUNJ MGV OAJÂ J@ VDUPBFDU PBJLG[BJAVYLGNTBAN [MD [UTV[V ........................................................................................... 742

G. ^dlls @grnj Btsdl` ^gs Bavjlvdk Ba Njvdrahdat Da`jrfdhdatGftbjas Gak Lbtbngtbja Vtdhhban @rjh [md Vdrvbfdrs‒ Pbjlgtbjas .................. 742

E. ^dlls @grnj Gak Bts Udspjasbeld J``bfdrs Udfdbvdk ^rbttda Ajtbfd@rjh Fdrtb`bfgtdmjlkdrs J` Ydrvgsbvd Gak Vystdhbf VdrvbfdrErdgfmds .............................................................................................................. 707

F. ^dlls @grnj Mgk Oajwldknd J` [md Vdrvbfdrs‒ @gblurds [mrjunm[md Hjatmly Vdrvbfdr Gak Udhbttgafd Udpjrts ................................................. 705

]BB. ^DLLV @GUNJ @GBLDK [J KBVFMGUND B[V FUB[BFGL YUD- GAKYJV[-KD@GTL[ KT[BDV ............................................................................................ 706

G. @gblurd [j Da`jrfd [md [rusts‒ Udpurfmgsd Ubnmts ........................................... 706

E. @gblurd [j Yrjvbkd Ajtbfd [j [md Vdrvbfdrs J` Dvdats J` Kd`gult ................... 706

F. @gblurd [j Gft Yrukdatly Vuesdqudat [j [md Tafurdk Dvdats J`Kd`gult................................................................................................................. 70;

K. @gblurd [j Yrjvbkd Ajtbfd [j [md Fdrtb`bfgtdmjlkdrs J` [mdTafurdk Dvdats J` Kd`gult ................................................................................. 704

]BBB. ^DLLV @GUNJ @GBLDK [J YUJ[DF[ [MD [UTV[V KTD [J B[VFJA@LBF[V J@ BA[DUDV[ ......................................................................................... 704

G. ^dlls @grnj ^gs Dfjajhbfglly Edmjlkda [j [md Hjrtngnd LjgaVdlldrs .................................................................................................................. 704

E.

^dlls @grnj ^gs Dangndk Ba [md Vghd ^rjanùl VdrvbfbanGftbvbtbds ............................................................................................................. 700

F. ^dlls @grnj Jrbnbagtdk Gak Vpjasjrdk Kd`dftbvd Ljgas .................................. 70=

K. ^dlls @grnj Udùsdk [j Kbsfmgrnd Bts Kutbds Ba Jrkdr [j YrdsdrvdYrj`bts .................................................................................................................. 7>9

]BP. FGTVG[BJA ................................................................................................................. 7>5



-v-

]P. KGHGNDV ..................................................................................................................... 7>6

]PB. FGTVDV J@ GF[BJA ................................................................................................... 7>6

@BUV[ FGTVD J@ GF[BJA EUDGFM J@ FJA[UGF[ (Ja Edmgl` J` [md[rusts Gngbast ^dlls @grnj) ........................................................................................... 7>6

VDFJAK FGTVD J@ GF[BJA PBJLG[BJA J@ [MD [UTV[ BAKDA[TUDGF[ J@ 7262, 46 V[G[. 77>7 (Ja Edmgl` J` [md [rusts Gngbast ^dlls@grnj) .............................................................................................................................. 7=7

[MBUK FGTVD J@ GF[BJA ADNLBNDAFD - EUDGFM J@ YUD-KD@GTL[KT[R J@ BAKDYDAKDAFD (Ja Edmgl` J` [md [rusts Gngbast ^dlls@grnj) .............................................................................................................................. 7=;

@JTU[M FGTVD J@ GF[BJA EUDGFM J@ @BKTFBGUR KT[R ‖ KT[RJ@ FGUD (Ja Edmgl` J` [md [rusts Gngbast ^dlls @grnj) .......................................... 7=0

@B@[M FGTVD J@ GF[BJA ADNLBNDAFD ‖ KT[R J@ FGUD (Ja Edmgl` J`[md [rusts Gngbast ^dlls @grnj) .................................................................................... 7==

VB][M FGTVD J@ GF[BJA EUDGFM J@ @BKTFBGUR KT[R ‖ EUDGFMJ@ YJV[-KD@GTL[ KT[R J@ BAKDYDAKDAFD (Ja Edmgl` J` [md[rusts Gngbast ^dlls @grnj) ........................................................................................... 729

]PBB. UDLBD@ UDWTDV[DK ................................................................................................... 725

]PBBB. CTUR KDHGAK ............................................................................................................ 726



-5-

Edtwdda 599; gak 599=, g mgak`ul j` lgrnd egaos ‖ baflukban ^dlls @grnj ⁄ kjhbagtdk tmd

UHEV hgrodt gak fjatrjlldk tmd prjfdss `rjh ednbaaban tj dak. [mdsd egaos gft gs “spjasjrs‘

j` tmd UHEV, gfqubrban tmd hjrtngnd ljgas `rjh jrbnbagtjrs, wmj j`tda wdrd g``blbgtds j` tmd

spjasjrs, jr edmjlkda tj tmdh tmrjunm wgrdmjusd ldakban jr jtmdr `bagafbgl grrgandhdats. Jafd

tmd ljgas grd jrbnbagtdk, gfqubrdk gak sdldftdk `jr sdfurbtbzgtbja, tmd spjasjr frdgtds g trust

wmdrd tmd ljgas grd kdpjsbtdk `jr tmd edad`bt j` tmd Fdrtb`bfgtdmjlkdrs. [md spjasjr glsj mgak-

pbfos tmd sdrvbfdr, j`tda ga g``blbgtd j` tmd spjasjr jr jrbnbagtjr, tj fjlldft pgyhdats ja tmd ljgas.

@baglly, g sdldft auhedr j` tmdsd sghd egaos tmgt jrbnbagtd, sdfurbtbzd gak sdrvbfd UHEV glsj gft

gs trustdds ja jtmdr spjasjr‒s kdgls.6. [j dasurd tmd quglbty j` tmd UHEV gak tmd uakdrlyban ljgas, tmd [rust kjfuhdats

ndadrglly baflukd rdprdsdatgtbjas gak wgrrgatbds `rjh tmd ljga sdlldrs gttdstban tj tmd quglbty gak

fmgrgftdrbstbfs j` tmd hjrtngnds gs wdll gs ga gnrddhdat tj furd, suestbtutd, jr rdpurfmgsd

hjrtngnds tmgt kj ajt fjhply wbtm tmjsd rdprdsdatgtbjas gak wgrrgatbds. Edfgusd tmd rbso j`

aja-pgyhdat jr kd`gult ja tmd ljgas bs “pgssdk tmrjunm‘ tj bavdstjrs, jtmdr tmga tmdsd

rdprdsdatgtbjas gak wgrrgatbds, tmd lgrnd bavdsthdat egaos gak jtmdr plgydrs ba tmd hjrtngnd

sdfurbtbzgtbja bakustry mgvd aj “soba‘ ba tmd nghd jafd tmd UHEV grd sjlk tj fdrtb`bfgtdmjlkdrs.

Bastdgk, tmdbr prj`bts grd prbafbpglly kdrbvdk `rjh tmd sprdgk edtwdda tmd fjst tj jrbnbagtd jr

purfmgsd ljgas, mjw hufm tmdy fga sdll tmdh tj bavdstjrs jafd pgfogndk gs sdfurbtbds, gs wdll gs

vgrbjus sdrvbfban-rdlgtdk bafjhd. Gffjrkbanly, vjluhd edfghd tmd `jfus, gak tmd quglbty j` tmd

ljgas wgs kbsrdngrkdk.

;. [md `uakghdatgl rjld j` g trustdd ba ga UHEV sdfurbtbzgtbja bs tj dasurd tmgt tmdrd

bs gt ldgst jad bakdpdakdat pgrty, `rdd `rjh gay fja`lbftban sdl`-batdrdst, tj prjtdft tmd trust

fjrpus. Fdrtb`bfgtdmjlkdrs mgvd aj gffdss tj tmd uakdrlyban ljga `blds gak jtmdr kjfuhdats



-6-

adfdssgry tj fja`brh fjhplbgafd wbtm tmd rdprdsdatgtbjas gak wgrrgatbds, fgaajt hjabtjr tmd

sdrvbfdrs‒ fjakuft gak pdr`jrhgafd, fgaajt gft bakdpdakdatly tj da`jrfd tmd trusts‒ fjatrgftugl

rbnmts, gak hust rdly ja tmd trustdd tj prjtdft tmdbr batdrdsts. dlls @grnj, gs [rustdd, wgs tmd

sjld fjatrgftugl pgrty ba tmd [rusts‒ sdfurbtbzgtbja prjfdss batdakdk tj ed bakdpdakdat j` tmd

bavdsthdat egaos tmgt spjasjrdk tmd sdfurbtbzgtbja, tmd ldakdrs tmgt jrbnbagtdk tmd ljgas, gak tmd

sdrvbfdrs tmgt wdrd j`tda g` blbgtdk wbtm dbtmdr tmd spjasjrs jr ldakdrs, jr ejtm. Fdrtb`bfgtdmjlkdrs

hust rdly ja tmd [rustdd tj prjtdft tmd rbnmts gak batdrdsts j` tmd trusts.

^dlls @grnj oadw tmgt tmd pjjls j` ljgas egfoban tmd [rusts wdrd `blldk wbtm kd`dftbvd hjrtngnd

ljgas. [md geyshgl pdr`jrhgafd j` tmd [rust fjllgtdrgl ‖ baflukban spbrglban kd`gults,kdlbaqudafbds gak `jrdfljsurds ‖ bs jutlbadk ja hjatmly rdhbttgafd rdpjrts tmgt ^dlls @grnj, gs

[rustdd, puelbsmds gak puelbfly `blds wbtm tmd njvdrahdat. [md hjatmly rdhbttgafd rdpjrts kdtgbl

mjw, ey Cgaugry 5992, tmd [rusts mgk su``drdk fjllgtdrgl ljssds dxfddkban $= ebllbja. Ja

gvdrgnd, adgrly jad ba dvdry `jur ljgas ba tmd [rusts wgs kdlbaqudat. Hjrdjvdr, 2= [rusts mgk

kdlbaqudafy rgtds dxfddkban 66%, gak 5> [rusts mgk kdlbaqudafy rgtds j` jvdr 49%. Ey Cgaugry

5977, tmd [rusts‒ tjtgl ljssds mgk hjrd tmga kjueldk tj $72 ebllbja. Ey tmd stgrt j` 5979,

vbrtuglly gll j` tmd sdfurbtbds bssudk ey tmd [rusts mgk dxpdrbdafdk hultbpld kjwanrgkds, wbtm

hjst rdkufdk tj “cuao‘ stgtus.

4. G stdgky strdgh j` puelbf kbsfljsurds mgs lbaodk tmd gecdft pdr`jrhgafd j` tmd

[rusts tj systdhbf gegakjahdat j` uakdrwrbtban nubkdlbads, gak tmd kd`bfbdat gak j`tda

`rgukuldat sdfurbtbzgtbja prgftbfds j` tmd spjasjrs. Mbnmly puelbfbzdk njvdrahdat bavdstbngtbjas,

rdpjrts gak da`jrfdhdat gftbjas? mbnm-prj`bld UHEV lbtbngtbja ey njvdrahdat gndafbds, `dkdrgl

egaos, gak bastbtutbjagl bavdstjrs? gak flgbhs gak lbtbngtbja bastbtutdk ey hjajlbad basurdrs mgvd

rdpdgtdkly ajtdk tmd “pdrvgsbvd kbsrdngrk‘ gak “systdhbf gegakjahdat‘ j` uakdrwrbtban



-;-

nubkdlbads ba tmd ydgrs ldgkban up tj tmd `bagafbgl frbsbs. Pjluhbajus fjhplgbats ba tmdsd

prjfddkbans kdtgbl nrjss hbsstgtdhdats ba tmd [rust kjfuhdats j` ody hdtrbfs fjafdraban tmd

quglbty j` tmd uakdrlyban ljga pjjls, baflukban ljga-tj-vglud rgtbjs (“L[Ps‘), jwadr jffupgafy

stgtus, gak ejrrjwdr frdkbt sfjrds ‖ gs wdll gs tmd fjhpldtdadss j` tmd ljga `blds tmdhsdlvds.

0. Auhdrjus `jrdasbf gak ljga ldvdl rdvbdws fjakuftdk ba dxtdasbvd UHEV

lbtbngtbja mgvd kdhjastrgtdk stgnndrban ldvdls j` erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds ey

tmd sdlldrs j` tmd sdfurbtbzdk hjrtngnd ljgas. Ba pgrtbfulgr, `jrdasbf rdvbdws pdr`jrhdk ey UHEV

trustdds ba gt ldgst `jrty-twj lgwsubts gngbast ljga sdlldrs ba fjaadftbja wbtm UHEV trusts tj

wmbfm ^dlls @grnj sdrvds dbtmdr gs sdrvbfdr jr fustjkbga, mgvd `juak pdrvgsbvd gak systdhbf erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds ey hgcjr jrbnbagtjrs gak spjasjrs tj tmd [rusts (sufm

gs Jptbja Jad Hjrtngnd Fjrpjrgtbja (“Jptbja Jad‘), TEV, Frdkbt Vubssd, Hjrnga Vtgaldy gak

^HF Hjrtngnd Fjrp. (“^HF‘). Ba jad sufm hgttdr, Kdutsfmd Egao Agtbjagl [rust Fjhpgay

gkvbsdk dlls @grnj tmgt “wd mgvd kdtdrhbadk g erdgfm rgtd j` 22.> pdrfdat. ‘

>. Ljga ldvdl rdvbdws pdr`jrhdk ey hjajlbad basurdrs mgvd rdgfmdk sbhblgr

`bakbans, baflukban ba gt ldgst tda lgwsubts gngbast ljga sdlldrs tj UHEV trusts `jr wmbfm ^dlls

@grnj sdrvds dbtmdr gs [rustdd jr sdrvbfdr. @jr dxghpld, ba g lgwsubt gngbast Egao j` Ghdrbfg, g

ljga ldvdl rdvbdw j` gpprjxbhgtdly 67,999 hjrtngnd ljgas `rjh twdaty-twj sdfurbtbzgtbjas `juak

tmgt hjrd tmga twj-tmbrks j` tmd ljgas fjatgbadk gt ldgst jad hgtdrbgl kd`dft. Vbhblgr `bakbans j`

systdhbf gak pdrvgsbvd kd`dfts ba tmd ljgas pjjls uakdrlyban tmd [rusts fga ed `juak ba `jrdasbf

rdvbdws fjhhbssbjadk ey njvdrahdat gndafbds gak egaos bavjlvban kjzdas j` tmd [rusts mdrd gt

bssud, baflukban ba UHEV `rguk lbtbngtbja erjunmt ey tmd @dkdrgl Mjusban gak @bagafd Gndafy

(“@M@G‘), @dkdrgl Mjhd Ljga Egaos (“@MLE‘), gak tmd Agtbjagl Frdkbt Tabja Gkhbabstrgtbja

(“AFTG‘). [mrjunm tmd `jrdnjban lbtbngtbja bavjlvban tmd [rusts gt bssud ba tmbs gftbja jr tmd



-4-

prbafbpgl ljga sdlldrs tj tmd [rusts (jr ejtm), ^dlls @grnj wgs ba`jrhdk j` spdfb`bf, systdhbf gak

pdrvgsbvd kd`bfbdafbds ba tmd [rusts‒ hjrtngnd fjllgtdrgl.

=. dlls @grnj wgs `urtmdr ba`jrhdk j` pdrvgsbvd gak systdhbf kd`bfbdafbds ba`dftban

tmd [rusts‒ fjllgtdrgl tmjunm lgrnd-sfgld putegfo babtbgtbvds ldk ey hgay j` tmd wjrlk‒s lgrndst

bastbtutbjagl hjrtngnd bavdstjrs. [mdsd babtbgtbvds ‖ sdvdrgl j` wmbfm mgvd ybdlkdkhultb-ebllbja

kjllgr sdttldhdats ‖ mgvd tgrndtdk ^dlls @grnj gak `bvd jtmdr ldgkban spjasjrs j` aja-gndafy

UHEV gak fjvdr wbkd swgtms j` tmd UHEV hgrodt, baflukban datbrd lgedls gak smdlvds.

2. @jr dxghpld, ba Kdfdhedr 5977, g nrjup j` hgcjr bastbtutbjagl bavdstjrs gsodk

^dlls @grnj, gs trustdd, tj bavdstbngtd lgrnd auhedrs j` badlbnbeld hjrtngnds ba ljga pjjlsuakdrlyban kjzdas j` CYHjrnga spjasjrdk trusts gak kd`bfbdat sdrvbfban j` tmjsd ljgas. [jndtmdr

wbtm sbhblgr rdqudsts prjvbkdk tj `jur jtmdr trustdds, tmd babtbgtbvd fjvdrdk hjrd tmga $24 ebllbja

j` CYHjrnga-bssudk UHEV `rjh 5994 tj 599>. Ldss tmga twj ydgrs lgtdr, dlls @grnj gak tmd

jtmdr trustdds wdrd prdsdatdk wbtm g fjhprdmdasbvd $;.4 ebllbja sdttldhdat j``dr fjvdrban 669

CYHjrnga-spjasjrdk trusts. 7 Ba Cgaugry 5975, dlls @grnj rdfdbvdk g sbhblgr rdqudst `rjh g

nrjup j` hgcjr bastbtutbjagl bavdstjrs ba kjzdas j` [rusts spjasjrdk ey Hjrnga Vtgaldy jr bts

g``blbgtds (fjlldftbvdly, “Hjrnga Vtgaldy‘), wmbfm grd glsj gt bssud ba tmbs gftbja. [jndtmdr wbtm

bastruftbjas prjvbkdk tj twj jtmdr trustdds j` tmd Hjrnga Vtgaldy-spjasjrdk [rusts, tmd babtbgtbvd

fjvdrdk hjrd tmga $54 ebllbja j` UHEV bssudk `rjh 5994 tj 599>. Gak ba ydt gajtmdr bavdstjr-

ldk babtbgtbvd, ^dlls @grnj, gs trustdd, ngvd bts gpprjvgl tj g $> ebllbja sdttldhdat fjvdrban 4>9

7 ^dlls @grnj‒s gpprjvgl rdhgbas pdakban kdspbtd edban prdsdatdk wbtm tmd sdttldhdat j``dr jvdrsbx hjatms gnj.



-0-

UHEV trusts spjasjrdk ey Udsbkdatbgl Fgpbtgl gak bts g``blbgtds (“UdsFgp‘) lgrndly `rjh 599; tj

599= wbtm ga jrbnbagl `gfd ghjuat j` hjrd tmga $659 ebllbja .5

79. [mdsd gak jtmdr fdrtb`bfgtdmjlkdr-ldk babtbgtbvds sjunmt tj “putegfo‘ lgrnd

qugatbtbds j` ljgas (7) jrbnbagtdk ey hgay j` tmd sghd ldakdrs tmgt glsj jrbnbagtdk lgrnd

qugatbtbds j` tmd ljgas sjlk tj tmd [rusts, baflukban Jptbja Jad ($;4.4 ebllbja j` ljgas sjlk tj tmd

[rusts) gak Fbtbegao ($50.4 ebllbja j` ljgas sjlk tj tmd [rusts)? gak (5) sdfurbtbzdk ey tmd sghd

bavdsthdat egaos gak `bagafbgl bastbtutbjas tmgt spjasjrdk tmd [rusts, baflukban Hjrnga Vtgaldy

($77.5 ebllbja j` spjasjrdk [rusts) gak Fbtbegao ($7.0 ebllbja j` spjasjrdk [rusts). Ba gkkbtbja,

tmdsd babtbgtbvds bkdatb`bdk gak sjunmt rdfjvdry j` ljssds rdlgtban tj sdrvbfban kd`bfbdafbds eyhgay j` tmd sghd hgcjr sdrvbfdrs j` ljgas egfoban tmd [rusts, baflukban Jptbja Jad (sdrvbfdr tj

$;=.2 ebllbja j` ljgas sjlk tj tmd [rusts) gak Egao j` Ghdrbfg (sdrvbfdr tj $;5.= ebllbja j` ljgas

sjlk tj tmd [rusts).

77. Ajt surprbsbanly, ba tmd jad gftbja tmgt ^dlls @grnj erjunmt tj prjtdft g `bagafbgl

frbsbs-drg UHEV trust (ajt gt bssud ba tmbs lbtbngtbja), ^dlls @grnj btsdl` bkdatb`bdk systdhbf gak

pdrvgsbvd erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds. Gffjrkban tj dlls @grnj, ljgas egfoban

tmgt trust ‖ wmbfm wgs `blldk wbtm ljgas jrbnbagtdk ey DHF Hjrtngnd Fjrpjrgtbja (“DHF‘) (g

suesbkbgry j` CYHjrnga Fmgsd Fjhpgay), sdfurbtbzdk ey Edgr, Vtdgras & Fj., Baf. (“Edgr

Vtdgras‘), gak sdrvbfdk ey DHF‒s sdrvbfban kbvbsbja ‖ su``drdk g “ stgnndrbanly mbnm erdgfm

rgtd ‘ ‖ gs mbnm gs=2% ‖ kud tj “ uasfrupuljus prgftbfds ‘ gak “ sfgakgljus fjakuft. ‘ ^dlls

@grnj glldndk tmd ljgas wdrd “ rjutbadly gpprjvdk . . . kdspbtd fldgr kd`dfts ‘ tmgt smjulk mgvd

5 Ba Cgaugry 597;, g`tdr g abad-wddo trbgl, Adw Rjro Vuprdhd Fjurt Custbfd Egregrg Ogpabfolgrndly gpprjvdk ga $=.4 ebllbja sdttldhdat rdsjlvban hjrtngnd rdpurfmgsd flgbhs `jr 469 UHEVtrusts bssudk ey Fjuatrywbkd @bagafbgl Fjrpjrgtbja gak bts g``blbgtds (“Fjuatrywbkd‘). [mgtbabtbgtbvd ednga ba Jftjedr 5979 gak fjvdrs hjrd tmga $;5; ebllbja j` UHEV bssudk `rjh 599;tj 599=.



->-

edda jevbjus, baflukban “ `gulty gpprgbsgls tmgt nrjssly dxgnndrgtdk tmd trud hgrodt vglud j` tmd

hjrtngndk prjpdrtbds? uardgsjageld gak bafjafdbvgeld jvdrstgtdhdat j` bafjhd . . . gak

pdrvgsbvd `gblurd j` tmd jrbnbagtjrs tj `jlljw tmdbr jwa hgakgtjry uakdrwrbtban prgftbfds . . . .‘

Fjasdqudatly, ^dlls @grnj fjaflukdk tmgt Edgr Vtdgras trust wgs “ plgnudk ey ga glgrhban rgtd

j` kd`gults gak `jrdfljsurds .‘

75. ^dlls @grnj glsj oadw j` bakustrywbkd gegakjahdat j` uakdrwrbtban nubkdlbads

gak sjuak sdfurbtbzgtbja prgftbfds edfgusd ^dlls @grnj wgs btsdl` g hgcjr hjrtngnd jrbnbagtjr, g

hgcjr UHEV spjasjr, gak g hgcjr sdrvbfdr. Bakddk, dlls @grnj mgs edda aghdk gs g kd`dakgat

ba sbnab`bfgat UHEV lbtbngtbja gak sdttldhdats ba bts fgpgfbty gs ga uakdrwrbtdr j` UHEV. @jrdxghpld, ba Hgrfm 5992, UHEV bavdstjrs `bldk subt gngbast ^dlls @grnj glldnban tmgt bt

hbsrdprdsdatdk bts uakdrwrbtban nubkdlbads gak ljga quglbty ba fjaadftbja wbtm tmd sgld j` jvdr

$60 ebllbja ba dlls @grnj-lgedl UHEV. Ba kdayban ba pgrt g hjtbja tj kbshbss, tmd fjurt `juak

tmgt plgbatb``s mgk gkdqugtdly pldk tmgt “vgrbgafd `rjh tmd stgtdk _uakdrwrbtbanX stgakgrks wgs

dssdatbglly _^dlls @grnj‒sX ajrh,‘ gak tmgt tmbs fjakuft “ba`dftdk tmd datbrd uakdrwrbtban

prjfdss.‘ Ba rd dlls @grnj Hjrtngnd-Egfodk Fdrtb`bfgtds Lbtbn ., >75 @. Vupp. 5k 24=, 2>5 (A.K.

Fgl. 5979). ^dlls @grnj gnrddk tj sdttld tmd bavdstjrs‒ flgbhs, wmbfm wdrd rjjtdk ba ^dlls @grnj‒s

kdsbrd tj “gpprjvd gs hgay hjrtngnds gs pjssbeld.‘

76. Hjrdjvdr, ^dlls @grnj bs tmd tgrndt j` ga janjban bavdstjr-ldk putegfo babtbgtbvd

lguafmdk ba Jftjedr 5977 wbtm rdspdft tj $;4 ebllbja j` dlls @grnj-spjasjrdk UHEV. Ba tmgt

babtbgtbvd, fdrtb`bfgtdmjlkdrs prjvbkdk ajtbfd tj ^dlls @grnj j` spdfb`bf janjban “Dvdats j`

Kd`gult‘ gak kdhgakdk tmgt ^dlls @grnj tgod bhhdkbgtd gftbja tj sgtbs`y bts jelbngtbjas gak

suestgatbgl rdpurfmgsd lbgeblbty `jr badlbnbeld ljgas sdfurbtbzban jvdr 7;2 UHEV trusts bssudk ey

dlls @grnj `rjh 599; tj 599>. Gngba, tmjsd trusts grd `blldk wbtm hjrtngnd ljgas jrbnbagtdk ey



-=-

hgay j` tmd sghd ldakdrs tmgt sjlk lgrnd qugatbtbds j` ljgas tj tmd [rusts, baflukban ^HF ($7>

ebllbja j` ljgas sjlk tj tmd [rusts) gak dlls @grnj ($79 ebllbja j` ljgas sjlk tj tmd [rusts).

7;. @baglly, gs g hgcjr plgydr ba tmd UHEV sdfurbtbzgtbja hgrodt, ^dlls @grnj ldgradk

j` tmd rghpgat, bakustrywbkd sdrvbfdr vbjlgtbjas ey tmd sghd sdrvbfdrs `jr tmd [rusts. Bakddk,

hgay j` tmd sdrvbfdrs tj tmd [rusts mgvd `gfdk `dkdrgl gak stgtd rdnulgtjry da`jrfdhdat gftbjas

wmbfm mgvd ldk tj lgakhgro sdttldhdats, baflukban tmd $54 ebllbja “Agtbjagl Hjrtngnd

Vdttldhdat‘ datdrdk batj edtwdda `jrty-abad Vtgtd Gttjradys Ndadrgl gak sjhd j` tmd [rusts‒

sdrvbfdrs. Ajtgely, wbtmjut rdfdbvban Fdrtb`bfgtdmjlkdr gpprjvgl, hgay j` tmdsd sdttldhdat

gnrddhdats d``dftbvdly pdrhbt tmd sdrvbfdrs tj usd trust gssdts tj `bagafd tmdbr sdttldhdat pgyhdats `jr tmdbr jwa wrjankjban.

74. Hjrdjvdr, ^dlls @grnj btsdl` wgs tmd tgrndt j` njvdrahdat bavdstbngtbjas gak

lgwsubts rdngrkban bts kd`bfbdat sdrvbfban jpdrgtbjas. @jr dxghpld, kurban tmd `jurtm qugrtdr j`

5979, tmd @dkdrgl Udsdrvd Ejgrk, tmd J``bfd j` tmd Fjhptrjlldr j` tmd Furrdafy (“JFF‘), tmd

@dkdrgl Kdpjsbt Basurgafd Fjrpjrgtbja (“@KBF‘), gak tmd J``bfd j` [mrb`t Vupdrvbsbja (“J[V‘)

fjakuftdk ja-sbtd rdvbdws j` tmd gkdqugfy j` fjatrjls gak njvdragafd jvdr sdrvbfdrs‒ `jrdfljsurd

prjfdssds gt ^dlls @grnj. [md rdvbdws uafjvdrdk sbnab`bfgat prjeldhs ba `jrdfljsurd prjfdssban

gt ^dlls @grnj, baflukban “frbtbfgl wdgoadssds ba _^dlls @grnj‒sX `jrdfljsurd njvdragafd

prjfdssds, `jrdfljsurd kjfuhdat prdpgrgtbja prjfdssds, gak jvdrsbnmt gak hjabtjrban j` tmbrk-

pgrty vdakjrs, baflukban `jrdfljsurd gttjradys.‘ Egsdk ja tmd kd`bfbdafbds ba tmd rdvbdw gak tmd

rbso j` gkkbtbjagl bssuds gs g rdsult j` wdgo fjatrjls gak prjfdssds, tmd @dkdrgl Udsdrvd Ejgrk

babtbgtdk `jrhgl da`jrfdhdat gftbjas rdqubrban ^dlls @grnj tj gkkrdss bts pgttdra j` hbsfjakuft

gak adnlbndafd rdlgtdk tj kd`bfbdat prgftbfds ba rdsbkdatbgl hjrtngnd ljga sdrvbfban gak

`jrdfljsurd prjfdssban. Tltbhgtdly, dlls @grnj datdrdk batj g fjasdat jrkdr wbtm tmd JFF,



-2-

wmbfm `juak tmgt bt mgk dangndk ba “uasg`d jr uasjuak prgftbfds wbtm rdspdft tj tmd hgaadr ba

wmbfm _^dlls @grnjX mgakldk vgrbjus `jrdfljsurd gak rdlgtdk gftbvbtbds.‘

70. Takdr tmd njvdraban Yjjlban gak Vdrvbfban Gnrddhdats (“YVG‘), upja ^dlls

@grnj‒s oajwldknd j` ga Dvdat j` Kd`gult ey g sdrvbfdr, ^dlls @grnj bs jelbngtdk tj prjvbkd

wrbttda ajtbfd j` tmd kd`gult tj tmd sdrvbfdr. dlls @grnj systdhgtbfglly `gbldk, mjwdvdr, tj

prjvbkd ajtbfd tj tmd sdrvbfdrs j` tmdbr kd`gults edfgusd dlls @grnj kbk ajt wgat tj cdjpgrkbzd bts

fljsd eusbadss rdlgtbjasmbps wbtm tmd sdrvbfdrs. Hjrdjvdr, dlls @grnj, wmbfm glsj gfts gs g

sdrvbfdr `jr ebllbjas j` kjllgrs j` jtmdr UHEV, mgs btsdl` dangndk ba tmd sghd bhprjpdr gak bllbfbt

sdrvbfban gftbvbtbds tmgt plgnudk tmd [rusts. Vbhblgrly, dlls @grnj jrbnbagtdk muakrdks j` ebllbjas j` kjllgrs ba ljgas tmgt mgvd edda sdfurbtbzdk ba jtmdr UHEV ‖ gs wdll gs $79 ebllbja j`

ljgas sjlk tj tmd [rusts gt bssud mdrd ⁄ gak tmgt fjatgba pdrvgsbvd erdgfmds j` rdprdsdatgtbjas gak

wgrrgatbds. Hgay j` tmd sghd datbtbds tmgt gft gs sdrvbfdrs `jr tmd [rusts glsj sdrvbfd tmdsd

kd`dftbvd dlls @grnj-jrbnbagtdk ljgas. [mus, dlls @grnj, gftban ba bts jwa sdl`-batdrdst,

rd`usdk tj prjvbkd ajtbfd tj tmd sdrvbfdrs j` tmdbr kd`gults tj gvjbk sfrutbay j` bts jwa sdrvbfban

eusbadss gak dvgkd lbgeblbty `jr bts jwa kd`dftbvd ljgas.

7>. @urtmdr, uakdr tmd YVGs, wbtmba sbxty tj abadty kgys g`tdr tmd jffurrdafd j` ga

Dvdat j` Kd`gult, ^dlls @grnj bs jelbngtdk tj trgashbt ey hgbl tj gll Fdrtb`bfgtdmjlkdrs ajtbfd j`

dgfm Dvdat j` Kd`gult oajwa tj ^dlls @grnj, ualdss tmd Dvdat j` Kd`gult mgs edda furdk jr

wgbvdk. Gltmjunm Dvdats j` Kd`gult jffurrdk gak wdrd ajt ‖ gak mgvd ajt edda ‖ furdk jr

wgbvdk, ^dlls @grnj mgs sbhblgrly `gbldk tj prjvbkd wrbttda ajtbfd tj tmd Fdrtb`bfgtdmjlkdrs j` tmd

Dvdats j` Kd`gult. dlls @grnj mgs fjvdrdk up tmd Dvdats j` Kd`gult `jr sdvdrgl sdl`-batdrdstdk

rdgsjas. Ghjan jtmdr tmbans, gs ajtdk gejvd, prjvbkban ajtbfd j` tmd sdrvbfdrs‒ kd`gult fjulk

cdjpgrkbzd dlls @grnj‒s fljsd eusbadss rdlgtbjasmbps wbtm tmd sdrvbfdrs gak ldgk tj ^dlls @grnj‒s



-79-

jwa pjtdatbgl lbgeblbty ba bts fgpgfbty gs ga jrbnbagtjr, spjasjr gak sdrvbfdr tj jtmdr UHEV trusts.

Hjrdjvdr, gs kbsfussdk ba nrdgtdr kdtgbl edljw, mgk ^dlls @grnj prjvbkdk ajtbfd j` ga Dvdat j`

Kd`gult, bt wjulk mgvd nrdgtly bafrdgsdk ^dlls @grnj‒s lbgeblbtbds gak kutbds, eut ^dlls @grnj‒s

fjhpdasgtbja uakdr tmd YVG wjulk mgvd rdhgbadk tmd sghd.

7=. @baglly, g`tdr tmd Dvdats j` Kd`gult, ^dlls @grnj `gbldk tj dxdrfbsd bts rbnmts uakdr

tmd njvdraban gnrddhdats gs g prukdat pdrsja wjulk, uakdr tmjsd fbrfuhstgafds, ba tmd fjakuft

j` bts jwa g``gbrs. dlls @grnj kbk ajtmban tj prjtdft tmd [rusts gak Fdrtb`bfgtdmjlkdrs, fmjjsban

bastdgk tj kdlbedrgtdly bnajrd tmd dnrdnbjus Dvdats j` Kd`gult `jr bts jwa edad`bt gak tj tmd

kdtrbhdat j` tmd [rusts.BB. YGU[BDV

G. Ylgbatb``s

7. ElgfoUjfo @uaks

72. [md `jlljwban plgbatb``s grd fjlldftbvdly rd`drrdk tj gs “ElgfoUjfo @uaks.‘

59. Ylgbatb`` ElgfoUjfo Bafjhd [rust, Baf. bs g rdnbstdrdk bavdsthdat fjhpgay wbtm

bts prbafbpgl plgfd j` eusbadss ba ^blhbantja, Kdlgwgrd. ElgfoUjfo Bafjhd [rust, Baf. bs g

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. ElgfoUjfo Bafjhd [rust,

Baf. mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt

fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw

Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.

57. Ylgbatb`` ElgfoUjfo Damgafdk Njvdrahdat @uak, Baf. bs g rdnbstdrdk bavdsthdat

fjhpgay wbtm bts prbafbpgl plgfd j` eusbadss ba ^blhbantja, Kdlgwgrd. ElgfoUjfo Damgafdk

Njvdrahdat @uak, Baf. bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.

ElgfoUjfo Damgafdk Njvdrahdat @uak, Baf. mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd



-77-

tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey

jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.

55. Ylgbatb`` ElgfoUjfo @bxdk Bafjhd Pglud Jppjrtuabtbds bs g rdnbstdrdk bavdsthdat

fjhpgay wbtm bts prbafbpgl plgfd j` eusbadss ba ^blhbantja, Kdlgwgrd. ElgfoUjfo @bxdk

Bafjhd Pglud Jppjrtuabtbds bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. ElgfoUjfo @bxdk Bafjhd Pglud Jppjrtuabtbds mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd

[rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja

bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.

56.

Ylgbatb`` ElgfoUjfo TV Hjrtngnd bs g rdnbstdrdk bavdsthdat fjhpgay wbtm bts prbafbpgl plgfd j` eusbadss ba ^blhbantja, Kdlgwgrd. ElgfoUjfo TV Hjrtngnd bs g

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. ElgfoUjfo TV Hjrtngnd

mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas,

jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro

Ndadrgl Jelbngtbjas Lgw § 76‖79>.

5;. Ylgbatb`` ElgfoUjfo Glljfgtbja [grndt Vmgrds3 Vdrbds V Yjrt`jlbj bs g rdnbstdrdk

bavdsthdat fjhpgay wbtm bts prbafbpgl plgfd j` eusbadss ba blhbantja, Kdlgwgrd. ElgfoUjfo

Glljfgtbja [grndt Vmgrds3 Vdrbds V Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba

Dxmbebt 7 gttgfmdk mdrdtj. ElgfoUjfo Glljfgtbja [grndt Vmgrds3 Vdrbds V Yjrt`jlbj mgs edda g

Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts

batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl

Jelbngtbjas Lgw § 76‖79>.

54. Ylgbatb`` ElgfoUjfo Fjrd Ejak Yjrt`jlbj bs g rdnbstdrdk bavdsthdat fjhpgay wbtm

bts prbafbpgl plgfd j` eusbadss ba blhbantja, Kdlgwgrd. ElgfoUjfo Fjrd Ejak Yjrt`jlbj bs g



-75-

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. ElgfoUjfo Fjrd Ejak

Yjrt`jlbj mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt



50. Ylgbatb`` ElgfoUjfo Hultb-Gssdt Bafjhd ‖ Aja-Gndafy HEV Yjrt`jlbj bs g

rdnbstdrdk bavdsthdat fjhpgay wbtm bts prbafbpgl plgfd j` eusbadss ba ^blhbantja, Kdlgwgrd.

ElgfoUjfo Hultb-Gssdt Bafjhd ‖ Aja-Gndafy HEV Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts

bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. ElgfoUjfo Hultb-Gssdt Bafjhd ‖ Aja-Gndafy HEV

Yjrt`jlbj mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm btfjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw


5>. Ylgbatb`` ElgfoUjfo Hultb-Vdftjr Bafjhd [rust bs g rdnbstdrdk bavdsthdat

fjhpgay wbtm bts prbafbpgl plgfd j` eusbadss ba ^blhbantja, Kdlgwgrd. ElgfoUjfo Hultb-Vdftjr

Bafjhd [rust bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.

ElgfoUjfo Hultb-Vdftjr Bafjhd [rust mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j`

tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j`

lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.

5=. Ylgbatb`` ElgfoUjfo Vtrgtdnbf Bafjhd Jppjrtuabtbds Yjrt`jlbj bs g rdnbstdrdk


Vtrgtdnbf Bafjhd Jppjrtuabtbds Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt

7 gttgfmdk mdrdtj. ElgfoUjfo Vtrgtdnbf Bafjhd Jppjrtuabtbds Yjrt`jlbj mgs edda g




-76-



52. Ylgbatb`` ElgfoUjfo [jtgl Udtura Yjrt`jlbj (Bas ‖ Vdrbds) bs g rdnbstdrdk


[jtgl Udtura Yjrt`jlbj (Bas ‖ Vdrbds) bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. ElgfoUjfo [jtgl Udtura Yjrt`jlbj (Bas ‖ Vdrbds) mgs edda g Fdrtb`bfgtdmjlkdr j`

tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk

upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.

69.

Ylgbatb`` ElgfoUjfo FjrdGlpmg Ejak Hgstdr Yjrt`jlbj bs g rdnbstdrdk bavdsthdatfjhpgay wbtm bts prbafbpgl plgfd j` eusbadss ba blhbantja, Kdlgwgrd. ElgfoUjfo FjrdGlpmg

Ejak Hgstdr Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.

ElgfoUjfo FjrdGlpmg Ejak Hgstdr Yjrt`jlbj mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd



67. Ylgbatb`` ElgfoUjfo FjrdGlpmg Ejak @uak D bs g fjlldftbvd trust `uak wbtm bts

prbafbpgl plgfd j` eusbadss ba Vga @rgafbsfj, Fglb`jrabg. ElgfoUjfo FjrdGlpmg Ejak @uak D bs

g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. ElgfoUjfo FjrdGlpmg

Ejak @uak D mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm

bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm

Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.

65. Ylgbatb`` ElgfoUjfo FjrdYlus Ejak @uak E bs g fjlldftbvd trust `uak wbtm bts

prbafbpgl plgfd j` eusbadss ba Vga @rgafbsfj, Fglb`jrabg. ElgfoUjfo FjrdYlus Ejak @uak E bs g

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. ElgfoUjfo FjrdYlus Ejak



-7;-

@uak E mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt



66. Ylgbatb`` ElgfoUjfo Fjrd Gftbvd Ejak @uak E bs g fjlldftbvd trust ùak wbtm bts

prbafbpgl plgfd j` eusbadss ba Vga @rgafbsfj, Fglb`jrabg. ElgfoUjfo Fjrd Gftbvd Ejak @uak E bs

g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. ElgfoUjfo Fjrd Gftbvd

Ejak @uak E mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm


Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.6;. Ylgbatb`` ElgfoUjfo Fjrd Gftbvd LBEJU @uak E bs g fjlldftbvd trust ùak wbtm bts

prbafbpgl plgfd j` eusbadss ba Vga @rgafbsfj, Fglb`jrabg. ElgfoUjfo Fjrd Gftbvd LBEJU @uak E

bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. ElgfoUjfo Fjrd

Gftbvd LBEJU @uak E mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas

j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd

wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.

64. Ylgbatb`` ElgfoUjfo @bxdk Bafjhd NljeglGlpmg Hgstdr @uak Ltk. bs g fjlldftbvd

trust ùak wbtm bts prbafbpgl plgfd j` eusbadss ba Vga @rgafbsfj, Fglb`jrabg. ElgfoUjfo @bxdk

Bafjhd NljeglGlpmg Hgstdr @uak Ltk. bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. ElgfoUjfo @bxdk Bafjhd NljeglGlpmg Hgstdr @uak Ltk. mgs edda g






-74-

60. Ylgbatb`` ElgfoUjfo Ljan Kurgtbja GlpmgYlus Ejak @uak bs g fjlldftbvd trust

`uak wbtm bts prbafbpgl plgfd j` eusbadss ba Vga @rgafbsfj, Fglb`jrabg. ElgfoUjfo Ljan Kurgtbja

GlpmgYlus Ejak @uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.

ElgfoUjfo Ljan Kurgtbja GlpmgYlus Ejak @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt

tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey


5. Erjjo`bdlk

6>. [md `jlljwban plgbatb``s grd fjlldftbvdly rd`drrdk tj gs “Erjjo`bdlk.‘

6=. Ylgbatb`` Erjjo`bdlk Hjrtngnd Jppjrtuabty Bafjhd @uak Baf. bs g fjrpjrgtbja

jrngabzdk uakdr tmd lgws j` tmd Vtgtd j` Hgrylgak. Erjjo`bdlk Hjrtngnd Jppjrtuabty Bafjhd

@uak Baf. bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. Erjjo`bdlk

Hjrtngnd Jppjrtuabty Bafjhd @uak Baf. mgs edda g fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd

j` tmd trgasgftbjas j` wmbfm bt fjhplgbats, jr batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j`

lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76-79>.

62. Ylgbatb`` Erjjo`bdlk [jtgl Udtura @uak Baf. bs g fjrpjrgtbja jrngabzdk uakdr tmd

lgws j` tmd Vtgtd j` Hgrylgak. Erjjo`bdlk [jtgl Udtura @uak Baf. bs g Fdrtb`bfgtdmjlkdr ba tmd

[rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. Erjjo`bdlk [jtgl Udtura @uak Baf. mgs edda g

fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbats, jr batdrdsts

tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas

Lgw § 76-79>.

;9. Ylgbatb`` Hblldrtja GEV FKJ Ltk. bs g Fgyhga dxdhptdk fjhpgay wbtm lbhbtdk

lbgeblbty. Hblldrtja GEV FKJ Ltk. bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. Hblldrtja GEV FKJ Ltk. mgs edda g fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd



-70-

j` tmd trgasgftbjas j` wmbfm bt fjhplgbats, jr batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j`

lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76-79>.

6. KS Egao

;7. Ylgbatb`` KS Egao bs g fjhhdrfbgl egao bafjrpjrgtdk ba Ndrhgay. KS Egao

hgbatgbas ga j``bfd gt 092 @b`tm Gvdaud, Adw Rjro, Adw Rjro, 7997>. KS Egao bs g

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. KS Egao mgs edda g




;. Ojrd

;5. Ojrd bs g Kdlgwgrd Lbhbtdk Ygrtadrsmbp wbtm bts prbafbpgl plgfd j` eusbadss

ljfgtdk gt 7497 Fjrpjrgtd Krbvd, Vubtd 569, Ejyatja Edgfm, @ljrbkg 66;50. Ojrd bs tmd

bavdsthdat hgagndr tj Ojrd @bxdk Bafjhd @uak Ltk., g prbvgtd `uak `jrhdk uakdr tmd lgws j`

tmd Fgyhga Bslgaks gak Vuarbsd Ygrtadrs Lbhbtdk Ygrtadrsmbp, g prbvgtd `uak `jrhdk uakdr tmd

lgws j` Kdlgwgrd (fjlldftbvdly, tmd “Yrbvgtd @uaks‘). Ojrd, tmrjunm tmd Yrbvgtd @uaks, bs g

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. Ojrd, tmrjunm tmd Yrbvgtd

@uaks, mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt



4. YBHFJ

;6. [md `jlljwban plgbatb``s grd fjlldftbvdly rd`drrdk tj gs “YBHFJ.‘

;;. Ylgbatb`` @bxdk Bafjhd VMgrds (Vdrbds U) bs g Hgssgfmusdtts eusbadss trust.

Ylgbatb`` @bxdk Bafjhd VMgrds (Vdrbds U) bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt

7 gttgfmdk mdrdtj. Ylgbatb`` @bxdk Bafjhd VMgrds (Vdrbds U) mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd



-7=-

;2. Ylgbatb`` YGUV Gspbrd @uak bs g Vjfbâtâ é rdspjasgeblbtâ lbhbtâd, jr prbvgtd lbhbtdk

lbgeblbty fjrpjrgtd datbty, dxbstban uakdr tmd lgws j` Luxdhejurn. Ylgbatb`` YGUV Gspbrd @uak bs

g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YGUV Gspbrd @uak mgs

edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr

bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl


49. Ylgbatb`` YFH @uak, Baf. bs g fjrpjrgtbja dxbstban uakdr tmd lgws j` Hgrylgak,

wbtm bts prbafbpgl plgfd j` eusbadss ljfgtdk gt 76;4 Gvdaud j` tmd Ghdrbfgs, Adw Rjro, Adw

Rjro. YFH @uak, Baf. bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.YFH @uak, Baf. mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j`

wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd


47. Ylgbatb`` YBHFJ Gesjlutd Udtura Vtrgtdny 6K J``smjrd @uak Ltk. bs g lbhbtdk

pgrtadrsmbp dxbstban uakdr tmd lgws j` tmd Fgyhga Bslgaks. YBHFJ Gesjlutd Udtura Vtrgtdny 6K

J``smjrd @uak Ltk. bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.

YBHFJ Gesjlutd Udtura Vtrgtdny 6K J``smjrd @uak Ltk. mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd



45. Ylgbatb`` YBHFJ Gesjlutd Udtura Vtrgtdny BB Hgstdr @uak LKF bs g lbhbtdk

kurgtbja fjhpgay dxbstban uakdr tmd lgws j` tmd Fgyhga Bslgaks. YBHFJ Gesjlutd Udtura

Vtrgtdny BB Hgstdr @uak LKF bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. YBHFJ Gesjlutd Udtura Vtrgtdny BB Hgstdr @uak LKF mgs edda g Fdrtb`bfgtdmjlkdr j`



-72-



46. Ylgbatb`` YBHFJ Gesjlutd Udtura Vtrgtdny BBB Hgstdr @uak LKF bs g lbhbtdk


Vtrgtdny BBB Hgstdr @uak LKF bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. YBHFJ Gesjlutd Udtura Vtrgtdny BBB Hgstdr @uak LKF mgs edda g Fdrtb`bfgtdmjlkdr j`



4;.

Ylgbatb`` YBHFJ Gesjlutd Udtura Vtrgtdny BP BK@ LLF bs g lbhbtdk lbgeblbtyfjhpgay dxbstban uakdr tmd lgws j` Kdlgwgrd. YBHFJ Gesjlutd Udtura Vtrgtdny BP BK@ LLF bs

g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj Ylgbatb`` YBHFJ Gesjlutd

Udtura Vtrgtdny BP BK@ LLF mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd

trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba

gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.

44. Ylgbatb`` YBHFJ Gesjlutd Udtura Vtrgtdny BP Hgstdr @uak LKF bs g lbhbtdk


Vtrgtdny BP Hgstdr @uak LKF bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. YBHFJ Gesjlutd Udtura Vtrgtdny BP Hgstdr @uak LKF mgs edda g Fdrtb`bfgtdmjlkdr j`



40. Ylgbatb`` YBHFJ Gesjlutd Udtura Vtrgtdny P Hgstdr @uak LKF bs g lbhbtdk


Vtrgtdny P Hgstdr @uak LKF bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk



-59-

mdrdtj. YBHFJ Gesjlutd Udtura Vtrgtdny P Hgstdr @uak LKF mgs edda g Fdrtb`bfgtdmjlkdr j`



4>. Ylgbatb`` YBHFJ Fgagkg Fgagkbga FjrdYLTV Ejak [rust bs g trust dxbstban uakdr

tmd lgws j` Fgagkg, wmbfm bs hgagndk ey YBHFJ Fgagkg. YBHFJ Fgagkg Fgagkbga

FjrdYLTV Ejak [rust bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.

YBHFJ Fgagkg Fgagkbga FjrdYLTV Ejak [rust mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt


jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.4=. Ylgbatb`` YBHFJ Fjhebadk Glpmg Vtrgtdnbds Hgstdr @uak LKF bs g lbhbtdk

kurgtbja fjhpgay dxbstban uakdr tmd lgws j` tmd Fgyhga Bslgaks. YBHFJ Fjhebadk Glpmg

Vtrgtdnbds Hgstdr @uak LKF bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. YBHFJ Fjhebadk Glpmg Vtrgtdnbds Hgstdr @uak LKF mgs edda g Fdrtb`bfgtdmjlkdr j`



42. Ylgbatb`` YBHFJ Fjrpjrgtd & Bafjhd Jppjrtuabty @uak bs g eusbadss trust

dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ Fjrpjrgtd & Bafjhd Jppjrtuabty @uak bs g

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ Fjrpjrgtd &

Bafjhd Jppjrtuabty @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd



09. Ylgbatb`` YBHFJ Fjrpjrgtd & Bafjhd Vtrgtdny @uak bs g eusbadss trust dxbstban

uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ Fjrpjrgtd & Bafjhd Vtrgtdny @uak bs g



-57-

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ Fjrpjrgtd &

Bafjhd Vtrgtdny @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas



07. Ylgbatb`` YBHFJ Kbstrdssdk Vdabjr Frdkbt Jppjrtuabtbds @uak BB, L.Y. bs g lbhbtdk

pgrtadrsmbp dxbstban uakdr tmd lgws j` Kdlgwgrd. YBHFJ Kbstrdssdk Vdabjr Frdkbt Jppjrtuabtbds

@uak BB, L.Y. bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ

Kbstrdssdk Vdabjr Frdkbt Jppjrtuabtbds @uak BB, L.Y. mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts

gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt eyjpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.

05. Ylgbatb`` YBHFJ Kyaghbf Frdkbt Bafjhd @uak bs g eusbadss trust dxbstban uakdr

tmd lgws j` Hgssgfmusdtts. YBHFJ Kyaghbf Frdkbt Bafjhd @uak bs g Fdrtb`bfgtdmjlkdr ba tmd

[rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ Kyaghbf Frdkbt Bafjhd @uak mgs edda g




06. Ylgbatb`` YBHFJ Kyaghbf Bafjhd @uak bs g eusbadss trust dxbstban uakdr tmd lgws

j` Hgssgfmusdtts. YBHFJ Kyaghbf Bafjhd @uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk

ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ Kyaghbf Bafjhd @uak mgs edda g Fdrtb`bfgtdmjlkdr j`



0;. Ylgbatb`` YBHFJ D[@ [rust3 YBHFJ Damgafdk Vmjrt Hgturbty Dxfmgand-[rgkdk

@uak bs g stgtutjry trust dxbstban uakdr tmd lgws j` Kdlgwgrd. YBHFJ D[@ [rust3 YBHFJ



-55-

Damgafdk Vmjrt Hgturbty Dxfmgand-[rgkdk @uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba

Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ D[@ [rust3 YBHFJ Damgafdk Vmjrt Hgturbty Dxfmgand-

[rgkdk @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm



04. Ylgbatb`` YBHFJ D[@ [rust3 YBHFJ Ljw Kurgtbja Dxfmgand-[rgkdk @uak bs g

stgtutjry trust dxbstban uakdr tmd lgws j` Kdlgwgrd. YBHFJ D[@ [rust3 YBHFJ Ljw Kurgtbja

Dxfmgand-[rgkdk @uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.

YBHFJ D[@ [rust3 YBHFJ Ljw Kurgtbja Dxfmgand-[rgkdk @uak mgs edda g Fdrtb`bfgtdmjlkdrj` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba

kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw §

76‖79>.

00. Ylgbatb`` YBHFJ D[@ [rust3 YBHFJ [jtgl Udtura Dxfmgand-[rgkdk @uak bs g

stgtutjry trust dxbstban uakdr tmd lgws j` Kdlgwgrd. YBHFJ D[@ [rust3 YBHFJ [jtgl Udtura

Dxfmgand-[rgkdk @uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.

YBHFJ D[@ [rust3 YBHFJ [jtgl Udtura Dxfmgand-[rgkdk @uak mgs edda g Fdrtb`bfgtdmjlkdr j`



0>. Ylgbatb`` YBHFJ @uaks3 YBHFJ DH @uakghdatgl BakdxYLTV GU® Vtrgtdny

@uak bs g eusbadss trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ DH

@uakghdatgl BakdxYLTV® GU Vtrgtdny @uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba

Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ DH @uakghdatgl BakdxYLTV® GU Vtrgtdny

@uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt



-56-



0=. Ylgbatb`` YBHFJ @uaks3 YBHFJ Batdragtbjagl @uakghdatgl BakdxYLTV® GU

Vtrgtdny @uak bs g eusbadss trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3

YBHFJ Batdragtbjagl @uakghdatgl BakdxYLTV® GU Vtrgtdny @uak bs g Fdrtb`bfgtdmjlkdr ba tmd

[rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Batdragtbjagl @uakghdatgl

BakdxYLTV® GU Vtrgtdny @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd


gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.02. Ylgbatb`` YBHFJ @uaks3 YBHFJ Vhgll Fjhpgay @uakghdatgl BakdxYLTV® GU


YBHFJ Vhgll Fjhpgay @uakghdatgl BakdxYLTV® GU Vtrgtdny @uak bs g Fdrtb`bfgtdmjlkdr ba

tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Vhgll Fjhpgay

@uakghdatgl BakdxYLTV® GU Vtrgtdny @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd



>9. Ylgbatb`` YBHFJ @uaks3 YBHFJ FjhhjkbtbdsYLTV® Vtrgtdny @uak bs g

eusbadss trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ

FjhhjkbtbdsYLTV® Vtrgtdny @uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ FjhhjkbtbdsYLTV® Vtrgtdny @uak mgs edda g






-5;-

>7. Ylgbatb`` YBHFJ @uaks3 YBHFJ Fjhhjkbty UdglUdtura® Vtrgtdny @uak bs g

eusbadss trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ

FjhhjkbtyUdglUdtura® Vtrgtdny @uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ FjhhjkbtyUdglUdtura® Vtrgtdny @uak mgs edda g




>5. Ylgbatb`` YBHFJ @uaks3 YBHFJ Frdkbt Gesjlutd Udtura @uak bs g eusbadss trust

dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ Frdkbt Gesjlutd Udtura @uakbs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3

YBHFJ Frdkbt Gesjlutd Udtura @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j`



>6. Ylgbatb`` YBHFJ @uaks3 YBHFJ Kbvdrsb`bdk Bafjhd @uak bs g eusbadss trust

dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ Kbvdrsb`bdk Bafjhd @uak bs g

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ

Kbvdrsb`bdk Bafjhd @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd



>;. Ylgbatb`` YBHFJ @uaks3 YBHFJ Dhdrnban Ljfgl Ejak @uak bs g eusbadss trust

dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ Dhdrnban Ljfgl Ejak @uak

bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3

YBHFJ Dhdrnban Ljfgl Ejak @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j`



-54-



>4. Ylgbatb`` YBHFJ @uaks3 YBHFJ Dhdrnban Hgrodts Ejak @uak bs g eusbadss trust

dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ Dhdrnban Hgrodts Ejak

@uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3

YBHFJ Dhdrnban Hgrodts Ejak @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j`



>0.

Ylgbatb`` YBHFJ @uaks3 YBHFJ @ljgtban Bafjhd @uak bs g eusbadss trust dxbstbanuakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ @ljgtban Bafjhd @uak bs g


@ljgtban Bafjhd @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas



>>. Ylgbatb`` YBHFJ @uaks3 YBHFJ @jrdbna Ejak @uak (T.V. Kjllgr-Mdkndk) bs g

eusbadss trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ @jrdbna Ejak

@uak (T.V. Kjllgr-Mdkndk) bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. YBHFJ @uaks3 YBHFJ @jrdbna Ejak @uak (T.V. Kjllgr-Mdkndk) mgs edda g




>=. Ylgbatb`` YBHFJ @uaks3 YBHFJ @jrdbna Ejak @uak (Tamdkndk) bs g eusbadss

trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ @jrdbna Ejak @uak



-50-

(Tamdkndk) bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ

@uaks3 YBHFJ @jrdbna Ejak @uak (Tamdkndk) mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt



>2. Ylgbatb`` YBHFJ @uaks3 YBHFJ @uakghdatgl Gkvgatgnd Gesjlutd Udtura


YBHFJ @uakghdatgl Gkvgatgnd Gesjlutd Udtura Vtrgtdny @uak bs g Fdrtb`bfgtdmjlkdr ba tmd

[rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ @uakghdatgl Gkvgatgnd

Gesjlutd Udtura Vtrgtdny @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmdtrgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba


=9. Ylgbatb`` YBHFJ @uaks3 YBHFJ @uakghdatgl BakdxYLTV® GU @uak bs g

eusbadss trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ @uakghdatgl

BakdxYLTV® GU @uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.

YBHFJ @uaks3 YBHFJ @uakghdatgl BakdxYLTV GU® @uak mgs edda g Fdrtb`bfgtdmjlkdr j`



=7. Ylgbatb`` YBHFJ @uaks3 YBHFJ Nljegl Gkvgatgnd® Vtrgtdny Ejak @uak bs g

eusbadss trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ Nljegl

Gkvgatgnd® Vtrgtdny Ejak @uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Nljegl Gkvgatgnd® Vtrgtdny Ejak @uak mgs edda g




-5>-



=5. Ylgbatb`` YBHFJ @uaks3 YBHFJ Nljegl Ejak @uak (T.V. Kjllgr-Mdkndk) bs g

eusbadss trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ Nljegl Ejak

@uak (T.V. Kjllgr-Mdkndk) bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. YBHFJ @uaks3 YBHFJ Nljegl Ejak @uak (T.V. Kjllgr-Mdkndk) mgs edda g



Jelbngtbjas Lgw § 76‖79>.=6. Ylgbatb`` YBHFJ @uaks3 YBHFJ Nljegl Ejak @uak (Tamdkndk) bs g eusbadss

trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ Nljegl Ejak @uak

(Tamdkndk) bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ

@uaks3 YBHFJ Nljegl Ejak @uak (Tamdkndk) mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd



=;. Ylgbatb`` YBHFJ @uaks3 YBHFJ Nljegl Hultb-Gssdt @uak bs g eusbadss trust

dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ Nljegl Hultb-Gssdt @uak bs g


Nljegl Hultb-Gssdt @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd



=4. Ylgbatb`` YBHFJ @uaks3 YBHFJ Mbnm Rbdlk @uak bs g eusbadss trust dxbstban

uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ Mbnm Rbdlk @uak bs g Fdrtb`bfgtdmjlkdr



-5=-

ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Mbnm Rbdlk @uak




=0. Ylgbatb`` YBHFJ @uaks3 YBHFJ Bafjhd @uak bs g eusbadss trust dxbstban uakdr

tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ Bafjhd @uak bs g Fdrtb`bfgtdmjlkdr ba tmd

[rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Bafjhd @uak mgs edda g


batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro NdadrglJelbngtbjas Lgw § 76‖79>.

=>. Ylgbatb`` YBHFJ @uaks3 YBHFJ Ba`lgtbja Udspjasd Hultb-Gssdt @uak bs g

eusbadss trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ Ba`lgtbja

Udspjasd Hultb-Gssdt @uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. YBHFJ @uaks3 YBHFJ Ba`lgtbja Udspjasd Hultb-Gssdt @uak mgs edda g




==. Ylgbatb`` YBHFJ @uaks3 YBHFJ Batdragtbjagl VtjfosYLTV® GU Vtrgtdny @uak

(T.V. Kjllgr-Mdkndk) bs g eusbadss trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ

@uaks3 YBHFJ Batdragtbjagl VtjfosYLTV® GU Vtrgtdny @uak (T.V. Kjllgr-Mdkndk) bs g


Batdragtbjagl VtjfosYLTV® GU Vtrgtdny @uak (T.V. Kjllgr-Mdkndk) mgs edda g




-52-



=2. Ylgbatb`` YBHFJ @uaks3 YBHFJ Batdragtbjagl VtjfosYLTV® GU Vtrgtdny @uak

(Tamdkndk) bs g eusbadss trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ

Batdragtbjagl VtjfosYLTV® GU Vtrgtdny @uak (Tamdkndk) bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts

bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Batdragtbjagl VtjfosYLTV® GU

Vtrgtdny @uak (Tamdkndk) mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd


gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.29. Ylgbatb`` YBHFJ @uaks3 YBHFJ Bavdsthdat Nrgkd Fjrpjrgtd Ejak @uak bs g

eusbadss trust dxbstban uakdr tmd lgws j` Hgssgfmusdtts. YBHFJ @uaks3 YBHFJ Bavdsthdat

Nrgkd Fjrpjrgtd Ejak @uak bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. YBHFJ @uaks3 YBHFJ Bavdsthdat Nrgkd Fjrpjrgtd Ejak @uak mgs edda g




27. Ylgbatb`` YBHFJ @uaks3 YBHFJ Ljan Kurgtbja [jtgl Udtura @uak bs g

Hgssgfmusdtts eusbadss trust. Ylgbatb`` YBHFJ @uaks3 YBHFJ Ljan Kurgtbja [jtgl Udtura @uak

bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3

YBHFJ Ljan Kurgtbja [jtgl Udtura @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd

j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j`




-69-

25. Ylgbatb`` YBHFJ @uaks3 YBHFJ Ljan-[drh Frdkbt @uak bs g Hgssgfmusdtts

eusbadss trust. YBHFJ @uaks3 YBHFJ Ljan-[drh Frdkbt @uak bs g Fdrtb`bfgtdmjlkdr j` tmd

[rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Ljan-[drh Frdkbt @uak




26. Ylgbatb`` YBHFJ @uaks3 YBHFJ Ljan-[drh T.V. Njvdrahdat @uak bs g

Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 YBHFJ Ljan-[drh T.V. Njvdrahdat @uak bs g

Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJLjan-[drh T.V. Njvdrahdat @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd



2;. Ylgbatb`` YBHFJ @uaks3 YBHFJ Ljw Kurgtbja @uak bs g Hgssgfmusdtts eusbadss

trust. YBHFJ @uaks3 YBHFJ Ljw Kurgtbja @uak bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk

ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Ljw Kurgtbja @uak mgs edda g




24. Ylgbatb`` YBHFJ @uaks3 YBHFJ Ljw Kurgtbja @uak BB bs g Hgssgfmusdtts

eusbadss trust. YBHFJ @uaks3 YBHFJ Ljw Kurgtbja @uak BB bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts

bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Ljw Kurgtbja @uak BB mgs edda g




-67-



20. Ylgbatb`` YBHFJ @uaks3 YBHFJ Ljw Kurgtbja @uak BBB bs g Hgssgfmusdtts

eusbadss trust. YBHFJ @uaks3 YBHFJ Ljw Kurgtbja @uak BBB bs g Fdrtb`bfgtdmjlkdr j` tmd

[rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Ljw Kurgtbja @uak BBB




2>.

Ylgbatb`` YBHFJ @uaks3 YBHFJ Hjkdrgtd Kurgtbja @uak bs g Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 YBHFJ Hjkdrgtd Kurgtbja @uak bs g Fdrtb`bfgtdmjlkdr j` tmd

[rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Hjkdrgtd Kurgtbja @uak




2=. Ylgbatb`` YBHFJ @uaks3 YBHFJ Hjrtngnd Jppjrtuabtbds @uak bs g Hgssgfmusdtts

eusbadss trust. YBHFJ @uaks3 YBHFJ Hjrtngnd Jppjrtuabtbds @uak bs g Fdrtb`bfgtdmjlkdr j`

tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Hjrtngnd

Jppjrtuabtbds @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j`



22. Ylgbatb`` YBHFJ @uaks3 YBHFJ Hjrtngnd-Egfodk Vdfurbtbds @uak bs g

Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 YBHFJ Hjrtngnd-Egfodk Vdfurbtbds @uak bs g

Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ



-65-

Hjrtngnd-Egfodk Vdfurbtbds @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd



799. Ylgbatb`` YBHFJ @uaks3 YBHFJ Udgl Dstgtd Udgl Udtura Vtrgtdny @uak bs g

Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 YBHFJ Udgl Dstgtd Udgl Udtura Vtrgtdny @uak bs

g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ

Udgl Dstgtd Udgl Udtura Vtrgtdny @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j`


lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.797. Ylgbatb`` YBHFJ @uaks3 YBHFJ Udgl Udtura Gssdt @uak bs g Hgssgfmusdtts

eusbadss trust. YBHFJ @uaks3 YBHFJ Udgl Udtura Gssdt @uak bs g Fdrtb`bfgtdmjlkdr j` tmd

[rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Udgl Udtura Gssdt @uak




795. Ylgbatb`` YBHFJ @uaks3 YBHFJ Udgl Udtura @uak bs g Hgssgfmusdtts eusbadss

trust. YBHFJ @uaks3 YBHFJ Udgl Udtura @uak bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba

Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Udgl Udtura @uak mgs edda g




796. Ylgbatb`` YBHFJ @uaks3 YBHFJ Vmjrt-[drh @uak bs g Hgssgfmusdtts eusbadss

trust. YBHFJ @uaks3 YBHFJ Vmjrt-[drh @uak bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba



-66-

Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Vmjrt-[drh @uak mgs edda g Fdrtb`bfgtdmjlkdr

j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba


76‖79>.

79;. YBHFJ @uaks3 YBHFJ Vhgll Fgp VtjfosYLTV® GU Vtrgtdny @uak bs g

Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 YBHFJ Vhgll Fgp VtjfosYLTV® GU Vtrgtdny

@uak bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3

YBHFJ Vhgll Fgp VtjfosYLTV® GU Vtrgtdny @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts

gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt eyjpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76‖79>.

794. Ylgbatb`` YBHFJ @uaks3 YBHFJ VtjfosYLTV® Gesjlutd Udtura @uak bs g

Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 YBHFJ VtjfosYLTV® Gesjlutd Udtura @uak bs g

Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ

VtjfosYLTV® Gesjlutd Udtura @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j`



790. Ylgbatb`` YBHFJ @uaks3 YBHFJ VtjfosYLTV® GU Vmjrt Vtrgtdny @uak bs g

Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 YBHFJ VtjfosYLTV® GU Vmjrt Vtrgtdny @uak bs

g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ

VtjfosYLTV® GU Vmjrt Vtrgtdny @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j`





-64-



777. Ylgbatb`` YBHFJ @uaks3 YBHFJ [jtgl Udtura @uak BP bs g Hgssgfmusdtts

eusbadss trust. YBHFJ @uaks3 YBHFJ [jtgl Udtura @uak BP bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts

bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ [jtgl Udtura @uak BP mgs edda g




775.

Ylgbatb`` YBHFJ @uaks3 YBHFJ Tafjastrgbadk Ejak @uak bs g Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 YBHFJ Tafjastrgbadk Ejak @uak bs g Fdrtb`bfgtdmjlkdr j` tmd

[rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 YBHFJ Tafjastrgbadk Ejak @uak




776. YBHFJ @uaks3 YBHFJ Tafjastrgbadk [gx Hgagndk Ejak @uak bs g

Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 YBHFJ Tafjastrgbadk [gx Hgagndk Ejak @uak

bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3

YBHFJ Tafjastrgbadk [gx Hgagndk Ejak @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt



77;. Ylgbatb`` YBHFJ @uaks3 YBHFJ jrlkwbkd @uakghdatgl Gkvgatgnd GU Vtrgtdny

@uak bs g Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 YBHFJ jrlkwbkd @uakghdatgl

Gkvgatgnd GU Vtrgtdny @uak bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk



-60-

mdrdtj. YBHFJ @uaks3 YBHFJ jrlkwbkd @uakghdatgl Gkvgatgnd GU Vtrgtdny @uak mgs edda

g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts



774. Ylgbatb`` YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Gssdt-Egfodk Vdfurbtbds

Yjrt`jlbj bs g Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds

Gssdt-Egfodk Vdfurbtbds Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Gssdt-Egfodk Vdfurbtbds

Yjrt`jlbj mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm btfjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw


770. Ylgbatb`` YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Kdvdljpban Ljfgl

Hgrodts Yjrt`jlbj bs g Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj

Vdrbds Kdvdljpban Ljfgl Hgrodts Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba

Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Kdvdljpban Ljfgl

Hgrodts Yjrt`jlbj mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j`



77>. YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Dhdrnban Hgrodts Yjrt`jlbj bs g

Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Dhdrnban

Hgrodts Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.

YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Dhdrnban Hgrodts Yjrt`jlbj mgs edda g




-6>-



77=. YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Mbnm Rbdlk Yjrt`jlbj bs g

Hgssgfmusdtts eusbadss trust. Ylgbatb`` YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Mbnm

Rbdlk Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.

Ylgbatb`` YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Mbnm Rbdlk Yjrt`jlbj mgs edda g



Jelbngtbjas Lgw § 76‖79>.772. Ylgbatb`` YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Batdragtbjagl Yjrt`jlbj bs

g Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Batdragtbjagl

Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ

@uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Batdragtbjagl Yjrt`jlbj mgs edda g Fdrtb`bfgtdmjlkdr j`



759. Ylgbatb`` YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Hjrtngnd Yjrt`jlbj bs g

Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Hjrtngnd

Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. Ylgbatb``

YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Hjrtngnd Yjrt`jlbj mgs edda g Fdrtb`bfgtdmjlkdr

j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba


76‖79>.



-6=-

757. Ylgbatb`` YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Vmjrt-[drh Yjrt`jlbj bs

g Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Vmjrt-[drh


@uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds Vmjrt-[drh Yjrt`jlbj mgs edda g Fdrtb`bfgtdmjlkdr j`



755. Ylgbatb`` YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds T.V. Njvdrahdat Vdftjr

Yjrt`jlbj bs g Hgssgfmusdtts eusbadss trust. YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds T.V.

Njvdrahdat Vdftjr Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdkmdrdtj. YBHFJ @uaks3 Yrbvgtd Gffjuat Yjrt`jlbj Vdrbds T.V. Njvdrahdat Vdftjr Yjrt jlbj mgs




756. Ylgbatb`` YBHFJ Nljegl Frdkbt Jppjrtuabty Hgstdr @uak LKF bs g lbhbtdk

kurgtbja fjhpgay dxbstban uakdr tmd lgws j` tmd Fgyhga Bslgaks. YBHFJ Nljegl Frdkbt

Jppjrtuabty Hgstdr @uak LKF bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. YBHFJ Nljegl Frdkbt Jppjrtuabty Hgstdr @uak LKF mgs edda g Fdrtb`bfgtdmjlkdr j`



75;. Ylgbatb`` YBHFJ Nljegl Bafjhd Jppjrtuabtbds @uak bs g trust dxbstban uakdr tmd

lgws j` Fgagkg. YBHFJ Nljegl Bafjhd Jppjrtuabtbds @uak bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts

bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ Nljegl Bafjhd Jppjrtuabtbds @uak mgs edda g




-62-



754. Ylgbatb`` YBHFJ Nljegl VtjfosYLTV & Bafjhd @uak bs g Hgssgfmusdtts eusbadss

trust. YBHFJ Nljegl VtjfosYLTV & Bafjhd @uak bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk

ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ Nljegl VtjfosYLTV & Bafjhd @uak mgs edda g




750.

Ylgbatb`` YBHFJ Mbnm Bafjhd @uak bs g Hgssgfmusdtts eusbadss trust. Ylgbatb``YBHFJ Mbnm Bafjhd @uak bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. YBHFJ Mbnm Bafjhd @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd



75>. Ylgbatb`` YBHFJ Bafjhd Jppjrtuabty @uak bs g Hgssgfmusdtts eusbadss trust.

YBHFJ Bafjhd Jppjrtuabty @uak bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. YBHFJ Bafjhd Jppjrtuabty @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts

gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey


75=. Ylgbatb`` YBHFJ Bafjhd Vtrgtdny @uak bs g Hgssgfmusdtts eusbadss trust.

Ylgbatb`` YBHFJ Bafjhd Vtrgtdny @uak bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. YBHFJ Bafjhd Vtrgtdny @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt





-;9-

752. Ylgbatb`` YBHFJ Bafjhd Vtrgtdny @uak BB bs g Hgssgfmusdtts eusbadss trust.

YBHFJ Bafjhd Vtrgtdny @uak BB bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. YBHFJ Bafjhd Vtrgtdny @uak BB mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt



769. Ylgbatb`` YBHFJ Lgrnd Fgp VtjfosYLTV Gesjlutd Udtura @uak bs g Kdlgwgrd

eusbadss trust. YBHFJ Lgrnd Fgp VtjfosYLTV Gesjlutd Udtura @uak bs g Fdrtb`bfgtdmjlkdr j`

tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ Lgrnd Fgp VtjfosYLTV Gesjlutd

Udtura @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfmbt fjhplgbas, jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm


767. Ylgbatb`` YBHFJ Hjatmly Bafjhd @uak (Fgagkg) bs g trust dxbsbtban uakdr tmd

lgws j` Fgagkg. YBHFJ Hjatmly Bafjhd @uak (Fgagkg) bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts

bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ Hjatmly Bafjhd @uak (Fgagkg) mgs edda g




765. Ylgbatb`` YBHFJ J``smjrd @uaks - YBHFJ Gesjlutd Udtura Vtrgtdny BP d@uak bs

g Fgyhga Bslgaks eusbadss trust. YBHFJ J``smjrd @uaks - YBHFJ Gesjlutd Udtura Vtrgtdny BP

d@uak bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ

J``smjrd @uaks - YBHFJ Gesjlutd Udtura Vtrgtdny BP d@uak mgs edda g Fdrtb`bfgtdmjlkdr j`





-;7-

766. Ylgbatb`` YBHFJ J``smjrd @uaks3 YBHFJ J``smjrd @uaks - YBHFJ Gesjlutd

Udtura Vtrgtdny P Glpmg @uak bs g Fgyhga Bslgaks eusbadss trust. YBHFJ J``smjrd @uaks3

YBHFJ J``smjrd @uaks - YBHFJ Gesjlutd Udtura Vtrgtdny P Glpmg @uak bs g Fdrtb`bfgtdmjlkdr

j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ J``smjrd @uaks3 YBHFJ J``smjrd

@uaks - YBHFJ Gesjlutd Udtura Vtrgtdny P Glpmg @uak mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd



76;. Ylgbatb`` YBHFJ Vtrgtdnbf Nljegl Njvdrahdat @uak, Baf. bs g fjrpjrgtbja dxbstban

uakdr tmd lgws j` Hgrylgak. YBHFJ Vtrgtdnbf Nljegl Njvdrahdat @uak, Baf. bs gFdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ Vtrgtdnbf Nljegl

Njvdrahdat @uak, Baf. mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas



764. Ylgbatb`` YBHFJ [gftbfgl Jppjrtuabtbds Hgstdr @uak Ltk. bs g lbhbtdk pgrtadrsmbp

dxbstban uakdr tmd lgws j` tmd Fgyhga Bslgaks. YBHFJ [gftbfgl Jppjrtuabtbds Hgstdr @uak Ltk.

bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ [gftbfgl

Jppjrtuabtbds Hgstdr @uak Ltk. mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd



760. Ylgbatb`` YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ FjhhjkbtyUdglUdtura

Vtrgtdny Yjrt`jlbj bs g Kdlgwgrd eusbadss trust. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ

FjhhjkbtyUdglUdtura Vtrgtdny Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt

7 gttgfmdk mdrdtj. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ FjhhjkbtyUdglUdtura Vtrgtdny



-;5-




76>. Ylgbatb`` YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Dhdrnban Hgrodts Ejak

Yjrt`jlbj bs g Kdlgwgrd eusbadss trust. Ylgbatb`` YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ

Dhdrnban Hgrodts Ejak Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Dhdrnban Hgrodts Ejak Yjrt`jlbj


jr bts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw RjroNdadrgl Jelbngtbjas Lgw § 76‖79>.

76=. Ylgbatb`` YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ @jrdbna Ejak Yjrt`jlbj (T.V.

Kjllgr-Mdkndk) bs g Kdlgwgrd eusbadss trust. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ @jrdbna

Ejak Yjrt`jlbj (T.V. Kjllgr-Mdkndk) bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ @jrdbna Ejak Yjrt`jlbj (T.V.

Kjllgr-Mdkndk) mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j`



762. Ylgbatb`` YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Nljegl Gkvgatgnd Vtrgtdny

Ejak Yjrt`jlbj bs g Kdlgwgrd eusbadss trust. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Nljegl

Gkvgatgnd Vtrgtdny Ejak Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Nljegl Gkvgatgnd Vtrgtdny Ejak




-;6-



7;9. Ylgbatb`` YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Nljegl Ejak Yjrt`jlbj

(Tamdkndk) bs g Kdlgwgrd eusbadss trust. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Nljegl

Ejak Yjrt`jlbj (Tamdkndk) bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Nljegl Ejak Yjrt`jlbj (Tamdkndk) mgs edda



Jelbngtbjas Lgw § 76‖79>.7;7. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Ljan [drh T.V. Njvdrahdat Yjrt`jlbj

bs g Kdlgwgrd eusbadss trust. Ylgbatb`` YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Ljan [drh

T.V. Njvdrahdat Yjrt`jlbj bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Ljan [drh T.V. Njvdrahdat Yjrt`jlbj mgs




7;5. Ylgbatb`` YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Ljw Kurgtbja Yjrt`jlbj bs g

Kdlgwgrd eusbadss trust. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Ljw Kurgtbja Yjrt`jlbj bs g

Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ Pgrbgeld

Basurgafd [rust3 YBHFJ Ljw Kurgtbja Yjrt jlbj mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt





-;;-

7;6. Ylgbatb`` YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Udgl Udtura Yjrt`jlbj bs g

Kdlgwgrd eusbadss trust. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Udgl Udtura Yjrt`jlbj bs g


Basurgafd [rust3 YBHFJ Udgl Udtura Yjrt`jlbj mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd



7;;. Ylgbatb`` YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Vmjrt-[drh Yjrt`jlbj bs g

Kdlgwgrd eusbadss trust. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Vmjrt-[drh Yjrt`jlbj bs g

Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBHFJ PgrbgeldBasurgafd [rust3 YBHFJ Vmjrt-[drh Yjrt`jlbj mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd



7;4. Ylgbatb`` YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ [jtgl Udtura Yjrt`jlbj bs g

Kdlgwgrd eusbadss trust. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ [jtgl Udtura Yjrt`jlbj bs g


Basurgafd [rust3 YBHFJ [jtgl Udtura Yjrt`jlbj mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt



7;0. Ylgbatb`` YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Tafjastrgbadk Ejak Yjrt`jlbj

bs g Kdlgwgrd eusbadss trust. YBHFJ Pgrbgeld Basurgafd [rust3 YBHFJ Tafjastrgbadk Ejak


Pgrbgeld Basurgafd [rust3 YBHFJ Tafjastrgbadk Ejak Yjrt`jlbj mgs edda g Fdrtb`bfgtdmjlkdr j`



-;4-



0. Yrukdatbgl

7;>. [md `jlljwban plgbatb``s grd fjlldftbvdly rd`drrdk tj gs “Yrukdatbgl.‘

7;=. Ylgbatb`` Yrukdatbgl Egao & [rust, @VE (“YE&[‘), bs g `dkdrglly fmgrtdrdk egao

wbtm bts prbafbpgl plgfd j` eusbadss gt 5=9 [ruheull Vtrddt, Mgrt jrk, Fjaadftbfut 90796. YE&[

bs g suesbkbgry j` Yrukdatbgl BEM Mjlkfj., Baf., gak ultbhgtdly Yrukdatbgl @bagafbgl, Baf. YE&[

mjlks ba trust ja edmgl` j` fdrtgba sdpgrgtdly hgagndk gffjuats fdrtb`bfgtds ba tmd [rusts

bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YE&[, tmrjunm tmd sdpgrgtdly hgagndk gffjuats, mgs




7;2. Ylgbatb`` Yrukdatbgl Bavdsthdat Yjrt`jlbjs, Baf., bs g Hgrylgak Fjrpjrgtbja wbtm g

prbafbpgl plgfd j` eusbadss gt Ngtdwgy Fdatdr [mrdd, 799 Huledrry Vtrddt, Adwgro, Adw Cdrsdy

9>795. Bt bs ga jpda-dak hgagndhdat bavdsthdat fjhpgay rdnbstdrdk wbtm tmd Tabtdk Vtgtds

Vdfurbtbds gak Dxfmgand Fjhhbssbja (“VDF‘). Bt fjasbsts j` sbx sdrbds, baflukban tmd Yrukdatbgl

Gssdt Glljfgtbja @uak. Yrukdatbgl Bavdsthdat Yjrt`jlbjs, Baf., tmrjunm tmd Yrukdatbgl Gssdt

Glljfgtbja @uak, bs g Fdrtb`bfgtdmjlkdr j` tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk

mdrdtj. Yrukdatbgl Bavdsthdat Yjrt`jlbjs, Baf., tmrjunm tmd Yrukdatbgl Gssdt Glljfgtbja @uak, mgs




749. Ylgbatb`` Yrukdatbgl Bavdsthdat Yjrt`jlbjs 5 (“YBY 5‘), `jrhdrly oajwa gs tmd

Krykda Bavdsthdat @uak, bs g Kdlgwgrd stgtutjry trust wbtm g prbafbpgl plgfd j` eusbadss ba



-;0-

Adwgro, Adw Cdrsdy. YBY 5 bs ga jpda-dakdk hgagndhdat bavdsthdat fjhpgay rdnbstdrdk wbtm

tmd VDF. YBY 5 bs fjhprbsdk j` twj sdrbds ùaks, baflukban tmd Yrukdatbgl Fjrd Vmjrt-[drh Ejak

@uak. YBY 5, tmrjunm tmd Yrukdatbgl Fjrd Vmjrt-[drh Ejak @uak, bs g Fdrtb`bfgtdmjlkdr ba tmd

[rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBY 5, tmrjunm tmd Yrukdatbgl Fjrd Vmjrt-[drh

Ejak @uak, mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt



747. Ylgbatb`` Yrukdatbgl Bavdsthdat Yjrt`jlbjs 2 (“YBY 2‘), `jrhdrly oajwa gs tmd

Krykda Lgrnd-Fgp Fjrd Dqubty, bs g Kdlgwgrd stgtutjry trust wbtm g prbafbpgl plgfd j` eusbadss ba Adwgro, Adw Cdrsdy. YBY 2 bs ga jpda-dakdk hgagndhdat bavdsthdat fjhpgay rdnbstdrdk wbtm

tmd VDF. YBY 2 bs fjhprbsdk j` tmrdd sdrbds ùaks, baflukban tmd Yrukdatbgl Gesjlutd Udtura

Ejak @uak. YBY 2, tmrjunm tmd Yrukdatbgl Gesjlutd Udtura Ejak @uak, bs g Fdrtb`bfgtdmjlkdr ba

tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBY 2, tmrjunm tmd Yrukdatbgl Gesjlutd Udtura

Ejak @uak, mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt



745. Ylgbatb`` [md Yrukdatbgl Bavdsthdat Yjrt`jlbjs, Baf. 7> (“YBY 7>‘), `jrhdrly

oajwa gs Yrukdatbgl [jtgl Udtura Ejak @uak, Baf., bs g Hgrylgak Fjrpjrgtbja wbtm g prbafbpgl

plgfd j` eusbadss ba Adwgro, Adw Cdrsdy. Bt bs ga jpda-dakdk hgagndhdat bavdsthdat fjhpgay

rdnbstdrdk wbtm tmd VDF. YBY 7> fjasbsts j` twj sdrbds ùaks3 tmd Yrukdatbgl Vmjrt Kurgtbja

Hultb-Vdftjr Ejak @uak gak Yrukdatbgl [jtgl Udtura Ejak @uak, Baf. YBY 7>, tmrjunm tmd

Yrukdatbgl Vmjrt Kurgtbja Hultb-Vdftjr Ejak @uak gak Yrukdatbgl [jtgl Udtura Ejak @uak, Baf.,

bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YBY 7>, tmrjunm tmd



-;>-

Yrukdatbgl Vmjrt Kurgtbja Hultb-Vdftjr Ejak @uak gak Yrukdatbgl [jtgl Udtura Ejak @uak, Baf.,




746. Ylgbatb`` [md Yrukdatbgl Vdrbds @uak (“YV@‘), `jrhdrly oajwa gs [md Yrukdatbgl

Vdrbds @uak, Baf., bs g Kdlgwgrd stgtutjry trust wbtm g prbafbpgl plgfd j` eusbadss ba Adwgro, Adw

Cdrsdy. Bt bs ga jpda-dakdk hgagndhdat bavdsthdat fjhpgay rdnbstdrdk wbtm tmd VDF. Bt

fjasbsts j` dbnmtdda sdrbds `uaks, baflukban [md Yrukdatbgl Vdrbds @uak-Fjasdrvgtbvd Eglgafdk

Yjrt`jlbj, [md Yrukdatbgl Vdrbds @uak-Kbvdrsb`bdk Ejak Yjrt`jlbj, [md Yrukdatbgl Vdrbds @uak-Njvdrahdat Bafjhd Yjrt`jlbj, [md Yrukdatbgl Vdrbds @uak-Mbnm Rbdlk Yjrt`jlbj gak [md

Yrukdatbgl Vdrbds @uak-@ldxbeld Hgagndk Yjrt jlbj. YV@, tmrjunm tmd [md Yrukdatbgl Vdrbds

@uak-Fjasdrvgtbvd Eglgafdk Yjrt`jlbj, [md Yrukdatbgl Vdrbds @uak-Kbvdrsb`bdk Ejak Yjrt`jlbj,

[md Yrukdatbgl Vdrbds @uak-Njvdrahdat Bafjhd Yjrt`jlbj, [md Yrukdatbgl Vdrbds @uak-Mbnm

Rbdlk Yjrt`jlbj gak [md Yrukdatbgl Vdrbds @uak-@ldxbeld Hgagndk Yjrt`jlbj, bs g

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. YV@, tmrjunm tmd [md

Yrukdatbgl Vdrbds @uak-Fjasdrvgtbvd Eglgafdk Yjrt`jlbj, [md Yrukdatbgl Vdrbds @uak-Kbvdrsb`bdk

Ejak Yjrt`jlbj, [md Yrukdatbgl Vdrbds @uak-Njvdrahdat Bafjhd Yjrt`jlbj, [md Yrukdatbgl Vdrbds

@uak-Mbnm Rbdlk Yjrt`jlbj gak [md Yrukdatbgl Vdrbds @uak-@ldxbeld Hgagndk Yjrt`jlbj, mgs edda




74;. Ylgbatb`` Yrukdatbgl [rust Fjhpgay (“Y[F‘) bs g fjrpjrgtbja `jrhdk uakdr tmd

lgws j` Ydaasylvgabg, wbtm bts prbafbpgl plgfd j` eusbadss ba Vfrgatja, Ydaasylvgabg. Y[F bs g



-;=-

wmjlly jwadk suesbkbgry j` Yrukdatbgl Bavdsthdat Hgagndhdat (“YBH‘), gak ultbhgtdly

Yrukdatbgl @bagafbgl, Baf. Y[F sdrvds gs [rustdd `jr tmd Bastbtutbjagl Fjrd Ylus Ejak @uak j` tmd

Yrukdatbgl Fjhpgay Hgstdr Fjhhbanldk Bavdsthdat @uak `jr [gx Dxdhpt [rusts, tmd

Bastbtutbjagl Fjrd Ejak @uak j` tmd Yrukdatbgl [rust Fjhpgay Hgstdr Fjhhbanldk Bavdsthdat

@uak `jr [gx Dxdhpt [rusts, tmd Yrukdatbgl Fjrd Ejak @uak j` tmd Yrukdatbgl [rust Fjhpgay

Fjlldftbvd [rust, gak tmd Yrukdatbgl Hdrndk Udtbrdhdat Ylga. Y[F, tmrjunm tmd Bastbtutbjagl

Fjrd Ylus Ejak @uak j` tmd Yrukdatbgl Fjhpgay Hgstdr Fjhhbanldk Bavdsthdat @uak `jr [gx

Dxdhpt [rusts, tmd Bastbtutbjagl Fjrd Ejak @uak j` tmd Yrukdatbgl [rust Fjhpgay Hgstdr

Fjhhbanldk Bavdsthdat @uak `jr [gx Dxdhpt [rusts, tmd Yrukdatbgl Fjrd Ejak @uak j` tmdYrukdatbgl [rust Fjhpgay Fjlldftbvd [rust, gak tmd Yrukdatbgl Hdrndk Udtbrdhdat Ylga, bs g

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. Y[F, tmrjunm tmd

Bastbtutbjagl Fjrd Ylus Ejak @uak j` tmd Yrukdatbgl Fjhpgay Hgstdr Fjhhbanldk Bavdsthdat

@uak `jr [gx Dxdhpt [rusts, tmd Bastbtutbjagl Fjrd Ejak @uak j` tmd Yrukdatbgl [rust Fjhpgay

Hgstdr Fjhhbanldk Bavdsthdat @uak `jr [gx Dxdhpt [rusts, tmd Yrukdatbgl Fjrd Ejak @uak j`

tmd Yrukdatbgl [rust Fjhpgay Fjlldftbvd [rust, gak tmd Yrukdatbgl Hdrndk Udtbrdhdat Ylga mgs




744. Ylgbatb`` Yrukdatbgl Udtbrdhdat Basurgafd gak Gaaubty Fjhpgay (“YUBGF‘) bs ga

basurgafd fjhpgay `jrhdk uakdr tmd lgws j` Fjaadftbfut, wbtm bts prbafbpgl plgfd j` eusbadss ba

Mgrt`jrk, Fjaadftbfut. YUBGF bs g wmjlly jwadk suesbkbgry j` [md Yrukdatbgl Basurgafd

Fjhpgay j` Ghdrbfg, wmbfm bs jwadk ey Yrukdatbgl Mjlkbans, LLF, gak ultbhgtdly ey

Yrukdatbgl @bagafbgl, Baf. YUBGF bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7



-;2-

gttgfmdk mdrdtj. YUBGF mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd



740. Ylgbatb`` [md Nbergltgr Lb`d Basurgafd Fj., Ltk. (“Nbergltgr‘) bs g lb`d basurgafd

fjhpgay `jrhdk uakdr tmd lgws j` Cgpga, wbtm bts prbafbpgl plgfd j` eusbadss gt Yrukdatbgl [jwdr

5-76-79, Agngtgfmj, Fmbyjkg-ou, [joyj, Cgpga 799-997;. Nbergltgr bs g wmjlly jwadk

suesbkbgry j` Yrukdatbgl Mjlkbans j` Cgpga, Baf., gak ultbhgtdly Yrukdatbgl @bagafbgl, Baf.

Nbergltgr bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. Nbergltgr mgs

edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbas, jrbts batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl


74>. Ylgbatb`` [md Yrukdatbgl Basurgafd Fjhpgay j` Ghdrbfg (“Yrukdatbgl Basurgafd‘)

bs ga basurgafd fjhpgay `jrhdk uakdr tmd lgws j`, gak kjhbfbldk ba, tmd Vtgtd j` Adw Cdrsdy,

wbtm bts prbafbpgl plgfd j` eusbadss gt >47 Erjgk Vtrddt, Adwgro, Adw Cdrsdy 9>795. Yrukdatbgl

Basurgafd bs g wmjlly jwadk suesbkbgry j` Yrukdatbgl Mjlkbans, LLF, wmbfm bs g Kdlgwgrd

lbhbtdk lbgeblbty fjhpgay. Yrukdatbgl Mjlkbans, LLF bs g wmjlly jwadk suesbkbgry j` Yrukdatbgl

@bagafbgl, Baf. Yrukdatbgl Basurgafd bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7

gttgfmdk mdrdtj. Yrukdatbgl Basurgafd mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j`



>. Vdglbao

74=. Ylgbatb`` Vdglbao bs g fjhpgay bafjrpjrgtdk uakdr tmd lgws j` Brdlgak wbtm tmd

rdnbstdrdk gkkrdss j` Vdglbao @uakban Lbhbtdk, @jurtm @ljjr, 6 Ndjrnd‒s Kjfo, B@VF, Kuelba 7,

Brdlgak. Vdglbao bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj.



-49-

Vdglbao mgs edda g Fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt



=. [BGG

742. [md `jlljwban plgbatb``s grd fjlldftbvdly rd`drrdk tj gs “[BGG.‘

709. Ylgbatb`` [BGG-FUD@ Lb`d Basurgafd Fjhpgay bs g kbrdft wmjlly-jwadk

suesbkbgry j` [dgfmdrs Lb`d Basurgafd gak Gaaubty Gssjfbgtbja j` Ghdrbfg, g ldngl rdsdrvd lb`d

basurgafd fjhpgay dstgelbsmdk uakdr tmd basurgafd lgws j` tmd Vtgtd j` Adw Rjro. [mrjunm bts

sdpgrgtd gffjuats (Ndadrgl Ydasbja Gft.? [BGG Vtgeld Pglud? [BGG-FUD@ Lb`d Bas. N@G?

Ndadrgl Gfft YG? [-F Lb`d Bas. YG? [BGG Vtgeld Udtura Gaaubty), [BGG-FUD@ Lb`d Basurgafd

Fjhpgay bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. [BGG-

FUD@ Lb`d Basurgafd Fjhpgay, tmrjunm bts hgagndk gffjuats, mgs edda g fdrtb`bfgtdmjlkdr j`

tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt fjhplgbats, jr batdrdsts tmdrdba kdvjlvdk

upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76-79>.

707. Ylgbatb`` [BGG-FUD@ Ejak Ylus @uak bs g Kdlgwgrd hutugl `uak wbtm bts

prbafbpgl plgfd j` eusbadss ba tmd Vtgtd j` Adw Rjro. [BGG-FUD@ Ejak Ylus @uak bs g

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. [BGG-FUD@ Ejak Ylus

@uak mgs edda g fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt

fjhplgbats, jr batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm Adw

Rjro Ndadrgl Jelbngtbjas Lgw § 76-79>.

705. Ylgbatb`` [BGG-FUD@ Vmjrt-[drh Ejak @uak bs g Kdlgwgrd hutugl `uak wbtm bts

prbafbpgl plgfd j` eusbadss ba tmd Vtgtd j` Adw Rjro. [BGG-FUD@ Vmjrt-[drh Ejak @uak bs g

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. [BGG-FUD@ Vmjrt-[drh

Ejak @uak mgs edda g fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt



-47-



706. Ylgbatb`` [BGG-FUD@ Ejak @uak bs g Kdlgwgrd hutugl `uak wbtm bts prbafbpgl

plgfd j` eusbadss ba tmd Vtgtd j` Adw Rjro. [BGG-FUD@ Ejak @uak bs g Fdrtb`bfgtdmjlkdr ba tmd

[rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. [BGG-FUD@ Ejak @uak mgs edda g



Lgw § 76-79>.

70;.

Ylgbatb`` [BGG Nljegl Yuelbf Bavdsthdats, HEV LLF, g wmjlly jwadk suesbkbgryj` [BGG-FUD@ Lb`d Basurgafd Fjhpgay, bs g Kdlgwgrd lbhbtdk lbgeblbty fjhpgay wbtm bts

prbafbpgl plgfd j` eusbadss ba tmd Vtgtd j` Adw Rjro. [BGG Nljegl Yuelbf Bavdsthdats, HEV

LLF bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. [BGG Nljegl

Yuelbf Bavdsthdats, HEV LLF mgs edda g fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd

trgasgftbjas j` wmbfm bt fjhplgbats, jr batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba

gffjrkgafd wbtm Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76-79>.

704. Ylgbatb`` FUD@ Ejak Hgrodt Gffjuat bs g Kdlgwgrd hutugl `uak wbtm bts prbafbpgl

plgfd j` eusbadss ba tmd Vtgtd j` Adw Rjro. FUD@ Ejak Hgrodt Gffjuat bs g Fdrtb`bfgtdmjlkdr

ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. FUD@ Ejak Hgrodt Gffjuat mgs edda g



Lgw § 76-79>.

700. Ylgbatb`` FUD@ Vjfbgl Fmjbfd Gffjuat bs g Adw Rjro bavdsthdat fjhpgay wbtm

bts prbafbpgl plgfd j` eusbadss ba tmd Vtgtd j` Adw Rjro. FUD@ Vjfbgl Fmjbfd Gffjuat bs g



-45-

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. FUD@ Vjfbgl Fmjbfd

Gffjuat mgs edda g fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt



70>. Ylgbatb`` [BGG-FUD@ Lb`d Ejak @uak bs g Kdlgwgrd hutugl `uak wbtm bts

prbafbpgl plgfd j` eusbadss ba tmd Vtgtd j` Adw Rjro. [BGG-FUD@ Lb`d Ejak @uak bs g

Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. [BGG-FUD@ Lb`d Ejak

@uak mgs edda g fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j` wmbfm bt

fjhplgbats, jr batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm AdwRjro Ndadrgl Jelbngtbjas Lgw § 76-79>.

70=. Ylgbatb`` [BGG-FUD@ Vjfbgl Fmjbfd Ejak @uak bs g Kdlgwgrd hutugl `uak wbtm

bts prbafbpgl plgfd j` eusbadss ba tmd Vtgtd j` Adw Rjro. [BGG-FUD@ Vjfbgl Fmjbfd Ejak @uak

bs g Fdrtb`bfgtdmjlkdr ba tmd [rusts bkdatb`bdk ba Dxmbebt 7 gttgfmdk mdrdtj. [BGG-FUD@ Vjfbgl

Fmjbfd Ejak @uak mgs edda g fdrtb`bfgtdmjlkdr j` tmdsd [rusts gt tmd tbhd j` tmd trgasgftbjas j`

wmbfm bt fjhplgbats, jr batdrdsts tmdrdba kdvjlvdk upja bt ey jpdrgtbja j` lgw ba gffjrkgafd wbtm

Adw Rjro Ndadrgl Jelbngtbjas Lgw § 76-79>.

E. Kd`dakgats

7. ^dlls @grnj

702. ^dlls @grnj Egao, Agtbjagl Gssjfbgtbja bs g agtbjagl egaoban gssjfbgtbja

jrngabzdk gak dxbstban uakdr tmd lgws j` tmd Vtgtd j` Vjutm Kgojtg wbtm bts prbafbpgl dxdfutbvd

j``bfds gt 797 A. Ymbllbps Gvdaud, Vbjux @glls, Vjutm Kgojtg 4>79;. dlls @grnj jpdrgtds 49

fjrpjrgtd trust j``bfds gfrjss tmd fjuatry, baflukban ba Adw Rjro Fbty, gak furrdatly sdrvds gs

trustdd `jr hjrd tmga 499 UHEV trusts bssudk edtwdda 599; gak 599=, baflukban tmd 5>0 [rusts

gt bssud ba tmbs lbtbngtbja.



-46-

7>9. ^dlls @grnj bs tmd prbhgry Tabtdk Vtgtds jpdrgtban suesbkbgry j` ^dlls @grnj &

Fjhpgay, g hultbagtbjagl egaoban gak `bagafbgl sdrvbfds mjlkban fjhpgay wbtm $7.4 trbllbja ba

gssdts tmgt bs mdgkqugrtdrdk ba Vga @rgafbsfj, Fglb`jrabg, wbtm 504,999 dhpljydds gak j``bfds

wjrlkwbkd, baflukban auhdrjus j``bfds ba Adw Rjro Vtgtd gak Adw Rjro Fbty. dlls @grnj &

Fjhpgay bs tmd sdfjak lgrndst egao gak tmd twdaty-tmbrk lgrndst fjhpgay ba tmd Tabtdk Vtgtds.

Ba 599=, ^dlls @grnj & Fjhpgay gfqubrdk tmd Fmgrljttd-egsdk egao ^gfmjvbg, baflukban

^gfmjvbg‒s UHEV trustdd eusbadss, ba ga gll-stjfo trgasgftbja vgludk gt gpprjxbhgtdly $7;.=

ebllbja.

7>7.

^dlls @grnj, tjndtmdr wbtm bts g``blbgtds, bs bavjlvdk ba vbrtuglly gll gspdfts j` tmd prbvgtd-lgedl UHEV hgrodt. @jr dxghpld, dlls @grnj jrbnbagtdk gpprjxbhgtdly $7.4 trbllbja ba

rdsbkdatbgl hjrtngnds edtwdda 599; gak 599= tmgt wdrd sjlk gak sdfurbtbzdk ba vgrbjus UHEV.

^dlls @grnj glsj spjasjrdk gpprjxbhgtdly 709 UHEV sdfurbtbzgtbjas edtwdda 599; gak 599=

wbtm ga jrbnbagl `gfd ghjuat j` gpprjxbhgtdly $704 ebllbja. @baglly, dlls @grnj, tjndtmdr wbtm

vgrbjus j` bts ljga sdrvbfban grhs baflukban Ghdrbfg‒s Vdrvbfban Fjhpgay, bs jad j` tmd lgrndst

hjrtngnd ljga sdrvbfban eusbadssds ba tmd Tabtdk Vtgtds, sdrvban gs hgstdr sdrvbfdr `jr

gpprjxbhgtdly $7.70 trbllbja ba UHEV bssudk edtwdda 599; gak 599=.

5. [md Ajhbagl Kd`dakgat [rusts

7>5. Dgfm [rust bs aghdk mdrdba gs g ajhbagl kd`dakgat. Dgfm j` tmd [rusts bs g Adw

Rjro fjhhja lgw trust dstgelbsmdk uakdr bts rdspdftbvd YVG, jr g Kdlgwgrd stgtutjry trust

dstgelbsmdk uakdr bts rdspdftbvd Bakdaturd gak Vgld Vdrvbfban Gnrddhdat (“VVG‘). Gll j` tmd



-4;-

[rusts grd njvdradk ey tmd suestgatbvd lgws j` tmd stgtd j` Adw Rjro, gak grd suecdft tj tmd [rust

Bakdaturd Gft j` 7262 (74 T.V.F. § >>ggg, dt sdq .). 6

BBB. JPDUPBD^ J@ [MD [UTV[V

7>6. [md [rusts ba tmbs gftbja, bkdatb`bdk ba tmd gttgfmdk Dxmbebt 7, grd 5>0 Adw Rjro

fjhhja lgw trusts, jr Kdlgwgrd stgtutjry trusts, rdsultban `rjh aja-gndafy rdsbkdatbgl

hjrtngnd-egfodk sdfurbtbzgtbjas bssudk edtwdda 599; gak 599=, baflusbvd. [md [rusts, wmbfm

mgvd g tjtgl jrbnbagl prbafbpgl eglgafd j` jvdr $69=.0 ebllbja gak furrdat eglgafd j` jvdr $;2.>

ebllbja, gs j` Cuad 7, 597;. [j kgtd, tmd [rusts mgvd su``drdk tjtgl rdglbzdk fjllgtdrgl ljssds j`

jvdr $67.6 ebllbja. Hjrdjvdr, gs g rdsult j` kd`dftbvd hjrtngnd fjllgtdrgl gak sdrvbfdr vbjlgtbjas,

tmd [rusts mgvd bafurrdk gak wbll fjatbaud tj bafur suestgatbgl ljssds.

7>;. [md [rusts mgvd g mbnm fjafdatrgtbja j` ljgas jrbnbagtdk ey dbnmt ldakdrs?

spdfb`bfglly, Jptbja Jad, Grndat Hjrtngnd Fjhpgay, LLF (“Grndat), ^HF, @brst @rgaolba

@bagafbgl Fjrpjrgtbja (“@brst @rgaolba‘), @rdhjat Bavdsthdat & Ljga Fj. (“@rdhjat), ^dlls

@grnj, Fjuatrywbkd, gak Adw Fdatury Hjrtngnd Fjrp. (“Adw Fdatury‘). [mdsd ldakdrs

fjlldftbvdly jrbnbagtdk gpprjxbhgtdly $7;5.5 ebllbja ba ljgas, rdprdsdatban gpprjxbhgtdly 45% j`

tmd tjtgl jrbnbagl `gfd vglud j` tmd hjrtngnd ljgas ba tmd [rusts.

7>4. G sbnab`bfgat pjrtbja j` tmd [rusts wdrd spjasjrdk ey twdlvd datbtbds? spdfb`bfglly,

Egaf j` Ghdrbfg, Ygro Ylgfd Vdfurbtbds (“Ygro Ylgfd‘), Hdrrbll Lyafm & Fj., Baf. (“Hdrrbll

6 [md [rusts‒ njvdraban gnrddhdats sdt `jrtm ^dlls @grnj‒s kutbds gs trustdd. Jvdr 29% j` tmd

[rusts grd njvdradk ey ga gnrddhdat styldk gs g YVG gak fdrtgba rdlgtdk gnrddhdats tmgt tmdYVG rd`drdafds gak bafjrpjrgtds. [md rdhgbaban [rusts grd njvdradk ey g kjfuhdat styldk gs gaBakdaturd gak fdrtgba rdlgtdk gnrddhdats tmgt tmd Bakdaturd rd`drdafds gak bafjrpjrgtds,baflukban tmd Vglds gak Vdrvbfban Gnrddhdat. Gll j` tmd njvdraban gnrddhdats grd suestgatbgllysbhblgr, gak bhpjsd tmd sghd kutbds ja ^dlls @grnj gs [rustdd tj tmd [rusts gakFdrtb`bfgtdmjlkdrs. Gffjrkbanly, tmbs Fjhplgbat prbhgrbly rd`drs tj tmd YVGs wmda kbsfussbantmd [rustdd‒s fjatrgftugl jelbngtbjas.



-44-

Lyafm‘), Ldmhga, @brst @rgaolba, Hjrnga Vtgaldy & Fj., Baf. (“Hjrnga Vtgaldy‘), Egrflgys

Fgpbtgl, Baf. (“Egrflgys‘), Fgrrbantja Vdfurbtbds, LY (“Fgrrbantja‘), UEV Nrddawbfm/Vjuakvbdw,

TEV gak Frdkbt Vubssd. [mdsd `bagafbgl bastbtutbjas fjlldftbvdly spjasjrdk jvdr $59>.7 ebllbja,

rdprdsdatban gpprjxbhgtdly 0>% j` tmd tjtgl `gfd vglud j` tmd hjrtngnd ljgas ba tmd [rusts.

7>0. Ga jvdrwmdlhban hgcjrbty j` tmd [rusts‒ ljgas grd sdrvbfdk ey `jur datbtbds.

Vpdfb`bfglly, $7>> ebllbja ba ljgas wdrd jrbnbaglly sdrvbfdk ey Jptbja Jad, Egao j`

Ghdrbfg/Fjuatrywbkd, Gurjrg, gak Egrflgys rdprdsdatban jvdr 49% j` tmd tjtgl jrbnbagl `gfd

vglud j` tmd hjrtngnd ljgas ba tmd [rusts.

BP.

CTUBVKBF[BJA GAK PDATD7>>. [mbs Fjurt mgs curbskbftbja jvdr tmbs prjfddkban pursugat tj FYLU Vdftbja 697

edfgusd Kd`dakgat ^dlls @grnj hgbatgbas j``bfds gak rdnulgrly fjakufts eusbadss ba Adw Rjro.

[mbs Fjurt glsj mgs curbskbftbja pursugat tj FYLU Vdftbja 695 edfgusd ^dlls @grnj, ey dangnban

ba tmd fjakuft glldndk mdrdba, trgasgftdk eusbadss wbtmba tmbs stgtd gak fjhhbttdk tjrtbjus gfts

wbtmba tmbs stgtd. @urtmdr, tmd fjatrgfts gt bssud wdrd, ja ba jrhgtbja gak edlbd`, pdr`jrhdk ey

dlls @grnj ba Adw Rjro, gak tmd [rusts wdrd `jrhdk uakdr Adw Rjro lgw gak/jr fjatgba g Adw

Rjro fmjbfd j` lgw prjvbsbja. Gkkbtbjaglly, Vdftbja 55(g) j` tmd Vdfurbtbds Gft j` 7266 (tmd

“Vdfurbtbds Gft‘), 74 T.V.F. § >>v(g), fja`drs curbskbftbja ja tmbs Fjurt gs tj Ylgbatb``s‒ flgbhs

uakdr tmd [rust Bakdaturd Gft j` 7262, 74 T.V.F. § >>ggg, dt sdq. (“[BG‘) gak prjvbkds tmgt,

suecdft tj dxfdptbjas ajt gpplbfgeld mdrd, “aj fgsd grbsban uakdr tmbs tbtld gak erjunmt ba gay

Vtgtd fjurt j` fjhpdtdat curbskbftbja smgll ed rdhjvdk tj gay fjurt j` tmd Tabtdk Vtgtds.‘

7>=. Pdaud bs prjpdr ba tmbs Fjurt uakdr FYLU Vdftbja 496(g) edfgusd jad jr hjrd j`

tmd pgrtbds rdsbkd ba Adw Rjro Fjuaty gak Ylgbatb``s kdsbnagtd Adw Rjro Fjuaty gs tmd plgfd j`

trbgl `jr tmbs gftbja. Pdaud bs prjpdr ba tmd Fjurt uakdr FYLU Vdftbja 496(e) edfgusd ^dlls



-40-

@grnj, g trustdd, bs kddhdk g rdsbkdat j` Adw Rjro Fjuaty ey vbrtud j` bts gppjbathdat gs trustdd

j` trusts `jrhdk uakdr Adw Rjro lgw pursugat tj tmdbr rdspdftbvd YVGs.

P. YUDVTB[ KDHGAK JA ^DLLV @GUNJ BV

AJ[ UDWTBUDK GAK JTLK GLVJ ED @T[BLD7>2. [md “aj gftbja‘ flgusds ba tmd njvdraban gnrddhdats kj ajt gpply tj tmbs lgwsubt

edfgusd tmd flgbhs gt bssud grd erjunmt gngbast ^dlls @grnj ba bts fgpgfbty gs trustdd, ajt gngbast

g tmbrk pgrty. [md YVGs dxprdssly pdrhbt subts gngbast tmd trustdd, stgtban tmgt aj prjvbsbja j` tmd

gnrddhdats “smgll ed fjastrudk tj rdlbdvd tmd [rustdd . . . `rjh lbgeblbty `jr bts jwa adnlbndat

gftbja, bts jwa adnlbndat `gblurd tj gft, jr bts jwa wbll`ul hbsfjakuft.‘

7=9. Gkkbtbjaglly, uakdr tmd [BG gak Adw Rjro lgw, “aj gftbja‘ flgusds kj ajt gpply

tj tmbs gftbja, wmbfm bs erjunmt kdrbvgtbvdly ja edmgl` j` tmd [rusts, gngbast tmd [rustdd, ^dlls

@grnj, `jr bts jwa wrjankjban. dlls @grnj bs ajt edban gsodk tj babtbgtd g subt ba bts jwa aghd

gs trustdd tj da`jrfd rbnmts gak jelbngtbjas uakdr tmd njvdraban gnrddhdats. Ugtmdr, tmbs gftbja

gssdrts flgbhs gngbast ^dlls @grnj `jr erdgfmban bts fjatrgftugl, stgtutjry, gak fjhhja lgw

jelbngtbjas gak `jr gftban wbtm adnlbndafd wmda pdr`jrhban bts kutbds. Edfgusd tmbs bs ajt ga

gftbja, subt jr prjfddkban tmgt ^dlls @grnj bs fgpgeld j` erbanban ba bts jwa aghd gs trustdd

uakdr tmd njvdraban gnrddhdats, tmd “aj gftbja‘ flgusd kjds ajt gpply.

7=7. Fjhplbgafd wbtm tmd “aj gftbja‘ flgusd‒s prd-subt rdqubrdhdats glsj wjulk mgvd

edda `utbld. [md aj gftbja flgusd (b` bt gpplbdk) wjulk rdqubrd Ylgbatb``s tj kdhgak tmgt dlls

@grnj babtbgtd prjfddkbans gngbast btsdl` gak tj bakdhab`y ^dlls @grnj `jr bts jwa lbgeblbty tj tmd

[rusts, ga “gesurk‘ rdqubrdhdat tmgt tmd pgrtbds kbk ajt batdak. Vdd Frukda v. Egao j` Adw Rjro ,

24> @.5k 207, 20= (5k Fbr. 7225).

7=5. Ylgbatb``s mgvd tmd rbnmt tj erban tmbs subt kdrbvgtbvdly ja edmgl` j` tmd [rusts uakdr

Adw Rjro Eusbadss Fjrpjrgtbja Lgw Vdftbja 050. [mbs subt smjulk ed erjunmt kdrbvgtbvdly



-4>-

edfgusd, gs kdsfrbedk mdrdba, tmd [rusts mgvd su``drdk bacury gs g rdsult j` dlls @grnj‒s erdgfm

j` bts fjatrgftugl, stgtutjry gak fjhhja lgw kutbds tj tmd [rusts.

PB. EGFONUJTAK - [MD [UTV[DD‒V UJLD

GV NG[DODDYDU BA [MD VDFTUB[BSG[BJA YUJFDVV7=6. Udsbkdatbgl hjrtngnd-egfodk sdfurbtbds prjvbkd bavdstjrs wbtm ga batdrdst ba tmd

bafjhd ndadrgtdk ey jad jr hjrd kdsbnagtdk pjjls j` rdsbkdatbgl hjrtngnds. [md sdfurbtbds

tmdhsdlvds rdprdsdat ga batdrdst ba ga “bssuban trust‘ tmgt mjlks tmd kdsbnagtdk hjrtngnd pjjls.

[md fjrpus j` tmd trust ‖ lbod tmd [rusts gt bssud mdrd ‖ fjasbsts datbrdly j` tmd uakdrlyban

hjrtngnd ljgas.

7=;. [md [BG rdqubrds tmgt g trustdd ed gppjbatdk `jr gll ejak bssuds jvdr $79 hbllbja

sj tmgt tmd rbnmts j` bavdstjrs grd ajt fjhprjhbsdk. Ba UHEV trgasgftbja, tmd “bssudr‘ gppjbats

tmd trustdd, wmbfm bs tmd jaly bakdpdakdat pgrty tj tmd YVGs. Gffjrkbanly, tmd trustdd sdrvds tmd

frbtbfgl rjld j` ga bakdpdakdat pgrty wbtm gffdss tj gll rdldvgat ba`jrhgtbja, baflukban tmd

hjrtngnd ljga `blds. Bavdstjrs rdgsjagely uakdrstgak tmgt tmd trustdd bs uakdr ga g``brhgtbvd kuty

tj tgod gftbja tj prjtdft tmd batdrdsts j` tmd trusts gak tmdbr edad`bfbgrbds, tmd fdrtb`bfgtdmjlkdrs.

Gs pgrt j` tmd UHEV trgasgftbja, tmd trustdd bs gssbnadk “gll rbnmt, tbtld gak batdrdst‘ ba tmd

uakdrlyban hjrtngnd ljgas. [md YVGs rdqubrd tmd trustdd, jr bts gndat, tj tgod pmysbfgl

pjssdssbja j` tmd hjrtngnd ljgas, dasurd tmgt dgfm hjrtngnd ljga wgs prjpdrly fjavdydk gak

fdrtb`y tmgt tmd kjfuhdatgtbja `jr dgfm ljga wgs gffurgtd gak fjhpldtd.

7=4. [md trustdd bs fjatrgftuglly rdspjasbeld `jr tmd trgasgftbjas j` tmd “bssuban trust.‘

[md trustdd bs rdspjasbeld `jr gkhbabstdrban tmd trust `jr tmd edad`bt j` bavdstjrs, baflukban

nugrgatddban tmgt tmd trgasgftbjas grd gkhbabstdrdk ba gffjrkgafd wbtm tmd rdlgtdk kjfuhdatgtbja,

`jlljwban fjhplbgafd gak pdr`jrhgafd-rdlgtdk hgttdrs, gak mgaklban fgsm gak ba`jrhgtbja

prjfdssban `jr tmd bavdstjrs. [md trustdd hust wjro fljsdly wbtm tmd bssudr gak sdrvbfdr tj



-4=-

prjtdft tmd wdl`grd j` tmd trust. Ba fjatrgst tj tmd rjlds j` bssudr jr sdrvbfdr, wmbfm fga ed

fjhebadk, tmd trustdd‒s sjld purpjsd bs tj rdprdsdat tmd bavdstjr gak, tmdrd`jrd, tmd trustdd hust

ed ga bakdpdakdat datbty wbtmjut gay fja`lbfts j` batdrdst. [md YVGs fjatrgftuglly jelbngtd tmd

trustdd tj jvdrsdd gak hgagnd tmd sdrvbfdr, baflukban nrgatban tmd trustdd tmd pjwdr tj rdplgfd tmd

sdrvbfdr `jr bts `gblurd tj gft ba gffjrkgafd wbtm tmd sdrvbfdr‒s fjatrgftugl jelbngtbjas.

7=0. Gltmjunm tmd strufturd gak uakdrlyban fjllgtdrgl j` tmd hjrtngnds hgy vgry `rjh

trust tj trust, UHEV trusts gll ùaftbja sbhblgrly3 tmd fgsm `ljw `rjh batdrdst gak prbafbpgl

pgyhdats bs pgssdk tmrjunm tj tmd trust gak kbstrbeutdk tj fdrtb`bfgtdmjlkdrs ba tmd jrkdr lgbk jut

ba tmd sdfurbtbzgtbja gnrddhdats, fjhhjaly rd`drrdk tj gs tmd fgsm- ljw “wgtdr`gll.‘ [md kutbdsgak rdspjasbeblbtbds j` tmd trustdd grd bkdatbfgl ba gll UHEV trgasgftbjas ‖ aghdly tj rdprdsdat

tmd trusts gak tmdbr bavdstjrs gs ga bakdpdakdat tmbrk pgrty. Edtwdda 5996 gak 5992, prbvgtd-

lgedl UHEV j``drbans tjtgldk hjrd tmga $6 trbllbja. Rdt, jaly g mgakùl j` hgcjr Ghdrbfga

`bagafbgl bastbtutbjas sdrvdk gs trustdds gak fjatrgftuglly gnrddk tj pdr`jrh tmd vbtglly bhpjrtgat

ngtdoddpban ùaftbjas tj prjtdft fdrtb`bfgtdmjlkdrs. Ghjan tmbs mgakùl j` hgcjr UHEV trustdds,

dlls @grnj mdlk tmd `jurtm lgrndst hgrodt smgrd kurban tmbs pdrbjk.



-09-

7=2. [mbrk, tmd kdpjsbtjr trgas`drs tmd hjrtngnd pjjl tj tmd bssuban trust sj tmgt bt fga

ed usdk gs fjllgtdrgl `jr UHEV tmgt wbll ed bssudk gak sjlk tj bavdstjrs. [md kdpjsbtjr tmda

pgssds tmd UHEV tj tmd uakdrwrbtdrs `jr sgld tj bavdstjrs ba dxfmgand `jr pgyhdat.

729. [md sdrvbfdr bs gppjbatdk ey tmd spjasjr gak bs g pgrty tj tmd YVGs. [md sdrvbfdr

bs j`tda ga g``blbgtd j` tmd spjasjr jr ga jrbnbagtjr j` g suestgatbgl pjrtbja j` tmd ljgas ba tmd

trust. [md sdrvbfdr fjlldfts pgyhdats `rjh tmd uakdrlyban ejrrjwdrs. G`tdr fjlldftbja, tmd

sdrvbfdr sdaks tmd `uaks tj tmd trustdd, wmbfm tmda hgods pgyhdats tj tmd fdrtb`bfgtdmjlkdrs.

Hjrtngnd kd`gults rdkufd tmd gvgblgeld prbafbpgl gak batdrdst pgyhdats tj ed pgbk tj tmd trust gak

pgssdk tmrjunm tj bavdstjrs. Hjrtngnd kdlbaqudafbds sbhblgrly rdkufd tmd gvgblgeld prbafbpgl gakbatdrdst tj ed pgbk tj tmd trust gak kbstrbeutdk tj bavdstjrs.

727. Gffjrkbanly, b` ga uakdrlyban ejrrjwdr kjds ajt tbhdly hgod tmd rdqubrdk

pgyhdats tj tmd sdrvbfdr, tmd sdrvbfdr hgy mgvd tj tgod gftbja tj hbtbngtd jr hbabhbzd tmd ljssds

tj tmd trust, baflukban `jrdfljsban ja tmd prjpdrty gak prjvbkban prjpdrty hgbatdagafd tj

hgxbhbzd tmd rdtura ja tmd bavdsthdat tj tmd trust gak bts edad`bfbgl jwadrs ‖ tmd

fdrtb`bfgtdmjlkdrs. @jrdfljsurds rdsult ba mbnmdr ljssds tj tmd trust (gak tmdrd`jrd tj tmd UHEV

bavdstjrs) b` tmd vglud j` tmd fjllgtdrgl bs ljwdr tmga gatbfbpgtdk. @jr tmdsd rdgsjas, prjpdr ljga

jrbnbagtbja gak uakdrwrbtban j` tmd hjrtngnds uakdrlyban tmd UHEV, gak prjpdr gak tbhdly ljga

sdrvbfban gak jvdrsbnmt grd dssdatbgl tj tmd quglbty j` tmd UHEV gak tmd tbhdly rdfdbpt j`

prbafbpgl gak batdrdst pgyhdats tj tmd trust `jr kbstrbeutbja tj tmd fdrtb`bfgtdmjlkdrs.

PBB. ^DLLV @GUNJ‒V FJA[UGF[TGL JELBNG[BJAV

725. [md [rusts‒ rbnmts gak ^dlls @grnj‒s fjatrgftugl kutbds, gs [rustdd `jr tmd [rusts gt

bssud ba tmbs gftbja grd sdt `jrtm ba tmd rdldvgat sdfurbtbzgtbja gnrddhdats, baflukban tmd Hjrtngnd

Ljga Yurfmgsd gak Vgld Gnrddhdats (“HLYGs‘) (jr sbhblgr kjfuhdats) gak tmd njvdraban

gnrddhdats.



-07-

726. [md fjatrgftugl prjvbsbjas rdldvgat tj tmbs gftbja grd suestgatbglly sbhblgr, b` ajt

bkdatbfgl, ba gll j` tmd njvdraban gnrddhdats gak bhpjsd suestgatbglly tmd sghd, b` ajt bkdatbfgl,

kutbds gak jelbngtbjas ja tmd pgrtbds tj tmd njvdraban gnrddhdats.

G. [md Hjrtngnd Ljga Yurfmgsd Gak Vgld Gnrddhdat

72;. [md HLYG bs g fjatrgft edtwdda dbtmdr tmd jrbnbagtjr gak tmd spjasjr, jr tmd

spjasjr gak tmd kdpjsbtjr. [md HLYG njvdras tmd tdrhs j` tmd sgld j` tmd hjrtngnd ljgas

gfqubrdk `jr sdfurbtbzgtbja. Ba bts fgpgfbty gs “sdlldr‘ uakdr tmd HLYG, tmd jrbnbagtjr jr spjasjr

hgods dxtdasbvd rdprdsdatgtbjas gak wgrrgatbds fjafdraban tmd fmgrgftdrbstbfs, quglbty, gak rbso

prj`bld j` tmd hjrtngnd ljgas.

724. [md sdlldr‒s typbfgl rdprdsdatgtbjas gak wgrrgatbds ba tmd HLYGs baflukd, batdr

glbg, tmd `jlljwban3 (b) tmd ba`jrhgtbja ba tmd hjrtngnd ljga sfmdkuld bs trud gak fjrrdft ba gll

hgtdrbgl rdspdfts? (bb) dgfm ljga fjhplbds ba gll hgtdrbgl rdspdfts wbtm gll gpplbfgeld ljfgl, stgtd

gak `dkdrgl lgws gak rdnulgtbjas gt tmd tbhd bt wgs hgkd? (bbb) tmd hjrtngndk prjpdrtbds grd

lgw`ully jffupbdk gs tmd prbafbpgl rdsbkdafds j` tmd ejrrjwdrs ualdss spdfb`bfglly bkdatb`bdk

jtmdrwbsd? (bv) tmd ejrrjwdr `jr dgfm ljga bs ba njjk stgakban gak ajt ba kd`gult? (v) aj ljga mgs

g ljga-tj-vglud (“L[P‘) rgtbj j` hjrd tmga 799%? (vb) dgfm hjrtngndk prjpdrty wgs tmd suecdft

j` g vglbk gpprgbsgl? gak (vbb) dgfm ljga wgs jrbnbagtdk ba gffjrkgafd wbtm tmd uakdrwrbtban

nubkdlbads j` tmd rdlgtdk jrbnbagtjr. [j tmd dxtdat hjrtngnds erdgfm tmd sdlldr‒s rdprdsdatgtbjas

gak wgrrgatbds, tmd hjrtngnd ljgas grd wjrtm ldss gak grd hufm rbsobdr tmga rdprdsdatdk.

720. Takdr tmd HLYGs, upja kbsfjvdry jr rdfdbpt j` ajtbfd j` gay erdgfm j` tmd

sdlldr‒s rdprdsdatgtbjas gak wgrrgatbds tmgt mgs g hgtdrbgl gak gkvdrsd d``dft ja tmd vglud j` tmd

hjrtngnd ljgas ba tmd [rusts jr tmd batdrdsts j` tmd Fdrtb`bfgtdmjlkdrs tmdrdba, tmd sdlldr bs

jelbngtdk tj furd tmd erdgfm ba gll hgtdrbgl rdspdfts. [md HLYGs kj ajt spdfb`y wmgt fjastbtutds



-05-

“kbsfjvdry‘ j` g erdgfm jr wmgt dvbkdafd hust ed prdsdatdk tj tmd sdlldr ba prjvbkban ajtbfd j` g

erdgfm.

72>. B` g erdgfm bs ajt furdk wbtmba g spdfb`bdk pdrbjk j` tbhd, tmd sdlldr bs jelbngtdk tj

dbtmdr suestbtutd tmd kd`dftbvd ljga wbtm g ljga j` gkdqugtd frdkbt quglbty, jr rdpurfmgsd tmd

kd`dftbvd ljga gt g spdfb`bdk purfmgsd prbfd (tmd “Udpurfmgsd Yrbfd‘) dqugl tj tmd jutstgakban

prbafbpgl eglgafd gak gll gffrudk eut uapgbk batdrdst ja tmd ljga tj ed pgbk tj tmd [rust. @jr

erdgfmds rdlgtdk tj g hjrtngnd ljga jr gfqubrdk prjpdrty glrdgky sjlk `rjh tmd [rust (`jr

dxghpld, gs g rdsult j` `jrdfljsurd), tmd sdlldr hust pgy tj tmd [rust tmd ghjuat j` tmd

Udpurfmgsd Yrbfd tmgt dxfddks tmd adt lbqubkgtbja prjfddks rdfdbvdk upja tmd sgld j` tmdhjrtngnd ljga jr gfqubrdk prjpdrty.

72=. [md rdpurfmgsd prjvbsbjas dasurd tmgt tmd [rust addk ajt fjatbaud tj mjlk

hjrtngnd ljgas `jr wmbfm tmd sdlldr erdgfmdk bts rdprdsdatgtbjas gak wgrrgatbds. [mus, tmd

rdpurfmgsd prjvbsbjas trgas`dr `rjh tmd [rusts tj tmd sdlldrs tmd rbso j` gay kdflbad, jr `urtmdr

kdflbad, ba tmd vglud j` tmjsd hjrtngnd ljgas.

722. Takdr tmd HLYGs, tmd kdhgakban pgrty hust hdrdly smjw tmgt tmd erdgfm mgs g

hgtdrbgl gak gkvdrsd d``dft ja tmd vglud j` tmd hjrtngnd ljgas ba tmd [rusts jr tmd batdrdsts j` tmd

Fdrtb`bfgtdmjlkdrs ba tmd ljgas. [md sdlldr‒s furd, suestbtutd gak rdpurfmgsd jelbngtbjas kj ajt

rdqubrd gay smjwban tmgt tmd sdlldr‒s erdgfm j` rdprdsdatgtbjas fgusdk gay rdglbzdk ljss ba tmd

rdlgtdk hjrtngnd ljga ba tmd `jrh j` kd`gult jr `jrdfljsurd, jr tmgt tmd kdhgakban pgrty prjvd

rdlbgafd ja sdrvbfban gak jrbnbagtbja kjfuhdats.

599. Tpja tmd sgld j` tmd hjrtngnd ljgas tj tmd [rust, tmd rbnmts uakdr HLYGs,

baflukban tmd sdlldrs‒ rdprdsdatgtbjas gak wgrrgatbds fjafdraban tmd hjrtngnd ljgas, wdrd



-06-

gssbnadk tj ^dlls @grnj, gs [rustdd `jr tmd edad`bt j` tmd [rust gak gll tmd Fdrtb`bfgtdmjlkdrs, ba

gffjrkgafd wbtm tmd YVGs.

E. [md Yjjlban Gak Vdrvbfban Gnrddhdats

597. [md YVGs grd fjatrgfts edtwdda, ghjan jtmdrs, tmd kdpjsbtjr, tmd sdrvbfdr, gak

dlls @grnj, gs [rustdd, wmbfm njvdra tmd [rusts tmgt bssudk fdrtb`bfgtds. [md YVGs `jr dgfm j`

tmd [rusts grd suestgatbglly sbhblgr gak hdhjrbglbzd (b) tmd trgas`dr gak fjavdygafd j` tmd

hjrtngnd ljgas `rjh tmd kdpjsbtjr tj tmd [rust? (bb) tmd [rusts‒ bssugafd j` edad`bfbgl fdrtb`bfgtds

j` batdrdsts ba tmd [rusts tj rgbsd tmd `uaks tj pgy tmd kdpjsbtjr `jr tmd hjrtngnd ljgas? gak (bbb)

tmd tdrhs j` tmjsd fdrtb`bfgtds.

7. ^dlls @grnj‒s Kutbds Gak Jelbngtbjas Takdr [md YVGs

595. [md YVGs sdt `jrtm ^dlls @grnj‒s fjatrgftugl kutbds gak jelbngtbjas, wmbfm grd

bkdatbfgl jr suestgatbglly bkdatbfgl `jr dgfm [rust njvdradk ey g YVG. Vpdfb`bfglly, dgfm j` tmd

YVGs rdqubrd dlls @grnj tj jvdrsdd gak da`jrfd tmd sdlldrs‒ gak tmd sdrvbfdrs‒ jelbngtbjas. Ba

pdr`jrhban tmdsd fjatrgftugl jelbngtbjas, dlls @grnj bs rdqubrdk tj gft ba tmd edst batdrdsts j`

gak `jr tmd prjtdftbja j` tmd [rusts gak tmdbr Fdrtb`bfgtdmjlkdrs. Fdrtb`bfgtdmjlkdrs, ualbod tmd

trustdd, mgvd aj kbrdft fjatgft wbtm tmd sdlldrs gak sdrvbfdrs gak mgvd aj geblbty tj ba`ludafd jr

dxghbad tmd sdrvbfdrs‒ kdfbsbjas. Hjrdjvdr, uakdr tmd YVGs, Fdrtb`bfgtdmjlkdrs kj ajt mgvd tmd

rbnmt tj kbrdftly da`jrfd tmd sdlldrs‒ rdprdsdatgtbjas gak wgrrgatbds jr tmd sdrvbfdrs‒ kutbds, gesdat

sgtbs`gftbja j` tmd fjlldftbvd gftbja prjvbsbjas. [mus, Fdrtb`bfgtdmjlkdrs hust rdly ja dlls

@grnj tj prjtdft tmdbr batdrdsts.

596. [md YVGs rdqubrd tmd kdpjsbtjr tj kdlbvdr tj gak kdpjsbt wbtm, jr fgusd tj ed

kdlbvdrdk tj gak kdpjsbtdk wbtm, ^dlls @grnj, tmd hjrtngnd `blds, wmbfm hust gt gll tbhds ed

bkdatb`bdk ba tmd rdfjrks j` dlls @grnj gs edban mdlk ey jr ja edmgl` j` tmd [rust. @urtmdrhjrd,

tmd YVGs rdqubrd ^dlls @grnj tj gfoajwldknd rdfdbpt j` tmd hjrtngnd `blds ja edmgl` j` tmd [rust



-0;-

gak tj gfoajwldknd tmgt gll hjrtngnd pjjl gssdts, hjrtngnd `blds gak rdlgtdk kjfuhdats gak

prjpdrty mdlk ey bt gt gay tbhd grd mdlk ey bt gs [rustdd j` tmd [rust.

59;. Jafd tmd hjrtngnd `blds grd ba ^dlls @grnj‒s pjssdssbja, tmd YVGs rdqubrd ^dlls

@grnj tj dasurd tmgt tmd uakdrlyban hjrtngnd ljgas wdrd prjpdrly fjavdydk tj tmd [rusts, gak

tmgt tmd [rusts mgvd pdr`dftdk da`jrfdgeld tbtld tj tmd hjrtngnd ljgas ey rdvbdwban tmd hjrtngnd

`blds `jr dgfm j` tmd hjrtngnd ljgas. dlls @grnj bs rdqubrdk tj rdvbdw dgfm hjrtngnd `bld wbtmba

g fdrtgba tbhd pdrbjk g`tdr tmd “Fljsban Kgtd‘ gak kdlbvdr tj tmd kdpjsbtjr g fdrtb`bfgtbja tmgt gll

kjfuhdats rdqubrdk mgvd edda dxdfutdk gak rdfdbvdk.

594.

B` ^dlls @grnj bkdatb`bds gay kd`dft ba g hjrtngnd ljga `bld `jr ga uakdrlybanhjrtngnd ljga fjatgbadk ba g [rust, ^dlls @grnj hust prjhptly ajtb`y dbtmdr tmd sdrvbfdr jr

kdpjsbtjr, gak tmgt pgrty smgll prjhptly ajtb`y tmd gpplbfgeld sdlldr j` tmd kd`dft gak tgod

gpprjprbgtd stdps ja edmgl` j` tmd [rust tj da`jrfd sufm sdlldr‒s jelbngtbja tj fjrrdft jr furd tmd

kd`dft jr rdpurfmgsd jr suestbtutd sufm hjrtngnd ljga.

g) Kuty [j Yrjvbkd Ajtbfd J`Erdgfmds Gak [j Da`jrfd Yutegfo Ubnmts

590. Takdr tmd YVGs, ^dlls @grnj bs datrustdk tj dasurd tmgt hjrtngnd ljgas ba tmd

[rusts wdrd prjpdrly uakdrwrbttda, wdrd j` g fdrtgba rbso prj`bld, gak mgk fmgrgftdrbstbfs j` g

fdrtgba quglbty gs rdprdsdatdk ey tmd sdlldrs ba tmd HLYGs. [md [rusts wdrd gssbnadk gll j` tmd

rbnmts uakdr tmd HLYGs pdrtgbaban tj tmd hjrtngnd ljgas, baflukban tmd rbnmt tj put egfo ljgas

tmgt erdgfmdk tmd sdlldrs‒ rdprdsdatgtbjas gak wgrrgatbds.

59>. [j prjtdft tmd [rusts gak tmd Fdrtb`bfgtdmjlkdrs, tmd YVGs rdqubrd ^dlls @grnj tj

nbvd prjhpt wrbttda ajtbfd tj gll pgrtbds tj tmd YVG upja bts kbsfjvdry j` g erdgfm j` g

rdprdsdatgtbja jr wgrrgaty hgkd ey tmd sdlldr ba rdspdft j` tmd hjrtngnd ljgas tmgt hgtdrbglly gak

gkvdrsdly g``dfts tmd vglud j` gay hjrtngnd ljga jr tmd batdrdsts j` tmd Fdrtb`bfgtdmjlkdrs ba gay



-04-

ljga, gak tj tgod sufm gftbja gs hgy ed adfdssgry jr gpprjprbgtd tj da`jrfd tmd rbnmts j` tmd

[rusts wbtm rdspdft tj tmd erdgfm.

e) ^dlls @grnj‒s Kutbds Udngrkban [md Vdrvbfdrs

59=. Takdr tmd YVGs, ^dlls @grnj, gs [rustdd, mgs fdrtgba kutbds gak jelbngtbjas wbtm

rdspdft tj hjabtjrban tmd sdrvbfdrs, wmjsd gutmjrbty gak rdspjasbeblbtbds grd kdldngtdk ey ^dlls

@grnj. Ba pgrtbfulgr, tmd YVGs sdt `jrtm dlls @grnj‒s jelbngtbjas upja jffurrdafd j` ga “Dvdat

j` Kd`gult,‘ wmbfm bs kd`badk gs g spdfb`bdk `gblurd j` tmd sdrvbfdr tj pdr`jrh bts sdrvbfban kutbds

gak furd tmbs `gblurd wbtmba g spdfb`bdk tbhd pdrbjk. [md YVGs bkdatb`y sdvdrgl typds j` `gblurds

ey tmd sdrvbfdr tmgt hgy nbvd rbsd tj ga Dvdat j` Kd`gult. Vufm `gblurds baflukd, erdgfm j`

sdrvbfdr rdprdsdatgtbjas gak wgrrgatbds gak `gblurd tj jesdrvd jr pdr`jrh ba gay hgtdrbgl rdspdft

gay jtmdr fjvdagats jr gnrddhdats, wmbfm fjatbauds uardhdkbdk `jr aj hjrd tmga tmbrty tj sbxty

kgys g`tdr wrbttda ajtbfd j` sufm `gblurd smgll mgvd edda nbvda tj tmd sdrvbfdr ey tmd trustdd

rdqubrban tmd sghd tj ed rdhdkbdk, jr oajwldknd j` sufm `gblurd ey g “Vdrvbfban J``bfdr‘ j` tmd

sdrvbfdr, wmbfmdvdr bs dgrlbdr.

592. [md rdhdkbds `jr uafurdk sdrvbfdr Dvdats j` Kd`gult baflukd tdrhbagtbja j` tmd

sdrvbfdr gak rdbheursdhdat `jr trust gssdts ljst gs g rdsult j` tmd sdrvbfdrs‒ vbjlgtbjas. Gs

kdtgbldk mdrdba, ^dlls @grnj kbk ajt pdr`jrh bts kutbds tj hjabtjr tmd sdrvbfdrs gak kbk ajt

babtbgtd gay gftbja gngbast tmd sdrvbfdrs `jr tmd edad`bt j` tmd [rusts gak Fdrtb`bfgtdmjlkdrs.

f) Kutbds Tpja Oajwldknd J` Ga Dvdat J` Kd`gult

579. [md YVGs bhpjsd gkkbtbjagl jelbngtbjas upja ^dlls @grnj jafd g rdspjasbeld

j``bfdr j` ^dlls @grnj mgs oajwldknd j` tmd jffurrdafd j` ga Dvdat j` Kd`gult. @brst , ^dlls

@grnj hust nbvd wrbttda ajtbfd tj tmd rdldvgat sdrvbfdr j` tmd jffurrdafd j` sufm ga dvdat wbtmba

tmd spdfb`bdk tbhd pdrbjk g`tdr ^dlls @grnj jetgbas oajwldknd j` tmd jffurrdafd. Vdfjak , wbtmba

sbxty tj abadty kgys g`tdr tmd jffurrdafd j` gay Dvdat j` Kd`gult, ^dlls @grnj bs rdqubrdk tj



-00-

prjvbkd wrbttda ajtbfd tj gll Fdrtb`bfgtdmjlkdrs j` tmd Dvdat j` Kd`gult, ualdss tmd Dvdat j`

Kd`gult mgs edda furdk jr wgbvdk. [mbrk , gak hjst bhpjrtgatly, tmd YVGs rdqubrd ^dlls @grnj tj

dxdrfbsd tmd rbnmts gak pjwdrs vdstdk ba bt ey tmd YVG usban tmd sghd kdnrdd j` fgrd gak sobll gs

g prukdat pdrsja wjulk dxdrfbsd jr usd uakdr tmd fbrfuhstgafds ba tmd fjakuft j` sufm pdrsja‒s

jwa g``gbrs.

577. ^dlls @grnj‒s `gblurd tj nbvd ajtbfd tj tmd sdrvbfdrs j` ga Dvdat j` Kd`gult kjds

ajt prdvdat tmd trbnndrban j` ga Dvdat j` Kd`gult smjulk ^dlls @grnj‒s `gblurd rdsult `rjh bts jwa

adnlbndafd jr wbllùl hbsfjakuft.

5.

[md Vdrvbfdrs‒ Kutbds GakJelbngtbjas Takdr [md YVGs

575. [md YVGs glsj dstgelbsm tmd sdrvbfdrs‒ kutbds gak jelbngtbjas tj tmd [rusts gak gll

Fdrtb`bfgtdmjlkdrs. Ba dssdafd, tmd sdrvbfdrs‒ fjatrgftugl rjld bs tj hgagnd tmd hjrtngnd ljgas `jr

tmd edad`bt j` tmd [rust gak bts Fdrtb`bfgtdmjlkdrs.

g) Kuty [j Yrjvbkd Ajtbfd JÈrdgfmds Gak [j Da`jrfd Yutegfo Ubnmts

576. [md YVGs rdqubrd tmd sdrvbfdrs tj ajtb`y gll pgrtbds tj tmd YVGs b` tmd sdrvbfdrs

kbsfjvdr g erdgfm j` gay j` tmd sdlldrs‒ rdprdsdatgtbjas gak wgrrgatbds tmgt gkvdrsdly gak

hgtdrbglly g` dfts tmd vglud j` tmd hjrtngnd ljga jr tmd batdrdsts j` tmd [rusts. [md YVGs

ndadrglly rdqubrd tmd sdrvbfdrs, ja edmgl` j` tmd [rusts, tj da`jrfd tmd sdlldrs‒ jelbngtbja tj

rdpurfmgsd, suestbtutd, jr furd sufm kd`dftbvd hjrtngnd ljgas jr hjrtngnd ljga `blds.

57;. [md sdrvbfdrs grd nrdgtly kbsbafdatbvbzdk tj da`jrfd tmdsd fjatrgftugl kutbds

rdlgtdk tj tmd sdlldrs‒ rdpurfmgsd jelbngtbjas. [md sdrvbfdr bs sdldftdk ey tmd spjasjr, gak

tmdrd`jrd rbsos ljsban ùturd eusbadss gak edfjhban gkvdrsd tj tmd sdlldr b` bt vbnblgatly da`jrfds

tmd sdlldrs‒ rdpurfmgsd jelbngtbjas. Gkkbtbjaglly, tmd sdrvbfdrs j`tda grd g``blbgtds j` tmd sdlldrs

edfgusd ba fjaadftbja wbtm tmd sgld j` g ljga pjjl, tmd sdlldr typbfglly rdtgbas tmd ljga sdrvbfban



-0>-

rbnmts `jr bts jwa sdrvbfban kbvbsbja. Ba gkkbtbja, kud tj tmd `gft tmgt tmd sdrvbfdrs‒ g``blbgtds, ba

tmdbr fgpgfbty gs sdlldrs, lbodwbsd sjlk ljgas ba erdgfm j` spdfb`bf rdprdsdatgtbjas gak wgrrgatbds

tj jtmdr UHEV trusts gak `gfd sbhblgr rdpurfmgsd lbgeblbty, tmd sdrvbfdrs wdrd kbsbafdatbvbzdk

`rjh da`jrfban tmdsd fjatrgftugl kutbds.

574. Fjasdqudatly, bt bs frufbgl tmgt tmd trustdd hjabtjr tmd sdrvbfdr tj dasurd tmgt tmd

sdrvbfdr bs da`jrfban tmd [rusts‒ rdpurfmgsd rbnmts gngbast tmd sdlldrs sj tmgt tmd [rusts mjlk

hjrtngnd ljgas j` tmd sghd frdkbt quglbty gak fmgrgftdrbstbfs gs egrngbadk `jr. Hjrdjvdr, wmdrd

tmd sdrvbfdrs `gbl tj da`jrfd tmd [rusts‒ rdpurfmgsd rbnmts, tmd trustdd hust stdp ba gak dxdrfbsd tmd

[rusts‒ rbnmts.e) Kuty [j Ydr`jrh Yrukdat Gak

Fustjhgry Vdrvbfban Yrgftbfds

570. [md YVGs rdqubrd tmd sdrvbfdrs tj sdrvbfd gak gkhbabstdr tmd hjrtngnd ljgas `jr

gak ja edmgl` j` tmd [rusts gak tmd Fdrtb`bfgtdmjlkdrs (b) ba tmd sghd hgaadr ba wmbfm tmdy

sdrvbfd gak gkhbabstdr sbhblgr hjrtngnd ljgas `jr tmdbr jwa pjrt`jlbj jr `jr jtmdr tmbrk pgrtbds,

nbvban kud fjasbkdrgtbja tj fustjhgry gak usugl stgakgrks j` prgftbfd j` prukdat bastbtutbjagl

hjrtngnd ldakdrs sdrvbfban sbhblgr ljgas? (bb) wbtm g vbdw tj hgxbhbzban tmd rdfjvdrbds wbtm

rdspdft tj sufm hjrtngnd ljgas ja g adt prdsdat vglud egsbs? gak (bbb) wbtmjut rdngrk tj, ghjan

jtmdr tmbans, tmd rbnmt j` tmd sdrvbfdrs tj rdfdbvd fjhpdasgtbja jr jtmdr `dds `jr bts sdrvbfds uakdr

tmd YVG, tmd jelbngtbja j` tmd sdrvbfdrs tj hgod sdrvbfban gkvgafds uakdr tmd YVG, gak tmd

sdrvbfdrs‒ jwadrsmbp, sdrvbfban jr hgagndhdat `jr jtmdrs j` gay jtmdr hjrtngnd ljgas.

57>. Ba trutm, tmd sdrvbfdrs‒ `bagafbgl batdrdsts ba hgagnban tmd [rusts‒ ljgas j`tda

kbvdrnd `rjh tmjsd j` tmd [rusts. Vdrvbfdrs typbfglly pgy up`rjat `jr hjrtngnd sdrvbfban rbnmts.

[j hgod g prj`bt, sdrvbfdrs hust rdfjup tmdbr jutlgy egsdk ja tmdbr adt sdrvbfban bafjhd ( b.d.,

nrjss sdrvbfban bafjhd hbaus sdrvbfban fjsts). [md ghjuat j` sdrvbfdrs‒ fjhpdasgtbja ba tmd



-0=-

`jrh j` sdrvbfban `dds, `ljgt, gak rdtgbadk batdrdsts vgrbds egsdk ja `gftjrs edyjak tmd sdrvbfdrs‒

fjatrjl, pgrtbfulgrly hjrtngnd prdpgyhdat spddks, wmbfm grd lgrndly g `uaftbja j` batdrdst rgtds.

Gffjrkbanly, g sdrvbfdr‒s geblbty tj hgxbhbzd bts adt sdrvbfban bafjhd kdpdaks ba lgrnd pgrt ja bts

geblbty tj ldvy gafbllgry `dds gak tj fjatrjl sdrvbfban fjsts. @jr tmbs rdgsja, sdrvbfdrs grd

bafdatbvbzdk tj gnnrdssbvdly pursud gafbllgry `dds gak tj pursud ljss hbtbngtbja strgtdnbds tmgt

hbabhbzd fjsts, dvda b` tmdy grd bafjasbstdat wbtm ‖ jr fjatrgry tj ‖ tmd batdrdsts j` tmd [rusts gak

tmd Fdrtb`bfgtdmjlkdrs.

57=. Gffjrkbanly, bt bs dssdatbgl tmgt trustdds hjabtjr sdrvbfdrs‒ sdrvbfban gftbvbtbds tj

dasurd tmgt sdrvbfdrs3 (b) hgbatgba gffurgtd gak gkdqugtd ljga gak fjllgtdrgl `blds sj gs ajt tj prdcukbfd tmd batdrdsts j` tmd [rusts gak tmd Fdrtb`bfgtdmjlkdrs ba tmd hjrtngnds ey `jstdrban

uafdrtgbaty gs tj tmd tbhdly rdfjvdry j` fjllgtdrgl? gak (bb) gvjbk bafur uaadfdssgry sdrvbfban `dds

tj hgbatgba hjrtngndk prjpdrty.

f) Kuty [j Ydr`jrh Yrukdat @jrdfljsurd Yrgftbfds

572. [md YVGs rdqubrd tmd sdrvbfdrs tj usd tmdbr edst d``jrts, fjasbstdat wbtm gffdptdk

sdrvbfban prgftbfds, tj `jrdfljsd upja jr jtmdrwbsd fjhpgrgely fjavdrt tmd jwadrsmbp j`

prjpdrtbds sdfurban tmd hjrtngnd ljgas gs tmdy fjhd batj gak fjatbaud ba kd`gult gak gs tj wmbfm

aj sgtbs`gftjry grrgandhdats fga ed hgkd jr fjlldftbja j` kdlbaqudat pgyhdats. Hjrdjvdr, tmd

YVGs fjatdhplgtd tmgt `jrdfljsurds gak lbqubkgtbjas j` kd`gultdk hjrtngnds wbll prjfddk

`jrtmwbtm gak ba gffjrkgafd wbtm gpplbfgeld lgw, prjvbkdk tmd kjfuhdatgtbja bs ba jrkdr, gs g

hgttdr j` `gbradss tj gll pgrtbds.

559. Ba trutm, tmd sdrvbfdrs‒ `bagafbgl batdrdsts ba hgagnban ljgas j`tda kbvdrnd `rjh

tmjsd j` tmd [rusts. @jr dxghpld, tj hbabhbzd tmd fjsts j` `jrdfljsurds, sdrvbfdrs `rjh 599>

tmrjunm 5979 pdrvgsbvdly fut fjradrs ba tmd kbsfmgrnd j` tmdbr sdrvbfban kutbds gt tmd dxpdasd j`

tmd gffurgfy, rdlbgeblbty gak furrdafy j` ljga kjfuhdats gak ba`jrhgtbja.



-02-

557. [mus, bt bs dssdatbgl tmgt trustdds hjabtjr sdrvbfdrs‒ gftbvbtbds suesdqudat tj

ejrrjwdr kd`gults tj dasurd tmd sdrvbfdrs `uaftbja ba g wgy tmgt hgxbhbzds vglud `jr tmd [rusts

gak tmd Fdrtb`bfgtdmjlkdrs.

k) Kuty [j Ydr`jrh Yrukdat Vdrvbfban Gkvgafds

555. [md YVGs prjvbkd tmgt tmd sdrvbfdrs hgy rdfjvdr sdrvbfban gkvgafds. Vdrvbfdrs

grd rdqubrdk tj gkvgafd hjatmly prbafbpgl gak batdrdst (“Y&B‘) gak tgxds gak basurgafd pgyhdats

ja kdlbaqudat ljgas. Vdrvbfdrs glsj gkvgafd ldngl `dds, hgbatdagafd, gak prdsdrvgtbja fjsts ja

prjpdrtbds tmgt mgvd glrdgky edda `jrdfljsdk gak edfjhd wmjlly jwadk ey tmd [rust (jr “UDJ‘),

rgtmdr tmga sjlk tj g tmbrk pgrty. Vdrvbfdrs grd geld tj rdfjvdr tmdsd gkvgafds `rjh tmd adt

prjfddks j` tmd prjpdrty wmda sjlk.

556. Takdr tmd YVGs, tmd sdrvbfdr‒s gkvgafban jelbngtbjas grd suecdft tj g kddhdk

aja-rdfjvdrgeblbty stgakgrk wmdrd tmd sdrvbfdr mgs tmd rbnmt tj furtgbl gkkbtbjagl gkvgafds egsdk

ja g rdgsjageld gaglysbs tmgt tmd sdrvbfdr fjulk ajt jtmdrwbsd rdfjvdr bts gkvgafds egsdk ja

prjcdftdk, prjegeld adt lbqubkgtbja prjfddks. [mus, b` g sdrvbfdr edlbdvds tmgt tmd Y&B gkvgafds

wbll dxfddk tmd adt prjfddks j` g `jrdfljsurd ja tmd hjrtngndk prjpdrty, tmd sdrvbfdr ndadrglly

mgs tmd rbnmt tj fdgsd hgoban tmd Y&B gkvgafds gak tj ljjo tj tmd rdst j` tmd [rust‒s ljga pjjl `jr

rdfjvdry j` gay dxfdss pgbk. [mbs hdgas tmgt sdrvbfdrs‒ Y&B gkvgafds grd `uaftbjaglly tmd hjst

sdabjr flgbh ja tmd [rusts gak tmd sdrvbfdrs ndt pgbk `brst ed`jrd gay fdrtb`bfgtdmjlkdr. Gs

dxplgbadk ey Jfwda @bagafbgl Fjrpjrgtbja (“Jfwda‘), g hgcjr sueprbhd sdrvbfdr3 “Hjst j` jur

gkvgafds mgvd tmd mbnmdst rdbheursdhdat prbjrbty (b.d., tmdy grd ja ”tjp j` tmd wgtdr`gll‒) sj tmgt

wd grd datbtldk tj rdpgyhdat _`rjh ljga prjfddksX ed`jrd gay batdrdst jr prbafbpgl bs pgbk ja tmd



->7-

hjrtngnd ljgas? gak (bb) prdsdrvd jr kd`dak tbtld tj tmd [rust Dstgtd gak tmd rbnmts j` tmd Bakdaturd

[rustdd gak tmd Ajtdmjlkdrs ba sufm [rust Dstgtd gngbast tmd flgbhs j` gll pdrsjas gak pgrtbds.

55=. [md Bakdaturds sdt `jrtm ^dlls @grnj‒s fjatrgftugl kutbds gak jelbngtbjas, wmbfm

grd suestgatbglly sbhblgr, b` ajt bkdatbfgl, tj ^dlls @grnj‒s fjatrgftugl kutbds gak jelbngtbjas ba

tmd YVGs. @jr dxghpld, gs pldkndd j` tmd hjrtngnd ljgas, dlls @grnj, gs Bakdaturd [rustdd, mgs

tmd edad`bt j` tmd rdprdsdatgtbjas gak wgrrgatbds hgkd ey tmd sdlldrs ba tmd HLYGs. B` g

rdspjasbeld j``bfdr j` ^dlls @grnj mgs gftugl oajwldknd j` gay erdgfm j` rdprdsdatgtbja jr

wgrrgaty hgkd ey tmd sdlldr ba tmd HLYG, ^dlls @grnj smgll prjhptly ajtb`y tmd sdlldr j` tmd

erdgfm gak tmd sdlldrs‒ jelbngtbja tj furd sufm kd`dft jr rdpurfmgsd jr suestbtutd `jr tmd rdlgtdkhjrtngnd ljga.

552. Lbod tmd YVGs, tmd Bakdaturds bhpjsd sbhblgr jelbngtbjas ja tmd trustdd `jlljwban

ga “Dvdat j` Kd`gult.‘ Mjwdvdr, pursugat tj tmd Bakdaturd, jaly tmd fjakuft j` tmd bssudr, tmd

[rust, fga fjastbtutd ga Dvdat j` Kd`gult. Ga Dvdat j` Kd`gult jffurs uakdr tmd Bakdaturd, wmda,

ghjan jtmdr tmbans, g kd`gult jffurs ba tmd jesdrvgafd jr pdr`jrhgafd j` gay fjvdagat jr

gnrddhdat j` tmd [rust hgkd ba tmd Bakdaturd, gak sufm kd`gult bs ajt furdk wbtmba g spdfb`bdk

pdrbjk j` tbhd g`tdr ajtbfd bs nbvda tj tmd [rust ey dlls @grnj jr tj tmd [rust gak dlls @grnj ey

g rdqubsbtd auhedr j` Ajtdmjlkdrs. [md Bakdaturds kd`bad g “kd`gult‘ gs “_gXay jffurrdafd wmbfm

bs jr wbtm ajtbfd jr tmd lgpsd j` tbhd jr ejtm wjulk edfjhd ga Dvdat j` Kd`gult.‘

569. Jafd ^dlls @grnj mgs gftugl oajwldknd j` ga Dvdat j` Kd`gult, ^dlls @grnj hust

da`jrfd tmd rbnmts j` tmd Ajtdmjlkdrs, wmdtmdr `jr tmd spdfb`bf pdr`jrhgafd j` gay fjvdagat,

gnrddhdat jr rbnmt uakdr tmd Bakdaturd, jr tj da`jrfd gay jtmdr prjpdr rdhdky jr ldngl jr

dqubtgeld rbnmt vdstdk ey lgw. Ba fgrryban jut tmdsd pjst-Dvdat j` Kd`gult kutbds, dlls @grnj



->5-

hust dxdrfbsd bts rbnmts gak jelbngtbjas uakdr tmd Bakdaturd usban tmd sghd kdnrdd j` fgrd gak

sobll gs g prukdat pdrsja wjulk, uakdr tmd fbrfuhstgafds, ba tmd fjakuft j` mbs jr mdr jwa g``gbrs.

567. [md VVGs grd fjatrgfts edtwdda, ghjan jtmdrs, tmd kdpjsbtjr, tmd trust (typbfglly

g Kdlgwgrd stgtutjry trust), gs bssudr, ^dlls @grnj, gs Bakdaturd [rustdd, gak tmd hgstdr sdrvbfdr.

[md VVGs fjatgba suestgatbglly sbhblgr, b` ajt bkdatbfgl, prjvbsbjas tj tmd YVGs. Lbod tmd YVGs,

tmd VVGs fgll `jr tmd kdpjsbtjr‒s fjavdygafd j` hjrtngnd ljgas tj tmd [rust ba wmbfm tmd ajtds

pgrtbfbpgtd gak dstgelbsm tmd rbnmts gak jelbngtbjas j` tmd hgstdr sdrvbfdr `jr tmd ajtds.

565. Lbod tmd YVGs, tmd VVGs `jr dgfm j` tmd [rusts grd suestgatbglly sbhblgr gak

prjvbkd `jr adgrly bkdatbfgl jelbngtbjas ja tmd pgrt j` hgstdr sdrvbfdrs wbtm rdspdft tj sdrvbfbantmd hjrtngnd ljgas, baflukban fjvdagats (b) tj prjvbkd ajtbfd j` sdlldr erdgfmds? (bb) tj gkhbabstdr

tmd hjrtngnd ljgas fjasbstdatly wbtm bakustry prgftbfd? (bbb) tj usd rdgsjageld d``jrts tj fjlldft gll

pgyhdats jwdk ja tmd hjrtngnd ljgas, baflukban wbtm rdspdft tj `jrdfljsurd, gak tj `jlljw tmd

sghd fjlldftbja prjfdkurds bt `jlljws `jr sdrvbfban hjrtngnd ljgas ba bts jwa pjrt`jlbj? gak

(bv) tj hgod prjpdr sdrvbfban gkvgafds.

566. [md VVGs glsj kd`bad “Hgstdr Vdrvbfdr Dvdats j` Kd`gult,‘ wmbfm baflukd g

`gblurd tj jesdrvd jr pdr`jrh hgtdrbgl fjvdagats gak gnrddhdats sdt `jrtm ba tmd VVG tj ed

pdr`jrhdk ey tmd hgstdr sdrvbfdr, wmbfm hgtdrbglly g``dfts tmd rbnmts j` tmd Ajtdmjlkdrs, gak

sufm `gblurd fjatbauds uardhdkbdk `jr g spdfb`bdk pdrbjk g`tdr wrbttda ajtbfd wgs nbvda. B` g

Vdrvbfdr Dvdat j` Kd`gult jffurs uakdr tmd VVG wmbfm g rdspjasbeld j``bfdr j` ^dlls @grnj, gs

Bakdaturd [rustdd, mgs rdfdbvdk wrbttda ajtbfd jr mgs gftugl oajwldknd j`, ^dlls @grnj hust

bhhdkbgtdly tdrhbagtd tmd Hgstdr Vdrvbfdr gak dbtmdr suestbtutd ba gs hgstdr sdrvbfdr jr `bak g

suffdssjr. dlls @grnj hust glsj nbvd prjhpt wrbttda ajtbfd tj gll Ajtdmjlkdrs j` Vdrvbfdr

Dvdats j` Kd`gult.



->6-

PBBB. [MD [UTV[V VT@@DUDK @UJH YDUPGVBPD EUDGFMDV J@UDYUDVDA[G[BJAV GAK ^GUUGA[BDV ER [MD VDLLDUV

56;. Dgfm j` tmd [rusts‒ ljga pjjls fjatgba g mbnm pdrfdatgnd j` ljgas tmgt hgtdrbglly

erdgfmdk tmd sdlldrs‒ rdprdsdatgtbjas gak wgrrgatbds, wmbfm gkvdrsdly g``dftdk tmd vglud j` tmjsd

hjrtngnd ljgas gak tmd [rusts‒ gak Fdrtb`bfgtdmjlkdrs‒ rbnmts ba tmjsd hjrtngnd ljgas.

Vpdfb`bfglly, tmd rdprdsdatgtbjas gak wgrrgatbds rdngrkban tmd jrbnbagtjrs‒ fjhplbgafd wbtm

uakdrwrbtban stgakgrks gak prgftbfds, jwadr jffupgafy stgtbstbfs, gpprgbsgl prjfdkurds, L[P gak

fjhebadk L[P (“FL[P‘) rgtbjs wdrd systdhbfglly gak pdrvgsbvdly `glsd. [md `glsbty j` tmdsd

rdprdsdatgtbjas gak jhbssbjas bs kdhjastrgtdk ey tmd mbnm kd`gult rgtds j` tmd hjrtngnd ljgas,

tmd pluhhdtban frdkbt rgtbans j` tmd UHEV gak fdrtb`bfgtds, tmd rdsults j` bavdstjrs‒ `jrdasbf

rdvbdws gak rd-uakdrwrbtban j` ljgas wbtmba tmd [rusts ba jtmdr lbtbngtbja, gak dvbkdafd

mbnmlbnmtban tmd jrbnbagtjrs‒ gegakjahdat j` uakdrwrbtban stgakgrks.

G. Mbnm Kd`gult Ugtds J` [md HjrtngndLjgas Gak Yluhhdtban Frdkbt UgtbansGrd Bakbfgtbvd J` Hgssbvd Vdlldr Erdgfmds

564. [md dxtrdhdly mbnm kd`gult rgtds j` tmd hjrtngnd ljgas wbtmba tmd [rusts gak tmd

kdflbad ba tmd frdkbt rgtbans j` tmd UHEV tj edljw bavdsthdat nrgkd grd strjan dvbkdafd j` tmd

jrbnbagtjrs‒ hbsrdprdsdatgtbja j` tmd frdkbt quglbty gak fmgrgftdrbstbfs j` tmd hjrtngnd ljgas tmdy

sjlk tj tmd [rusts.

560. [md [rusts mgvd dxpdrbdafdk pgyhdat prjeldhs sbnab`bfgatly edyjak wmgt wgs

dxpdftdk `jr ljga pjjls tmgt wdrd prjpdrly uakdrwrbttda, gak wmbfm fjatgbadk ljgas tmgt gftuglly

mgk tmd fmgrgftdrbstbfs jrbnbagtjrs rdprdsdatdk gak wgrrgatdk. @jr dxghpld, gt tmd tbhd j` `blban

tmbs Fjhplgbat, gfrjss gll 5>0 j` tmd [rusts, jvdr 79.7%, j` tmd rdldvgat hjrtngnd ljgas mgvd

edda wrbttda j`` `jr g ljss. ^btmba fdrtgba UHEV spjasjr lgedls, sufm gs Jptbja Jad [rusts,

jvdr 57% j` tmd rdldvgat hjrtngnd ljgas mgk edda wrbttda j`` jr g ljss. Hjrdjvdr, ga



->;-

gstjuakban 69% jr hjrd j` tmd rdldvgat hjrtngnd ljgas mgvd edda wrbttda j`` `jr g ljss jr wdrd

kdlbaqudat ba tmbrty-twj bakbvbkugl [rusts. @urtmdr, hgay j` tmd [rusts mgvd kdlbaqudafy rgtds j`

gejvd 59% `jr tmd hjrtngnd ljgas rdhgbaban ba tmd [rusts.

56>. Ajt jaly mgvd tmd hjrtngnd ljgas dxpdrbdafdk dxtrgjrkbagry rgtds j` kdlbaqudafy

gak kd`gult, eut tmd rgtbans j` tmd UHEV suppjrtdk ey tmdh mgvd sbnab`bfgatly

kdtdrbjrgtdk. Edfgusd j` tmd mbnm kdlbaqudafy, `jrdfljsurd, gak kd`gult rgtds j` tmd uakdrlyban

hjrtngnd ljgas, hjrd tmga >4% j` gll fdrtb`bfgtds wbtmba tmd [rusts mgvd edda kjwanrgkdk.

56=. [md dfjajhbf kjwatura fgaajt dxplgba tmd geajrhglly mbnm pdrfdatgnd j`

kd`gults, `jrdfljsurds, gak kdlbaqudafbds jesdrvdk ba tmd ljga pjjls ultbhgtdly egfoban tmdfdrtb`bfgtds. Ljga pjjls tmgt wdrd prjpdrly uakdrwrbttda gak fjatgbaban ljgas wbtm tmd

rdprdsdatdk fmgrgftdrbstbfs wjulk mgvd dxpdrbdafdk suestgatbglly `dwdr pgyhdat prjeldhs gak

suestgatbglly ljwdr pdrfdatgnds j` kd`gults, `jrdfljsurds, gak kdlbaqudafbds. [md sbnab`bfgat

rgtban kjwanrgkds dxpdrbdafdk ey tmd UHEV grd glsj strjan dvbkdafd tmgt tmdy wdrd bhprjpdrly

uakdrwrbttda, gak tmgt tmdy kbk ajt mgvd tmd frdkbt rbso fmgrgftdrbstbfs tmd sdlldrs rdprdsdatdk gak

wgrrgatdk.

E. [md Vystdhbf Kbsrdngrk J` TakdrwrbtbanVtgakgrks ^gs Ydrvgsbvd Kurban [md Udldvgat Ydrbjk

562. Bt bs wdll kjfuhdatdk tmgt kurban tmd mdbnmt j` tmd hjrtngnd gak sdfurbtbzgtbja

ejjh ba tmd Tabtdk Vtgtds hgrodt edtwdda 599; gak 599=, jrbnbagtjrs j` rdsbkdatbgl hjrtngnd

ljgas sjlk gak sdfurbtbzdk ljgas ba UHEV ba vbjlgtbja j` tmdbr stgtdk uakdrwrbtban nubkdlbads gak

ba erdgfm j` tmd rdprdsdatgtbjas gak wgrrgatbds prjvbkdk tj tmd purfmgsdrs j` tmd ljga pjjls.

5;9. Njvdrahdat rdpjrts gak bavdstbngtbjas gak adwspgpdr rdpjrts mgvd uafjvdrdk tmd

dxtdat j` pdrvgsbvd gegakjahdat j` uakdrwrbtban stgakgrks. [md Ydrhgadat Vuefjhhbttdd ja

Bavdstbngtbjas ba tmd Tabtdk Vtgtds Vdagtd (“YVB‘) rdldgsdk g rdpjrt kdtgblban tmd fgusds j` tmd



->4-

`bagafbgl frbsbs. Tsban ^gsmbantja Hutugl Egao (“^gHu‘) gs g fgsd stuky, tmd YVB fjaflukdk

tmrjunm bts bavdstbngtbja3

^gsmbantja Hutugl wgs `gr `rjh tmd jaly ldakdr tmgt sjlk pjjr quglbty hjrtngnds

gak hjrtngnd egfodk sdfurbtbds tmgt uakdrhbadk T.V. `bagafbgl hgrodts. [mdVuefjhhbttdd bavdstbngtbja bakbfgtds tmgt ^gsmbantja Hutugl wgs dheldhgtbf j`g mjst j` `bagafbgl bastbtutbjas tmgt oajwbanly jrbnbagtdk, sjlk, gak sdfurbtbzdk

ebllbjas j` kjllgrs ba mbnm rbso, pjjr quglbty mjhd ljgas. [mdsd ldakdrs wdrd ajttmd vbftbhs j` tmd `bagafbgl frbsbs? tmd mbnm rbso ljgas tmdy bssudk edfghd tmd ùdltmgt bnabtdk tmd `bagafbgl frbsbs.4

5;7. [md @bagafbgl Frbsbs Baqubry Fjhhbssbja (“@FBF‘) bssudk bts `bagl rdpjrt ba

Cgaugry 5977 tmgt kdtgbldk, ghjan jtmdr tmbans, tmd fjllgpsd j` hjrtngnd uakdrwrbtban stgakgrks

gak suesdqudat fjllgpsd j` tmd hjrtngnd hgrodt gak wbkdr dfjajhy.0

[md @FBF Udpjrtfjaflukdk tmgt tmdrd wgs g “systdhbf erdgokjwa ba gffjuatgeblbty gak dtmbfs.‘ “Ta`jrtuagtdly ‖

gs mgs edda tmd fgsd ba pgst spdfulgtbvd ejjhs gak eusts ‖ wd wbtadssdk ga drjsbja j` stgakgrks

j` rdspjasbeblbty gak dtmbfs tmgt dxgfdregtdk tmd `bagafbgl frbsbs.‘ Bk . gt xxbb. [md @FBF `juak3

_BXt wgs tmd fjllgpsd j` tmd mjusban eueeld ‖ ùdldk ey ljw batdrdst rgtds, dgsy gakgvgblgeld frdkbt, sfgat rdnulgtbja, gak tjxbf hjrtngnds ‖ tmgt wgs tmd spgro tmgtbnabtdk g strban j` dvdats, wmbfm ldk tj g ùll-eljwa frbsds ba tmd `gll j` 599=.[rbllbjas j` kjllgrs ba rbsoy hjrtngnds mgk edfjhd dhedkkdk tmrjunmjut tmd`bagafbgl systdh, gs hjrtngnd-rdlgtdk sdfurbtbds wdrd pgfogndk, rdpgfogndk, gaksjlk tj bavdstjrs grjuak tmd wjrlk.

Bk . gt xvb.

5;5. Kurban tmd mjusban ejjh, hjrtngnd ldakdrs `jfusdk ja qugatbty rgtmdr tmga

quglbty, jrbnbagtban ljgas `jr ejrrjwdrs wmj mgk aj rdglbstbf fgpgfbty tj rdpgy tmd ljga. [md

@FBF Udpjrt `juak “tmgt tmd pdrfdatgnd j` ejrrjwdrs wmj kd`gultdk ja tmdbr hjrtngnds wbtmba

cust g hgttdr j` hjatms g`tdr tgoban g ljga adgrly kjueldk `rjh tmd suhhdr j` 5990 tj lgtd

4 ^gll Vtrddt Gak [md @bagafbgl Frbsbs3 Gagtjhy J` G @bagafbgl Fjllgpsd , Tabtdk Vtgtds VdagtdYdrhgadat Vuefjhh. Ja Bavdstbngtbjas, 775tm Fjan. 49 (5977).0 @bagl Udpjrt J` [md Agtbjagl Fjhhbssbja J` [md Fgusds J` [md @bagafbgl Gak DfjajhbfFrbsbs Ba [md Tabtdk Vtgtds , @ba. Frbsbs Baqubry Fjhh‒a (“@FBF Udpjrt‘) (5977).



->0-

599>.‘ Bk . gt xxbb. Dgrly pgyhdat kd`gult bs g sbnab`bfgat bakbfgtjr j` pdrvgsbvd kbsrdngrk `jr

uakdrwrbtban stgakgrks. [md @FBF Udpjrt ajtdk tmgt hjrtngnd `rguk “`ljurbsmdk ba ga

davbrjahdat j` fjllgpsban ldakban stgakgrks . . . .‘ Bk .

F. [mdrd Bs Dvbkdafd J` ^bkdsprdgk Erdgfmds J`Udprdsdatgtbjas Gak ^grrgatbds Ey [md Vpdfb`bfJrbnbagtjrs [mgt Vjlk Ljgas [j [md [rusts

5;6. Hufm lbod jtmdr UHEV trusts j` tmd sghd vbatgnd, tmd [rusts mgvd edda hgtdrbglly

gak gkvdrsdly bhpgftdk ey tmd ljga jrbnbagtbja bakustry‒s rghpgat uakdrwrbtban `gblurds. [md

jrbnbagtjrs‒ systdhbf gak pdrvgsbvd sgld tj tmd [rusts j` rdsbkdatbgl hjrtngnd ljgas ba erdgfm j`

rdprdsdatgtbjas gak wgrrgatbds bs fja`brhdk tmrjunm sdvdrgl `dkdrgl gak stgtd njvdrahdat

bavdstbngtbjas gak puelbsmdk rdpjrts, wdll puelbfbzdk adws rdpjrts, gak puelbf gak prbvgtd

da`jrfdhdat gftbjas tmgt mgvd kdsfrbedk rghpgat uakdrwrbtban `gblurds tmrjunmjut tmd pdrbjk ba

wmbfm tmd [rusts wdrd frdgtdk gak, hjrd spdfb`bfglly, `gblurds ey tmd sghd jrbnbagtjrs wmjsd

hjrtngnd ljgas wdrd sjlk tj tmd [rusts.

5;;. G suhhgry j` tdstbhjabgl gak kjfuhdatgry dvbkdafd gs tj dgfm j` tmd hgcjr

jrbnbagtjrs j` tmd hjrtngnd ljgas tj tmd [rusts bs sdt `jrtm edljw.

7. Jptbja Jad

5;4. Jptbja Jad, g wmjlly jwadk suesbkbgry j` M&U Eljfo, Baf. (“M&U Eljfo‘), bs

ghjan tmd [rusts‒ lgrndst hjrtngnd ljga sdlldrs. Jptbja Jad jrbnbagtdk gpprjxbhgtdly $;4.;

ebllbja j` hjrtngnd ljgas baflukdk ba tmd [rusts gt bssud mdrd. Gkkbtbjaglly, Jptbja Jad

spjasjrdk gpprjxbhgtdly $59 ebllbja j` hjrtngnd ljgas sjlk tj sdvdatdda j` tmd [rusts. Kud tj

tmd dxtrdhdly pjjr frdkbt quglbty j` tmd ljgas, tmd Jptbja Jad-lgedl [rusts mgvd su``drdk sdvdrd

fjllgtdrgl wrbtd-kjwas. Gs j` Cuad 7, 597;, tmd Jptbja Jad-lgedl [rusts mgvd su``drdk

gpprjxbhgtdly $;.0 ebllbja ba rdglbzdk ljssds, rdprdsdatban jvdr 57% j` tmd jrbnbagl `gfd ghjuat

j` tmd Jptbja Jad kdgls.



->>-

5;0. Ba 5990 gak 599>, Jptbja Jad wgs jad j` tmd fjuatry‒s lgrndst sueprbhd ldakdrs.

Ba bts `bsfgl ydgr 5990, Jptbja Jad jrbnbagtdk adgrly $;9 ebllbja ba sueprbhd hjrtngnd ljgas.

Jptbja Jad stjppdk jrbnbagtban sueprbhd ljgas ba 599> gak, ba 599=, fmgandk bts aghd tj Vgak

Fgayja Fjrpjrgtbja. Lbod bts pddrs, Jptbja Jad‒s jrbnbagtbja prgftbfds mgvd edda tmd suecdft j`

njvdrahdat bavdstbngtbjas, rdpjrts gak da`jrfdhdat gftbjas, gs wdll gs prbvgtd UHEV lgwsubts.

Jptbja Jad wgs rgaodk gs tmd sbxtm wjrst hjrtngnd jrbnbagtjr ey tmd JFF‒s “^jrst [da ba tmd

jrst [da‘ lbst egsdk ja jrbnbagtbjas `rjh 5994 tj 599>. Njvdrahdat gftbjas, bavdstjr

lbtbngtbja, gak putegfo gftbjas hgkd puelbf Jptbja Jad‒s pdrvgsbvd ajafjhplbgafd wbtm bts jwa

uakdrwrbtban stgakgrks.5;>. Ja Gunust 2, 5977, M&U Eljfo, Jptbja Jad‒s pgrdat fjhpgay, gnrddk tj sdttld g

subt babtbgtdk ey tmd Hgssgfmusdtts Vtgtd Gttjrady Ndadrgl `jr $754 hbllbja. Vdd Hgssgfmusdtts

Gttjrady Ndadrgl Yrdss Udldgsd, “M&U Eljfo Hjrtngnd Fjhpgay ^bll Yrjvbkd $754 Hbllbja ba

Ljga Hjkb`bfgtbjas gak Udstbtutbjas‘ (Gun. 2, 5977). Ba gaajuafban tmd Gunust 2, 5977

sdttldhdat, Hgssgfmusdtts‒ Gttjrady Ndadrgl stgtdk tmgt Jptbja Jad dangndk ba “ ultrg-rbsoy

prgftbfds ,‘ g “ elgtgat kbsrdngrk `jr prukdat uakdrwrbtban stgakgrks,‘ gak “hgkd ljgas tmgt bt

oadw wdrd lbodly tj `gbl.‘ Gt ejttjh, ba hgoban ljgas ‖ baflukban ljgas tmgt wdrd sjlk batj tmd

[rusts ‖ Jptbja Jad “kbk ajt tgod batj gffjuat gaytmban _sufm gs g ejrrjwdr‒s geblbty tj rdpgyX

eut tmd `dds tmgt wdrd tj ed ndadrgtdk.‘

5;=. Bavdstjrs ba sbnab`bfgat UHEV lgwsubts gngbast uakdrwrbtban egaos mgvd hgkd

sbhblgr glldngtbjas rdngrkban Jptbja Jad‒s geusbvd jrbnbagtbja gak sdfurbtbzgtbja prgftbfds wmbfm

rdsultdk ba lgrnd pdrfdatgnds j` kd`dftbvd Jptbja Jad ljgas edban sjlk gak sdfurbtbzdk ba [rusts

tmgt grd gt bssud mdrd. Vdd, d.n., [md Yrukdatbgl Bas. Fj. j` Gh. v. Egao j` Ghdrbfg, A.G ., Aj.

5376-fv-974=0 (K.A.C.) (glldnban Jptbja Jad systdhgtbfglly gegakjadk bts uakdrwrbtban



->=-

nubkdlbads ba fjaadftbja wbtm JJHL[ 599;-7 gak JJHL[ 5994-6, twj j` tmd Jptbja Jad-lgedl

[rusts gt bssud mdrd)? Ujygl Ygro Bavs. VG/AP v. [md Ujygl Egao j` Vfjtlgak Nrp. YLF, dt gl.,

Bakdx Aj. 0464;7/5976 (A.R. Vup. Ft.) (glldnban tmgt “Jptbja Jad mgk fjhpldtdly gegakjadk bts

stgtdk uakdrwrbtban nubkdlbads gak wgs sbhply sddoban tj jrbnbagtd gs hgay ljgas gs pjssbeld,

wbtmjut gay rdngrk `jr tmd ejrrjwdrs‒ gftugl rdpgyhdat geblbty jr tmd trud vglud gak gkdqugfy j`

tmd hjrtngndk prjpdrtbds tj sdrvd gs fjllgtdrgl‘ ba fjaadftbja wbtm JJHL[ 599>-6, JJHL[

599>-; gak JJHL[ 599>-4, tmrdd Jptbja Jad-lgedl [rusts gt bssud mdrd).

5;2. [md rdsults j` ljga `bld rdvbdws fjakuftdk ey bavdstjrs j` Jptbja Jad jrbnbagtdk

jr spjasjrdk ljgas `rjh tmd Jptbja Jad-lgedl [rusts gt bssud mdrd gak suestgatbglly sbhblgrsdfurbtbzgtbjas bavjlvban Jptbja Jad jrbnbagtdk ljgas mgvd `urtmdr fja`brhdk Jptbja Jad‒s

pdrvgsbvd gak systdhbf erdgfm j` hgtdrbgl rdprdsdatgtbjas gak wgrrgatbds rdngrkban quglbty gak

fmgrgftdrbstbfs j` tmd ljgas bt jrbnbagtdk gak sjlk tj tmd [rusts. @jr dxghpld, ba @M@G v. Egao j`

Ghdrbfg Fjrpjrgtbja , Aj. 77-fv-90724 (V.K.A.R.), tmd @dkdrgl Mjusban @bagafd Gndafy

(“@M@G‘) fjakuftdk g `jrdasbf rdvbdw j` `jur j` tmd Jptbja Jad-lgedl [rusts gt bssud mdrd3

JJHL[ 5994-4, JJHL[ 599>-5, JJHL[ 599>-0, gak JJHL[ 599>-@]K7. [md @M@G juak

tmgt tmd ljgas wbtmba tmdsd sdfurbtbzgtbjas “systdhgtbfglly kbsrdngrkdk uakdrwrbtban nubkdlbads‘

gak tmgt Jptbja Jad hgkd hgtdrbgl hbsrdprdsdatgtbjas rdngrkban tmd fmgrgftdrbstbfs gak frdkbt

quglbty rdngrkban tmdsd ljgas. [md @M@G‒s gukbt rdvdgldk tmgt Jptbja Jad mgk uakdrstgtdk aja-

jwadr jffupbdk ljgas wbtmba tmdsd [rusts ey edtwdda >%-79.4%. [md @M@G gkkbtbjaglly `juak

tmgt tmd trud pdrfdatgnd j` ljgas wbtm L[P rgtbjs jvdr 799% wbtmba dgfm j` tmdsd [rusts dxfddkdk

7;%, wbtm jad gs mbnm gs gpprjxbhgtdly 55.4%, wmbfm wgs fjatrgry tj Jptbja Jad‒s

rdprdsdatgtbja tmgt aj ljga mgk ga L[P rgtbj dxfddkban 799%.



->2-

549. [md @M@G‒s gukbt j` sdvda Jptbja Jad-lgedl [rusts gt bssud mdrd, JJHL[ 5994-

;, JJHL[ 5990-7, JJHL[ 5990-6, JJHL[ 599>-6, JJHL[ 599>-;, JJHL[ 599>-4,

JJHL[ 599>-FY7, gak JJHL[ 599>-@]K5 ba @M@G v. [md Ujygl Egao Vfjtlgak Nrjup YLF,

dt gl ., Aj. 77-fv-976=6 (K. Fjaa. @de. 7, 5976) fjrrjejrgtdk bts dgrlbdr `bakbans j` pdrvgsbvd gak

systdhbf erdgfmds wbtmba Jptbja Jad jrbnbagtdk gak spjasjrdk ljgas sjlk tj tmd [rusts. [md

@M@G‒s ljga ldvdl rdvbdw j` tmd dgfm j` tmdsd [rusts `juak tmgt Jptbja Jad uakdrstgtdk tmd

pdrfdatgnd j` aja-jwadr jffupbdk prjpdrtbds wbtmba tmdsd sdfurbtbzgtbjas ey gt ldgst 0%, gak `jr

twj j` tmdsd sdfurbtbzgtbjas ey 79% jr hjrd. Gkkbtbjaglly, tmd trud pdrfdatgnd j` ljgas wbtm L[P

rgtbjs jvdr 799% wbtmba dgfm j` tmdsd [rusts dxfddkdk 76.44%, wbtm jad gs mbnm gsgpprjxbhgtdly 59.>4%, fjatrgry tj Jptbja Jad‒s rdprdsdatgtbja tmgt aj ljga mgk ga L[P rgtbj

dxfddkban 799%.

547. [md @M@G rdgfmdk sbhblgr fjaflusbjas rdngrkban Jptbja Jad‒s kd`bfbdat

uakdrwrbtban gak sdfurbtbzgtbja prgftbfds ba @M@G v. Hdrrbll Lyafm & Fj., Baf., dt gl. , Aj. 7377-

fv-90595 (V.K.A.R.). [mdrd, tmd @M@G fjakuftdk g rdvbdw j` JJHL[ 599>-7, gajtmdr Jptbja

Jad-lgedl [rust gt bssud gak `juak “tmgt `jr tmd vgst hgcjrbty j` tmd ljgas rdvbdwdk ba tm_gtX

Vdfurbtbzgtbja_X, tmdrd wdrd auhdrjus sbnab`bfgat vbjlgtbjas j` tmd jrbnbagtjr‒s uakdrwrbtban

nubkdlbads, sufm gs g `gblurd tj dvglugtd tmd rdgsjageldadss j` tmd ejrrjwdr‒s stgtdk bafjhd jr tj

fjrrdftly gffjuat `jr tmd ejrrjwdr‒s kdet, ejtm ody `gftjrs edgrban ja dlbnbeblbty `jr g hjrtngnd

ljga.‘ Ba suppjrt j` tmbs glldngtbja, tmd @M@G pjbatdk jut tmgt Jptbja Jad mgk uakdrstgtdk aja-

jwadr jffupbdk prjpdrtbds ey hjrd tmga 2% gak tmgt tmd trud pdrfdatgnd j` ljgas wbtm ga L[P

rgtbj jvdr 799% wgs jvdr 59%, fjatrgry tj Jptbja Jad‒s rdprdsdatgtbja tmgt aj ljga‒s L[P rgtbj

dxfddkdk 799%.



-=9-

545. Ba Ymjdabx Lbnmt V@ Ltk., dt gl., v. C.Y. Hjrnga Vdfurbtbds LLF , Jptbja Jad

jrbnbagtdk gll tmd hjrtngnd ljgas ba JJHL[ 599>-6, JJHL[ 599>-;, JJHL[ 599>-4, VPMD

599>-JY[;, gak GE@F 5990-JY[5. Ymjdabx Lbnmt V@ Ltk., dt gl. v. C.Y. Hjrnga Vdf LLF, dt gl. ,

Bakdx Aj. 047>44/5975, Fjhpl. °655 (A.R. Vup. Ft. Jft. 4, 5975). [md plgbatb``‒s `jrdasbf

rdvbdw `juak tmgt3 (b) `jr JJHL[ 599>-6, 52.49% j` tmd ljgas mgk L[Ps jvdr 799% gak jwadr

jffupgafy wgs jvdrstgtdk ey =.=6 %. Bk . gt °°>>>, >27? (bb) `jr JJHL[ 599>-;, 69.47% j` tmd

ljgas mgk L[Ps jvdr 799% gak jwadr jffupgafy wgs jvdrstgtdk ey >.7>%. Bk . gt °°>>>, >27?

(bbb) `jr JJHL[ 599>-4, 5=.29% j` tmd ljgas mgk L[Ps jvdr 799% gak jwadr jffupgafy wgs

jvdrstgtdk ey 79.90%. Bk . gt °°>>>, >27? (bv) `jr VPMD 599>-JY[;, 57.47% j` tmd ljgas mgkL[Ps jvdr 799% gak jwadr jffupgafy wgs jvdrstgtdk ey 4.=>%. Bk . gt °°>>>, >27? gak (v) `jr

GE@F 5990-JY[5, 5;.42% j` tmd ljgas mgk L[Ps jvdr 799% gak jwadr jffupgafy wgs

jvdrstgtdk ey >.0;%. Bk . gt °°>>=, >25. Ajtgely, JJHL[ 599>-6, JJHL[ 599>-;, gak

JJHL[ 599>-4 grd [rusts gt bssud ba tmbs gftbja.

5. Grndat

546. Grndat jrbnbagtdk gpprjxbhgtdly $50.4 ebllbja j` hjrtngnd ljgas baflukdk ba tmd

[rusts gt bssud mdrd. > Gs kdtgbldk edljw, edtwdda 599; tj 599=, Grndat systdhbfglly jrbnbagtdk

ljgas ba vbjlgtbja j` bts uakdrwrbtban nubkdlbads gak ba erdgfm j` tmd rdprdsdatgtbjas gak

wgrrgatbds bt prjvbkdk tj tmd purfmgsdrs j` bts ljgas. Ey 5977, tmbs edfghd gppgrdat tj gll plgydrs

ba tmd UHEV bakustry, baflukban dlls @grnj.

54;. Grndat‒s systdhbf gak pdrvgsbvd jrbnbagtbja j` ljgas tmgt erdgfmdk rdprdsdatgtbjas

gak wgrrgatbds fjafdraban gkmdrdafd tj stgtdk uakdrwrbtban nubkdlbads wgs wdll kjfuhdatdk

> Ba Vdptdhedr j` 599>, Fbtbegao gfqubrdk Grndat, baflukban bts wmjldsgld hjrtngnd jrbnbagtbjakbvbsbja gak tmd sdrvbfban rbnmts tj fjlldft ja hjrd tmga $;4 ebllbja ba mjhd ljgas. Grndathdrndk batj FbtbHjrtngnd smjrtly tmdrdg`tdr.



-=7-

tmrjunm njvdrahdat bavdstbngtbjas gak puelbsmdk rdpjrts, bavdstjr lbtbngtbja, basurdr gftbjas, gak

agtbjaglly puelbsmdk adws grtbflds. @jr dxghpld, tmd JFF‒s “ jrst [da ba tmd jrst [da‘ lbst

baflukdk Grndat gs tmd dbnmtm wjrst hjrtngnd jrbnbagtjr egsdk ja 5994-599> ljga jrbnbagtbjas

gs j` Hgrfm 52, 5992. Kurban mbs Gprbl >, 5979 tdstbhjay ed`jrd tmd @FBF, Ubfmgrk Ejwda, tmd

`jrhdr Eusbadss Fmbd` Takdrwrbtdr gt Fbtbegao, tdstb`bdk tmgt md gkvbsdk gngbast tmd gfqubsbtbja

j` Grndat edfgusd “wd sghpldk ljgas tmgt wdrd jrbnbagtdk ey Grndat, gak wd `juak lgrnd

auhedrs tmgt kbk ajt ‖ tmgt wdrd ajt uakdrwrbttda gffjrkban tj tmd rdprdsdatgtbjas tmgt wdrd

tmdrd.‘ Mdgrban ja Vueprbhd Ldakban Gak Vdfurbtbzgtbja Gak Njvdrahdat Vpjasjrdk

Datdrprbsds, [dstbhjay j` Ubfmgrk H. Ejwd, BBB3 Ed`jrd tmd @ba. Frbsbs Baqubry Fjhh‒a (Gpr. >,5979) gt 562.

544. Lbtbngtbja ey njvdrahdat spjasjrdk datbtbds glsj smdk lbnmt ja Grndat‒s ljga

jrbnbagtbja prjeldhs. Ba Vdptdhedr j` 5977, tmd @M@G sudk Fbtbnrjup sddoban $6.0 ebllbja

fjafdraban hbsrdprdsdatgtbjas j` tmd quglbty j` tmd uakdrlyban fjllgtdrgl `jr fdrtgba hjrtngnd-

egfodk sdfurbtbds purfmgsdk ey tmd @dkdrgl Agtbjagl Hjrtngnd Gssjfbgtbja (“@gaabd Hgd‘) gak

tmd @dkdrgl Mjhd Ljga Hjrtngnd Fjrpjrgtbja (“@rdkkbd Hgf‘). Vdd @M@G v. Fbtbnrjup, Baf., dt

gl ., Aj. 7377-fv-90720 (V.K.A.R. Vdpt. 5, 5977). [md lgwsubt gffusdk Fbtbnrjup j` hbsldgkban

tmd njvdrahdat-spjasjrdk mjusban `bagafd fjhpgabds gejut tmd rbsos dhedkkdk ba tda

hjrtngnd-egfodk sdfurbtbds, baflukban sbnab`bfgatly jvdrstgtban ejrrjwdrs‒ geblbtbds tj rdpgy tmd

ljgas. Grndat wgs jad j` tmd lgrndst sjurfds j` ljgas gt bssud ba tmbs gftbja.

540. Yrbvgtd bavdstjrs, sufm gs Dllbantja Hgagndhdat Nrjup, L.L.F., sudk tj rdfjvdr

ljssds stdhhban `rjh ljgas jrbnbagtdk ey Grndat gak hbsrdprdsdatgtbjas gejut tmd kdet‒s rbsos.

Vdd Dllbantja Hnht. Nrp., L.L.F., dt gl. v. Ghdrbqudst Hjrtn. Fj., dt gl. , 7392-fv-99;70-CVU

(V.K.A.R. Cga. 7;, 5992).



-=5-

54>. Udpjrts `rjh agtbjagl gak ljfgl adws hdkbg glsj rdvdgldk systdhbf gak pdrvgsbvd

jrbnbagtbja j` ljgas tmgt erdgfmdk rdprdsdatgtbjas gak wgrrgatbds. @jr dxghpld, ja Jftjedr 59,

5992, Eljjhedrn rdpjrtdk tmgt gejut 09% j` hjrtngnds jrbnbagtdk ey Grndat wdrd fjaadftdk tj

mjhds ba kd`gult, gffjrkban tj HKG KgtgWubfo. Vdd Kga Ldvy Fjuatrywbkd Hjrtngnds Ldgk

Fglb`jrabg ba Kd`gults (Tpkgtd 5), Eljjhedrn (Jft. 59, 5992).

54=. Glsj, tmd Hbghb Mdrglk rdpjrtdk tmgt g Pbfd Yrdsbkdat gt Grndat “spdat tmrdd ydgrs

kurban tmd mdbnmt j` tmd mjusban ejjh tutjrban @ljrbkg hjrtngnd erjodrs ba tmd grt j` `rguk‘ gak

“tgunmt tmdh mjw tj kjftjr frdkbt rdpjrts, fjgfmdk tmdh tj ba`lgtd bafjhd ja ljga gpplbfgtbjas,

gak mdlpdk tmdh bavdat pmgatjh cjes `jr ejrrjwdrs.‘ Cgfo Kjlga, Hgttmdw Mgnnhga gak UjeEgrry, Mjhd Ljga Ugfodt @ljurbsmdk ba @ljrbkg, Hbghb Mdrglk (Cga. 52, 5992). Gffjrkban tj

tmd adws rdpjrt, jut j` 752 ljga gpplbfgtbjas jetgbadk ey tmd Hbghb Mdrglk `rjh g ljfgl erjodr

tmgt wdrd `uakdk ey Grndat, “796 fjatgbadk rdk `lgns3 aja-dxbstdat dhpljydrs, nrjssly ba`lgtdk

sglgrbds gak sukkda, krgstbf bafrdgsds ba tmd ejrrjwdr‒s adt wjrtm.‘ Bk .

6. ^HF

542. ^HF jrbnbagtdk gpprjxbhgtdly $7> ebllbja ba ljgas baflukdk ba tmd [rusts gt bssud

mdrd.= Gs kdtgbldk edljw, ^HF systdhbfglly jrbnbagtdk ljgas ba vbjlgtbja j` bts uakdrwrbtban

nubkdlbads gak ba erdgfm j` tmd rdprdsdatgtbjas gak wgrrgatbds. Ey 5977, tmbs edfghd gppgrdat tj

gll plgydrs ba tmd UHEV bakustry, baflukban dlls @grnj. ^HF‒s systdhbf gak pdrvgsbvd

jrbnbagtbja j` kd`dftbvd ljgas wgs wdll kjfuhdatdk tmrjunm njvdrahdat bavdstbngtbjas, bavdstjr

gak basurdr lbtbngtbja, gak agtbjagl adws rdpjrts. @jr dxghpld, tmd JFF‒s “ jrst [da ba tmd

= Ndadrgl Dldftrbf Fgpbtgl (“ND‘) purfmgsdk ^HF `rjh g prbvgtd-dqubty `brh ba 599;. ^mbldmjhd prbfds pdgodk ba Cuad 5990, bt wgsa‒t uatbl g ydgr lgtdr tmgt ND `baglly kdfbkdk tj ualjgk^HF g`tdr bt ljst glhjst $7 ebllbja ba 599>.



-=6-

^jrst [da‘ lbst baflukdk ^HF, g suesbkbgry j` ND Hjady Egao, @VE, gs tmd sdfjak wjrst

hjrtngnd jrbnbagtjr egsdk ja 5994-599> ljga jrbnbagtbjas gs j` Hgrfm 52, 5992.

509. Ja Vdptdhedr 5, 5977, tmd @M@G sudk ND glldnban tmgt tmd fjhpgay hgkd

bagffurgtd stgtdhdats gejut tmd quglbty j` ljgas uakdrlyban tmd sdfurbtbds, baflukban tmjsd bssudk

ba 5994 ey ^HF. Vdd @M@G v. Nda. Dldf. Fj. , Aj. 7377-fv-9>9;= (V.K.A.R.). Ba @dkdrgl

Mjusban @bagafd Gndafy v. ^HF Hjrtngnd, LLF, Aj. 7376-fv-994=; (V.K.A.R.) tmd @M@G‒s

glldngtbjas tmgt ^HF hbsrdprdsdatdk gpprjxbhgtdly $7 ebllbja ba hjrtngnds bt pjjldk gak sjlk

wdrd sustgbadk ey tmd fjurt. Bavdstbngtbjas ba 5977, 5975 gak 5976 bkdatb`bdk prjeldhs ghjan gt

ldgst 44% j` tmd ljgas, gak tmdsd prjeldhs baflukd ljga kjfuhdatgtbja tmgt uakdrstgtdk frdkbtrbso ey jvdrvgluban prjpdrtbds jr hbsstgtban tmdbr purpjsd. [mdsd @M@G gftbjas wdrd wbkdly

puelbfbzdk. Vdd, d.n., Ugfmdl Lgyad, ND Vgys @M@G @bldk Hjrtngnd-Vdfurbty Vubt ^btmjut

^graban, Eljjhedrn (Vdpt. >, 5977)? Agtd Ugyhjak, @M@G Vgys Vdttldhdat Udgfmdk ^btm ND

Ba Hjrtngnd Fgsd, Udutdrs (Cga. 56, 5976).

507. Ejak basurgafd fjhpgabds glsj `bldk gftbjas tj rdfjup ljssds grbsban `rjh

^HF‒s `rgukuldat ljga jrbnbagtbjas. @jr dxghpld, ba YHB Hjrtngnd Basurgafd Fj., dt gl. v.

^HF Hjrtngnd Fjrp., dt gl., (“ YHB ‘), Aj. EF-6=72>5 (Ljs Gandlds Vup. Ft.), ^HF gak ND

wdrd sudk `jr ljgas hgkd ba vbjlgtbja j` tmd stgtdk uakdrwrbtban stgakgrks. [mdrd, g rdvbdw j`

ljgas `juak “g systdhbf `gblurd ey ^HF tj gpply sjuak uakdrwrbtban stgakgrks gak prgftbfds.‘

Udvbdwban g sghpld j` tmd adgrly 4,999 ljgas ba tmd pjjl, YHB bkdatb`bdk 759 “kd`dftbvd‘ ljgas

`jr wmbfm ejrrjwdrs‒ bafjhds gak dhpljyhdat wdrd bafjrrdft jr wmdrd tmd ejrrjwdr‒s batdatbja

tj lbvd ba tmd mjhd wgs bafjrrdft. [md Adw Rjro [bhds rdpjrtdk ja tmbs gftbja. Vdd Pbogs Egcgc,

B` Dvdryjad‒s @bandr-Yjbatban, ^mj‒s tj Elghd: A.R. [bhds (Cga. 55, 599=).



-=;-

505. YHB `bldk gajtmdr lgwsubt gngbast ^HF ba Vdptdhedr 5992 g`tdr g rdvbdw j`

^HF‒s hjrtngnd ljga `blds `juak tmgt ^HF “`jlljwdk `dw, b` gay, jecdftbvd stgakgrks jr

frbtdrbg ba uakdrwrbtban _hjrtngnd ljgasX gak smjwdk lbttld fjafdra,, b` gay, `jr gay ejrrjwdr‒s

geblbty tj rdpgy.‘ YHB Hjrtn. Bas. Fj. v. ^HF Hjrtn. Fjrp. , Aj. EF-6279>5 (Ljs Gandlds

Vupdr. Ft.). Gffjrkban tj YHB‒s fjhplgbat, g rdvbdw j` g sghpld j` tmjusgaks j` ^HF-

jrbnbagtdk ljgas rdvdgldk tmgt ^HF “erdgfmdk vgrbjus rdprdsdatgtbjas gak wgrrgatbds _gttdstban

tmgt,Xbatdr glbg, tmd ljga-tj-vglud rgtbj gt tmd tbhd j` jrbnbagtbja wgs nrdgtdr tmga 799%? `rguk,

drrjrs, hbsrdprdsdatgtbjas, jr nrjss adnlbndafd tjjo plgfd ja tmd pgrt j` ^HF . . . ? tmd ljgas kbk

ajt fjhply wbtm ^HF‒s jwa uakdrwrbtban stgakgrks gt tmd tbhd j` jrbnbagtbja? fdrtgbakjfuhdats wdrd hbssban? gak/jr ^HF mgk `gbldk tj utblbzd g hdtmjkjljny ba uakdrwrbtban tmd

ljgas tmgt dhpljydk jecdftbvd hgtmdhgtbfgl prbafbplds kdsbnadk tj kdtdrhbad tmgt, gt tmd tbhd j`

jrbnbagtbja, tmd ejrrjwdr mgk tmd rdgsjageld geblbty tj hgod tbhdly pgyhdats ja tmd Hjrtngnd

Ljgas.‘ Gffjrkban tj tmd YHB fjhplgbat, tmd bavdstbngtbja “kdhjastrgtd_kX g systdhbf `gblurd

ey ^HF tj gpply sjuak uakdrwrbtban stgakgrks gak prgftbfds wmbfm futs gfrjss gll j` tmd _ljgas

ba tmd sdfurbtbzgtbjaX.‘ Ba tmd kd`dftbvd ljgas, tmd bavdstbngtbja kbsfjvdrdk “uardgsjageld stgtdk

bafjhd gak/jr hbsrdprdsdatgtbjas j` bafjhd gak/jr dhpljyhdat ey tmd ejrrjwdr.‘ Hjrdjvdr,

adgrly g qugrtdr j` tmd ljgas sghpldk wdrd smjwa tj fjatgba “hbsrdprdsdatgtbjas j` jffupgafy

ey tmd ejrrjwdr.‘

506. Vj-fglldk “putegfo‘ gftbjas ey trustdds gngbast ^HF `jr erdgfm j` fjatrgft gak

kghgnds `urtmdr smjw tmd pdrvgsbvd gak systdhbf erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds. Ba

HGV[U Gssdt Egfodk Vdfurbtbds [rust 5990-MD6 v. ^HF Hjrtngnd Fjrp., dt gl ., Aj. 77-954;5

(K. Hbaa. Vdpt. 5, 5977), T.V. Egao, gs trustdd, glldndk tmgt ^HF `glsdly gssurdk purfmgsdrs tmgt

tmd ljgas wdrd frdkbtwjrtmy, eut hjrd tmga ;4% j` tmd $444 hbllbja ba tmd jrbnbagl ljga eglgafd



-=4-

mgk edda lbqubkgtdk gak hjrd tmga 69% j` tmd rdhgbaban ljgas wdrd kdlbaqudat. G rdvbdw j` g

$449 hbllbja pjjl j` hjrtngnds ejjodk ey ^HF gak gajtmdr sueprbhd ldakdr `juak ba`lgtdk

ejrrjwdr bafjhds, hbssban kjfuhdats gak jtmdr “hgtdrbgl erdgfmds‘ ba 749 ljga `blds jut j` g

sghpld j` 599 ‖ g “stuaaban >4 pdrfdat `gblurd rgtd.‘

50;. Vbhblgrly, ba C.Y. Hjrnga Hjrtngnd Gfqubsbtbja [rust, Vdrbds 5990-^HF;, ey tmd

Egao j` Adw Rjro Hdllja, sjldly ba bts fgpgfbty gs Vdfurbtbds Gkhbabstrgtjr v. ^HF Hjrtngnd,

LLF , Bakdx Aj. 04;;0;/5975 (A.R. Vup. Ft. Kdf. 59, 5975) tmd plgbatb`` trustdd glldndk tmgt g

rdvbdw rdvdgldk hjrd tmga 6,999 hjrtngnds jrbnbagtdk ey ^HF wbtm “hgtdrbglly gak gkvdrsdly‘

erdgfmds j` ba`jrhgtbja rdngrkban fmgrgftdrbstbfs j` tmd ljgas, baflukban hbsrdprdsdatgtbjas gs tjtmd jffupgafy j` tmd jwadr gak tmd “kd`dfts‘ baflukdk “rdpdgtdk `gblurd tj gkmdrd tj sjuak

uakdrwrbtban prgftbfds, g elgtgat kbsrdngrk `jr g ejrrjwdr‒s geblbty tj rdpgy tmd ljga, gak

batdatbjagl bnajrgafd j` wgraban sbnas j` `rguk.‘). [mdsd typds j` putegfo gftbjas gngbast ^HF

wdrd wbkdly rdpjrtdk ja ey tmd agtbjagl hdkbg. Vdd, d.n., Hgrngrdt @bso gak Cjky Vmdaa, ^HF

Hjrtngnd, Dqub@brst Vudk ey [rustdd Jvdr Hjrtngnd Ljgas, Eljjhedrn (Vdpt. 0, 5977)? gak

Fmrbs Kjlhdtsfm, ^HF Hjrtngnd Vudk Ey [rust Gkhbabstrgtjr Ba A.R. Fjurt, Eljjhedrn (Kdf.

57, 5975).

504. ^HF‒s bhprjpdr ljga jrbnbagtban prgftbfds mgvd edda tmd suecdft j` bavdstbngtbja

gak rdnulgtjry da`jrfdhdat gftbjas gs wdll. @jr dxghpld, ba Cuad 599=, tmd gsmbantja Vtgtd

Kdpgrthdat j` @bagafbgl Bastbtutbjas, Kbvbsbja j` Fjasuhdr Vdrvbfds, `bldk g Vtgtdhdat j`

Fmgrnds gak Ajtbfd j` Batdatbja tj Datdr ga Jrkdr tj Udvjod Lbfdasd, Yrjmbebt @rjh Bakustry,

Bhpjsd @bad, Jrkdr Udstbtutbja gak Fjlldft Bavdstbngtbja @dds gngbast ^HF gak bts prbafbpgl

jwadrs bakbvbkuglly. [md Vtgtdhdat j` Fmgrnds baflukdk g rdvbdw j` dbnmty-sbx ljga `blds, wmbfm

rdvdgldk tmgt gt ldgst sdvdaty-sbx ljgas (jr hjrd tmga ==%) wdrd kd`dftbvd jr jtmdrwbsd ba



-=0-

vbjlgtbja j` gsmbantja stgtd lgw. Ghjan jtmdr tmbans, tmd bavdstbngtbja uafjvdrdk tmgt ^HF

mgk jrbnbagtdk ljgas wbtm ualbfdasdk jr uardnbstdrdk hjrtngnd erjodrs, uakdrstgtdk ghjuats j`

`bagafd fmgrnds ja ljgas, uakdrstgtdk ghjuats j` pgyhdats hgkd tj dsfrjw fjhpgabds,

uakdrstgtdk gaaugl pdrfdatgnd rgtds tj ejrrjwdrs gak fjhhbttdk hgay jtmdr vbjlgtbjas j`

gsmbantja stgtd kdfdptbvd gak ua`gbr prgftbfds lgws.

;. @brst @rgaolba

500. @brst @rgaolba, g suesbkbgry j` Hdrrbll Lyafm (wmbfm wgs purfmgsdk ey Egao j`

Ghdrbfg), jrbnbagtdk gpprjxbhgtdly $74 ebllbja ba hjrtngnd ljgas baflukdk ba tmd [rusts gt bssud

mdrd. Kurban tmd hjrtngnd gak sdfurbtbzgtbja ejjh, @brst @rgaolba systdhbfglly jrbnbagtdk ljgas

ba erdgfm j` tmd rdprdsdatgtbjas gak wgrrgatbds bt prjvbkdk tj tmd purfmgsdrs j` bts ljgas.

50>. @brst @rgaolba‒s gegakjahdat j` bts uakdrwrbtban stgakgrks gak pjjr jrbnbagtbja

prgftbfds grd wdll kjfuhdatdk tmrjunm njvdrahdat bavdstbngtbjas gak rdpjrts, bavdstjr lbtbngtbja,

basurdr gftbjas, gak adws hdkbg sjurfds. @jr dxghpld, tmd JFF‒s “^jrst [da ba tmd jrst [da‘

lbst baflukdk @brst @rgaolba gs tmd `b`tm wjrst jrbnbagtjr egsdk ja 5994-599> ljga jrbnbagtbjas gs

j` Hgrfm 52, 5992. Hjrdjvdr, tmd Vdagtd Udpjrt bkdatb`bdk @brst @rgaolba gs jad j` `bvd

hjrtngnd jrbnbagtjrs tj wmbfm Njlkhga Vgfms kbrdftdk tmd hjst rdpurfmgsd rdqudsts `jr

erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds fjafdraban uakdrwrbtban ljga quglbty. Vdd Vdagtd

Udpjrt gt ;=>, a.5947.

50=. Ja Vdptdhedr 5, 5977, tmd @M@G sudk Hdrrbll Lyafm gak bts suesbkbgry @brst

@rgaolba, ghjan jtmdrs, `jr $5;.= ebllbja, `jr hbsrdprdsdatban tmd quglbty j` hjrtngnd-egfodk

sdfurbtbds sjlk tj @gaabd Hgd gak @rdkkbd Hgf. Vdd @M@G v. Hdrrbll Lyafm & Fj., Baf., dt gl .,

Aj. 7377-fv-90595 (V.K.A.R. Vdpt. 5, 5977). [mbs gftbja, gljan wbtm sbhblgr gftbjas babtbgtdk ey

tmd @M@G, wgs fjvdrdk ey tmd agtbjagl hdkbg. Vdd, d.n., @M@G Vuds 7> Egaos Jvdr Hgssbvd

Hjrtngnd Ljssds Gt @gaabd gak @rdkkbd , @jreds (Vdpt. 5, 5977).



-==-

bavdstbngtbjas, bavdstjr lbtbngtbja, gak agtbjagl adws rdpjrts. @jr dxghpld, tmd JFF‒s “ jrst

[da ba tmd ^jrst [da‘ lbst baflukdk @rdhjat gs tmd sbxtm wjrst hjrtngnd jrbnbagtjr egsdk ja

5994-599> ljga jrbnbagtbjas gs j` Hgrfm 52, 5992.

5>5. Ednbaaban ba 5992, @rdhjat‒s jrbnbagtbja prgftbfds mgvd edda tmd suecdft j`

auhdrjus njvdrahdatgl bavdstbngtbjas gak rdpjrts. @jr dxghpld, tmd @FBF Udpjrt kbsfussds

mjw tmd frdkbt rgtban gndafy Hjjky‒s Bavdstjrs Vdrvbfd (“Hjjky‒s‘) frdgtdk ga bakdpdakdat

survdbllgafd tdgh ba 599; ba jrkdr tj hjabtjr prdvbjusly rgtdk kdgls. [md Hjjky‒s survdbllgafd

tdgh ednga tj sdd g rbsd ba dgrly pgyhdat kd`gults ba hjrtngnds jrbnbagtdk ey @rdhjat ba 5990

gak kjwanrgkdk sdvdrgl sdfurbtbds wbtm uakdrlyban @rdhjat ljgas jr put tmdh ja wgtfm `jr`uturd kjwanrgkds. Hjjky‒s fmbd` frdkbt j``bfdr rdhgrodk tmgt Hjjky‒s mgk advdr mgk tj put ja

wgtfm kdgls rgtdk ba tmd sghd fgldakgr ydgr. Ba 599>, ba ga uaprdfdkdatdk hjvd, Hjjky‒s

kjwanrgkdk 622 sueprbhd hjrtngnd-egfodk sdfurbtbds tmgt mgk edda bssudk ba 5990 gak put ga

gkkbtbjagl 65 sdfurbtbds ja wgtfm. Hjjky‒s ajtdk tmgt gejut 09% j` tmd sdfurbtbds g``dftdk

fjatgbadk hjrtngnds `rjh jad j` `jur jrbnbagtjrs, jad j` wmbfm wgs @rdhjat. @FBF Udpjrt gt

557-555.

5>6. Gffjrkban tj tmd @FBF Udpjrt, wmda sdfurbtbzdrs obfodk ljgas jut j`

sdfurbtbzgtbja pjjls, sjhd jrbnbagtjrs sbhply put tmjsd ljgas batj adw pjjls. Ujndr Dmrahga,

@rdhjat‒s `jrhdr rdnulgtjry fjhplbgafd gak rbso hgagndr, tjlk tmd @FBF tmgt @rdhjat mgk g

pjlbfy j` puttban ljgas batj suesdqudat pjjls uatbl tmdy wdrd obfodk jut tmrdd tbhds. @FBF

Udpjrt gt 70=.

5>;. [md Vdagtd Udpjrt glsj pgbats @rdhjat ba g adngtbvd lbnmt, ajtban tmgt @rdhjat

wgs g ldakdr “wdll oajwa wbtmba tmd bakustry `jr bssuban pjjr quglbty ljgas.‘ Vdagtd Udpjrt gt

77. Ba Hgrfm j` 599>, @rdhjat, jafd tmd agtbja‒s `b`tm lgrndst sueprbhd hjrtngnd ldakdr,



-=2-

stjppdk jrbnbagtban sueprbhd ljgas g`tdr rdfdbvban g fdgsd gak kdsbst jrkdr `rjh tmd @KBF. Bk. gt

;4, 56>? @FBF Udpjrt gt 566. [md fdgsd gak kdsbst ldttdr “dxpjsdk tmd dxbstdafd j` uasg`d gak

uasjuak sueprbhd ldakban prgftbfds‘ ey @rdhjat wmda bt kdtdrhbadk tmgt @rdhjat mgk edda

jpdrgtban wbtm “g lgrnd vjluhd j` pjjr quglbty ljgas‘ gak hgbatgbadk “uasgtbs`gftjry ldakban

prgftbfds.‘ Vdagtd Udpjrt gt ;4, 56=. @baglly, ba Cuad j` 599=, smjrtly g`tdr tmd @KBF `bldk g

sdfjak puelbf da`jrfdhdat gftbja gngbast tmd egao, @rdhjat kdflgrdk egaoruptfy. Bk. gt 56=.

5>4. Ba Cuad j` 5992, tmd Gttjrady Ndadrgl j` Hgssgfmusdtts rdgfmdk g $79 hbllbja

sdttldhdat wbtm @rdhjat ba jrkdr tj rdkrdss, ghjan jtmdr tmbans, @rdhjat‒s prdkgtjry ldakban

prgftbfds. Gttjrady Ndadrgl Hgrtmg Fjgoldy Udgfmds $79 Hbllbja Vdttldhdat wbtm Vueprbhd Ldakdr @rdhjat Bavdsthdat gak Ljga , Gttjrady Ndadrgl j` Hgssgfmusdtts Yrdss Udldgsd (Cuad 2,

5992). Gffjrkban tj tmd Gttjrady Ndadrgl J``bfd‒s fjhplgbat, @rdhjat wgs sdllban rbsoy ljga

prjkufts tmgt bt oadw wdrd kdsbnadk tj `gbl, sufm gs 799% `bagafban ljgas gak “aj

kjfuhdatgtbja‘ ljgas. Vdd Hgssgfmusdtts v. @rdhjat Bav. & Ljga gak @rdhjat Nda. Fjrp. , Aj.

9>-;6>6 (Hgss. Vup. Ft. Jft. ;, 599>).

5>0. Ba ga ghdakdk fjhplgbat `bldk ey tmd @M@G ja Kdfdhedr 57, 5977, @M@G v. TEV

Ghdrbfgs Baf. , Aj. 77-fv-94597, 5977 ^L >052522 (V.K.A.R. Kdf. 57, 5977), tmd @M@G glldndk3

g fja`bkdatbgl wbtadss wmj prdvbjusly wjrodk gt @rdhjat ba bts systdh jpdrgtbjas gak

uakdrwrbtban sdftbjas stgtdk tmgt @rdhjat fjasbstdatly fut fjradrs gak sgfrb`bfdk uakdrwrbtban

stgakgrks ba jrkdr tj bssud ljgas. Md ajtdk tmgt “@rdhjat wgs gll gejut vjluhd gak prj`bt,‘ gak

tmgt wmda md gttdhptdk tj kdflbad g ljga, md wgs rdnulgrly tjlk “yju mgvd sbnadk wjrsd ljgas

tmga tmbs.‘ [md sghd wbtadss glsj sgbk tmgt dhpljydds gt @rdhjat wjulk frdgtd kjfuhdats tmgt

wdrd ajt prjvbkdk ey tmd ejrrjwdrs, baflukban fmdfo stues gak tgx kjfuhdats, ba jrkdr tj ndt

ljgas gpprjvdk. [md fja`bkdatbgl wbtadss stgtdk tmgt @rdhjat rdnulgrly mbrdk uakdrwrbtdrs wbtm



-29-

aj dxpdrbdafd, wmj rdnulgrly hbssdk suestgatbgl auhedrs j` gaswdrs ja batdragl uakdrwrbtban

dxghs. Md dxplgbadk tmgt lbod hgay @rdhjat dhpljydds, md qubt edfgusd md wgs uafjh`jrtgeld

wbtm tmd fjhpgay‒s prgftbfds. Vdfjak Ghdakdk Fjhpl. °666? Vdd glsj AFTG v. TEV Vdf., LLF ,

Aj. 76-fv-0>67 (V.K.A.R. Vdpt. 56, 5976) Fjhpl. °7>0. Ja Culy 54, 5976, tmd @M@G gaajuafdk

tmgt bt mgk rdgfmdk ga gnrddhdat tj sdttld tmd fgsd `jr $==4 hbllbja. @M@G Gaajuafds Vdttldhdat

wbtm TEV , @dkdrgl Mjusban @bagafd Gndafy Yrdss Udldgsd (Culy 54, 5976).

5>>. Bavdstjr lbtbngtbja glsj dxpjsdk @rdhjat‒s bhprjpdr jrbnbagtbja prgftbfds. Ba

Fgherbknd Ylgfd Bavdsthdat Hgagndhdat Baf. v. Hjrnga Vtgaldy & Fj., Baf., dt gl. , Aj. 79-

5>;7, 5979 ^L 6997>54 (Hgss. Vup. Ft. Culy 2, 5979), plgbatb``s egsdk hufm j` tmdbr fgsd jasbxty-tmrdd fja`bkdatbgl wbtadssds wmj tdstb`bdk ba fjurt kjfuhdats gejut tmd rdfoldss ldakban

prgftbfds tmgt kjhbagtdk tmd sueprbhd hgrodt kurban tmd rdgl dstgtd ejjh. @rdhjat, gffjrkban tj

tmd lgwsubt, rdnulgrly gpprjvdk ljgas wbtm uardglbstbf stgtdk bafjhds ‖ sufm gs pbzzg kdlbvdry

wjrodrs hgoban $0,999 g hjatm. Bk. Fjhpl. °7>4? Vdd glsj AFTG v. TEV Vdf., LLF , Aj. 76-fv-

0>67 (V.K.A.R. Vdpt. 56, 5976) Fjhpl. °7>4.

0. ^dlls @grnj

5>=. ^dlls @grnj jrbnbagtdk gpprjxbhgtdly $79 ebllbja j` rdsbkdatbgl hjrtngnd ljgas

sjlk tj tmd [rusts. dlls @grnj‒s jrbnbagtbja prgftbfds mgvd edda tmd suecdft j` auhdrjus

njvdrahdatgl bavdstbngtbjas gak rdpjrts gak prbvgtd UHEV lgwsubts. @jr dxghpld, tmd @FBF

Udpjrt bssudk ba Cgaugry 5977 rdvdgldk, `jr tmd `brst tbhd, `bakbans ba g fja`bkdatbgl 5994 “pddr

nrjup‘ stuky fjakuftdk ey dxghbadrs `rjh tmd @dkdrgl Udsdrvd gak jtmdr gndafbds j` hjrtngnd

prgftbfds gt sbx fjhpgabds, baflukban dlls @grnj. Ajtgely, tmd stuky jesdrvdk “g vdry rgpbk

bafrdgsd ba tmd vjluhd j` _X brrdspjasbeld ljgas, vdry rbsoy ljgas‘ ey ^dlls @grnj gak tmdsd `bvd

jtmdr ldakdrs, gak tmgt g “lgrnd pdrfdatgnd j` tmdbr ljgas bssudk wdrd sueprbhd gak Glt-G

hjrtngnds, gak tmd uakdrwrbtban stgakgrks jr tmdsd prjkufts mgk kdtdrbjrgtdk.‘ @FBF Udpjrt gt



-27-

7>5. [md @FBF Udpjrt `urtmdr rdvdgldk `jr tmd `brst tbhd tmgt @rdkkbd Hgf “putegfo‘ $7.5 ebllbja

ba badlbnbeld hjrtngnd ljgas tj ^dlls @grnj kurban 5992 gak 5979, wmbld @gaabd Hgd “putegfo‘

$5.6 ebllbja badlbnbeld hjrtngnd ljgas tj ^dlls @grnj `rjh 599> tmrjunm 5979. Bk. gt 554.

5>2. ^dlls @grnj‒s systdhbf vbjlgtbjas j` rdprdsdatgtbjas gak wgrrgatbds rdngrkban tmd

frdkbt quglbty j` tmd ljgas bt jrbnbagtdk mgvd edda tmd suecdft j` sdvdrgl mbnmly puelbfbzdk UHEV

lgwsubts. @jr bastgafd, ba Ba rd ^dlls @grnj Hjrtngnd-Egfodk Fdrtb`bfgtds Lbtbngtbja, Aj. 92-

FP-976>0 (A.K. Fgl. Hgr. 5>, 5992), tmd fjurt `juak tmgt tmd prbvgtd bavdstjr plgbatb``s mgk

gkdqugtdly pldk tmgt “vgrbgafd `rjh tmd stgtdk _uakdrwrbtbanX stgakgrks wgs dssdatbglly _^dlls

@grnj‒sX ajrh‘ gak tmgt tmbs fjakuft “ba`dftdk tmd datbrd uakdrwrbtban prjfdss.‘ Ba rd dlls @grnj Hjrtngnd-Egfodk Fdrtb`bfgtds Lbtbn. , >75 @. Vupp. 5k 24=, 2>7->5 (A.K. Fgl. Gpr. 55,

5979). Ba 5977, dlls @grnj gnrddk tj pgy $754 hbllbja tj sdttld tmd lbtbngtbja. [md @KBF hgkd

sbhblgr glldngtbjas ba @KBF v. Fmgsd Hjrtngnd @bagafd Fjrp., dt gl ., Aj. 75-fv-0700 (V.K.A.R.

Gun. 79, 5975), fjatdakban tmgt ^dlls @grnj gak jtmdr jrbnbagtjrs jvdrstgtdk tmd vgluds j`

prjpdrtbds sufm tmgt vbrtuglly dvdry rdprdsdatgtbja gejut tmd ljga-tj-vglud rgtbjs j` tmd ljgas wgs

uatrud jr hbsldgkban.

5=9. [md rdsults j` ljga `bld rdvbdws fjakuftdk ey bavdstjrs mgvd `urtmdr fja`brhdk

dlls @grnj‒s gegakjahdat j` tmdbr uakdrwrbtban stgakgrks gak pdrvgsbvd gak systdhbf erdgfm j`

hgtdrbgl rdprdsdatgtbjas gak wgrrgatbds rdngrkban quglbty gak fmgrgftdrbstbfs j` tmd ljgas bt

jrbnbagtdk. @jr dxghpld, ba @M@G v. Fbtbnrjup Baf., dt gl ., tmd @M@G rdvbdwdk 7,=47 ljga `blds ba

tmd FHL[B 5990-^@7 gak FHL[B 5990-^@5 sdfurbtbzgtbjas. dlls @grnj jrbnbagtdk gll j` tmd

ljgas ba tmdsd twj trusts. [md @M@G `juak tmgt g stuaaban >2% j` tmd rdvbdwdk hjrtngnd ljgas

ba tmdsd sdfurbtbzgtbjas wdrd ajt uakdrwrbttda ba gffjrkgafd wbtm tmd uakdrwrbtban nubkdlbads jr



-25-

jtmdrwbsd erdgfmdk tmd rdprdsdatgtbjas fjatgbadk ba tmd trgasgftbja kjfuhdats. @M@G v.

Fbtbnrjup Baf., dt gl ., Aj. 77-fv-0720 (V.K.A.R. Cuad 5=, 5975) Ghdakdk Fjhpl. °760.

5=7. Ba gkkbtbja, tmdrd bs ghpld puelbf dvbkdafd j` ^dlls @grnj‒s `gblurd tj jrbnbagtd

ljgas ba fjhplbgafd wbtm `dkdrgl gak stgtd lgw. @jr dxghpld, ja Culy 59, 5977, tmd @dkdrgl

Udsdrvd gaajuafdk tmgt bt mgk ldvbdk g rdfjrk $=4 hbllbja `bad gngbast ^dlls @grnj `jr pusmban

ejrrjwdrs wbtm njjk frdkbt batj dxpdasbvd sueprbhd hjrtngnds gak `glsb`yban ljga gpplbfgtbjas.

Vbhblgrly, ba lgtd 5975, tmd T.V. Gttjrady `jr tmd Vjutmdra Kbstrbft j` Adw Rjro flgbhdk tmgt

^dlls @grnj dangndk ba g “ljanstgakban gak rdfoldss trb`dftg j` kd`bfbdat trgbaban, kd`bfbdat

uakdrwrbtban gak kd`bfbdat kbsfljsurd, gll wmbld rdlyban ja tmd fjavdabdat egfostjp j`njvdrahdat basurgafd.‘ Hgamgttga T.V. Gttjrady @blds Hjrtngnd @rguk Lgwsubts Gngbast dlls

@grnj Egao, A.G. Vddoban Muakrdks j` Hbllbjas j` Kjllgrs ba Kghgnds `jr @rgukuldatly

Fdrtb`bdk Ljgas , T.V. Gttjrady‒s J``bfd (V.K.A.R. Jft. 2, 5975).

5=5. @urtmdr, ja Cgaugry 4, 5975, bt wgs wbkdly puelbfbzdk tmgt g nrjup j` bastbtutbjagl

bavdstjrs prjvbkdk ajtbfd tj T.V. Egao gak MVEF, gs trustdds, j` erdgfm j` sdlldr rdprdsdatgtbjas

gak wgrrgatbds ba ljga pjjls sdfurban jvdr $72 ebllbja j` UHEV bssudk ey vgrbjus g``blbgtds j`

^dlls @grnj ba `jrty-dbnmt trusts `rjh tmd ^@GL[, ^@HEV gak ^HL[ smdlvds, gs wdll gs

kd`bfbdat sdrvbfban j` tmjsd ljgas (tmd “Cgaugry 4, 5975 Ajtbfd‘). Ba tmd Cgaugry 4, 5975 Ajtbfd,

tmd bavdstjr nrjup bssudk bastruftbjas tj T.V. Egao gak MVEF tj jpda ga bavdstbngtbja batj tmd

prjeldhs j` badlbnbeld hjrtngnds ba UHEV pjjls gak kd`bfbdat sdrvbfban j` tmjsd ljgas.

>. Fjuatrywbkd

5=6. Fjuatrywbkd @bagafbgl Fjrpjrgtbja gak rdlgtdk datbtbds (“Fjuatrywbkd‘) wdrd

ghjan tmd lgrndst sdlldrs j` hjrtngnd ljgas sjlk tj tmd [rusts, jrbnbagtban gpprjxbhgtdly $=.>

ebllbja hjrtngnd ljgas. Fjuatrywbkd glsj spjasjrdk jvdr $5= ebllbja ba ljgas `jr abadtdda j` tmd

[rusts. Kud tj tmd pjjr frdkbt quglbty j` tmd ljgas, tmd Fjuatrywbkd-lgedl [rusts mgvd su``drdk



-26-

sdvdrd fjllgtdrgl wrbtd-kjwas. Gs j` Hgy 7, 597;, tmd Fjuatrywbkd-lgedl [rusts mgvd su``drdk

jvdr $4.= ebllbja ba rdglbzdk ljssds.

5=;. Bt bs edyjak kbsputd tmgt Fjuatrywbkd wgs jad j` tmd hjst ajtjrbjus gak wjrst

ljga jrbnbagtjrs gak sdfurbtbzdrs, rjutbadly gegakjaban gll uakdrwrbtban stgakgrks gak

rdqubrdhdats wmbld puhpban muakrdks j` ebllbjas j` kjllgrs j` tjxbf ljgas batj tmd Tabtdk Vtgtds

UHEV sdfurbtbzgtbja hgrodt.

5=4. Fjuatrywbkd‒s kd`gult rgtds rd`ldftdk bts gpprjgfm tj uakdrwrbtban. Ba Ajvdhedr

599=, tmd J``bfd j` tmd Fjhptrjlldr j` tmd Furrdafy (“JFF‘) rdsdgrfmdk tmd tda hdtrjpjlbtga

grdgs wbtm tmd mbnmdst `jrdfljsurd rgtds gak bkdatb`bdk tda ldakdrs ba dgfm grdg wbtm tmd hjst`jrdfljsdk ljgas. Fjuatrywbkd gppdgrdk ja tmd tjp tda lbst ba sbx j` tmd tda hgrodts3 ;tm ba Lgs

Pdngs, Advgkg? =tm ba Vgfrghdatj, Fglb`jrabg? 2tm ba Vtjfotja, Fglb`jrabg gak Ubvdrsbkd,

Fglb`jrabg? gak 79tm ba Egodrs`bdlk, Fglb`jrabg gak Hbghb, @ljrbkg. ^mda tmd JFF bssudk bts

upkgtdk 5992 “^jrst [da ba tmd ^jrst [da‘ Udpjrt, Fjuatrywbkd gppdgrdk ja tmd tjp tda lbst ba

dvdry hgrodt, mjlkban 7st plgfd ba Lgs Pdngs, Advgkg? 5ak ba Udaj, Advgkg? 6rk ba Hdrfdk,

Fglb`jrabg? 0tm ba @jrt Hydrs-Fgpd Fjrgl, @ljrbkg, Hjkdstj, Fglb`jrabg, gak Vtjfotja-Ljkb,

Fglb`jrabg? >tm ba Ubvdrsbkd-Vga Edragrkbaj, Fglb`jrabg gak @jrt Ybdrfd-Yjrt Vt. Lufbd, @ljrbkg?

=tm ba Pglldcj-@gbr`bdlk-Agpg, Fglb`jrabg? gak 2tm ba Egodrs`bdlk, Fglb`jrabg.Vdd 5992 “^jrst [da

ba tmd ^jrst [da‘ Udpjrt.

5=0. Fjuatrywbkd‒s gegakjahdat j` bts uakdrwrbtban stgakgrks gak kdpljrgeld

jrbnbagtbja prgftbfds mgvd edda dxpjsdk ey mbnmly puelbfbzdk njvdrahdatgl bavdstbngtbjas gak

rdpjrts. @jr dxghpld, tmd @FBF Udpjrt ajtdk tmgt gs dgrly gs Vdptdhedr 599;, “Fjuatrywbkd

dxdfutbvds rdfjnabzdk tmgt hgay j` tmd ljgas tmdy wdrd jrbnbagtban fjulk rdsult ba ”fgtgstrjpmbf

fjasdqudafds.‒ Ldss tmga g ydgr lgtdr, _tmdsd sghd dxdfutbvds ajtdkX tmgt fdrtgba mbnm-rbso ljgas



-24-

gak jtmdrs, Hr. Hjzblj stgtdk tmgt Fjuatrywbkd‒s 799% ljga-tj-vglud (glsj oajwa gs =9/59)

sueprbhd prjkuft bs “tmd hjst kgandrjus prjkuft ba dxbstdafd gak tmdrd fga ed ajtmban hjrd

tjxbf . . .‘ Ja Jftjedr 74, 5979, tmd VDF gaajuafdk tmgt Hjzblj wjulk pgy g tmda rdfjrk $55.4

hbllbja pdaglty tj sdttld tmd VDF fmgrnds.

5=2. Fjuatrywbkd‒s jrbnbagtbja prgftbfds mgvd glsj edda tmd `jfus j` sdvdrgl prbvgtd

UHEV lgwsubts babtbgtdk ey bavdstjrs, baflukban ba hgay j` tmd [rusts gt bssud mdrd. @jr

dxghpld, ja Gunust =, 5977, GBN gak vgrbjus j` bts g``blbgtds `bldk g mbnmly puelbfbzdk sdfurbtbds

`rguk gftbja gngbast Egao j` Ghdrbfg Fjrpjrgtbja gak sdvdrgl gfqubrdk datbtbds fjafdraban Egao

j` Ghdrbfg, Hdrrbll Lyafm gak Fjuatrywbkd spjasjrdk UHEV j``drbans. GBN v. Egao j` Ghdrbfg, dt gl. , Bakdx Aj. 045722/5977 (A.R. Vup. Ft.). [md gftbja bavjlvdk sbx [rusts tmgt grd

tmd suecdft j` tmbs gftbja tmgt fjatgba mbnm pdrfdatgnds j` Fjuatrywbkd-jrbnbagtdk ljgas3

F^MDL 5990-K, F^L 5990-V79, F^L 5990-V=, F^L 5990-V2, F^L 599>-V7 gak F^L

599>-V5. GBN glldnds tmgt Fjuatrywbkd systdhbfglly bnajrdk bts stgtdk uakdrwrbtban nubkdlbads

gak hbsrdprdsdatdk L[P rgtbjs, FL[P rgtbjs, gak jwadr jffupgafy ldvdls `jr tmd ljgas sjlk tj

tmdsd [rusts.

529. Fjuatrywbkd-jrbnbagtdk ljgas mgvd edda tmd suecdft j` auhdrjus putegfo

kdhgaks gs g rdsult j` pdrvgsbvd gak systdhbf erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds. Gs j`

Jftjedr 5979, Egao j` Ghdrbfg, wmbfm gfqubrdk Fjuatrywbkd ba Cgaugry 599=, mgk rdfdbvdk

hjrd rdpurfmgsd rdqudsts tmga gay jtmdr egao, kud glhjst dxflusbvdly tj Fjuatrywbkd‒s

systdhgtbf gegakjahdat j` sjuak uakdrwrbtban prgftbfds.

527. Lbodwbsd, ja Cuad 52, 5977, Egao j` Ghdrbfg gaajuafdk ga $=.4 ebllbja

sdttldhdat wbtm EARH, gs trustdd, rdsjlvban, ghjan jtmdr tmbans, gll flgbhs tmgt Fjuatrywbkd

vbjlgtdk tmd rdprdsdatgtbjas gak wgrrgatbds wmda bt sjlk ljgas pdrtgbaban tj jvdr 469 UHEV



-20-

trusts. Ja Gunust ;, 5977, Adw Rjro Gttjrady Ndadrgl Drbf [. Vfmadbkdrhga (“ARGN‘) hjvdk

tj batdrvdad gak jecdft tj Egao j` Ghdrbfg‒s prjpjsdk $=.4 ebllbja sdttldhdat wbtm EARH “tj

prjtdft tmd hgrodtplgfd gak tmd batdrdsts j` Adw Rjro bavdstjrs,‘ ba pgrt edfgusd tmd ARGN‒s

bavdstbngtbja `juak tmgt Fjuatrywbkd gak Egao j` Ghdrbfg “`gfd Hgrtba Gft lbgeblbty edfgusd

tmdrd grd rdpdgtdk `glsd rdprdsdatgtbjas ba tmd njvdraban gnrddhdats _`jr UHEVX tmgt tmd quglbty

j` tmd hjrtngnds sjlk batj tmd [rusts wjulk ed dasurdk.‘

525. Ba Cgaugry 597;, g`tdr g abad-wddo trbgl ba wmbfm Fjuatrywbkd‒s mbnm-rbso, pjjr

quglbty mjhd ljgas wdrd sfrutbabzdk, Adw Rjro Vuprdhd Fjurt Custbfd Egregrg Ogpabfo pgrtbglly

gpprjvdk tmd sdttldhdat, rdsjlvban putegfo flgbhs `jr 469 Fjuatrywbkd UHEV trusts.526. Ljga `bld rdvbdws j` Fjuatrywbkd-jrbnbagtdk ljgas sjlk tj tmd [rusts kurban tmd

pdrbjk 599; tmrjunm 599= fjakuftdk ey bavdstjrs prjvbkd kbrdft dvbkdafd j` Fjuatrywbkd‒s

pdrvgsbvd gak systdhbf erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds. @jr dxghpld, Yrbafbpgl Lb`d

Basurgafd Fjhpgay gak vgrbjus j` bts g``blbgtds `bldk g fjhplgbat gngbast Fjuatrywbkd

fjafdraban `jurtdda sdfurbtbzgtbjas, baflukban NVFF 5990-7 wmbfm fjatgbadk g mbnm pdrfdatgnd

j` Fjuatrywbkd-jrbnbagtdk ljgas. Ba rd Fjuatrywbkd @bagafbgl Fjrp . Hjrtngnd-Egfodk

Vdfurbtbds Lbtbngtbja, Ajs. 77-HL-95504-HUY, 75-FP-;67>-HUY, 5975 ^L =494422 (F.K. Fgl.

Gun. 59, 5975). Ylgbatb``s pdr jrhdk g ljga ldvdl rdvbdw j` g lgrnd sghpld j` ljgas `rjh tmbs

j``drban gak `juak tmgt 65.=% j` ljgas sghpldk mgk uakdrstgtdk L[P/FL[P rgtbjs ey hjrd tmga

79 pdrfdatgnd pjbats, 5=.7% j` ljgas wdrd gssbnadk tj g pgrty jtmdr tmga tmd [rust gak jwadr

jffupgafy wgs jvdrstgtdk ey 75.>%.

52;. Ba Hbaadsjtg Lb`d Basurgafd Fjhpgay v. Fjuatrywbkd @bagafbgl Fjrpjrgtbja, dt

gl. , Aj. 05-FP-75-;=65, 5975 ^L 594>257 (K. Hbaa. Cuad >, 5975), tmd plgbatb`` basurdrs `bldk g

fjhplgbat gngbast Fjuatrywbkd fjafdraban sbxtdda UHEV bssudk ey Fjuatrywbkd, baflukban



-2>-

F^L 5990-V0, wmbfm fjatgbadk g mbnm pdrfdatgnd j` Fjuatrywbkd jrbnbagtdk ljgas. [md

basurdrs pdr`jrhdk g ljga ldvdl rdvbdw j` g lgrnd sghpld j` ljgas `rjh tmbs j``drban gak `juak

tmgt tmd gftugl pdrfdatgnd j` ljgas wbtm ga L[P/FL[P gejvd 799% wgs ;6.4%? tmd gftugl

pdrfdatgnd j` ljgas wbtm ga L[P/FL[P j` 29.97% jr nrdgtdr ey ljga eglgafd wgs uakdrstgtdk ey

gpprjxbhgtdly 7>.4%? gak jwadr jffupgafy wgs jvdrstgtdk ey gpprjxbhgtdly 75%.

524. Ba[dxgs Fjuaty gak Kbstrbft Udtbrdhdat Vystdh v. C.Y. Hjrnga Vdfurbtbds LLF, dt

gl ., Aj. K-7-NA-7;-99922=, 597; ^L 7664;6; ([dx. Kbst. Gpr. 6, 597;), [dxgs Fjuaty gak

Kbstrbft Udtbrdhdat Vystdh `bldk g fjhplgbat gngbast Fjuatrywbkd gak jtmdrs, tj rdfjvdr $0;

hbllbja ba kghgnds su``drdk ja UHEV, baflukban F^ML 5994-; wmbfm fjatgbadk g mbnm pdrfdatgnd j` Fjuatrywbkd jrbnbagtdk ljgas. [md basurdrs pdr`jrhdk g ljga ldvdl rdvbdw j` g

lgrnd sghpld j` ljgas `rjh tmbs j``drban gak `juak tmgt tmd gftugl pdrfdatgnd j` ljgas wbtm ga

L[P/FL[P gejvd 799% wgs 77%? tmd gftugl pdrfdatgnd j` ljgas wbtm ga L[P/FL[P j` =9% jr

nrdgtdr ey ljga wgs uakdrstgtdk ey gpprjxbhgtdly 6;%? gak jwadr jffupgafy wgs jvdrstgtdk ey

gpprjxbhgtdly >%.

=. Adw Fdatury

520. Adw Fdatury jrbnbagtdk gpprjxbhgtdly $=.4 ebllbja ba hjrtngnd ljgas baflukdk ba

tmd [rusts gt bssud mdrd. Gs j` Hgrfm 52, 5992, Adw Fdatury wgs rgaodk gs tmd wjrst hjrtngnd

jrbnbagtjr ey tmd JFF‒s “^jrst [da ba tmd ^jrst [da‘ lbst egsdk ja jrbnbagtbjas `rjh 5994 tj

599>. Hultbpld mbnmly puelbfbzdk njvdrahdat bavdstbngtbjas gak lgwsubts dxpjsdk Adw

Fdatury‒s bhprjpdr ljga jrbnbagtbja prgftbfds gak pdrvgsbvd ajafjhplbgafd wbtm bts uakdrwrbtban

nubkdlbads.

52>. Adw Fdatury‒s systdhbf jrbnbagtbja j` kd`dftbvd ljgas kurban tmd sghd tbhd

pdrbjk gs tmd Adw Fdatury ljgas wdrd jrbnbagtdk gak sjlk tj tmd [rusts wdrd kdtgbldk ba tmd @FBF

Udpjrt gak tmd Vdagtd Udpjrt. [md Vdagtd Udpjrt `juak tmgt “_sXueprbhd ldakdrs lbod . . . Adw



-2=-

Fdatury @bagafbgl Fjrpjrgtbja . . . wdrd oajwa `jr bssuban pjjr quglbty sueprbhd ljgas.‘ Vdagtd

Udpjrt gt 57. [md Vdagtd Udpjrt bkdatb`bdk “g auhedr j` _Adw Fdatury‒sX mgrh`ul hjrtngnd

prgftbfds, baflukban ”bafrdgsban ljga jrbnbagtbjas, wbtmjut kud rdngrk tj tmd rbsos gssjfbgtdk wbtm

tmgt eusbadss strgtdny‒? rbso lgydrban ba wmbfm bt bssudk mbnm rbso ljgas tj mbnm rbso ejrrjwdrs,

baflukban jrbnbagtban ba dxfdss j` ;9% j` bts ljgas ja g stgtdk bafjhd egsbs? glljwban hultbpld

dxfdptbjas tj uakdrwrbtban stgakgrks? gak utblbzban pjjr rbso hgagndhdat prgftbfds tmgt rdlbdk ja

tmd fjhpgay‒s sdllban jr sdfurbtbzban bts mbnm rbso hjrtngnds rgtmdr tmga rdtgbaban tmdh.‘ Bk . gt

560.

52=.

[md @FBF Udpjrt fjaflukdk tmgt “Adw Fdatury‛jafd tmd agtbja‒s sdfjak-lgrndstsueprbhd ldakdr ⁄ bnajrdk dgrly wgrabans tmgt bts jwa ljga quglbty wgs kdtdrbjrgtban gak strbppdk

pjwdr `rjh twj rbso-fjatrjl kdpgrthdats tmgt mgk ajtdk tmd dvbkdafd.‘ @FBF Udpjrt gt 74>. @jr

bastgafd, “_bXa g Cuad 599; prdsdatgtbja, tmd Wuglbty Gssurgafd stg`` rdpjrtdk tmdy mgk `juak

sdvdrd uakdrwrbtban drrjrs, baflukban dvbkdafd j` prdkgtjry ldakban, `dkdrgl gak stgtd vbjlgtbjas,

gak frdkbt bssuds, ba 54% j` tmd ljgas tmdy gukbtdk ba Ajvdhedr gak Kdfdhedr 5996. Ba 599;,

Fmbd` Jpdrgtban J``bfdr gak lgtdr FDJ Ergk Hjrrbfd rdfjhhdakdk tmdsd rdsults ed rdhjvdk

`rjh tmd stgtbstbfgl tjjls usdk tj trgfo ljga pdr`jrhgafd, gak ba 5994, tmd kdpgrthdat wgs

kbssjlvdk gak bts pdrsjaadl tdrhbagtdk.‘ Bk .

522. Vufm hgssbvd uakdrwrbtban `gblurds ldk tj mbnm kd`gult rgtds gak dvdatuglly Adw

Fdatury‒s fjllgpsd. Gffjrkban tj tmd Egaoruptfy Fjurt Dxghbadr `jr Adw Fdatury, Hbfmgdl C.

Hbssgl, “Adw Fdatury mgk g ergzda jesdssbja wbtm bafrdgsban ljga jrbnbagtbjas, wbtmjut kud

rdngrk tj tmd rbsos gssjfbgtdk wbtm tmgt eusbadss strgtdny . . . . Gltmjunm g prbhgry njgl j` gay

hjrtngnd egaoban fjhpgay bs tj hgod hjrd ljgas, Adw Fdatury kbk sj ba ga gnnrdssbvd hgaadr

tmgt dldvgtdk tmd rbsos tj kgandrjus gak ultbhgtdly `gtgl ldvdls.‘ @bagl Udpjrt j` Hbfmgdl C.



-22-

Hbssgl, Egaoruptfy Fjurt Dxghbadr, Ba rd Adw Fdatury [UV Mjlkbans, Baf ., Aj. 9>-79;70 (OCF)

(Egaor. Kdl. @de. 52, 599=), gvgblgeld gt mttp3//nrgpmbfs=.aytbhds.fjh/pgfognds/pk`/eusbadss/

@baglZUdpjrtZAdwZFdatury.pk`.

699. [md Adw Fdatury Egaoruptfy Udpjrt, wmbfm glsj `juak tmgt ba Cuad 5994, tmd

Batdragl Gukbt Kdpgrthdat gukbtdk tmd fjhpgay‒s ljga jrbnbagtbja prjfdss gt bts Vgfrghdatj

wmjldsgld `ul`bllhdat fdatdr gak `juak tmgt ;4% j` tmd ljgas mgk bhprjpdr Udgl Dstgtd

Vdttldhdat Yrjfdkurds Gft (“UDVYG‘) kbsfljsurds, 65% j` tmd ljgas kbk ajt mgvd gpprjvgl

stbpulgtbjas `ully sgtbs`bdk, 62% j` tmd ljgas mgk ajtdk dxfdptbjas wbtm bafjhd fglfulgtbjas

gak/jr vdrb`bfgtbja j` bafjhd, gak 56% mgk gpprgbsgl dxfdptbja prjeldhs. Bk . gt 745.697. Adw Fdatury‒s pjjr uakdrwrbtban prgftbfds gak kd`dftbvd ljgas mgvd glsj edda tmd

suecdft j` wdll puelbfbzdk lgwsubts erjunmt ja edmgl` j` njvdrahdat gndafbds. Ba Kdfdhedr

5992, tmd VDF fmgrndk tmrdd `jrhdr Adw Fdatury dxdfutbvds, baflukban tmd FDJ, “wbtm

`rgukuldat gffjuatban tmgt hbsldk bavdstjrs gejut tmd fjhpgay‒s `bagafds.‘ Vdagtd Udpjrt gt 560.

[md VDF glldndk tmgt tmd Adw Fdatury dxdfutbvds wdrd “kjwaplgyban tmd rbsobadss j` tmd

fjhpgay‒s ljgas gak fjafdglban tmdbr mbnm kdlbaqudafy rgtds.‘ [md fjhplgbat stgtdk tmgt,

gltmjunm Adw Fdatury mgk rdprdsdatdk btsdl` gs g prukdat sueprbhd ldakdr, bt “sjja edfghd

dvbkdat tmgt bts ldakban prgftbfds, `gr `rjh edban ”rdspjasbeld,‒ wdrd tmd rdfbpd `jr `bagafbgl

kbsgstdr.‘ Bk .

695. Ljga `bld rdvbdws fja`brh Adw Fdatury‒s pdrvgsbvd gak systdhbf erdgfm j`

hgtdrbgl rdprdsdatgtbjas gak wgrrgatbds rdngrkban tmd quglbty gak fmgrgftdrbstbfs j` tmd ljgas bt

jrbnbagtdk. @jr dxghpld, ba @M@G v. MVEF, dt gl ., tmd @M@G rdvbdwdk g sghpld j` ljga `blds ba

tmd MGVF 5994-B7 gak MGVF 5990-AF7 sdfurbtbzgtbjas. Adw Fdatury, (tmd sdfjak-lgrndst

jrbnbagtjr j` ljgas ba tmd [rusts) jrbnbagtdk gll j` tmd ljgas ba tmdsd twj trusts. [md @M@G juak



-799-

tmgt 7>.46% j` tmd ljgas ba MGVFF 5994-B7 gak 7=.75% j` tmd ljgas ba MGVF 5990-AF7 mgk

L[P rgtbjs jvdr 799%. @M@G v. MVEF, dt gl ., Aj. 77-fv-907=2 (V.K.A.R. Cuad 5=, 5975)

Ghdakdk Fjhpl. °776.

K. [md Vystdhbf Kbsrdngrk J` Yrukdat VdfurbtbzgtbjaVtgakgrks ^gs Ydrvgsbvd Kurban [md Udldvgat Ydrbjk

696. Bt bs dquglly wdll kjfuhdatdk tmgt edtwdda 599; gak 599=, tmd spjasjrs tmgt

sdfurbtbzdk tmd rdsbkdatbgl hjrtngnds gak trgas`drrdk tmdh batj tmd UHEV trusts `gbldk tj fjakuft

gkdqugtd kud kblbndafd rdvbdws j` tmd hjrtngnd pjjls tj dasurd tmd hjrtngnd ljgas wdrd j` tmd

sghd frdkbt quglbty gs rdprdsdatdk gak fjhplbdk wbtm `dkdrgl gak stgtd lgw, gs wdll gs tmgt tmd

purpjrtdk hjrtngndk prjpdrty‒s gpprgbsdk vglud wgs gffurgtd.

69;. Gs tmd @FBF Udpjrt ajtdk3

[md Fjhhbssbja fjaflukds tmgt `brhs sdfurbtbzban hjrtngnds `gbldk tj pdr`jrhgkdqugtd kud kblbndafd ja tmd hjrtngnds tmdy purfmgsdk gak gt tbhds oajwbanlywgbvdk fjhplbgafd wbtm uakdrwrbtban stgakgrks. Yjtdatbgl bavdstjrs wdrd ajt `ullyba`jrhdk jr wdrd hbsldk gejut tmd pjjr quglbty j` tmd hjrtngnds fjatgbadk basjhd hjrtngnd-rdlgtdk sdfurbtbds. [mdsd prjeldhs gppdgr tj mgvd edda sbnab`bfgat.

@FBF Udpjrt gt 7=>.

694. Gs hgkd fldgr ba tmd @FBF Udpjrt, ba tmdbr zdgl tj oddp tmd sdfurbtbzgtbja hgfmbad

njban gak gt tmd edmdst j` jrbnbagtjrs, UHEV spjasjrs gak tmdbr tmbrk pgrty kud kblbndafd

prjvbkdrs `gbldk tj gaglyzd gkdqugtd sghpld sbzds j` tmd ljga pjjls, sjhdtbhds rdvbdwban gs lbttld

gs 5%-6% j` tmd datbrd ljga pjjls. Hjrdjvdr, wmda tmd spjasjrs‒ gak tmdbr kud kblbndafd `brhs

bkdatb`bdk mbnm pdrfdatgnds j` hjrtngnd ljgas ba tmdbr sghpld rdvbdws gs kd`bfbdat, spjasjrs

pdrvgsbvdly “wgbvdk ba‘ hjrtngnd ljgas tj prdsdrvd tmdbr eusbadss rdlgtbjasmbps wbtm tmd

jrbnbagtjrs jr tj oddp tmd kd`dftbvd ljgas j`` tmdbr jwa ejjos. Fjasdqudatly, ey 5977, bt wgs

dquglly gppgrdat tj gll plgydrs ba tmd Tabtdk Vtgtds hjrtngnd gak sdfurbtbzgtbja bakustry tmgt tmd



-797-

hjrtngnd ljgas kdpjsbtdk ba UHEV trusts bssudk edtwdda 599; gak 599= hgtdrbglly erdgfmdk tmd

spjasjrs‒ rdprdsdatgtbjas gak wgrrgatbds.

D. [mdrd Bs Dvbkdafd J` ^bkdsprdgk

Erdgfmds J` Udprdsdatgtbjas Gak^grrgatbds Ey [md Vpdfb`bf Vpjasjrs J` [md [rusts

690. Gs wbtm jtmdr UHEV trusts j` tmd sghd vbatgnd, tmd [rusts mgvd edda hgtdrbglly

bhpgftdk ey tmd spjasjrs‒ `gulty sdfurbtbzgtbja prgftbfds. [md spjasjrs‒ systdhbf gak pdrvgsbvd

sgld j` rdsbkdatbgl hjrtngnd ljgas ba tmd [rusts ba erdgfm j` rdprdsdatgtbjas gak wgrrgatbds bs

fja`brhdk tmrjunm sdvdrgl `dkdrgl gak stgtd njvdrahdat bavdstbngtbjas gak puelbsmdk rdpjrts,

wdll puelbfbzdk adws rdpjrts, gak puelbf gak prbvgtd da`jrfdhdat gftbjas tmgt mgvd kdsfrbedk

dakdhbf kud kblbndafd `gblurds tmrjunmjut tmd pdrbjk ba wmbfm tmd [rusts wdrd frdgtdk gak, hjrd

spdfb`bfglly, `gblurds ey tmd sghd spjasjrs wmjsd hjrtngnd ljgas wdrd kdpjsbtdk batj tmd [rusts.

G suhhgry j` tdstbhjabgl gak kjfuhdatgry dvbkdafd gs tj dgfm j` tmd hgcjr spjasjrs j` tmd

hjrtngnd ljgas tj tmd [rusts bs sdt `jrtm edljw.

7. Egao J` Ghdrbfg

69>. Egao j` Ghdrbfg bs tmd lgrndst hjrtngnd ljga sdlldr tj tmd [rusts. Egao j`

Ghdrbfg jrbnbagtdk gpprjxbhgtdly $;4.= ebllbja j` hjrtngnd ljgas baflukdk ba tmd [rusts gt bssud

mdrd. Egao j` Ghdrbfg glsj spjasjrdk abadty-tmrdd j` tmd [rusts, fjasbstban j` jvdr $46.4 ebllbja

j` hjrtngnd ljgas. Gltmjunm tmd sdfurbtbds bssudk `rjh [rusts fjatgbaban Egao j` Ghdrbfg-

jrbnbagtdk gak spjasjrdk ljgas wdrd ndadrglly hgrodtdk tj bavdstjrs gs fjasdrvgtbvd, GGG frdkbt

rgtdk bavdsthdats, ey Cgaugry 5992 bt edfghd fldgr tmgt tmd uakdrlyban ljga fjllgtdrgl `jr tmdsd

[rusts kbk ajt hgtfm Egao j` Ghdrbfg‒s rdprdsdatgtbjas. Vpdfb`bfglly, tmd Egao j` Ghdrbfg-lgedl

[rusts gvdrgndk kdlbaqudafbds j` jvdr 79.0%. [wdlvd j` tmdsd [rusts mgk kdlbaqudafy rgtds j`

jvdr 59%, baflukban GE@F 5994-MD5, GE@F 5990-JY[6, GE@F 5990-JY[7, GE@F 5994-

^HF7, GE@F 599>-AF7 gak GE@F 5990-JY[5, wmbfm dgfm mgk kdlbaqudafy rgtds j` jvdr



-795-

;9%. Gs g rdsult j` tmdsd kdlbaqudafbds, tmd Egao j` Ghdrbfg-lgedl [rusts ednga tj bafur

sbnab`bfgat ljssds. @rjh Cgaugry 5992 tj Cgaugry 5977, rdglbzdk ljssds bafrdgsdk `rjh $47;

hbllbja tj $7.42 ebllbja. [md pjjr pdr`jrhgafd j` tmdsd [rusts mgs pdrsbstdk, gs gltjndtmdr tmdsd

[rusts mgvd su``drdk mgvd su``drdk rdglbzdk ljssds j` jvdr $6.5 ebllbja.

69=. Egao j` Ghdrbfg wgs bastruhdatgl ba jrbnbagtban gak sdfurbtbzban ga dajrhjus

vjluhd j` kd`dftbvd ljgas, baflukban ey prjvbkban `bagafban tj `jur j` tmd `bvd lgrndst sueprbhd

ldakdrs kurban tmd 599;-599= tbhd pdrbjk. Ba 599;, Egao j` Ghdrbfg gaajuafdk bts plga tj

kdvjtd $>49 ebllbja tj prjvbkd mjhd ljgas ba ljw- gak hjkdrgtd-bafjhd (“LHB‘) fjhhuabtbds,

tmdrdey nrdgtly dxpgakban bts sueprbhd ldakban prj`bld. Ba 5994 gljad, Egao j` Ghdrbfg prjvbkdk hjrd tmga $66.5 ebllbja ba hjrtngnd ljgas tj LHB ejrrjwdrs. Gffjrkban tj tmd @FBF

Udpjrt, ba Cuad 5975, gpprjxbhgtdly 7>% j` tmd LHB ljgas jrbnbagtdk ey Egao j` Ghdrbfg

edtwdda 599; gak 599> wdrd kdlbaqudat gt sjhd pjbat `jr abadty kgys jr hjrd. (Cuad 70, 5979

Egao j` Ghdrbfg Ldttdr tj @FBF, Vfmdkuld 5.4.) Egao j` Ghdrbfg, mjwdvdr, rdtgbadk jaly gejut

49% j` tmjsd LHB ljgas ja bts eglgafd smddt gak dbtmdr sjlk jr sdfurbtbzdk tmd rdst. Bk .

692. Kurban tmd 599;-599= tbhd pdrbjk, Egao j` Ghdrbfg glsj mdlpdk tj `bagafd ljgas

jrbnbagtdk ey Fjuatrywbkd, tmd agtbja‒s tjp sueprbhd jrbnbagtjr? bt purfmgsdk gak sdfurbtbzdk

ljgas `rjh Ghdrbqudst, tmd sdfjak lgrndst sueprbhd jrbnbagtjr? bt `bagafdk ljgas ey Adw

Fdatury, tmd tmbrk lgrndst sueprbhd ldakdr? gak bt pgrtadrdk wbtm @brst @rgaolba, tmd `jurtm lgrndst

sueprbhd ldakdr, tj sdfurbtbzd gak sdll bts sueprbhd ljgas. Ba Culy 599=, Egao j` Ghdrbfg

gfqubrdk Fjuatrywbkd, wmbfm wgs bavdstbngtdk tmgt sghd ydgr ey tmd @dkdrgl Eurdgu j`

Bavdstbngtbja (“@EB‘), tmd T.V. Custbfd Kdpgrthdat (“KJC‘) gak hultbpld stgtd gttjradys ndadrgl

j``bfds jr prdkgtjry ldakban gak sdfurbtbds `rguk. Egao j` Ghdrbfg bs stbll fjatdakban wbtm

ldngfy lbgeblbty `rjh Fjuatrywbkd‒s uasfrupuljus ljga jrbnbagtbja gak uakdrwrbtban prgftbfds.



-796-

679. Egao j` Ghdrbfg‒s sdfurbtbzgtbja prgftbfds mgvd edda tmd suecdft j` bavdstbngtbjas

gak da`jrfdhdat gftbjas ey ejtm stgtd gak `dkdrgl rdnulgtjrs. @jr dxghpld, ja Gunust 0, 5976,

tmd KJC `bldk subt gngbast Egao j` Ghdrbfg `jr kd`rgukban bavdstjrs ba fjaadftbja wbtm tmd sgld

j` jvdr $=49 hbllbja j` UHEV, baflukban tmd sghd EJGHV smdl` `rjh wmbfm sdvdrgl j` tmd

[rusts ba tmbs gftbja bssudk. [md fjhplgbat glldnds tmgt Egao j` Ghdrbfg lbdk tj bavdstjrs gejut

tmd rdlgtbvd rbsobadss j` tmd hjrtngnd ljgas egfoban tmd Egao j` Ghdrbfg-lgedl UHEV, hgkd

`glsd stgtdhdats g`tdr batdatbjaglly ajt pdr`jrhban prjpdr kud kblbndafd gak `blldk tmd

sdfurbtbzgtbja wbtm g kbsprjpjrtbjagtd ghjuat j` rbsoy hjrtngnds jrbnbagtdk tmrjunm tmbrk pgrty

hjrtngnd erjodrs. Ba pgrtbfulgr, tmd Custbfd Kdpgrthdat glldndk tmgt hjrd tmga ;9% j` tmdhjrtngnds ba tmd EJGHV 599=-G fjllgtdrgl pjjl kbk ajt suestgatbglly fjhply wbtm Egao j`

Ghdrbfg‒s uakdrwrbtban stgakgrks ba plgfd gt tmd tbhd tmdy wdrd jrbnbagtdk gak kbk ajt mgvd

su``bfbdat kjfuhdatdk fjhpdasgtban `gftjrs. Gs glldndk ba tmd KJC fjhplgbat, Egao j` Ghdrbfg

oadw tmgt spdfb`bf ljgas ba tmd EJGHV 599=-G fjllgtdrgl pjjl kbk ajt fjhply wbtm Egao j`

Ghdrbfg‒s uakdrwrbtban stgakgrks gak tmgt Egao j` Ghdrbfg glsj fjafdgldk sbnab`bfgat rbsos

gssjfbgtdk wbtm tmd hjrtngnds egfoban tmd EJGHV 599=-G sdfurbtbzgtbja. @jr bastgafd, Egao j`

Ghdrbfg spjasjrdk hjrd tmga >9% j` tmd ljgas tmrjunm tmbrk pgrty hjrtngnd erjodrs. [mdsd

ljgas, oajwa gs “wmjldsgld hjrtngnds,‘ wdrd rbsobdr tmga sbhblgr hjrtngnds jrbnbagtdk kbrdftly

ey Egao j` Ghdrbfg. Hjrd sbnab`bfgatly, gt tmd sghd tbhd Egao j` Ghdrbfg wgs `baglbzban tmbs

kdgl, bt wgs rdfdbvban g sdrbds j` batdragl rdpjrts tmgt smjwdk ga glgrhban gak sbnab`bfgat

kdfrdgsd ba tmd quglbty gak pdr`jrhgafd j` bts wmjldsgld hjrtngnds.

677. Egao j` Ghdrbfg‒s hjrtngnd sdfurbtbzgtbja prgftbfds glsj mgvd edda tmd suecdft j`

ga janjban Adw Rjro Gttjrady Ndadrgl bavdstbngtbja sbafd Hgy 5977, gak Egao j` Ghdrbfg

sdpgrgtdly gak gs suffdssjr-ba-batdrdst tj Fjuatrywbkd mgs edda tmd tgrndt j` auhdrjus lgwsubts



-79;-

glldnban hbsfjakuft ba fjaadftbja wbtm ljga jrbnbagtbja, uakdrwrbtban, sdrvbfban, gak

sdfurbtbzgtbja prgftbfds.

675. Egao j` Ghdrbfg mgs edda sudk auhdrjus tbhds `jr bts jwa kd`dftbvd ljga

uakdrwrbtban prgftbfds, gs wdll gs tmjsd j` Fjuatrywbkd, @brst @rgaolba, Hdrrbll Lyafm gak jtmdr

g``blbgtds jr gfqubrdk ldakdrs. @jr dxghpld, ba Gunust 5977, GBN sudk Egao j` Ghdrbfg `jr

vbjlgtbjas j` tmd `dkdrgl sdfurbtbds lgws `jr hbsrdprdsdatgtbjas ba fjaadftbja wbtm fdrtgba UHEV

fjllgtdrglbzdk ey ljgas jrbnbagtdk ey Egao j` Ghdrbfg, Fjuatrywbkd, gak Hdrrbll Lyafm,

baflukban EG@F 5990-E, jad j` tmd Egao j` Ghdrbfg-lgedl [rusts gt bssud mdrd. Vdd GBN, Baf., dt

gl. v. Egao j` Gh. Fjrp., dt gl. , Bakdx Aj. 045722/5977 (Adw Rjro Vup. Ft. Gun. =, 5977).Ghjan jtmdr tmbans, GBN‒s fjhplgbat kdtgbldk Egao j` Ghdrbfg‒s jwa rbsoy ldakban prgftbfds,

fbtban `jr dxghpld g Cuad 76, 5994 batdragl dhgbl `rjh Fjuatrywbkd FDJ Gandlj Hjzblj tj

Fjuatrywbkd Fmbd` @bagafbgl J``bfdr (“F@J‘) Kgvbk Vghejl, ba wmbfm Hjzblj fjhplgbadk tmgt

dvda Fjuatrywbkd fjulk ajt hgtfm sjhd j` Egao j` Ghdrbfg‒s rbsobdr prjkufts. [md GBN

fjhplgbat glsj prjvbkdk kdtgbldk gffjuats j` `jrhdr Egao j` Ghdrbfg dhpljydds wmj fja`brhdk

tmgt Egao j` Ghdrbfg “gegakjadk bts uakdrwrbtban nubkdlbads,‘ baflukban rjutbadly nrgatban

hgaugl “dxfdptbjas‘ ba jrkdr tj dasurd tmgt su``bfbdat ljga vjluhd wgs hgbatgbadk.

676. @jrdasbf gak ljga ldvdl rdvbdws j` sdvdrgl Egao j` Ghdrbfg-lgedl [rusts mgvd

fja`brhdk tmd pjjr quglbty j` hjrtngnd ljgas sdfurbtbzdk gak sjlk ey Egao j` Ghdrbfg tj tmd

[rusts. @jr dxghpld, ba @M@G v. Egao j` Ghdrbfg , Aj. 77-fv-90724 (V.K.A.R.), tmd @M@G

fjakuftdk g rdvbdw j` abad Egao j` Ghdrbfg-lgedl [rusts gt bssud mdrd3 GE@F 5994-^HF7?

GE@F 5990-JY[5? GE@F 5990-JY[6? EJGG 5994-79? EJGG 5994-77? EJGG 5994-75?

EJGG 5990-7? EJGG 5990-5? gak EJGG 5990-6. [md @M@G‒s rdvbdw j` tmdsd [rusts rdvdgldk

tmgt Egao j` Ghdrbfg‒s rdprdsdatgtbjas rdngrkban tmd trud pdrfdatgnd j` aja-jwadr jffupbdk



-794-

ljgas wbtmba tmd ljga pjjl wdrd hgtdrbglly bagffurgtd, uakdrstgtban tmd pdrfdatgnd j` aja-jwadr

jffupbdk prjpdrtbds ey edtwdda >-79%. [md `jrdasbf rdvbdw glsj rdvdgldk tmgt gt ldgst 5.4;% j`

tmd hjrtngnd ljgas `jr dgfm sdfurbtbzgtbja mgk ga L[P rgtbj jvdr 799%, gak `jr hjst

sdfurbtbzgtbjas tmbs `bnurd wgs edtwdda 79-59% pdrfdat j` tmd hjrtngnds. @jr GE@F 5990-

JY[6, tmd kgtg rdvbdw rdvdgldk tmgt hjrd tmga ;9% j` tmd hjrtngnds ba tmd sghpldk ljga nrjup

mgk g trud L[P rgtbj jvdr 799%. Vdd glsj @dkdrgtdk Bav. v. Fjuatrywbkd , Aj. EF;04042 (Fgl.

Vup. Ft.) (glldnban Egao j` Ghdrbfg‒s `gulty sdfurbtbzgtbja prgftbfds ldk tj baflusbja j` mbnm

pdrfdatgnd j` kd`dftbvd ljgas ba EJGHV 599>-6, jad j` tmd [rusts gt bssud mdrd).

67;.

[md plgbatb`` bavdstjrs ba Yrukdatbgl v. Egao j` Ghdrbfg , Aj. 5376-fv-974=0 (K. A.C.) rdgfmdk sbhblgr fjaflusbjas rdngrkban kd`dftbvd ljgas baflukdk ba Egao j` Ghdrbfg

sdfurbtbzgtbjas. [mdrd, tmd plgbatb` s rdvbdwdk ljga `blds `rjh sdvda Egao j` Ghdrbfg-lgedl

[rusts gt bssud mdrd3 EG@F 5990-D? EJGG 5994-75? EJGG 5994->? EJGG 5990-4? EJGHV

599;-D? EJGHV 5994-G? gak EJGHV 5994-E. [md bavdstjrs‒ rdvbdw j` tmdsd [rusts rdvdgldk

tmgt Egao j` Ghdrbfg jvdrstgtdk tmd pdrfdatgnd j` jwadr jffupbdk prjpdrtbds ey edtwdda >-74%.

[md `jrdasbf rdvbdw glsj rdvdgldk tmgt Egao j` Ghdrbfg uakdrstgtdk tmd pdrfdatgnd j` ljgas wbtm

L[Ps j` nrdgtdr tmga =9% `jr hgay j` tmdsd sdfurbtbzgtbjas ey gs mbnm gs 4;%. @urtmdr, Egao j`

Ghdrbfg uakdrstgtdk tmd ljgas wbtm L[P rgtbjs j` nrdgtdr tmga 799% `jr sdvdrgl j` tmd

sdfurbtbzgtbjas ey jvdr 79%.

674. [md plgbatb``‒s ljga ldvdl gaglysbs ba FH@N Lb`d Basur. Fj., dt gl. v. Egaf j`

Ghdrbfg Vdf. LLF, dt gl ., Aj. 76-fv-994>2 (^.K. ^bs. Gun. 74, 5976) j` `bvd Egao j` Ghdrbfg-

lgedl [rusts gt bssud mdrd ⁄ EJGG 5994 -77? EJGG 5994-75? EJGG 5994-0? EJGG 5990-0? gak

EJGG 599>-7 ‖ rdvdgldk sbhblgr kd`bfbdafbds ba Egao j` Ghdrbfg sdfurbtbzgtbjas. FH@N‒s ljga



-790-

ldvdl gaglysbs j` tmdsd trusts rdvdgldk tmgt =9-29% j` tmd hjrtngnd ljgas fjatgbadk ba tmdsd

sdfurbtbzgtbjas mgk gt ldgst jad hgtdrbgl kd`dft.

670. Vbhblgrly, ba Ba rd Fjuatrywbkd @bagafbgl Fjrp ., Ajs. 77-HL-95504-HUY, 75-fv-

;67>-HUY (F.K. Fgl.), tmd plgbatb``s‒ ljga ldvdl rdvbdw j` EJGG 5990-4 rdvdgldk tmgt 65.5% j`

tmd sghpldk hjrtngnds mgk edda gssbnadk tj g pgrty jtmdr tmga tmd [rust, gak tmgt Egao j`

Ghdrbfg mgk uakdrstgtdk tmd trud L[P/FL[P j` 52.0% j` tmd ljgas sghpldk ljgas ey hjrd tmga

79 pdrfdatgnd pjbats. Lbodwbsd, ba Ba rd Fjuatrywbkd @bagafbgl Fjrpjrgtbja Hjrtngnd-Egfodk

Vdfurbtbds Lbtbngtbja, Aj. 75-fv-9;>>4 (F.K. Fgl. Cga. 69, 5976), tmd plgbatb``s `juak glgrhban

erdgfm rgtds wbtmba tmd ljgas sghpldk `rjh EJGHV 5994-F gak EJGHV 5994-@, twj j` tmd[rusts gt bssud mdrd. Vpdfb`bfglly, tmd plgbatb``s‒ ljga ldvdl rdvbdw j` rdvdgldk `jr edtwdda 5>-

5=% j` tmd sghpldk hjrtngnds Egao j` Ghdrbfg mgk uakdrstgtdk tmd trud L[P/FL[P ey hjrd

tmga 79 pdrfdatgnd pjbats.

67>. [md plgbatb``s ba^dstdra gak Vjutmdra Lb`d Basur. Fj., dt gl. v. Egao j` Ghdrbfg, dt

gl ., Aj. 7377-fv-9900> (V.K. Jmbj Vdpt. 50, 5977) `juak sbhblgr erdgfm rgtds wbtmba EJGHV

599>-7 gak EJGHV 599>-6, twj Egao j` Ghdrbfg-lgedl [rusts gt bssud mdrd. @jr dxghpld, tmd

plgbatb``s `juak tmgt 20% gak 2=% j` tmd ljgas `jr EJGHV 599>-7 gak EJGHV 599>-6,

rdspdftbvdly, mgk ajt edda gssbnadk tj tmd [rusts. [md plgbatb``s glsj juak tmgt Egao j` Ghdrbfg

mgk uakdrstgtdk tmd ljgas wbtm nrdgtdr tmga 799% L[P rgtbjs ey >.62% gak 76.>;%, rdspdftbvdly.

[md plgbatb``s glsj `juak tmgt Egao j` Ghdrbfg nrjssly uakdrstgtdk tmd auhedr j` ljgas wbtm

L[P rgtbjs j` nrdgtdr tmga =9% gak 29% `jr tmdsd twj sdfurbtbzgtbjas, gs wdll gs tmd pdrfdatgnd

j` aja-jwadr jffupgafy ljgas.

5. Ygro Ylgfd

67=. Ygro Ylgfd wgs tmd spjasjr `jr $66.4 ebllbja j` hjrtngnd ljgas ba 7; j` tmd [rusts,

wmbfm wdrd lgrndly supplbdk ey Ygro Ylgfd‒s pgrdat Ghdrbqudst gak bts wmjldsgld hjrtngnd



-79>-

fmgaadl Grndat. [md Ygro Ylgfd-lgedl [rusts mgvd edda plgnudk ey gecdft pdr`jrhgafd gs g rdsult

j` tmd dxtrdhdly pjjr frdkbt quglbty j` tmd ljgas bt pgfogndk gak sjlk. Ey Cgaugry 7, 5992, tmd

Ygro Ylgfd-lgedl [rusts mgk ga gvdrgnd kdlbaqudafy rgtd j` jvdr 6>.;%. Gs g rdsult j` tmdsd

kdlbaqudafbds, fjllgtdrgl ljssds bafrdgsdk edtwdda Cgaugry 5992 gak Cgaugry 5977 `rjh $7.>

ebllbja tj $5.>; ebllbja. [j kgtd, tmd Ygro Ylgfd-lgedl [rusts mgvd su``drdk jvdr $6.= ebllbja ba

rdglbzdk ljssds, rdprdsdatban jvdr 77% j` tmd jrbnbagl `gfd ghjuat j` tmd Ygro Ylgfd-lgedl

sdfurbtbzgtbjas.

672. Ghdrbqudst bavdatdk tmd “stgtdk bafjhd‘ ljga, wmbfm glljwdk pjtdatbgl ejrrjwdrs

tj jetgba ljgas wbtmjut prjvbkban gay kjfuhdatgtbja suestgatbgtban gftugl bafjhd, gak wgs jadj` tmd lgrndst sueprbhd ldakdrs uatbl bt stjppdk jrbnbagtban ljgas ba Vdptdhedr 599>.

659. Ja Gunust 67, 599=, Fbtbnrjup fjhpldtdk bts gfqubsbtbja j` Grndat gak

Ghdrbqudst‒s ljga sdrvbfban uabt, GHF Hjrtngnd Vdrvbfds, gak smut kjwa Ghdrbqudst.

Tasfrupuljus gak bhprjpdr ljga jrbnbagtbja prgftbfds ey Ghdrbqudst gak Grndat grd kdsfrbedk ba

kdtgbl tmrjunmjut tmbs Fjhplgbat ( sdd Vdftbja PBBB.F.) gak mgvd edda tmd suecdft j` auhdrjus,

wdll puelbfbzdk njvdrahdat bavdstbngtbjas, rdpjrts gak da`jrfdhdat gftbjas, gs wdll gs prbvgtd

lbtbngtbja. Ygro Ylgfd ‖ ga gltdr-dnj j` Ghdrbqudst gak Grndat ‖ sdfurbtbzdk gak sjlk tmdsd

kd`dftbvd ljgas batj tmd [rusts wbtm `ull oajwldknd j` Ghdrbqudst‒s gak Grndat‒s uakdrwrbtban

prgftbfds.

657. Ygro Ylgfd‒s stgakgrk prgftbfd j` pgfognban kd`dftbvd ljgas mgs edda tmd suecdft

j` sdvdrgl sbnab`bfgat UHEV lbtbngtbja. @jr dxghpld, ba Fgherbknd v. Hjrnga Vtgaldy , Aj. 79-

5>;7 (Vup. Ft. Hgss.), Aj. 77-9444, tmd plgbatb`` glldndk tmgt gs g rdsult j` jrbnbagtjrs‒

gegakjahdat j` stgtdk uakdrwrbtban nubkdlbads, tmd YYVB 599;-HMW7, YYVB 599;-^F^7, YYVB



-79=-

599;-^F^5, YYVB 599;-^MW5, YYVB 5994-^FM7, YYVB 5994-^F^7, YYVB 5994-^MW;

[rusts, gll j` wmbfm grd gt bssud mdrd, wdrd `blldk wbtm kd`dftbvd ljgas.

6. Hdrrbll Lyafm

655. Hdrrbll Lyafm, tmrjunm bts g``blbgtd Hdrrbll Lyafm Hjrtngnd Ldakban, spjasjrdk

gpprjxbhgtdly $7= ebllbja j` hjrtngnd ljgas sdfurbtbzdk ba twdaty-jad j` tmd [rusts uakdr tmd

HLFF gak HLHB smdlvds. Ey Cgaugry 7, 5992, bt wgs dvbkdat tmgt tmd frdkbt quglbty j`

uakdrlyban ljga fjllgtdrgl `jr Hdrrbll Lyafm-lgedl [rusts kbk ajt hgtfm Hdrrbll Lyafm‒s gak

jrbnbagtjrs‒ rdprdsdatgtbjas gak wgrrgatbds. Gt tmbs tbhd, jvdr 7>% j` tmd ljgas wbtmba tmd Hdrrbll

Lyafm-lgedl [rusts wdrd kdlbaqudat. Hjrdjvdr, tmd Hdrrbll Lyafm-lgedl [rusts bafurrdk rdglbzdk

ljssds j` jvdr $;56.; hbllbja. [md Hdrrbll Lyafm-lgedl [rusts‒ rdglbzdk ljssds fjatbaudk tj

hjuat jvdr tmd adxt twj ydgrs, rdgfmban $025.> hbllbja ba Cgaugry 5977. Gs j` Cuad 597;, tmd

Hdrrbll Lyafm-lgedl [rusts mgvd su``drdk rdglbzdk ljssds j` jvdr $246.; hbllbja.

656. Mbnmly puelbfbzdk njvdrahdat rdpjrts gak UHEV lbtbngtbja mgvd dxpjsdk Hdrrbll

Lyafm‒s bhprjpdr sdfurbtbzgtbja prgftbfds. @jr bastgafd, Flgytja Mjlkbans Baf.‒s (Flgytja‘)

trdakban rdpjrts smjwdk tmgt ba tmd pdrbjk `rjh tmd `brst qugrtdr j` 5990 tj tmd sdfjak qugrtdr j`

599>, 56% j` tmd hjrtngnd ljgas tmgt Hdrrbll Lyafm suehbttdk tj Flgytja tj rdvbdw ba rdsbkdatbgl

hjrtngnd-egfodk sdfurbtbds nrjups wdrd rdcdftdk ey Flgytja gs `gllban jutsbkd tmd gpplbfgeld

uakdrwrbtban nubkdlbads. J` tmd hjrtngnd ljgas tmgt Flgytja `juak kd`dftbvd, 65% j` tmd ljgas

wdrd suesdqudatly wgbvdk ba ey Hdrrbll Lyafm wbtmjut prjpdr fjasbkdrgtbja gak gaglysbs j`

fjhpdasgtban `gftjrs.

65;. Jvdr tmd pgst `bvd ydgrs, Hdrrbll Lyafm‒s `glsd rdprdsdatgtbjas rdngrkban tmd

quglbty gak fmgrgftdrbstbfs j` tmd hjrtngnd ljgas bt sdfurbtbzdk mgvd edda tmd `jfus j` sdvdrgl

sbnab`bfgat UHEV bakbvbkugl gak flgss gftbjas. @jr dxghpld, ja Vdptdhedr 5, 5977, tmd @M@G

`bldk subt gngbast Hdrrbll Lyafm ba fjaadftbja wbtm >5 Hdrrbll Lyafm-spjasjrdk jr uakdrwrbttda



-792-

sdfurbtbzgtbjas. @M@G v. Hdrrbll Lyafm & Fj., Baf., dt gl ., Aj. 77-fv-90595 (V.K.A.R. Vdpt. 5,

5977). [md @M@G‒s rdvbdw j` gt ldgst 7,999 rgakjhly sdldftdk hjrtngnd ljgas `rjh dgfm trust

rdvdgldk tmgt `jr dgfm sdfurbtbzgtbja Hdrrbll Lyafm uakdrstgtdk tmd pdrfdatgnd j` aja-jwadr

jffupbdk prjpdrtbds ey hjrd tmga 0%, gak `jr sjhd sdfurbtbzgtbjas ey hjrd tmga 79%. Ba

gkkbtbja, tmd pdrfdatgnd j` hjrtngnd ljgas wbtm ga L[P rgtbj jvdr 799 pdrfdat wgs jvdr 79% ba

06 j` >5 sdfurbtbzgtbjas, gak `jr 59 sdfurbtbzgtbjas jvdr 59% j` tmd hjrtngnds mgk g trud L[P

rgtbj jvdr 799%.

654. [md @M@G‒s `bakbans grd suppjrtdk ey UHEV trustdd-ldk putegfo gftbjas gngbast

Hdrrbll Lyafm ba bts fgpgfbty gs spjasjr. @jr dxghpld, ba Hdrrbll Lyafm Hjrtngnd Bavdstjrs[rust, Vdrbds 5990-UH;, dt gl. v. Hdrrbll Lyafm Hjrtngnd Ldakban, Baf., dt gl. , Bakdx Aj.

04;;96/5975 (A.R. Vup. Ft. Kdf. 7=, 5975), T.V. Egao, A.G., gs trustdd `bldk ga gftbja gngbast

Hdrrbll Lyafm gs spjasjr j` tmd HLHB 5990-UH; gak HLHB 5990-UH4 trusts `jr Hdrrbll

Lyafm‒s erdgfm j` bts rdpurfmgsd jelbngtbjas ba fjaadftbja wbtm ljgas vbjlgtban rdprdsdatgtbjas

gak wgrrgatbds. G jrdasbf rdvbdw j` hjrd tmga 7,999 ljgas `rjh dgfm j` tmdsd trusts rdvdgldk

tmgt gt ldgst >6% j` tmd ljgas ba tmd HLHB 5990-UH; gak >0% j` tmd ljgas ba tmd HLHB 5990-

UH4 trust erdgfmdk rdprdsdatgtbjas gak wgrrgatbds ba g hgaadr tmgt hgtdrbglly gak gkvdrsdly

g``dfts tmd vglud j` tmd hjrtngnd ljga gak tmd batdrdst j` tmd fdrtb`bfgtdmjlkdrs tmdrdba.

;. Ldmhga

650. Ldmhga spjasjrdk adgrly $54.0 ebllbja j` hjrtngnd ljgas sdfurbtbzdk ba twdaty-

dbnmt j` tmd [rusts uakdr tmd EAFH[, LGEVH, LH[, VGBL, VGUH gak VGVF smdlvds.

Ldmhga gfqubrdk tmd hjrtngnd ljgas dbtmdr `rjh Ldmhga‒s jwa ljga jrbnbagtbja g``blbgtds gak

suesbkbgrbds, Gurjrg gak EAF, wmjsd uakdrwrbtban geusds grd wdll kjfuhdatdk, jr ba kbrdft

purfmgsds (baflukban ba guftbjas) `rjh tmbrk-pgrty ljga jrbnbagtjrs, sjhd j` wmbfm grd ghjan tmd

hjst ajtjrbjus `bagafbgl frbsbs ldakdrs, baflukban NrddaYjbat Hjrtngnd, Fjuatrywbkd Mjhd



-779-

Ljgas, Baf., BakyHgf Egao, @.V.E. (“BakyHgf‘), ^dlls @grnj, @brst @rgaolba, Dqub@brst Hjrtngnd

gak Gdnbs Hjrtngnd. Nbvda tmd pjjr pdr`jrhgafd j` tmd Ldmhga lgedl-[rusts, bt wgs fldgr ey

Cgaugry 5992 tmgt Ldmhga gak tmd jrbnbagtjrs mgk hgtdrbglly gak gkvdrsdly erdgfmdk

rdprdsdatgtbjas gak wgrrgatbds tj tmd [rusts. @jr dxghpld, gt tmbs tbhd, jvdr 5>.4% j` tmd

Ldmhga-lgedl [rusts‒ ljgas wdrd kdlbaqudat. Hjrdjvdr, tmd Ldmhga-lgedl [rusts mgk su``drdk

fjllgtdrgl ljssds ba dxfdss j` $46= hbllbja. Udglbzdk ljssds bafrdgsdk tj $7.2 ebllbja ey Cgaugry

5977. Gs j` Cuad 597;, tmd Ldmhga-lgedl [rusts mgvd su``drdk fjllgtdrgl ljssds j` jvdr $6.7

ebllbja, rdprdsdatban jvdr 75% j` tmdsd sdfurbtbzgtbjas‒ jrbnbagl eglgafd.

65>.

Ldmhga‒s `gulty kud kblbndafd prgftbfds wbtm rdspdft tj wmdtmdr tmd ljgas wdrdjrbnbagtdk ba fja`jrhbty wbtm rdprdsdatgtbjas gak wgrrgatbds bs wdll kjfuhdatdk. Ldmhga‒s

“kud kblbndafd‘ prbafbpglly jffurrdk ajt kurban tmd uakdrwrbtban pmgsd j` tmd j``drban, eut wmbld

Ldmhga wgs baspdftban shglldr eulo ljgas `jr pjssbeld purfmgsd `rjh tmbrk-pgrty ljga

jrbnbagtjrs g`tdr suffdss`ully ebkkban ja tmd ljgas gt guftbja. Gffjrkbanly, gt tmgt stgnd, tmdrd

wgs g kbsbafdatbvd `jr Ldmhga tj rdcdft, jr “obfo-egfo,‘ ljgas gs aja-fjhplbgat wbtm stgtdk

nubkdlbads sbafd tmd jrbnbagtjr wjulk ed ldss lbodly tj sdldft Ldmhga gs tmd wbaaban ebkkdr ba

`uturd guftbjas. Bakddk, gffjrkban tj tmd @FBF Udpjrt, ba fjaadftbja wbtm sdfurbtbzban ljgas,

Ldmhga usdk Flgytja tj pdr`jrh kud kblbndafd sdrvbfds. Flgytja `juak tmgt 50% j` tmd tjtgl

ljgas uakdrwrbttda ey Ldmhga `gbldk tj hddt tmd uakdrwrbtban stgakgrks, eut tmgt Ldmhga

wgbvdk bts rbnmt tj rdcdft 6>% j` tmdsd aja-fja`jrhban ljgas, gak baflukdk tmdh ba tmd UHEV bt

sdfurbtbzdk gaywgy. @urtmdr, tmd hjttj ghjan Ldmhga‒s rdsbkdatbgl hjrtngnd-egfodk sdfurbtbds

jrbnbagtbja sglds nrjup edfghd “tmdrd grd aj egk ljgas jaly egkly prbfdk ljgas‘ ‖ hdgaban ljgas

`juak ajt tj fjhply wbtm uakdrwrbtban nubkdlbads wdrd ndadrglly ajt rdcdftdk, eut sbhply

adnjtbgtdk tj ed purfmgsdk hjrd fmdgply.



-777-

65=. Jvdr tmd pgst sbx ydgrs, Ldmhga‒s sdfurbtbzgtbja prgftbfds mgvd edda tmd `jfus j`

sdvdrgl, sbnab`bfgat UHEV lgwsubts. @jr dxghpld, ba tmdbr Fjasjlbkgtdk Vdfurbtbds Flgss Gftbja

Fjhplgbat `bldk ja @derugry 56, 5992, ba Ba rd Ldmhga Erjtmdrs Hjrtngnd-Egfodk Vdfurbtbds

Lbtbngtbja, Aj. 9=-fv-0>05, tmd flgss plgbatb``s kdsfrbedk ba kdtgbl Ldmhga‒s `gulty kud kblbndafd

prgftbfds ba sdfurbtbzban ljgas ba Ldmhga-lgedl trusts bssudk uakdr, ghjan jtmdr smdlvds, tmd

VGUH gak VGVF smdlvds.

652. [md rdsults j` bavdstjr ljga `bld rdvbdws fjakuftdk ey bavdstjrs mgvd `urtmdr

fja`brhdk Ldmhga‒s `gulty kud kblbndafd prgftbfds gak pdrvgsbvd gak systdhbf erdgfm j`

hgtdrbgl rdprdsdatgtbjas gak wgrrgatbds rdngrkban quglbty gak fmgrgftdrbstbfs j` tmd ljgas btsdfurbtbzdk. @jr dxghpld, ba GBN v. Fjuatrywbkd @bagafbgl Fjrp ., Ajs. 77-HL-95504/77-fv-

794;2, GBN rdvbdwdk 7== ljgas jrbnbagtdk ey Fjuatrywbkd `rjh tmd VGUH 5990-79

sdfurbtbzgtbja, wmbfm kdhjastrgtdk tmgt tmgt tmd hjrtngnd pjjls fjatgba ljgas rb`d wbtm `rguk gak

jtmdr vbjlgtbjas j` rdprdsdatgtbjas gak wgrrgatbds. Vpdfb`bfglly, GBN‒s rdvbdw rdvdgldk vbjlgtbjas

j` uakdrwrbtban nubkdlbads ba jvdr 29% j` tmd ljgas, baflukban elgtgat hbsrdprdsdatgtbjas j`

dhpljyhdat, gak erdgfmds j` nubkdlbads.

4. @brst @rgaolba

669. @brst @rgaolba, g suesbkbgry j` Hdrrbll Lyafm (wmbfm wgs purfmgsdk ey Egao j`

Ghdrbfg), wgs hgcjr ljga sdlldr tj tmd [rusts. @brst @rgaolba jrbnbagtdk gpprjxbhgtdly $74

ebllbja ba hjrtngnd ljgas baflukdk ba tmd [rusts gt bssud mdrd, gak spjasjrdk jvdr $74.> ebllbja ba

ljgas `jr `jurtdda [rusts. Kurban tmd mdbnmt j` tmd hjrtngnd gak sdfurbtbzgtbja ejjh, @brst

@rgaolba systdhbfglly jrbnbagtdk gak sdfurbtbzdk ljgas ba erdgfm j` tmd rdprdsdatgtbjas gak

wgrrgatbds bt prjvbkdk tj tmd purfmgsdrs j` bts ljgas. [md pdr`jrhgafd j` @brst @rgaolba-lgedl

[rusts rd`ldfts tmdsd geusbvd prgftbfds, gs ey Cgaugry 5992 jvdr g tmbrk j` gll ljgas wbtmba tmdsd

[rusts wdrd kdlbaqudat, gak tmd [rusts mgk bafurrdk ljssds j` jvdr $=55 hbllbja. Ey Cgaugry



-776-

Hdrrbll Lyafm & Fj. , Aj. 9=-fv-79=;7 (V.K.A.R. Kdf. 75, 599=). [md $674 hbllbja sdttldhdat

j` tmbs flgss gftbja wgs puelbfbzdk ba 5977.

66;. GBN sudk @brst @rgaolba, ghjan jtmdrs, `jr $79 ebllbja ba Gunust 5977, glldnban

tmgt @brst @rgaolba gak jtmdrs `glsdly gssdrtdk tmgt tmd hjrtngnds uakdrlyban hjrtngnd-egfodk

sdfurbtbds wdrd bssudk gffjrkban tj jecdftbvd uakdrwrbtban nubkdlbads, wmda ba `gft, tmd

kd`dakgats dafjurgndk ejrrjwdrs tj `glsb`y ljga gpplbfgtbjas, prdssurdk prjpdrty gpprgbsdrs tj

ba`lgtd mjhd vgluds, gak bnajrdk jevbjus rdk `lgns ba tmd uakdrwrbtban prjfdss. Vdd GBN, Baf., dt

gl., v. Egao j` Gh. Fjrp., dt gl., Aj. 77-fv-90575 (V.K.A.R. Vdpt. 0, 5977).

664.

Ba Gprbl 5975, ejak basurdr Ghegf Gssurgafd Fjrp. (“Ghegf‘) sudk Egao j`Ghdrbfg, gffusban tmd fjhpgay‒s @brst @rgaolba gak Hdrrbll Lyafm uabts j` hbsrdprdsdatgtbjas

fjafdraban hjrtngnd-egfodk sdfurbtbds. Vdd Ghegf Gssurgafd Fjrp., dt gl. v. @brst @rgaolba @ba.

Fjrp., dt gl. , Bakdx Aj. 04757>/5975 (A.R. Vup. Ft. Gpr. 70, 5975). Ghegf rdvbdwdk 7,>49

ljgas ba tmd sdfurbtbzgtbja gak `juak tmgt rdprdsdatgtbjas gak wgrrgatbds wdrd erdgfmdk ba 2;% j`

tmd ljgas . Vdd bk. Ghegf `urtmdr glldndk tmgt @brst @rgaolba jrbnbagtdk hjst j` tmd ljgas, gak

tmgt tmd hbsrdprdsdatgtbjas baflukdk uakdrwrbtban prgftbfds gak tmd kud kblbndafd kjad ja tmd

pjjldk ljgas, gak gt tmd ljga ldvdl, sufm gs ejrrjwdrs‒ bafjhds gak dhpljyhdat. [md agtbjagl

hdkbg rdpjrtdk ja tmdsd typds j` ejak-basurdr gftbjas. Vdd, d.n., Ghegf Vuds Egao j` Ghdrbfg

Jvdr Hjrtngnd-Egsdk Vdfurbtbds , Eljjhedrn (Gpr. 70, 5975)? Ghegf Egfodk $=40H Ba Egk

HEV Kud [j Hdrrbll‒s [rbfos3 Vubt , Lgw609 (Gpr. 70, 5975).

660. @jrdasbf rdvbdws j` @brst @rgaolba-lgedl [rusts gt bssud kdhjastrgtd tmd erdgfmds

j` rdprdsdatgtbjas gak wgrrgatbds hgkd ey @brst @rgaolba tj tmd [rusts ba fjaadftbja wbtm tmdbr

sgld j` hgtdrbglly kd`dftbvd ljgas. @jr dxghpld, ba Yrukdatbgl v. Egao j` Ghdrbfg , Aj. 76-fv-

974=0 (K.A.C.), plgbatb`` `juak tmgt 4,96> j` 0,920 ljgas wbtmba @@HL 599;-@@7, jr =5.06%



-77;-

fjatgbadk gt ldgst jad hgtdrbgl kd`dft. Vbhblgrly, plgbatb`` `juak tmgt 6,;59 j` tmd ;,269 ljgas

rdvbdwdk `rjh @@HL 5994-@@0 (02.6=%) fjatgbadk gt ldgst jad hgtdrbgl kd`dft.

0. Hjrnga Vtgaldy

66>. Hjrnga Vtgaldy, tmrjunm bts g``blbgtds Hjrnga Vtgaldy Hjrtngnd Fgpbtgl, Baf. gak

Vgxja Fgpbtgl, Baf., (“Vgxja‘) spjasjrdk hjrd tmga $77.5 ebllbja ba hjrtngnd ljgas sdfurbtbzdk

ba tda [rusts uakdr tmd HVGF gak HVMLF smdlvds. Nbvda tmd gstjuakban kdlbaqudafbds wbtmba

tmd Hjrnga Vtgaldy-lgedl [rusts, bt wgs dvbkdat ey Cgaugry 5992 tmgt Hjrnga Vtgaldy mgk

kuhpdk tjxbf ljgas wbtmba tmdsd trusts. Ey Cgaugry 5992, jvdr 49% j` gll ljgas wbtmba tmdsd

sdfurbtbzgtbjas wdrd kdlbaqudat, gak tmdsd trusts mgk su``drdk jvdr $0=;.0 hbllbja ba fjllgtdrgl

ljssds. Udglbzdk ljssds adgrly kjueldk jvdr tmd adxt twj ydgrs tj rdgfm $7.54 ebllbja ey Cgaugry

5977. Gs j` Cuad 597;, tmd Hjrnga Vtgaldy-lgedl [rusts mgvd su` drdk gpprjxbhgtdly $7.2

ebllbja ba fjllgtdrgl ljssds, sbnab`yban tmgt adgrly 7>% j` tmd datbrd ljga pjjl mgs edda wrbttda j``.

66=. Gffjrkban tj tmd @FBF, Hjrnga Vtgaldy kdvjtdk hbabhgl rdsjurfds tj kud

kblbndafd ja tmd ljgas bt sdfurbtbzdk. @jr bastgafd, tmd mdgk j` kud kblbndafd wgs egsdk ajt ba

Adw Rjro eut rgtmdr ba Ejfg Ugtja, @ljrbkg, gak md mgk, gt gay jad tbhd, jaly twj tj `bvd

bakbvbkugls rdpjrtban tj mbh kbrdftly‛gak tmdy wdrd gftuglly dhpljydds j` g pdrsjaadl

fjasultgat, Dqubajx. @FBF Udpjrt gt 70=.

662. Njvdrahdat bavdstbngtbjas gak lgwsubts bavjlvban Hjrnga Vtgaldy-spjasjrdk

j``drbans dxpjsdk tmd fjasdqudafds j` bts pjjr kud kblbndafd. Ba @M@G v. Hjrnga Vtgaldy , g

`jrdasbf rdvbdw fjakuftdk ey tmd @M@G j` 579 ljgas `rjh tmd HVH 599>-5G] gak VGV[

599>-7 sdfurbtbzgtbjas rdvdgldk tmgt gpprjxbhgtdly 26% j` tmd rdvbdwdk ljgas mgk ajt edda

uakdrwrbttda ba gffjrkgafd wbtm tmd gpplbfgeld uakdrwrbtban nubkdlbads. @M@G v. Hjrnga

Vtgaldy, dt gl. , Aj.77-fv-0>62, Ghdakdk Fjhpl. °775 (V.K.A.R. Cuad 76, 5975). Kurban ga 7=-

hjatm pdrbjk dakban Cuad 67, 599>, g tmbrk-pgrty kud kblbndafd `brh, Flgytja, rdcdftdk 70% j`



-774-

tmd ljgas bt rdvbdwdk `jr Hjrnga Vtgaldy. [mbs ba`jrhgtbja wgs prjvbkdk tj Hjrnga Vtgaldy, eut

bt jvdrruldk Flgytja‒s `bakbans gak “wgbvdk ba‘ gpprjxbhgtdly 40% j` tmjsd ljgas. ( Vdd Flgytja

Gll [rdakban Udpjrt gt =, gvgblgeld gt mttp3//`fbf.lgw.stga`jrk.dku/mdgrbans/tdstbhjay/

tmd-bhpgft-j`-tmd-`bagafbgl-frbsbssgfrghdatj#kjfuhdats.) Ghdakdk Fjhpl. °597.

6;9. Ba Hjrnga Vtgaldy‒s 5990 gak 599> Adw Fdatury-jrbnbagtdk ljga pjjls, tmd lgrnd

hgcjrbty j` tmd ljgas rdvbdwdk ey Flgytja wdrd bkdatb`bdk ey Flgytja gs mgvban sjhd typd j`

dxfdptbja. Hjst ljgas mgk hultbpld dxfdptbjas. Ba rd3 Hjrnga Vtgaldy & Fj. Baf ., Fbvbl Gftbja

Aj. 79-546=, Gssurgafd j` Kbsfjatbaugafd gt °50 (Vu``jlo Faty. Vup. Ft. Cuad 5;, 5979).

Mjwdvdr, ba bastgafds wmdrd Flgytja `juak hgtdrbgl dxfdptbjas tj tmd nubkdlbads, Flgytja `juaktmgt jaly gpprjxbhgtdly 2% j` tmd ljgas mgk su``bfbdat fjhpdasgtban `gftjrs tj j``sdt sufm

dxfdptbjas? hdgaban, 27% j` tmd ljgas `gbldk tj mgvd fjhpdasgtban `gftjrs. Bk.gt °5>.

6;7. Kurban 5990 gak 599>, Hjrnga Vtgaldy wgbvdk dxfdptbjas ja gak purfmgsdk g

lgrnd auhedr j` tmd ljgas `juak ey Flgytja tj vbjlgtd nubkdlbads wbtmjut su``bfbdat fjhpdasgtban

`gftjrs. Ba tmd lgst tmrdd qugrtdrs j` 5990, Hjrnga Vtgaldy wgbvdk hjrd tmga mgl` j` gll hgtdrbgl

dxfdptbjas `juak ey Flgytja (tmdrd fga ed hjrd tmga jad hgtdrbgl dxfdptbja ja jad “dxfdptbja‘

ljga), gak purfmgsdk g suestgatbgl auhedr j` Adw Fdatury ljgas `juak ey Flgytja tj vbjlgtd

nubkdlbads wbtmjut su``bfbdat fjhpdasgtban `gftjrs. Bk. gt °5=.

6;5. Hjrnga Vtgaldy gnrddk tj pgy $795 hbllbja tj sdttld tmd flgbhs gssdrtdk ey tmd

Hgssgfmusdtts Gttjrady Ndadrgl gak glsj gnrddk tj krgstbf fmgands ba bts uakdrwrbtban

prgftbfds. Bk. gt °°;4-45.

>. Egrflgys

6;6. Egrflgys spjasjrdk hjrd tmga $74.0 ebllbja ba hjrtngnd ljgas sdfurbtbzdk ba

`b`tdda j` tmd [rusts uakdr tmd VGEU smdl`. [md Egrflgys-lgedl [rusts mgvd edda hgrodk ey pjjr

pdr`jrhgafd. Ey Cgaugry 7, 5992, tmd Egrflgys-lgedl [rusts wdrd gvdrgnban kdlbaqudafy rgtds j`



-770-

jvdr ;>.>%, wbtm 6 trusts (VGEU 5994-MD7, VGEU 5994-@U4, gak VGEU 5994-@U6)

dxpdrbdafban kdlbaqudafy rgtds ba dxfdss j` 09%. Gs g rdsult j` tmdsd sdvdrd kdlbaqudafbds, tmd

Egrflgys-lgedl [rusts ednga tj bafur glgrhban ljssds. @jr dxghpld, edtwdda 5992 gak 5977

fjllgtdrgl ljssds ghjan tmd Egrflgys-lgedl [rusts bafrdgsdk `rjh gpprjxbhgtdly $2>;.4 hbllbja tj

$7.2 ebllbja. Gs j` Cuad 597;, tmdsd trusts mgvd su` drdk fjllgtdrgl ljssds j` gpprjxbhgtdly $5.>

ebllbja, hdgaban tmgt adgrly 7>% j` tmd datbrd ljga pjjl mgs edda wrbttda j``.

6;;. Egrflgys‒ `gulty kud kblbndafd gak sdfurbtbzgtbja prgftbfds wdrd gkkrdssdk ey tmd

njvdrahdat rdpjrts. @jr dxghpld, kurban tmd @FBF bavdstbngtbja, Flgytja prjvbkdk dvbkdafd

tmgt Egrflgys sdfurbtbzdk g sbnab`bfgat auhedr j` ljgas tmgt kbk ajt fjhply wbtm tmd stgtdkuakdrwrbtban nubkdlbads. Flgytja rdvbdwdk 0,5>4 ljgas `jr Egrflgys. Bt `juak tmgt 7,>77 (5>%)

kbk ajt fjhply wbtm tmd stgtdk uakdrwrbtban nubkdlbads gak kbk ajt mgvd fjhpdasgtban `gftjrs.

Egrflgys wgbvdk tmd kd`dfts `jr ;>7 j` tmd 7,>77 (5>.4%). Hjrdjvdr, dvda tmjunm tmd rdpjrts

`rjh Flgytja ngvd ajtbfd tj Egrflgys tmgt ja gvdrgnd 5>% j` tmd sghpldk ljgas kbk ajt fjhply

wbtm uakdrwrbtban nubkdlbads jr pjssdss fjhpdasgtban `gftjrs, Egrflgys `gbldk tj fjakuft gay

gkkbtbjagl rdvbdw j` tmd ljgas ajt ydt sghpldk. Ba jtmdr wjrks, dvda tmjunm bt oadw tmgt tmd ua-

sghpldk sdt wjulk fjatgba gpprjxbhgtdly tmd sghd prjpjrtbja j` egk ljgas (gs sufm bs tmd

purpjsd j` sghplban), Egrflgys bnajrdk tmbs jevbjus kd`dft, gak bastdgk, plgfdk gll j` tmd ua-

sghpldk ljgas batj tmd sdfurbtbzgtbjas gs wdll.

6;4. Egrflgys‒ sdfurbtbzgtbja prgftbfds mgvd glsj edda tmd tgrndt j` rdnulgtjry

bavdstbngtbjas gak da`jrfdhdat gftbjas. @jr dxghpld, ja Kdfdhedr 55, 5977, tmd @bagafbgl

Bakustry Udnulgtjry Gutmjrbty (@BAUG) `badk Egrflgy‒s $6 hbllbja `jr Egrflgy‒s glldndk

hbsrdprdsdatgtbjas rdngrkban rdsbkdatbgl hjrtngnd-egfodk sdfurbtbds. @BAUG stgtdk tmgt

Egrflgy‒s prjvbkdk bagkdqugtd supdrvbsbja gak bafjrrdft kdlbaqudafy kgtg ba bssuban UHEV,



-772-

647. [md abad Fgrrbantja-lgedl [rusts gt bssud mdrd, wmbfm mdlk hjrd tmga $2.2 ebllbja

ba hjrtngnd ljgas spjasjrdk ey Fgrrbantja, mgvd pdr`jrhdk dxfdptbjaglly pjjr, dvda `jr

Fgrrbantja‒s stgakgrks. Ey Cgaugry 5992, tmd Fgrrbantja-lgedl [rusts mgk glrdgky su``drdk

fjllgtdrgl ljssds j` $577 hbllbja. Hjrdjvdr, tmd Fgrrbantja-lgedl [rusts mgk sdvdrd

kdlbaqudafbds, gs ;4% j` tmd ljgas wbtmba tmdsd [rusts wdrd kdlbaqudat. Jvdr tmd adxt twj ydgrs,

rdglbzdk ljssds bafrdgsdk glhjst `bvd-`jlk tj jvdr $7 ebllbja. [md [rusts fjatbaud tj su``dr

trdhdakjus fjllgtdrgl wrbtdkjwas, gs tmd Fgrrbantja-lgedl [rusts mgvd su``drdk jvdr $5.0 ebllbja

ba rdglbzdk ljssds, rdprdsdatban jvdr 50% j` tmd [rusts‒ jrbnbagl eglgafd.

645.

[md pjjr pdr`jrhgafd j` Fgrrbantja-lgedl sdfurbtbzgtbja mgs edda j`tda gttrbeutdktj bts pgfognban j` kd`dftbvd ljgas. @jr dxghpld, ba Fgherbknd v. Hjrnga Vtgaldy , Aj. 79-5>;7

(Vup. Ft. Hgss.), Aj. 77-9444, tmd plgbatb`` glldndk tmgt gs g rdsult j` jrbnbagtjrs‒ gegakjahdat

j` stgtdk uakdrwrbtban nubkdlbads, tmd FGUU 5990-@UD7, FGUU 5990-AF7, FGUU 5990-AF6,

FGUU 5990-@UD5, FGUU 5990-AF5, FGUU 5990-AF; gak FGUU 5990-U@F7 [rusts, gll j`

wmbfm grd gt bssud mdrd, wdrd `blldk wbtm kd`dftbvd ljgas.

646. Vbhblgrly, ba Egydrbsfmd Lgakdsegao v. Edgr Vtdgras& Fj. Baf. dt gl., Aj. 75-fv-

95=9; (V.K.A.R. Gpr. 2, 5975), tmd plgbatb`` bavdstjr sudk bavdsthdat egao uakdrwrbtdrs glldnban

tmgt ba fjaadftbja wbtm FGUU 5990-AF6, FGUU 5990-AF4, FGUU 5990-JY[7, FGUU 5990-

U@F7, FGUU 599>-@UD7 gak FGUU 599>-U@F, tmd jrbnbagtjrs Adw Fdatury gak Udsbkdatbgl

@uakban mgk (b) ‘gegakjadk _tmdbrX uakdrwrbtban nubkdlbads, vdrb`bfgtbja prjfdkurds gak quglbty

fjatrjl stgakgrks ba jrkdr tj bafrdgsd ljga jrbnbagtbjas? (bb) glljwdk pdrvgsbvd dxfdptbjas tj tmd

fjhpgay‒s uakdrwrbtban nubkdlbads ba tmd gesdafd j` dxbstban fjhpdasgtban `gftjrs? (bbb)

fjasbstdatly `gbldk tj prjpdrly kjfuhdat prjspdftbvd ejrrjwdrs‒ geblbty tj rdpgy tmdbr hjrtngnd

ljgas? gak (bv) systdhgtbfglly kbsrdngrkdk bts stgtdk gpprgbsgl stgakgrks gak ba hgay bastgafds



-759-

hgtdrbglly ba`lgtdk tmd vgluds j` tmd uakdrlyban hjrtngndk prjpdrtbds ba tmd ljga jrbnbagtbja gak

uakdrwrbtban prjfdss.‘ 2

64;. Bavdstjrs‒ `jrdasbf rdvbdws j` vgrbjus Fgrrbantja-lgedl [rusts gt bssud mdrd

fja`brh tmgt Fgrrbantja‒s pdrvgsbvd gak systdhbf sdfurbtbzgtbja gak sgld j` kd`dftbvd ljgas tj gll

j` tmd Fgrrbantja-lgedl [rusts. @jr dxghpld, ba BOE Batdragtbjagl v. CYHjrnga , Aj. 7375-fv-

9;07> (V.K.A.R.), fjhhbssbjadk g rdvbdw j` ljga ldvdl kgtg `jr tmd hjrtngnds pjjldk ba tmd

FGUU 5990-AF4, FGUU 5990-JY[7 gak FGUU 5990-U@F7 sdfurbtbzgtbjas, wmbfm grd [rusts

gt bssud mdrd. [md plgbatb`` `juak tmgt Fgrrbantja mgk hgtdrbglly uakdrstgtdk tmd FL[P/L[P ey

hjrd tmga 79 pdrfdatgnd pjbats, rganban `rjh 67% tj gs mbnm gs ;2% j` tmd sghpldk ljgas batmdsd sdfurbtbzgtbjas. [md plgbatb`` glsj fjaflukdk tmgt Fgrrbantja jvdrstgtdk jwadr jffupgafy

ey hjrd tmga 79% ba jad j` tmdsd sdfurbtbzgtbjas (FGUU 90-U@F7), gak hjrd tmga 59% ba tmd

jtmdr twj [rusts (FGUU 5990-AF4 gak FGUU 5990-JY[7).

644. Vbhblgrly, ba Vdglbao @uakban v. Edgr Vtdgras , Bakdx Aj. 0450=7 5977 (A.R. Vup.

Ft. Vdpt. 52, 5977), tmd plgbatb`` pdr`jrhdk ga gaglysbs j` g sbzdgeld sghpld j` ljgas suppjrtban

FGUU 5990-JY[7. [md plgbatb` fjaflukdk tmgt Fgrrbantja mgk uakdrrdpjrtdk aja-jwadr

jffupbdk ljgas ey hjrd tmga 7>2.74%. [md plgbatb`` glsj `juak tmgt tmd gftugl pdrfdatgnd j`

ljgas wbtmba tmd sdfurbtbzgtbja wbtm ga L[P rgtbj dxfddkban 799% wgs jvdr =%.

2. UEV

640. [md Ujygl Egao j` Vfjtlgak Nrjup YLF (“UEV‘), tmrjunm bts g``blbgtds UEV

@bagafbgl Yrjkufts, Baf. (`/o/g Nrddawbfm Fgpbtgl @bagafbgl Yrjkufts, Baf.) gak Vjuakvbdw,

2 Vdd glsj, Kdxbg v. Edgr Vtdgras, dt gl ., Aj. 75-fv-9;>07 (V.K.A.R. Cuad 7=, 5975) (hgobansbhblgr glldngtbjas rdngrkban Fgrrbantja‒s sdfurbtbzgtbja j` kd`dftbvd ljgas ba `bvd Fgrrbantja-lgedl [rusts gt bssud mdrd, FGUU 5990-AF6, FGUU 5990-AF4, FGUU 5990-JY[7, FGUU5990-U@F7, gak FGUU 599>-@UD7).



-757-

spjasjrdk hjrd tmga $=.; ebllbja ba hjrtngnd ljgas sdfurbtbzdk ba sdvda j` tmd [rusts. Ey vbrtud

j` tmd stgnndrban kdlbaqudafbds gak fjllgtdrgl ljssds, bt wgs fldgr tmgt ey Cgaugry 7, 5992, tmgt

UEV mgk `blldk wbtm tjxbf ljga pjjls. Ey tmgt tbhd, tmd UEV-lgedl [rusts gvdrgndk kdlbaqudafy

rgtds j` jvdr 66%. Gs g rdsult j` tmdsd kdlbaqudafbds, rdglbzdk ljssds nrdw `rjh $550.> hbllbja

ba Cgaugry 7, 5992, tj $7.6= ebllbja ba Cgaugry 5977, rdprdsdatban g 499% bafrdgsd. Ba tjtgl, tmd

UEV-lgedl [rusts mgvd su``drdk fjllgtdrgl ljssds j` jvdr $5.> ebllbja, rdprdsdatban jvdr 5>% j`

tmd [rusts‒ jrbnbagl eglgafd.

64>. UEV‒s pjjr hjrtngnd sdfurbtbzgtbja prgftbfds mgvd edda tmd suecdft j`

njvdrahdat gak bavdstjr lgwsubts, baflukban UEV‒s sgld j` kd`dftbvd ljgas tj tmd [rusts gs bssudmdrd. @jr dxghpld, ba @M@G v. Ujygl Egao j` Vfjtlgak Nrjup YLF, dt gl. , Aj. 77-fv-976=6

(Kbst. Fjaa. @de. 7, 5975), tmd @M@G pdr`jrhdk g `jrdasbf gaglysbs j` 0= UEV-spjasjrdk

sdfurbtbzgtbjas gak/jr UEV-uakdrwrbttda sdfurbtbzgtbjas, baflukban `bvd UEV-lgedl [rusts gt bssud

mdrd3 MPHL[ 599>-7, VPMD 599>-JY[5, VPMD 599>-JY[6 gak VPMD 599>-JY[4. [md

@M@G `juak tmgt “gt ldgst 6.75 pdrfdat j` tmd hjrtngnd ljgas `jr dgfm Vdfurbtbzgtbja mgk ga L[P

rgtbj jvdr 799 pdrfdat, gak `jr hjst Vdfurbtbzgtbjas tmbs `bnurd wgs hufm lgrndr.‘ @M@G v. UEV,

dt. gl. , Aj. 6377-fv-976=6 Ghdakdk Fjhpl. °776. [md @M@G glsj `juak tmgt “tmd Yrjspdftus

Vuppldhdat `jr dgfm Vdfurbtbzgtbja wgs nrjssly bagffurgtd, uakdrstgtban tmd pdrfdatgnd j` aja-

jwadr jffupbdk prjpdrtbds ey gt ldgst sbx pdrfdat, gak `jr hgay Vdfurbtbzgtbjas ey tda pdrfdat jr

hjrd.‘ Bk . gt °79>.

64=. Vbhblgrly, ba AFTG v. UEV (K. Oga. Gun. 5;, 5975), suprg , tmd AFTG ejgrk

glldndk systdhbf gak pdrvgsbvd hbsrdprdsdatgtbjas rdngrkban tmd ljga quglbty gak fmgrgftdrbstbfs

j` `jur UEV-lgedl [rusts tmgt grd gt bssud mdrd, MPHL[ 5990-79, MPHL[ 5990-77, MPHL[

5990-75 gak MPHL[ 599>-7. Ba suppjrt j` tmbs fjatdatbja, AFTG fjhhbssbjadk g `jrdasbf



-755-

rdvbdw j` ljgas wbtmba fdrtgba j` tmdsd sdfurbtbzgtbjas. [md AFTG kdtdrhbadk tmgt tmd gftugl

wdbnmtdk gvdrgnd L[P j` MPHL[ 5990-79 wgs 74.74% mbnmdr tmga UEV rdprdsdatdk, gak tmgt

tmd gftugl wdbnmtdk gvdrgnd FL[P j` MPHL[ 5990-79 wgs 7=.4>% mbnmdr tmga UEV

rdprdsdatdk. AFTG glsj `juak tmgt jwadr jffupgafy wgs jvdrstgtdk ba MPHL[ 5990-79 ey

7>.5%. 79

642. Lbodwbsd, ba @dkdrgl Mjhd Ljga Egao v. Glly @bagafbgl , Aj. 77-fv-79245 (K.

Hgss. Cuad 52, 5975), tmd plgbatb``‒s rdvbdw j` ljgas `rjh MPHL[ 599>-7, jad j` tmd UEV-

spjasjrdk [rusts gt bssud mdrd, rdvdgldk tmgt 69.7;% j` tmd sghpldk ljga nrjup‒s ljgas mgk ga

L[P rgtbj dxfddkban 799%, fjatrgry tj UEV‒s rdprdsdatgtbja tmgt aj ljga‒s L[P dxfddkdk 799%.[md plgbatb`` glsj `juak tmgt UEV mgk uakdrstgtdk tmd auhedr j` ljgas wbtm ga L[P rgtbj mbnmdr

tmga =9% ey >4.2% gak ga L[P rgtbj mbnmdr tmga 29% ey ;2.6%.

609. @urtmdr ba[dxgs Fjuaty gak Kbstrbft Udtbrdhdat Vystdh v. C.Y. Hjrnga Vdfurbtbds,

dt gl ., Aj. K-7-NA-7;-99922= ([dx. Kbst. Gpr. 6, 597;), tmd plgbatb`` gaglyzdk twj UEV-lgedl

[rusts gt bssud mdrd. [md plgbatb`` kdtdrhbadk tmgt wbtm rdspdft tj MPHL[ 5990-77, UEV mgk

jvdrstgtdk jwadr jffupgafy ey 0.>2%, uakdrstgtdk ljgas tmgt mgk ga L[P nrdgtdr tmga =9% ey

hjrd tmga ;2%, gak uakdrstgtdk ljgas tmgt mgk ga L[P nrdgtdr tmga 799% ey hjrd tmga 74.>7%.

Vbhblgrly, wbtm rdspdft tj VPMD 599>-JY[7, UEV mgk jvdrstgtdk jwadr jffupgafy ey >.77%,

uakdrstgtdk ljgas tmgt mgk ga L[P nrdgtdr tmga =9% ey hjrd tmga 76.57%, gak uakdrstgtdk ljgas

tmgt mgk ga L[P nrdgtdr tmga 799% ey hjrd tmga 52%. 77

79 Ylgbatb`` glsj `juak glgrhban erdgfm rgtds wbtmba BHVG 5994-5, g sdfurbtbzgtbja spjasjrdk eyBhpgf gak wmbfm bs tmd suecdft j` tmbs gftbja.77 Ylgbatb``‒s rdvbdw kbsfljsdk sbhblgr erdgfm rgtds wbtmba BHH 5994-0, g sdfurbtbzgtbjaspjasjrdk ey Bhpgf gak wmbfm bs tmd suecdft j` tmbs gftbja.



-756-

607. Ba @derugry 597;, UEV gnrddk tj pgy $5>4 hbllbja tj dhpljydd mdgltm gak

pdasbja `uaks tj rdsjlvd g fjasjlbkgtdk flgss gftbja glldnban tmgt UEV hbsldk bavdstjr wbtm

rdspdft tj tmd quglbty j` tmd ljgas ba `jurtdda UEV-spjasjrdk sdfurbtbzgtbjas. A.C. Fgrpdatdrs

Pgfgtbja @uak, dt gl. v. Ujygl Egao j` Vfjtlgak Nrp. YLF, dt gl ., Aj. 9=-fv-94926 (V.K.A.R.

Cuad 6, 599=).

79. TEV

605. TEV, tmrjunm bts g``blbgtd TEV Udgl Dstgtd Vdfurbtbds, Baf., spjasjrdk hjrd tmga

$4.5 ebllbja ba ljgas kdpjsbtdk batj `jur j` tmd [rusts. Nbvda tmd pjjr pdr`jrhgafd j` tmd TEV-

lgedl [rusts, bt wgs fldgr ey Cgaugry 5992 tmgt TEV mgk hgtdrbglly gak gkvdrsdly erdgfmdk

rdprdsdatgtbjas gak wgrrgatbds tj tmd [rusts. @jr dxghpld, gt tmbs tbhd, jvdr 66% j` tmd TEV-

lgedl [rusts ljgas wdrd kdlbaqudat. Ba gkkbtbja, tmd TEV-lgedl [rusts mgk su``drdk fjllgtdrgl

ljssds ba dxfdss j` $775.= hbllbja. Hjrdjvdr, gt tmbs pjbat, HGEV 599>-AF , jad j` tmd TEV-

lgedl [rusts gt bssud, mgk g kdlbaqudafy rgtd j` 40.;% gak mgk wrbttda j`` jvdr $;6.0 hbllbja, jr

6.5% j` tmd datbrd j``drban. Udglbzdk ljssds bafrdgsdk tj $6>>.; hbllbja ey Cgaugry 5977. Gs j`

Cuad 597;, tmd TEV-lgedl [rusts mgvd su``drdk fjllgtdrgl ljssds j` jvdr $>05.; hbllbja.

606. TEV‒s kd`bfbdat kud kblbndafd gak sdfurbtbzgtbja prgftbfds grd wdll oajwa. @jr

dxghpld, Flgytja‒s trdakban rdpjrts rdvdgldk tmgt ba tmd pdrbjk `rjh tmd `brst qugrtdr j` 5990 tj

tmd `brst qugrtdr j` 599>, 59% j` tmd hjrtngnd ljgas TEV suehbttdk tj Flgytja tj rdvbdw ba

rdsbkdatbgl hjrtngnd-egfodk sdfurbtbds nrjups wdrd rdcdftdk ey Flgytja gs `gllban jutsbkd tmd

gpplbfgeld uakdrwrbtban nubkdlbads. J` tmd hjrtngnd ljgas tmgt Flgytja `juak kd`dftbvd, 66% j`

tmd ljgas wdrd suesdqudatly wgbvdk ba ey TEV wbtmjut prjpdr fjasbkdrgtbja gak gaglysbs j`

fjhpdasgtban `gftjrs gak baflukdk ba sdfurbtbzgtbjas.

60;. Jvdr tmd pgst `bvd ydgrs, TEV‒s sdfurbtbzgtbja prgftbfds mgvd edda tmd `jfus ba gt

ldgst abadtdda sbnab`bfgat UHEV lgwsubts, baflukban gftbjas ey tmd @M@G, @dkdrgl Mjhd Ljga



-754-

`jr sdfurbtbzgtbja .‘ [md G@NB fjaflukdk tmgt “_nXbvda tmgt g lgrnd pdrfdatgnd j` tmd ljga pjjls

sdfurbtbzdk ey TEV grd fjhprbsdk j` ljgas jrbnbagtdk ey kbsfrdkbtdk jrbnbagtjrs (sufm gs

BakyHgf), wdll-oajwa tj mgvd jrbnbagtdk mbnm pdrfdatgnd j` `rgukuldat gak jtmdr badlbnbeld

rdsbkdatbgl hjrtngnd ljgas, tmbs mbnm pdrfdatgnd j` badlbnbeld ljgas smjulk ajt ed surprbsban.‘

77. Frdkbt Vubssd (KLC Hjrtngnd Fgpbtgl)

60>. Frdkbt Vubssd, tmrjunm bts g``blbgtd KLC Hjrtngnd Fgpbtgl (“KLC Hjrtngnd‘),

spjasjrdk hjrd tmga $= ebllbja ba hjrtngnd ljgas sdfurbtbzdk ba sdvda j` tmd [rusts uakdr tmd

GEVMD, FV@E gak BU^MD smdlvds. Ey Cgaugry 5992, tmd Frdkbt Vubssd-lgedl [rusts mgk gll tmd

bakbfbg j` pdrvgsbvd erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds. Yrdlbhbagrbly, tmd Frdkbt Vubssd-

lgedl [rusts mgk glrdgky su``drdk fjllgtdrgl ljssds j` $5;0.> hbllbja. Hjrdjvdr, tmd Frdkbt

Vubssd-lgedl [rusts mgk sdvdrd kdlbaqudafbds, gs 52% j` tmd ljgas wbtmba tmdsd [rusts wdrd

kdlbaqudat. Jvdr tmd adxt twj ydgrs, rdglbzdk ljssds adgrly kjueldk tj gpprjxbhgtdly $;=2

hbllbja. [md [rusts fjatbaud tj su``dr trdhdakjus fjllgtdrgl wrbtd-kjwas, gs tmd Frdkbt Vubssd-

lgedl [rusts mgvd su``drdk fjllgtdrgl ljssds jvdr $046.= hbllbja.

60=. Frdkbt Vubssd mgs rdpjrtdk tmgt, `rjh 5996 tj 5994, bt adgrly kjueldk tmd vglud j`

rdsbkdatbgl hjrtngnd ljgas bt sdfurbtbzdk, `rjh hjrd tmga $5> ebllbja tj gpprjxbhgtdly $49

ebllbja. Frdkbt Vubssd UHEV sdfurbtbzgtbja fjatbaudk tj dxpljkd tmdrdg`tdr. @rjh Cgaugry 599;

tmrjunm lgtd 599>, Frdkbt Vubssd sdfurbtbzdk (dbtmdr btsdl` jr ey sdllban hjrtngnd ljgas tj jtmdr

spjasjrs) gpprjxbhgtdly $75=.4 ebllbja ba rdsbkdatbgl hjrtngnd ljgas. Gs kdtgbldk mdrdba, tj

gffjhplbsm tmbs trdhdakjus vjluhd nrjwtm, Frdkbt Vubssd gegakjadk sjuak uakdrwrbtban

prgftbfds gak oajwbanly sdfurbtbzdk kd`dftbvd ljgas.

602. [md dxtdasbvd puelbf rdfjrk fja`brhs tmgt KLC Hjrtngnd sdfurbtbzgtbjas,

baflukban hgay j` tmd [rusts, fjatgba dxtdasbvd erdgfmds j` hgtdrbgl rdprdsdatgtbjas gak

wgrrgatbds. Ba pgrtbfulgr, (b) puelbf bavdstbngtbjas mgvd rdvdgldk tmgt KLC Hjrtngnd pdrvgsbvdly



-750-

gak systdhgtbfglly kbsrdngrkdk bts jwa uakdrwrbtban nubkdlbads gak, gs g rdsult, bssudk hjrtngnds

tmgt kbk ajt hddt stgtdk frbtdrbg ba tmd j``drban kjfuhdats? gak, (bb) ljga `bld rdvbdws ey basurdrs

j` trgasgftbjas tmgt baflukdk KLC Hjrtngnd-spjasjrdk ljgas mgvd kdhjastrgtdk pdrvgsbvd

erdgfmds j` uakdrwrbtban stgakgrks.

6>9. [md puelbf rdfjrk bs lbttdrdk wbtm dxghplds j` KLC Hjrtngnd‒s kbsrdngrk `jr

uakdrwrbtban nubkdlbads gak kud kblbndafd prgftbfds. @jr dxghpld, tmd @FBF gak stgtds‒ gttjradys

ndadrgl mgvd bavdstbngtdk Frdkbt Vubssd, gak spdfb`bfglly, KLC Hjrtngnd, ba tmd wgod j` tmd

mjusban hgrodt fjllgpsd. Ba Culy 5979, Jrdnja [rdgsurdr [dk ^mddldr gak Gttjrady Ndadrgl

Cjma Orjndr cjbadk sdvdrgl jtmdr plgbatb``s ba suban Frdkbt Vubssd ja sdvdrgl UHEV.6>7. Gffjrkban tj Flgytja‒s trdakban rdpjrts hgkd puelbf ba Vdptdhedr 5979, Flgytja

`juak tmgt 65% j` tmd 40,699 ljgas tmgt bt rdvbdwdk `jr Frdkbt Vubssd rdfdbvdk tmd wjrst pjssbeld

nrgkd gak “`gbldk tj hddt nubkdlbads.‘ Kdspbtd Flgytja‒s kdtdrhbagtbja tmgt tmdsd ljgas `gbldk tj

hddt gpplbfgeld uakdrwrbtban stgakgrks, Frdkbt Vubssd “wgbvdk ba‘ 66% j` tmdsd kd`dftbvd ljgas

batj sdfurbtbzgtbjas.

6>5. Frdkbt Vubssd mgs glsj edda tmd tgrndt j` jtmdr sbnab`bfgat UHEV bavdstbngtbjas

gak lgwsubts. Kbsfjvdry ba tmdsd gftbjas mgs uafjvdrdk batdragl rdpjrts, dhgbls, gak hdhjrgakg

fldgrly kdhjastrgtban tmgt KLC Hjrtngnd fjhhbttdk wbkdsprdgk geusds gak hgkd hgtdrbgl

hbsrdprdsdatgtbjas ba tmd njvdraban kjfuhdats. @jr dxghpld, kbsfjvdry ba UHEV lbtbngtbja mgs

uafjvdrdk dvbkdafd tmgt Frdkbt Vubssd kdvbsdk g sfmdhd wmdrdey bt wgs geld tj prj`bt ja

kd`dftbvd ljgas twbfd3 `brst, ey sdfurbtbzban tmdh gak sdllban tmd rdsultban sdfurbtbds tj bavdstjrs?

gak sdfjak, ey (b) kdhgakban tmgt tmd jrbnbagtjrs j` tmd kd`dftbvd ljgas rdpurfmgsd tmd ljgas

edfgusd tmd kd`dfts erdgfmdk tmd jrbnbagtjrs‒ rdprdsdatgtbjas gak wgrrgatbds, (bb) sdttlban tmd

rdpurfmgsd kdhgaks ey “rdprbfban‘ tmd ljgas, gak (bbb) pjfodtban tmd prjfddks j` tmjsd



-75>-

sdttldhdats bastdgk j` pgssban tmd hjady ja tj jr rdpurfmgsban tmd kd`dftbvd ljgas `rjh tmd

trusts.

6>6. G rdvbdw j` ljga `blds ey HEBG ba HEBG v. Frdkbt Vubssd Vdfurbtbds (TVG) LLF ,

dt gl ., Bakdx Aj. 096>47/5992 (A.R. Vup. Ft. Kdf. 7;, 5992), wmbfm wrjtd basurgafd ja KLC

Hjrtngnd fdrtb`bfgtds, kdhjastrgtds tmgt KLC Hjrtngnd rjutbadly hbsrdprdsdatdk tmd quglbty j`

ljgas baflukdk ba tmd sdfurbtbzgtbjas. Ba fgrryban jut bts rdvbdw j` tmd gpprjxbhgtdly 7,6=0 KLC

Hjrtngnd kd`gultdk ljga `blds, HEBG `juak tmgt =>% j` tmd kd`gultdk jr kdlbaqudat ljgas ba

tmjsd sdfurbtbzgtbjas fjatgbadk erdgfmds j` KLC Hjrtngnd‒s rdprdsdatgtbjas gak wgrrgatbds.

[mdsd `bakbans kdhjastrgtdk “g fjhpldtd gegakjahdat j` gpplbfgeld nubkdlbads gak prukdat prgftbfds sufm tmgt tmd ljgas wdrd (b) hgkd tj auhdrjus ejrrjwdrs wmj wdrd ajt dlbnbeld `jr tmd

rdkufdk kjfuhdatgtbja ljga prjnrghs tmrjunm wmbfm tmdbr ljgas wdrd hgkd, gak (bb) jrbnbagtdk

ba g hgaadr tmgt systdhgtbfglly bnajrdk tmd ejrrjwdrs‒ bageblbty tj rdpgy tmd ljgas.‘ Hjrdjvdr,

“_tXmd rghpgat gak jevbjus agturd j` tmd erdgfmds fja`brhs tmgt Frdkbt Vubssd hgkd batdatbjagl

hbsrdprdsdatgtbjas fjafdraban bts hjrtngnd ljgas gak tmd kud kblbndafd tmgt Frdkbt Vubssd

purpjrtdk tj pdr`jrh rdngrkban tmd quglbty j` tmjsd ljgas.‘

6>;. Ljga `bld rdvbdws j` Frdkbt Vubssd-lgedl [rusts gt bssud mdrd pdr`jrhdk ey

bavdstjrs ba jtmdr gftbjas mgvd fja`brhdk Frdkbt Vubssd‒s pdrvgsbvd gak systdhbf sdfurbtbzgtbja

gak sgld j` kd`dftbvd ljgas. @jr dxghpld, ba @M@G v. Frdkbt Vubssd, Aj. 77-fv-0599 (V.K.A.R.

Vdpt. 5, 5977), tmd @M@G fjakuftdk g `jrdasbf rdvbdw j` ljgas ba tmd GEVMD 599>-MD5, jad j`

tmd Frdkbt Vubssd-lgedl [rusts gt bssud mdrd. [md @M@G kdtdrhbadk tmgt Frdkbt Vubssd mgk

uakdrstgtdk tmd auhedr j` aja-jwadr jffupbdk prjpdrtbds ba tmbs sdfurbtbzgtbja ey 79.;2%, gak

tmgt tmd trud pdrfdatgnd j` ljgas wbtm L[P rgtbjs jvdr 799% wgs 69.66%. Vbhblgrly, ba [md

Yrukdatbgl Basurgafd Fjhpgay v. Frdkbt Vubssd Vdfurbtbds (TVG) LLF, dt gl. , Aj. 75-fv-9>5;5,



-75=-

plgbatb`` fjakuftdk g `jrdasbf rdvbdw j` `jur Frdkbt Vubssd-lgedl [rusts - GGEV[ 599;-5,

GGEV[ 599;-;, GEVMD 599;-MD6, gak GEVMD 5994-MD0 ‖ wmbfm rdvdgldk glgrhban erdgfm

rgtds wbtmba tmdsd [rusts. [md rdvbdw rdvdgldk tmgt tmd pdrfdatgnd j` ljgas wbtm hgtdrbgl kd`dfts

ba tmdsd sdfurbtbzgtbjas wdrd 44.>4%, 65.6=%, 40.49%, gak 05%, rdspdftbvdly.

B]. ^DLLV @GUNJ OAD^ [MG[ [MD [UTV[V^DUD @BLLDK ^B[M KD@DF[BPD LJGAV

6>4. [mdrd bs ghpld dvbkdafd tmgt ednbaaban ba 5992 gak ey 5977, ^dlls @grnj

“kbsfjvdrdk‘ tmgt dgfm j` tmd [rusts‒ ljga pjjls fjatgbadk mbnm pdrfdatgnds j` hjrtngnd ljgas

tmgt hgtdrbglly erdgfmdk tmd jrbnbagtjrs‒ gak spjasjrs‒ rdprdsdatgtbjas gak wgrrgatbds rdngrkban

tmdbr frdkbt quglbty. Gs kbsfussdk gejvd, sbafd 5992 tmdrd mgs edda g stdgky strdgh j` puelbf

kbsfljsurds rdngrkban tmd jrbnbagtjrs‒ systdhbf uakdrwrbtban geusds gak tmd spjasjrs‒ `gulty

sdfurbtbzgtbja prgftbfds. Mjwdvdr, gpgrt `rjh tmd mbnmly puelbfbzdk njvdrahdat bavdstbngtbjas,

rdpjrts gak da`jrfdhdat gftbjas, gs wdll gs mbnm prj`bld UHEV lbtbngtbja bavjlvban tmd

jrbnbagtjrs gak spjasjrs, gs dxplgbadk edljw tmdrd bs g pldtmjrg j` gkkbtbjagl dvbkdafd

kdhjastrgtban ^dlls @grnj‒s gak bts rdspjasbeld j``bfdrs‒ oajwldknd tmgt tmd [rusts‒ ljga pjjls

fjatgbadk mbnm pdrfdatgnds j` hjrtngnd ljgas tmgt hgtdrbglly erdgfmdk sdlldr rdprdsdatgtbjas gak

wgrrgatbds.

G. [md [rusts‒ Yjjr Ydr`jrhgafd

6>0. ^dlls @grnj gak bts rdspjasbeld j``bfdrs mgk kbsfjvdrdk ey 5992 tmgt tmd [rusts‒

ljga pjjls wdrd g``lbftdk ey sdvdrd gak pdrvgsbvd erdgfmds j` sdlldr rdprdsdatgtbjas gak

wgrrgatbds ey vbrtud j` tmd [rusts‒ gecdft pdr`jrhgafd. Bt wgs dvbkdat ey Cgaugry 5992 tmgt nbvda

tmd dxtrdhdly mbnm hjrtngnd ljga kd`gult rgtds wbtmba tmd [rusts‒ ljga pjjls tmd hjrtngnd ljgas

sjlk tj tmd [rusts wdrd ajt gs tmd sdlldrs mgk rdprdsdatdk gak wgrrgatdk. @jr dxghpld, ba Cgaugry

5992, 0=% j` tmd [rusts mgk kjueld-kbnbt hjrtngnd ljga kd`gult rgtds. Hjst j` tmd [rusts mgk



-752-

hjrtngnd ljga kd`gult rgtds ba dxfdss j` 59%, wbtm 777 j` tmd [rusts mgvban kd`gult rgtds nrdgtdr

tmga 69%. Bafrdkbely, 5>% j` tmd [rusts mgk kd`gult rgtds ba dxfdss j` 49%, wmbld gt ;% j` tmd

[rusts mgk hjrtngnd ljga kd`gult rgtds j` jvdr 09% - adgrly twj j` dvdry tmrdd ljgas wdrd ba

kd`gult.

6>>. [mdsd mbnm kd`gult rgtds wdrd aj surprbsd tj ^dlls @grnj ey Cgaugry 5992.

Ghjan jtmdr tmbans, ^dlls @grnj, gs trustdd, puelbsmdk hjatmly rdhbttgafd rdpjrts, tmgt wdrd

puelbfly `bldk wbtm tmd VDF ja @jrh 79-K, jutlbaban tmd frdkbt pdr`jrhgafd j` tmd hjrtngnd

ljgas ba tmd [rusts. Hjrdjvdr, tmd kdlbaqudafy rgtds mgk edda stdgkbly rbsban up tj gak tmrjunm

5992. Ey gejut Culy 599=, tmd `brst mgrebandrs j` tmd vbjlgtbjas j` tmd rdprdsdatgtbjas gakwgrrgatbds rdngrkban tmd frdkbt quglbty j` tmd ljgas stgrtdk tj gppdgr. [md trustdds‒ hjatmly

rdpjrts stgrtdk tj smjw bafrdgsds ba tmd trdaks j` ljga kdlbaqudafbds, gak ey Cgaugry 5992

tmdsd trdaks mgk edfjhd prjajuafdk.

6>=. ^dlls @grnj wgs glsj prjvbkdk rdnulgr rdpjrts rdngrkban ljga hjkb`bfgtbjas

nrgatdk ey tmd sdrvbfdrs tj ejrrjwdrs tmgt `gbldk tj tbhdly hgod prbafbpgl gak batdrdst pgyhdats



-769-

ja tmdbr ljgas tj tmd [rusts. Ba ndadrgl, ljga hjkb`bfgtbjas fmgand tmd tdrhs j` tmd jrbnbagl

hjrtngnd fjatrgft gnrddk tj ey tmd ldakdr gak ejrrjwdr, typbfglly tj dgsd tmd ejrrjwdr‒s hjatmly

pgyhdat jelbngtbja sj tmd ejrrjwdr hgy rdhgba furrdat gak gvjbk kd`gult. Ljga hjkb`bfgtbjas

j`tda baflukd fmgands tj tmd ljga‒s batdrdst rgtd, tdrh gak/jr jutstgakban prbafbpgl. Gs wbtm

kdlbaqudafy rgtds, tmd dxtdat j` ljga hjkb`bfgtbjas bs bakbfgtbvd j` erdgfmds j` rdprdsdatgtbjas

gak wgrrgatbds `jr gt ldgst twj rdgsjas. @brst, dsfglgtban ljga hjkb`bfgtbjas fjrrdlgtd tj hbsstgtdk

ejrrjwdr bafjhd gak frdkbtwjrtmbadss. Vdfjak, tmd sdrvbfdrs‒ kdfbsbjas tj hjkb`y rgtmdr tmga

`jrdfljsd ja ljgas bakbfgtds tmgt tmd uakdrlyban fjllgtdrgl bs ajt gkdqugtd sdfurbty tj sgtbs`y tmd

jutstgakban eglgafd edfgusd tmd jrbnbagl ljga-tj-vglud rgtbj (jr fjhebadk ljga-tj-vglud rgtbj)wgs ajt gs rdprdsdatdk edfgusd tmd gpprgbsdk prjpdrty vglud wgs hbsstgtdk gak gkkbtbjagl lbdas

dafuhedrdk tmd hjrtngndk prjpdrty.

6>2. Gs bakbfgtdk edljw, ljga hjkb`bfgtbjas ba tmd [rusts krghgtbfglly bafrdgsdk

ednbaaban ba dgrly 5992, prjvbkban dlls @grnj `urtmdr ba`jrhgtbja rdngrkban tmd systdhbf

erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds ba tmd [rusts3



-767-

E. Frdkbt Ugtban Kjwanrgkds J` [md Fdrtb`bfgtds@urtmdr Vuppjrts [md Vdlldrs‒ Yrjeldhs

6=9. Gt tmd tbhd j` sdfurbtbzgtbja, gll j` tmd [rusts‒ sdabjr trgafmds wdrd rgtdk

“bavdsthdat nrgkd.‘ Ejak rgtban `brhs, sufm gs Vtgakgrk & Yjjr‒s, usd kb` drdat kdsbnagtbjas

fjasbstban j` uppdr- gak ljwdr-fgsd ldttdrs ”G‒ gak ”E‒ tj bkdatb`y g ejak‒s frdkbt quglbty rgtban.

“GGG‘ gak “GG‘ (mbnm frdkbt quglbty) gak “G‘ gak “EEE‘ (hdkbuh frdkbt quglbty) ndadrglly

grd fjasbkdrdk bavdsthdat nrgkd. Ga bavdsthdat nrgkd rgtban sbnab`bds tmgt tmd ejak mgs g

rdlgtbvdly ljw rbso j` kd`gult gak grd cukndk ey tmd rgtban gndafbds gs lbodly tj hddt pgyhdat

jelbngtbjas sufm tmgt egaos gak bastbtutbjagl bavdstjrs grd pdrhbttdk tj bavdst ba tmdh. Frdkbt

rgtbans `jr ejaks edljw bavdsthdat nrgkd kdsbnagtbjas ( b.d., “EE‘, “E‘, “FFF‘, dtf.) grd

fjasbkdrdk ljw frdkbt quglbty, gak grd fjhhjaly rd`drrdk tj gs “cuao ejaks.‘

6=7. Mjwdvdr, gs puelbf kbsfljsurds rdvdgldk tmd jrbnbagtjrs‒ gak spjasjrs‒ systdhbf

uakdrwrbtban gak sdfurbtbzgtbja geusds gak ^dlls @grnj ednga rdpjrtban sdvdrd fjllgtdrgl ljssds

ba tmd pdr`jrhgafd j` tmd hjrtngnd ljgas ba tmd [rusts, tmd [rusts‒ fdrtb`bfgtds‒ frdkbt rgtbans wdrd

krgstbfglly kjwanrgkdk. Ey Kdfdhedr 67, 5992, 44% j` tmd sdabjr trgafmds ba tmd [rusts mgk

edda kjwanrgkdk gt ldgst jafd. Gfrjss gll [rusts, adgrly >4% j` gll fdrtb`bfgtds mgk edda

kjwanrgkdk ey gt ldgst jad rgtbans gndafy. @urtmdr, jvdr 6=% j` tmd sdabjr fdrtb`bfgtds mgk edda

kjwanrgkdk tj cuao ejak stgtus.

F. ^dlls @grnj Kbsfjvdrdk ^bkdsprdgk Vdlldr Erdgfmds J`Udprdsdatgtbjas Gak ^grrgatbds Ba Bts Fgpgfbty Gs Vdrvbfdr

6=5. Ba gkkbtbja tj gftban gs g trustdd, ^dlls @grnj wgs ghjan tmd lgrndst hjrtngnd

ljga sdrvbfdr tj ejtm tmd UHEV bakustry kurban tmd rdldvgat pdrbjk, sdrvbfban g pjrt`jlbj j`

adgrly 2 hbllbja ljgas. Hgay j` tmdsd ljgas wdrd jrbnbagtdk gak spjasjrdk ey tmd sghd

hjrtngnd ljga sdlldrs tj tmd [rusts. Ba fjaadftbja wbtm sdrvbfban tmdsd ljga sdlldrs‒ ljgas, dlls

@grnj wgs ba g `rjat rjw sdgt tj vbdw hjrtngnd ljga sdlldrs‒ geusbvd uakdrwrbtban gak



-765-

sdfurbtbzgtbja prgftbfds. @jr dxghpld, gs sdrvbfdr tj tmdsd jtmdr UHEV trusts fjatgbaban ljga

pjjls jrbnbagtdk gak sdfurbtbzdk ey tmd sghd hjrtngnd ljga sdlldrs tj tmd [rusts, dlls @grnj

prdpgrdk hjatmly rdpjrts `jr tmd trustdds tmgt kdtgbldk tmd sbhblgrly pjjr pdr`jrhgafd j` tmdsd

ljga pjjls. Gkkbtbjaglly, gs sdrvbfdr, dlls @grnj oadw j` tmd frdkbt gndafbds‒ sbhblgr

kjwanrgkban j` tmdsd trusts gs rdsult j` tmd pjjr frdkbt quglbty j` tmdsd sghd jrbnbagtjrs‒ gak

spjasjrs‒ ljga pjjls. @urtmdr, ba sdrvbfban gak gkhbabstrgtban tmd ljgas, baflukban kurban tmd

hjkb`bfgtbja prjfdss, ^dlls @grnj dxghbadk tmd ljga `blds j` hjrtngnd ljgas jrbnbagtdk gak

spjasjrdk ey tmdsd datbtbds gak ba tmd prjfdss kbsfjvdrdk systdhbf gak pdrvgsbvd erdgfmds j`

rdprdsdatgtbjas gak wgrrgatbds ba tmd ljga pjjls.6=6. Edfgusd tmd prjeldhs ^dlls @grnj kbsfjvdrdk rdngrkban tmdsd fjhhja

jrbnbagtjrs gak spjasjrs ba bts fgpgfbty gs sdrvbfdr tj jtmdr UHEV trusts rdvdgldk systdhbf gak

pdrvgsbvd vbjlgtbja j` uakdrwrbtban gak sdfurbtbzgtbja nubkdlbads, dlls @grnj oadw tmgt tmdsd

sghd kd`dftbvd uakdrwrbtban gak sdfurbtbzgtbja prgftbfds gpplbdk tj tmd [rusts.

K. ^dlls @grnj Udfdbvdk ^rbttda Ajtbfd J`Ydrvgsbvd Gak Vystdhbf Vdlldr Erdgfmds@rjh @bagafbgl Nugrgaty Basurdrs

6=;. ^dlls @grnj kbsfjvdrdk tmgt dgfm j` tmd [rusts‒ ljga pjjls fjatgbadk mbnm

pdrfdatgnds j` hjrtngnd ljgas tmgt hgtdrbglly erdgfmdk tmd jrbnbagtjrs‒ gak spjasjrs‒

rdprdsdatgtbjas gak wgrrgatbds rdngrkban tmdbr frdkbt quglbty tmrjunm bts bavjlvdhdat ba `bagafbgl

nugrgaty basurdr lbtbngtbja bavjlvban tmdsd sghd jrbnbagtjrs gak spjasjrs ba bts fgpgfbty gs dbtmdr

trustdd jr hgstdr sdrvbfdr j` tmdsd UHEV trusts.

6=4. @bagafbgl nugrgaty basurdrs prjvbkdk `bagafbgl nugrgaty basurgafd `jr tmd UHEV

bssudk `rjh hgay j` tmd [rusts. Takdr tmd njvdraban gnrddhdats `jr tmdsd basurdk UHEV

trgasgftbjas, tmd hjrtngnd ljga sdlldrs tj tmd [rusts hgkd auhdrjus rdprdsdatgtbjas gak

wgrrgatbds fjafdraban tmd gttrbeutds j` tmd ljgas gak tmd prgftbfds pursugat tj wmbfm tmdy wdrd



-766-

jrbnbagtdk. [md njvdraban gnrddhdats `jr tmd basurdk UHEV trgasgftbjas glsj frdgtd g

rdpurfmgsd prjtjfjl pursugat tj wmbfm tmd hjajlbad basurdrs hust prjvbkd ajtbfd j` g erdgfm j`

rdprdsdatgtbja gak wgrrgaty tj tmd rdspjasbeld hjrtngnd ljga sdlldr gak tmd pgrtbds tj tmd

gnrddhdat (baflukban tmd [rustdd gak Hgstdr Vdrvbfdr) ba jrkdr tj fjhpdl tmd rdspjasbeld

hjrtngnd ljga sdlldr tj rdpurfmgsd ljgas tmgt erdgfm tmd rdprdsdatgtbjas gak wgrrgatbds.

6=0. Ba tmd g`tdrhgtm j` tmd `bagafbgl frbsbs, hjajlbad basurdrs mgvd babtbgtdk gt ldgst tda

lgwsubts gngbast rdspjasbeld hjrtngnd ljga sdlldrs `jr erdgfm j` tmdbr rdprdsdatgtbjas gak

wgrrgatbds ba fjaadftbja wbtm jtmdr UHEV trusts tj wmbfm ^dlls @grnj sdrvds dbtmdr gs Hgstdr

Vdrvbfdr jr [rustdd.75

Yrbjr tj `blban subt gngbast tmd jrbnbagtjrs gak/jr spjasjrs, tmd hjajlbadbasurdrs (ualbod fdrtb`bfgtdmjlkdrs) wdrd j`tda geld tj jetgba gffdss tj tmd spdfb`bf ljga `blds jr

fjakuft g `jrdasbf ljga ldvdl rdvbdw j` tmd ljgas, wmbfm smjwdk systdhbf gak pdrvgsbvd erdgfmds

j` tmd rdprdsdatgtbjas gak wgrrgatbds. Ylgbatb``s grd ba jrhdk gak edlbdvd tmgt fjasbstdat wbtm tmd

rdpurfmgsd prjtjfjl uakdr tmd [rusts‒ njvdraban kjfuhdats, ^dlls @grnj wgs ajtb`bdk ey ejtm tmd

rdspjasbeld hjrtngnd ljga sdlldrs gak tmd pgrtbds tj tmd YVGs (baflukban ^dlls @grnj gs Hgstdr

Vdrvbfdr) j` tmdsd sdlldrs‒ systdhbf gak pdrvgsbvd erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds.

6=>. [md hjajlbad basurdrs‒ `bakbans `rjh ljga ldvdl rdvbdws sdt `jrtm ejtm ba tmdbr

erdgfm ajtbfds gak suesdqudat puelbfly gvgblgeld lgwsubts hgkd dlls @grnj gak bts rdspjasbeld

75 Vdd, d.n ., FB@N Gssurgafd A. Gh., Baf. v. Njlkhga Vgfms & Fj., dt gl ., Bakdx Aj.0455=0/5977 (A.R. Vup. Ft. Gun. 70, 5977)? FB@N Gssurgafd A. Gh., Baf. v. Nrddapjbat Hjrtn.

@uakban, Baf., Bakdx Aj. 046;;2/5975 (A.R. Vup. Ft. Hgr. 6, 5976)? Ghegf Gssurgafd Fjrp. v.

Ajhurg Frdkbt & Fgpbtgl, Baf. dt gl ., Aj. 047642/5976 (A.R. Vup. Ft. Hgy 74, 5976)? FB@N Gssurgafd A. Gh., Baf. v. Egao j` Gh., A.G., dt gl ., Bakdx Aj. 04;95=/5975 (A.R. Vup. Ft. Ajv. 59, 5975)? Gssurdk Nugrgaty Fjrp. v. DHF Hjrtn. LLF , Aj. 7375 -fv -972;4 (V.K.A.R.Hgr. 74, 5975)? Gssurdk Nugrgaty Hua. Fjrp. v. KLC Hjrtn. Fgpbtgl , Bakdx Aj. 045=6>/5977(A.R. Vup Ft. Jft. 7>, 5977)? Gssurdk Nugrgaty Hua.l Fjrp. v. TEV Udgl Dstgtd Vdf. Baf ., Aj.7375-fv -974>2 (V.K.A.R. Hgr. 94, 5975)? Ghegf Gssurgafd Fjrp. v. DHF Hjrtn. LLF , Bakdx

Aj. 047976/5975 (A.R. Vup. Ft. Gun. 7;, 5975)? Gssurdk Nugrgaty Hua. Fjrp. v. NHGF Hjrtn., LLF, dt gl , Aj. 7375 -fv -96>>0 (V.K.A.R. Hgy 77, 5975).



-76;-

j``bfdrs gwgrd j` tmd systdhbf vbjlgtbja j` uakdrwrbtban gak rdlgtdk stgakgrks ba tmd hjrtngnd

sdfurbtbzgtbja bakustry edtwdda 599; gak 599= vbatgnd, gs wdll gs ba`jrhdk tmdh j` spdfb`bf

jrbnbagtjrs‒ gak spjasjrs‒ systdhbf gak pdrvgsbvd prgftbfd j` hbsrdprdsdatban tmd frdkbt quglbty

gak fmgrgftdrbstbfs j` tmd hjrtngnd ljgas tmdy wdrd sdllban tj oddp tmd UHEV hgfmbad ruaaban.

6==. @jr dxghpld, ba FB@N Gssurgafd Ajrtm Ghdrbfg, Baf. v. Egao j` Ghdrbfg, Bakdx

Aj. 04;95=/5975 (A.R. Vup. Ft. Ajv. 59, 5975), tmd plgbatb`` FB@N, g Adw Rjro-egsdk hjajlbad

basurdr, wrjtd basurgafd rdlgtban tj twj strufturdk trgasgftbjas grrgandk ey Egao j` Ghdrbfg,

wmbfm ba tura wdrd egfodk ey twdaty-twj Egao j` Ghdrbfg sdfurbtbzgtbjas. FB@N glldndk tmgt

“Egao j` Ghdrbfg mgk tmdsd sdfurbtbds ba bts bavdatjry edfgusd bt mgk edda uageld tj sdll tmdhwmda bt sdrvdk gs uakdrwrbtdr ja tmd jrbnbagl UHEV j``drbans.‘ FB@N flgbhdk tmgt “Egao j`

Ghdrbfg oadw j` tmd pjjr quglbty j` tmd Hjrtngnd Ljgas, gak oadw tmd uasjlk Jrbnbagl UHEV

wdrd g tbfoban tbhd ejhe ja tmd egao‒s ejjos.‘ Gffjrkban tj FB@N, Egao j` Ghdrbfg, uageld tj

sdll tmd sdfurbtbds ba pbdfds, tmda “mgtfmdk g adw plga j` `bagafbgl danbaddrban,‘ rdpgfogndk tmd

ejaks, gak bakufdk FB@N tj prjvbkd hjrd tmga $749 hbllbja ba basurgafd tj hgod tmdh

hgrodtgeld tj bavdstjrs. FB@N glldndk tmgt Egao j` Ghdrbfg ngvd bt “ngregnd kgtg‘ tmgt hgkd

tmd ljgas gak tmd fdrtb`bfgtds tmdy egfodk gppdgr ldss rbsoy tmga tmdy gftuglly wdrd, baflukban

wbtm rdspdft tj L[P, FL[P gak tmd pdrfdatgnd j` tmd hjrtngnds wmdrd tmd prjpdrty wjulk ed

jffupbdk ey tmd ejrrjwdrs.

6=2. [j mbnmlbnmt tmd `glsbty j` tmd jrbnbagtjrs‒ gak Egao j` Ghdrbfg‒s rdprdsdatgtbjas

gak wgrrgatbds rdngrkban tmd uakdrlyban ljgas, FB@N rdvdgldk tmd `bakbans j` bts ljga ldvdl

gaglysbs j` jvdr 67,999 hjrtngnd ljgas `rjh tmd twdaty-twj sdfurbtbzgtbjas smjwban tmgt g

stgnndrban 0;.6>% j` tmd hjrtngnd ljgas fjatgbadk gt ldgst jad hgtdrbgl kd`dft. G suhhgry j`



-764-

tdstbhjabgl gak kjfuhdatgry dvbkdafd kdhjastrgtds wbkdsprdgk erdgfmds j` rdprdsdatgtbjas gak

wgrrgatbds ey dgfm j` tmd hgcjr jrbnbagtjrs j` tmd hjrtngnd ljgas `jr tmjsd trusts.

629. Edfgusd tmdsd hjajlbad basurdrs‒ `bakbans `rjh ljga ldvdl rdvbdws sdt `jrtm ejtm

ba tmdbr erdgfm ajtbfds gak suesdqudat puelbfly gvgblgeld lgwsubts rd`ldftdk tmdsd hjrtngnd ljga

sdlldrs‒ systdhbf gak pdrvgsbvd vbjlgtbja j` uakdrwrbtban gak sdfurbtbzgtbja nubkdlbads, ^dlls

@grnj kbsfjvdrdk tmgt tmdsd sghd kd`dftbvd uakdrwrbtban gak sdfurbtbzgtbja prgftbfds gpplbdk

dquglly tj gll j` tmd jtmdr [rusts fjatgbaban ljgas jrbnbagtdk gak sdfurbtbzdk ey tmdsd sghd

jrbnbagtjrs gak spjasjrs.

D.

^dlls @grnj Udpdgtdkly Udfdbvdk ^rbttdaAjtbfd J` Ydrvgsbvd Gak Vystdhbf VdlldrErdgfmds @rjh Fdrtb`bfgtdmjlkdrs Gak [rustdds

627. [rustdds, gt tmd kbrdftbja j` fdrtb`bfgtdmjlkdrs, mgvd babtbgtdk gt ldgst `jrty-twj

lgwsubts gngbast rdspjasbeld hjrtngnd ljga sdlldrs `jr erdgfm j` tmdbr rdprdsdatgtbjas gak

wgrrgatbds ba fjaadftbja wbtm jtmdr UHEV trusts tj wmbfm ^dlls @grnj sdrvds dbtmdr gs Hgstdr

Vdrvbfdr jr fustjkbga. [mbs lbtbngtbja fjafdras glldngtbjas j` pdrvgsbvd gak systdhbf erdgfmds j`

rdprdsdatgtbjas gak wgrrgatbds ey jrbnbagtjrs gak spjasjrs tj tmd [rusts, sufm gs Jptbja Jad,

TEV, Frdkbt Vubssd, Hjrnga Vtgaldy gak ^HF. Yrbjr tj tmd trustdds‒ `blban subt gngbast tmd

jrbnbagtjrs gak/jr spjasjrs, tmd Fdrtb`bfgtdmjlkdrs fjakuftdk g `jrdasbf ljga ldvdl rdvbdw j` tmd

ljgas, wmbfm smjwdk systdhbf gak pdrvgsbvd erdgfmds j` tmd rdprdsdatgtbjas gak wgrrgatbds.

Ylgbatb``s grd ba`jrhdk gak edlbdvd tmgt fjasbstdat wbtm tmd rdpurfmgsd prjtjfjl uakdr tmd [rusts‒

njvdraban kjfuhdats, ^dlls @grnj, gs Hgstdr Vdrvbfdr jr fustjkbga, wgs ajtb`bdk ey tmd trustdd

j` tmdsd sdlldrs‒ systdhbf gak pdrvgsbvd erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds ja dgfm

jffgssbja.

625. @jr dxghpld, gs sdrvbfdr gak fustjkbga tj tmd [rust, ja Gprbl 79, 5975, ^dlls

@grnj‒s Kds Hjbads, Hbaadgpjlbs, gak Fjluhebg, Hgrylgak j``bfds rdfdbvdk g ldttdr `rjh



-760-

fjuasdl `jr Kdutsfmd Egao Agtbjagl [rust Fjhpgay, tmd trustdd j` “Hjrnga Vtgaldy GEV Fgpbtgl

B Baf. [rust 5990-^HF5.‘ [md ldttdr bkdatb`bdk muakrdks j` ljgas ba hgtdrbgl erdgfm j` Hjrnga

Vtgaldy‒s gak ^HF‒s rdprdsdatgtbjas gak wgrrgatbds gak kdhgakdk tmdbr rdpurfmgsd. [md ldttdr

glsj gkvbsdk ^dlls @grnj tmgt “_eXgsdk ja tmd auhedr j` hgtdrbgl erdgfmds j` Udprdsdatgtbjas ba

tmd stgtbstbfglly rdprdsdatgtbvd sghpld, wd mgvd kdtdrhbadk g erdgfm rgtd j` 22.> pdrfdat .‘ Ja

tmgt egsbs, tmd trustdd prjvbkdk ajtbfd tj ^dlls @grnj tmgt 22.>% j` tmd hjrtngnd ljgas wbtmba tmbs

Hjrnga Vtgaldy-lgedl [rust wdrd kd`dftbvd.

626. Gkkbtbjaglly, ^dlls @grnj, ba bts fgpgfbty gs trustdd tj jtmdr [rusts gt bssud mdrdba,

gs wdll gs UHEV trusts tmgt grd ajt tmd suecdft j` tmbs gftbja eut wmbfm grd sdfurdk ey ljgasjrbnbagtdk gak spjasjrdk ey tmd vdry sghd datbtbds tmgt jrbnbagtdk gak spjasjrdk tmd ljgas

uakdrlyban tmd [rusts gt bssud mdrdba, mgs rdpdgtdkly rdfdbvdk ajtbfd `rjh Fdrtb`bfgtdmjlkdrs j`

pdrvgsbvd gak systdhbf vbjlgtbjas j` rdprdsdatgtbjas gak wgrrgatbds ey tmd ljga sdlldrs. @jr

dxghpld, ja Jftjedr 7>, 5977, g nrjup j` hgcjr bastbtutbjagl hjrtngnd bavdstjrs ba sdvdrgl kjzda

UHEV trusts spjasjrdk ey Fbtbnrjup jr bts g``blbgtds glldndk wbkdsprdgk vbjlgtbjas j`

rdprdsdatgtbjas gak wgrrgatbds fjatgbadk ba tmd njvdraban gnrddhdats `jr sbxty-dbnmt UHEV

trusts spjasjrdk ey Fbtbnrjup `rjh 5994 tj 599= (tmd “Fbtbegao Yutegfo Babtbgtbvd‘), baflukban

sbxty j` tmd [rusts gt bssud mdrdba. [md trustdds `jr tmdsd Fbtbnrjup-spjasjrdk trusts, wmbfm wdrd

bastruftdk tj bavdstbngtd tmdsd erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds, grd ^dlls @grnj, T.V.

Egao, gak MVEF. Ja Gprbl >, 597;, Fbtbnrjup gaajuafdk tmgt bt mgk rdgfmdk ga gnrddhdat wbtm

tmd bavdstjr nrjup tj rdsjlvd rdprdsdatgtbja gak wgrrgaty rdpurfmgsd flgbhs. Takdr tmd

gnrddhdat, Fbtbnrjup gnrddk tj hgod g ebakban j``dr tj tmd trustdds tj pgy $7.754 ebllbja tj tmd

trusts, plus fdrtgba `dds gak dxpdasds. Gffjrkban tj Fbtbnrjup‒s prdss rdldgsd gaajuafban tmd

gnrddhdat, tmd sbxty-dbnmt trusts fjvdrdk ey tmd gnrddhdat bssudk ba tmd gnnrdngtd $42.; ebllbja



-76>-

j` UHEV “gak rdprdsdat gll j` tmd trusts dstgelbsmdk ey Fbtb‒s ldngfy Vdfurbtbds gak Egaoban

eusbadss kurban 5994-599= `jr wmbfm Fbtb g``blbgtds hgkd rdprdsdatgtbjas gak wgrrgatbds tj tmd

trusts.‘ [md trustdds‒ gpprjvgl j` tmd sdttldhdat rdhgbas pdakban.

62;. [md Fbtbegao Yutegfo Babtbgtbvd bkdatb`bdk gak sddos tj fjhpdl tmd rdpurfmgsd j`

lgrnd qugatbtbds j` ljgas (7) jrbnbagtdk ey hgay j` tmd sghd ldakdrs tmgt glsj jrbnbagtdk lgrnd

qugatbtbds j` tmd ljgas sjlk tj tmd [rusts, baflukban Jptbja Jad ($;4.4 ebllbja j` ljgas sjlk tj tmd

[rusts) gak Fbtbegao ($50.4 ebllbja j` ljgas sjlk tj tmd [rusts)? gak (5) sdfurbtbzdk ey tmd sghd

bavdsthdat egaos gak `bagafbgl bastbtutbjas tmgt spjasjrdk tmd [rusts, baflukban Fbtbegao ($7.0

ebllbja j` spjasjrdk [rusts). Ba gkkbtbja, tmd Fbtbegao Yutegfo Babtbgtbvd bkdatb`bdk gak sddosrdfjvdry j` ljssds rdlgtban tj sdrvbfban kd`bfbdafbds ey hgay j` tmd sghd hgcjr sdrvbfdrs j` ljgas

egfoban tmd [rusts, baflukban Fjuatrywbkd (jrbnbagl sdrvbfdr tj $5=.; ebllbja j` ljgas sjlk tj tmd

[rusts).

624. Ja Kdfdhedr 70, 5977, g nrjup j` hgcjr bastbtutbjagl hjrtngnd bavdstjrs ba

muakrdks j` UHEV trusts spjasjrdk ey CYHjrnga jr bts g``blbgtds bssudk wrbttda bastruftbjas tj

dlls @grnj, [md Egao j` Adw Rjro Hdllja (“EARH‘), Kdutsfmd Egao, MVEF, gak T.V. Egao,

gs trustdds, tj jpda bavdstbngtbjas batj lgrnd auhedrs j` badlbnbeld hjrtngnds ba tmd ljga pjjls

sdfurban tmjsd trusts gak kd`bfbdat sdrvbfban j` tmjsd ljgas (tmd “CYHjrnga Yutegfo Babtbgtbvd‘).

[md ajtbfds fjvdrdk hjrd tmga $24 ebllbja j` UHEV bssudk ey CYHjrnga `rjh 5994 tj 599>,

baflukban tmbrty-jad trusts `jr wmbfm dlls @grnj sdrvds gs trustdd. Ldss tmga twj ydgrs lgtdr,

^dlls @grnj gak tmd jtmdr trustdds wdrd prdsdatdk wbtm g $;.4 ebllbja sdttldhdat j``dr fjvdrban

669 CYHjrnga-spjasjrdk UHEV trusts. dlls @grnj‒s gpprjvgl j` tmd CYHjrnga Yutegfo

Babtbgtbvd rdhgbas pdakban kdspbtd edban prdsdatdk wbtm tmd sdttldhdat j``dr jvdr sbx hjatms gnj.



-76=-

620. [md CYHjrnga Yutegfo Babtbgtbvd bkdatb`bdk gak sddos tj fjhpdl tmd rdpurfmgsd j`

lgrnd qugatbtbds j` ljgas (7) jrbnbagtdk ey hgay j` tmd sghd ldakdrs tmgt glsj jrbnbagtdk lgrnd

qugatbtbds j` tmd ljgas sjlk tj tmd [rusts, baflukban Fbtbegao ($50.4 ebllbja j` ljgas sjlk tj tmd

[rusts) gak ^HF ($7> ebllbja j` ljgas sjlk tj tmd [rusts)? gak (5) sdfurbtbzdk ey tmd sghd

bavdsthdat egaos gak `bagafbgl bastbtutbjas tmgt spjasjrdk tmd [rusts, baflukban Hjrnga Vtgaldy

gak CYHjrnga (fjlldftbvdly, $77.; ebllbja j` spjasjrdk [rusts). Ba gkkbtbja, tmd CYHjrnga

Yutegfo Babtbgtbvd bkdatb`bdk gak sddos rdfjvdry j` ljssds rdlgtban tj sdrvbfban kd`bfbdafbds ey

hgay j` tmd sghd hgcjr sdrvbfdrs j` ljgas egfoban tmd [rusts, baflukban Jptbja Jad (jrbnbagl

sdrvbfdr tj $;=.2 ebllbja j` ljgas sjlk tj tmd [rusts) gak Fjuatrywbkd (jrbnbagl sdrvbfdr tj $5=.5 ebllbja j` ljgas sjlk tj tmd [rusts).

62>. Ja Cgaugry 67, 5975, g nrjup j` hgcjr bastbtutbjagl hjrtngnd bavdstjrs ba sdvdrgl

kjzda UHEV trusts spjasjrdk ey Hjrnga Vtgaldy jr bts g``blbgtds bssudk wrbttda bastruftbjas tj

^dlls @grnj, T.V. Egao gak Kdutsfmd Egao, gs trustdds, tj jpda bavdstbngtbjas batj lgrnd

auhedrs j` badlbnbeld hjrtngnds ba tmd ljga pjjls sdfurban tmjsd trusts gak tmd kd`bfbdat

sdrvbfban j` tmjsd ljgas (tmd “Hjrnga Vtgaldy Yutegfo Babtbgtbvd‘). [md ajtbfds fjvdrdk hjrd

tmga $54 ebllbja j` UHEV bssudk ey Hjrnga Vtgaldy `rjh 5994 tj 599>, baflukban fdrtgba j` tmd

[rusts gt bssud mdrdba.

62=. [md Hjrnga Vtgaldy Yutegfo Babtbgtbvd bkdatb`bdk gak sddos tj fjhpdl tmd

rdpurfmgsd j` lgrnd qugatbtbds j` ljgas (7) jrbnbagtdk ey hgay j` tmd sghd ldakdrs tmgt glsj

jrbnbagtdk lgrnd qugatbtbds j` tmd ljgas sjlk tj tmd [rusts, baflukban ^HF Hjrtngnd Fjrp. ($7>

ebllbja j` ljgas sjlk tj tmd [rusts) gak @rdhjat ($77 ebllbja j` ljgas sjlk tj tmd [rusts)? gak (5)

sdfurbtbzdk ey tmd sghd bavdsthdat egaos gak `bagafbgl bastbtutbjas tmgt spjasjrdk tmd [rusts,

baflukban Hjrnga Vtgaldy ($77.6 ebllbja j` spjasjrdk [rusts). Ba gkkbtbja, tmd Hjrnga Vtgaldy



-762-

Yutegfo Babtbgtbvd bkdatb`bdk gak sddos rdfjvdry j` ljssds rdlgtban tj sdrvbfban kd`bfbdafbds ey

hgay j` tmd sghd hgcjr sdrvbfdrs j` ljgas egfoban tmd [rusts, baflukban Vgxja (jrbnbagl sdrvbfdr

tj $4.4 ebllbja j` ljgas sjlk tj tmd [rusts) gak CYHjrnga (jrbnbagl sdrvbfdr tj $4.6 ebllbja j`

ljgas sjlk tj tmd [rusts).

622. Ja Hgy 7;, 5975, g nrjup j` hgcjr bastbtutbjagl hjrtngnd bavdstjrs ba sdvdrgl

muakrdk UHEV trusts spjasjrdk ey UdsFgp jr bts g``blbgtds rdgfmdk gnrddhdat wbtm UdsFgp gak

bts g``blbgtdk kdetjrs tj rdsjlvd flgbhs `jr erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds fjafdraban

lgrnd auhedrs j` ljgas ba tmd pjjls sdfurban tmjsd trusts (tmd “UdsFgp Yutegfo Babtbgtbvd‘). [md

sdttldhdat fjvdrdk hjrd tmga $659 ebllbja j` UHEV lgrndly bssudk edtwdda 599; gak 599=,baflukban dbnmtdda trusts `jr wmbfm dlls @grnj sdrvds gs trustdd. [md trustdds `jr tmdsd UdsFgp-

spjasjrdk trusts, wmbfm wdrd gwgrd j` tmd rdpurfmgsd gak sdrvbfban flgbhs tmrjunm, ghjan jtmdr

tmbans, tmd egaoruptfy prjfddkbans, grd ^dlls @grnj, T.V. Egao, Kdutsfmd Egao, gak EARH.

;99. [md UdsFgp Yutegfo Babtbgtbvd bkdatb`bdk gak sjunmt tj fjhpdl tmd rdpurfmgsd j`

lgrnd qugatbtbds j` ljgas jrbnbagtdk ey hgay j` tmd sghd ldakdrs tmgt glsj jrbnbagtdk lgrnd

qugatbtbds j` tmd ljgas sjlk tj tmd [rusts, baflukban Adw Fdatury ($5.6 ebllbja j` ljgas sjlk tj tmd

[rusts) gak Agtbjagl Fbty ($6.= ebllbja j` ljgas sjlk tj tmd [rusts). [mbs babtbgtbvd gkkbtbjaglly

bkdatb`bdk gak sjunmt rdfjvdry j` ljssds rdlgtban tj sdrvbfban kd`bfbdafbds ey hgay j` tmd sghd

hgcjr sdrvbfdrs j` ljgas egfoban tmd [rusts, baflukban NHGF (jrbnbagl sdrvbfdr tj $;.6 ebllbja j`

ljgas sjlk tj tmd [rusts).

;97. Egsdk ja tmd smddr vjluhd j` tmd kd`dftbvd hjrtngnd ljgas bkdatb`bdk, tjndtmdr

wbtm tmd systdhbf gak pdrvgsbvd `gulty jrbnbagtbja gak sdfurbtbzgtbja prgftbfds fjhplgbadk j` ba

tmd erdgfm ajtbfd ldttdrs gak tmd `rdqudafy ba wmbfm bt wgs ajtb`bdk, ^dlls @grnj gak bts



-7;7-

wmbfm ^dlls @grnj sdrvdk gs tmd spjasjr gak uakdrwrbtdr, gs wdll gs tmd ljgas sjlk tj tmd [rusts

gt bssud mdrd, gak tmgt ^dlls @grnj oadw tmgt tmdsd jrbnbagtjrs‒ rdprdsdatgtbjas rdngrkban bts

gkmdrdafd tj tmd nubkdlbads wdrd `glsd. Gkkbtbjaglly, egsdk ja ^dlls @grnj‒s dxtdasbvd

pgrtbfbpgtbja ba tmd hjrtngnd hgrodt gak kud kblbndafd prjfdss, ^dlls @grnj oadw tmd hjrtngnd

ljga sdlldrs‒ rdprdsdatgtbjas wdrd `glsd.

;94. Hjrdjvdr, ^dlls @grnj mgk g vdstdk `bagafbgl batdrdst ba tmd ljgas jrbnbagtdk ey

hgay j` tmd [rusts‒ jrbnbagtjrs. @jr dxghpld, g dlls @grnj g``blbgtd sdrvdk gs ga Jptbja Jad

wgrdmjusd ldakdr pursugat tj g $7 ebllbja, `bvd-ydgr rdvjlvban frdkbt `gfblbty usdk tj `uak aja-

prbhd hjrtngnd ljga jrbnbagtbjas, baflukban ljgas sjlk tj tmd JJHL[ 599;-7, JJHL[ 599;-5,JJHL[ 5994-7, JJHL[ 5994-6, JJHL[ 5994-;, JJHL[ 5994-4, JJHL[ 5990-7, JJHL[

5990-5, JJHL[ 5990-6, JJHL[ 599>-7, JJHL[ 599>-5, JJHL[ 599>-6, gak JJHL[

599>-@]K7 [rusts ba tmbs gftbja. grdmjusd ldakban gnrddhdats, sufm gs tmd gnrddhdat

edtwdda dlls @grnj gak Jptbja Jad, grd smjrt-tdrh rdvjlvban frdkbt `gfblbtbds dxtdakdk ey

egaos tj hjrtngnd jrbnbagtjrs tj `uak hjrtngnd ljgas. [md egao ‖ mdrd, dlls @grnj ‖ prjvbkds

tmd fgpbtgl tj jrbnbagtd tmd ljgas, gak tmd jrbnbagtjr ‖ mdrd, Jptbja Jad ‖ qubfoly sdlls tmd ljgas

tj rdpgy tmd kdet. grdmjusd ldakban gnrddhdats sufm gs tmd gnrddhdat edtwdda dlls @grnj

gak Jptbja Jad `gfblbtgtdk tmd sdfurbtbzgtbja j` egk ljgas. Hjrdjvdr, tmd @FBF Udpjrt ajtdk tmgt

wgrdmjusd ldakban gnrddhdats dageldk tmd ldakdrs tj mgvd uardstrbftdk gffdss tj tmd

uakdrwrbtban prgftbfds j` jrbnbagtjrs sufm tmgt tmd egaos “oadw g sbnab`bfgat pdrfdatgnd j` tmd

sghpldk ljgas kbk ajt hddt tmdbr jwa uakdrwrbtban stgakgrks jr tmjsd j` tmd jrbnbagtjrs.‘

N. ^dlls @grnj Mgs Vdldftbvdly Gssdrtdk [md[rusts‒ Udpurfmgsd Ubnmts Gngbast [md Vdlldrs

;90. ^dlls @grnj‒s oajwldknd j` pdrvgsbvd erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds

ey tmd jrbnbagtjrs gak spjasjrs gt bssud mdrdba bs glsj kdhjastrgtdk ey bts jwa gftbjas ba 5992.



-7;5-

@jr dxghpld, ba 599>, Adw Fdatury, g hgcjr ljga sdlldr tj tmd [rusts, `bldk `jr egaoruptfy.

[mdrdg`tdr, ^dlls @grnj `bldk g prjj` j` flgbh ba tmd egaoruptfy gftbja gngbast Adw Fdatury tj

da`jrfd bts rdpurfmgsd jelbngtbjas `jr erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds gak dgrly

pgyhdat kd`gults, eut jaly ba fjaadftbja wbtm `bvd Fgrrbantja-lgedl [rusts. Ja Ajvdhedr ;,

5992, ^dlls @grnj datdrdk batj g stbpulgtbja rdsjlvban bts flgbhs gngbast tmd Adw Fdatury

Lbqubkgtban [rust. Kdspbtd tmd stdgky strdgh j` rdpjrts j` Adw Fdatury erdgfmds j`

rdprdsdatgtbjas gak wgrrgatbds gak pjjr pdr`jrhgafd j` bts ljga pjjls, ^dlls @grnj kbk ajt

pursud rdspjasbeld spjasjrs tj da`jrfd rdprdsdatgtbja gak wgrrgaty flgbhs gs tj tmd tmjusgaks j`

erdgfmban Adw Fdatury hjrtngnd ljgas ba tmd [rusts tmgt tmdsd spjasjrs stjjk edmbak.;9>. Vbhblgrly, ba 599=, Ldmhga, g hgcjr jrbnbagtjr gak spjasjr `jr tmd [rusts `bldk `jr

egaoruptfy. Ba Vdptdhedr 5992, dlls @grnj `bldk flgbhs ba tmd egaoruptfy gftbja gngbast

Ldmhga `jr erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds `jr gpprjxbhgtdly dbnmty UHEV trusts,

baflukban twdaty-sdvda j` tmd [rusts, `jr erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds gs tj gll

hjrtngnd ljgas ba dgfm j` tmjsd [rusts dvda tmjunm Ldmhga wgs ajt lbgeld `jr gll j` tmd

hjrtngnd ljgas ba hjst j` tmjsd [rusts, gak ba `gft tmdrd wdrd hgay jtmdr sjlvdat jrbnbagtjrs tj

tmjsd [rusts wmj mgk hgkd rdprdsdatgtbjas gak wgrrgatbds `jr tmjsd hjrtngnd ljgas gak wdrd

tmus lbgeld `jr tmdh. ^dlls @grnj‒s “jhabeus‘ flgbh `jr erdgfm j` rdprdsdatgtbjas gak wgrrgatbds

gs tj gll j` tmd hjrtngnd ljgas ba gll j` tmjsd [rusts, baflukban `jr hjrtngnd ljgas tmgt Ldmhga

wgs ajt dvda pjtdatbglly lbgeld `jr, gak ba `gft jtmdr jrbnbagtjrs wdrd, kdhjastrgtds dlls @grnj‒s

oajwldknd j` pdrvgsbvd erdgfmds ey gll j` tmd jrbnbagtjrs tj tmjsd [rusts. Ajadtmdldss, ^dlls



-7;4-

fjvdrgnd, fgafdldk jr rdsfbakdk tmd hjrtngnd basurgafd pjlbfbds, jr bavjodk pjlbfy dxflusbjas

`jr g mbnm pdrfdatgnd j` flgbhs gs g rdsult j` hbsrdprdsdatgtbjas rdngrkban tmd basurdk hjrtngnd

ljgas, baflukban ja tmd egsbs tmgt tmd jrbnbagtjr dangndk ba prdkgtjry ldakban jr systdhbf `rguk ba

tmd uakdrwrbtban j` tmd hjrtngnd ljgas. G`tdr tmdsd hjrtngnd basurgafd flgbh kdabgls, tmd

sdrvbfdrs `gbldk tj jesdrvd jr pdr`jrh ba g hgtdrbgl rdspdft tmd fjvdagats gak/jr gnrddhdats ja

tmdbr pgrt fjatgbadk ba tmd YVGs ey `gblban tj ajtb`y pgrtbds tj tmd YVGs tmgt tmd hjrtngnd ljga

sdlldrs vbjlgtdk tmd rdqubrdk rdprdsdatgtbjas gak wgrrgatbds gt tmd tbhd tmdy sjlk ljgas tj tmd

[rusts, gltmjunm sufm vbjlgtbjas wdrd kbsfjvdrdk tmrjunm tmd flgbh tdakdrban prjfdss. Hjrdjvdr,

tmd sdrvbfdrs `gbldk tj tdakdr tmd kd`dftbvd, kd`gultdk ljgas tj tmd sdlldrs `jr rdpurfmgsd. Bastdgk,tmd sdrvbfdrs fmgrndk tmd jvdr-fjllgtdrglbzdk gffjuats `jr ljssds, fgusban kghgnd tj tmd [rusts

gak tmdbr Fdrtb`bfgtdmjlkdrs.

;76. @urtmdr, gs ajtdk gejvd, tmd sdrvbfdrs mgvd rdnulgrly hjkb`bdk hjrtngnd ljgas

mdlk ey tmd [rusts. Ylgbatb``s grd ba`jrhdk gak edlbdvd tmgt ba tmd prjfdss j` hjkb`yban tmdsd

hjrtngnd ljgas, tmd sdrvbfdrs mgvd kbsfjvdrdk tmgt spdfb`bf ljgas erdgfmdk gpplbfgeld sdlldr

rdprdsdatgtbjas gak wgrrgatbds edfgusd tmd ljga hjkb`bfgtbja prjfdss bavjlvds sfrutbabzban tmd

uakdrlyban jrbnbagtbja gak hjrtngnd ljga `blds, gak gay suppldhdatgl ba`jrhgtbja prjvbkdk ey

tmd ejrrjwdr tj gssdss tmd ejrrjwdr‒s geblbty tj pgy. [mus, ba tmd prjfdss j` pdr`jrhban ljga

hjkb`bfgtbjas, tmd sdrvbfdrs mgk tj mgvd kbsfjvdrdk erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds

rdngrkban tmd fmgrgftdrbstbfs j` tmd ljga, tmd frdkbtwjrtmbadss j` tmd ejrrjwdr, tmd gkdqugfy j`

tmd fjllgtdrgl gak tmd tbtld stgtus j` tmd hjrtngnds. Advdrtmdldss, tmd sdrvbfdrs systdhbfglly `gbldk

tj ajtb`y tmd jtmdr pgrtbds j` tmdsd erdgfmds.

;7;. Gs glsj sdt `jrtm gejvd, tmdrd mgs edda wbkdsprdgk puelbf dvbkdafd j` tmd

jrbnbagtjrs‒ gegakjahdat j` uakdrwrbtban nubkdlbads gak tmd spjasjrs‒ `gulty sdfurbtbzgtbja



-7;>-

(“@[F‘) `bldk g fbvbl da`jrfdhdat gftbja gngbast Fjuatrywbkd Mjhd Ljgas, Baf. gak EGF Mjhd

Ljgas Vdrvbfban, LY (`/k/e/g Fjuatrywbkd Mjhd Ljgas Vdrvbfban, LY), g wmjlly-jwadk

suesbkbgry j` Egao j` Ghdrbfg, Agtbjagl Gssjfbgtbja, (fjlldftbvdly, “Fjuatrywbkd/EGF‘) `jr

tmdbr “ualgwùl gfts gak prgftbfds ba sdrvbfban hjrtngnd ljgas.‘ Vdd @dkdrgl [rgkd Fjhhbssbja

v. Fjuatrywbkd Mjhd Ljgas, Baf. gak EGF Mjhd Ljga Vdrvbfban, LY , Aj. FP-79-;726 (F.K.

Fgl. Cuad >, 5979). Ba Hgrfm 599=, prbjr tj edban gfqubrdk ey Egao j` Ghdrbfg Fjrpjrgtbja,

Fjuatrywbkd wgs rgaodk gs tmd tjp hjrtngnd sdrvbfdr ba tmd Tabtdk Vtgtds gak mgk g sdrvbfban

pjrt`jlbj wbtm g eglgafd j` jvdr $7.; trbllbja. Ba Vdptdhedr 5992, g`tdr bts gfqubsbtbja j`

Fjuatrywbkd, Egao j` Ghdrbfg wgs rgaodk gs tmd agtbja‒s tjp hjrtngnd sdrvbfdr wbtm g sdrvbfban pjrt`jlbj j` jvdr $5.7 trbllbja. Gs ajtdk gejvd, Fjuatrywbkd/EGF grd sdrvbfdrs `jr hgay j` tmd

[rusts. [md @[F dhpmgsbzdk tmgt hgay j` tmd ljgas bhprjpdrly sdrvbfdk ey Fjuatrywbkd/EGF

grd tmd sghd “rbsoy, mbnm-fjst ljgas tmgt mgk edda jrbnbagtdk jr ùakdk ey Kd`dakgats‒ pgrdat

fjhpgay, Fjuatrywbkd @bagafbgl Fjrpjrgtbja _X, gak bts suesbkbgrbds _X.‘

;7=. Gffjrkban tj tmd @[F, wmda ejrrjwdrs `dll edmbak ja tmdbr pgyhdats,

Fjuatrywbkd/EGF bhpjsdk g auhedr j` kd`gult-rdlgtdk sdrvbfds (sufm gs prjpdrty baspdftbjas

gak `jrdfljsurd trustdd sdrvbfds) “ey ùaadlban tmd wjro tmrjunm pgajply j` Fjuatrywbkd

suesbkbgrbds.‘ Ba bts hjrtngnd sdrvbfban jpdrgtbja, Fjuatrywbkd/EGF jlljws g sj-fglldk

“vdrtbfgl batdnrgtbja strgtdny‘ tj ndadrgtd kd`gult-rdlgtdk `dd bafjhd. Ugtmdr tmga jetgba kd`gult-

rdlgtdk sdrvbfds kbrdftly `rjh tmbrk-pgrty vdakjrs gak fmgrnd ejrrjwdrs `jr tmd gftugl fjst j`

tmdsd sdrvbfds, Fjuatrywbkd/EGF `jrhdk suesbkbgrbds tj gft gs hbkkldhda ba tmd kd`gult sdrvbfds

prjfdss. [mdsd suesbkbgrbds dxbst sjldly tj ndadrgtd rdvdauds `jr Fjuatrywbkd/EGF gak kj ajt

jpdrgtd gt grhs‒-ldantm wbtm Fjuatrywbkd/EGF. Fjuatrywbkd/EGF gak tmdbr suesbkbgrbds ‖

“_gXs g hgttdr j` prgftbfd‘ ‖ gkkdk g suestgatbgl hgro-up tj tmdbr gftugl fjsts `jr tmd sdrvbfds gak



-7;=-

tmda fmgrndk tmd ejrrjwdrs tmd hgrodk-up `dds. [md ba`lgtdk `dds wdrd ejtm fjatrgry tj prukdat

sdrvbfban stgakgrks gak vbjlgtdk tmd hjrtngnd fjatrgfts, wmbfm lbhbt `dds fmgrndgeld tj tmd

ejrrjwdr tj gftugl fjsts j` tmd sdrvbfds gak gs grd rdgsjageld gak gpprjprbgtd tj prjtdft tmd

ajtdmjlkdr‒s batdrdst ba tmd prjpdrty gak rbnmts uakdr tmd sdfurbty bastruhdat.

;72. Fjuatrywbkd/EGF sbhblgrly erdgfmdk sdrvbfban stgakgrks gak hjrtngnd fjatrgfts

wmda sdrvbfban ljgas `jr ejrrjwdrs wmj sjunmt tj sgvd tmdbr mjhds tmrjunm g Fmgptdr 76

egaoruptfy. Gffjrkban tj tmd @[F, Fjuatrywbkd/EGF hgkd vgrbjus rdprdsdatgtbjas tj tmjsd

ejrrjwdrs gejut tmdbr hjrtngnd ljgas tmgt wdrd `glsd jr lgfodk g rdgsjageld egsbs, gak `gbldk tj

kbsfljsd tj ejrrjwdrs kurban tmdbr egaoruptfy fgsd wmda `dds gak dsfrjw smjrtgnds gakkd`bfbdafbds gffrudk ja tmdbr ljga. G`tdr tmd egaoruptfy fgsds mgvd fljsdk gak ejrrjwdrs aj

ljandr mgvd tmd prjtdftbja j` tmd egaoruptfy fjurt, Fjuatrywbkd/EGF fjlldftdk tmjsd ghjuats,

baflukban tmrjunm `jrdfljsurd gftbjas.

;59. Ey wgy j` `urtmdr dxghpld, ba @derugry 5975, `jrty-abad stgtd gttjradys ndadrgl

gak tmd `dkdrgl njvdrahdat gaajuafdk g mbstjrbf cjbat $54 ebllbja stgtd-`dkdrgl sdttldhdat wbtm

tmd fjuatry‒s `bvd lgrndst hjrtngnd sdrvbfdrs gak tmdbr g``blbgtds `jr hbsfjakuft rdlgtdk tj tmdbr

jrbnbagtbja gak sdrvbfban j` sbanld `ghbly rdsbkdatbgl hjrtngnds3 (b) Udsbkdatbgl Fgpbtgl, LLF,

Glly @bagafbgl, Baf., gak NHGF Hjrtngnd, LLF? (bb) Egao j` Ghdrbfg Fjrpjrgtbja, Egao j`

Ghdrbfg, A.G., EGF Mjhd Ljgas Vdrvbfban, LY, Fjuatrywbkd @bagafbgl Fjrpjrgtbja,

Fjuatrywbkd Mjhd Ljgas, Baf., Fjuatrywbkd Hjrtngnd Pdaturds, LLF, gak Fjuatrywbkd Egao

@VE? (bbb) Fbtbnrjup Baf., Fbtbegao, A.G., gak FbtbHjrtngnd, Baf.? (bv) C.Y. Hjrnga Fmgsd &

Fjhpgay gak C.Y. Hjrnga Fmgsd Egao, A.G.? gak (v) ^dlls @grnj & Fjhpgay gak ^dlls @grnj

Egao, A.G. j` tmd stgtd gak `dkdrgl bavdstbngtbjas j` tmdsd hjrtngnd sdrvbfdrs.



-7;2-

;57. Ba tmdbr fjrrdspjakban fjhplgbat `bldk ja Hgrfm 7;, 5975, tmd stgtd gttjradys

ndadrgls gak tmd `dkdrgl njvdrahdat glldndk tmgt tmdsd sdrvbfdrs mgk dangndk ba ua`gbr, kdfdptbvd

gak ualgw`ul sdrvbfban prjfdssds, baflukban (b) `gblban tj tbhdly gak gffurgtdly gpply pgyhdats

hgkd ey ejrrjwdrs gak `gblban tj hgbatgba gffurgtd gffjuat stgtdhdats? (bb) fmgrnban dxfdssbvd

jr bhprjpdr `dds `jr kd`gult-rdlgtdk sdrvbfds? (bbb) `gblban tj prjpdrly jvdrsdd tmbrk-pgrty vdakjrs

bavjlvdk ba sdrvbfban gftbvbtbds ja edmgl` j` tmd egaos? (bv) bhpjsban `jrfd-plgfdk basurgafd

wbtmjut prjpdrly ajtb`yban tmd ejrrjwdrs gak wmda ejrrjwdrs glrdgky mgk gkdqugtd fjvdrgnd?

(v) prjvbkban ejrrjwdrs `glsd jr hbsldgkban ba`jrhgtbja ba rdspjasd tj ejrrjwdr fjhplgbats? gak

(vb) `gblban tj hgbatgba gpprjprbgtd stg``ban, trgbaban, gak quglbty fjatrjl systdhs.;55. Vbhblgrly, ja Kdfdhedr 72, 5976, tmd Fjasuhdr @bagafbgl Yrjtdftbja Eurdgu

(“F@YE‘), gutmjrbtbds ba `jrty-abad stgtds, gak tmd Kbstrbft j` Fjluhebg `bldk g prjpjsdk fjurt

jrkdr rdqubrban tmd fjuatry‒s lgrndst ajaegao hjrtngnd ljga sdrvbfdr, Jfwda gak bts suesbkbgry,

Jfwda Ljga Vdrvbfban, tj prjvbkd $5 ebllbja ba `brst lbda prbafbpgl rdkuftbja tj uakdrwgtdr

ejrrjwdrs ba jrkdr tj fjhpdasgtd `jr ydgrs j` systdhbf hbsfjakuft gt dvdry stgnd j` tmd

hjrtngnd sdrvbfban prjfdss. [md fjasdat jrkdr glsj fjvdrdk twj fjhpgabds prdvbjusly

purfmgsdk ey Jfwda, Lbttja Ljga Vdrvbfban LY (“Lbttja‘) gak Mjhdwgrk Udsbkdatbgl Mjlkbans

LLF (prdvbjusly oajwa gs Ghdrbfga Mjhd Hjrtngnd Vdrvbfban, Baf. jr “GMHVB‘). Gffjrkban

tj tmd F@YE gak Gttjradys Ndadrgls‒ fjhplgbat, Jfwda vbjlgtdk stgtd fjasuhdr lgw ba g auhedr

j` wgys, baflukban (b) `gblban tj tbhdly gak gffurgtdly gpply pgyhdats hgkd ey ejrrjwdrs gak

`gblban tj hgbatgba gffurgtd gffjuat stgtdhdats? (bb) fmgrnban ejrrjwdrs uagutmjrbzdk `dds `jr

kd`gult-rdlgtdk sdrvbfds? (bbb) bhpjsban `jrfd-plgfdk basurgafd ja fjasuhdrs wmda Jfwda oadw

jr smjulk mgvd oajwa tmgt tmdy glrdgky mgk gkdqugtd mjhd basurgafd fjvdrgnd? gak

(bv) prjvbkban `glsd jr hbsldgkban ba`jrhgtbja ba rdspjasd tj fjasuhdr fjhplgbats.



-749-

;56. Mbnm prj`bld flgss gftbjas gngbast tmd sdrvbfdrs mgvd `urtmdr rdvdgldk vbjlgtbjas j`

prukdat sdrvbfban vbjlgtbjas. @jr dxghpld, ba Cuad 5975, agtbjawbkd flgss gftbjas wdrd erjunmt

ja edmgl` j` hbllbja mjhdjwadrs gngbast CYHjrnga Fmgsd Egao, A.G., ^dlls @grnj Egao, A.G.,

Egao j` Ghdrbfg, A.G., Fbtbegao, A.G., gak MVEF Egao, Baf. wmj flgbhdk tmgt tmdy wdrd

jvdrfmgrndk `jr `jrfd-plgfdk basurgafd. [md ejrrjwdrs spdfb`bfglly glldndk tmgt tmdsd sdrvbfdrs

bhpjsdk pjlbfbds `jr `jrfd-plgfdk basurgafd tmgt wdrd `gr hjrd dxpdasbvd tmga hgrodt rgtds gak

rdfdbvdk muakrdks j` hbllbjas j` kjllgrs ba flgakdstbad fjhhbssbjas `rjh tmd basurgafd

fjhpgabds wrbtban tmd pjlbfbds. [md sdrvbfdrs‒ prgftbfd j` bhpjsban dxpdasbvd `jrfd-plgfdk

basurgafd bafrdgsdk tmd ejrrjwdrs‒ hjatmly pgyhdat ey g lgrnd ghjuat. Gs g rdsult, mjhdjwadrswmj wdrd glrdgky edmbak ba pgyhdats jr wdrd `gfban `bagafbgl kb``bfultbds wdat batj `jrdfljsurd.

[md plgbatb`` ejrrjwdrs mgvd glsj datdrdk batj sdvdrgl wdll puelbfbzdk sdttldhdats wbtm tmdsd

sdrvbfdrs, baflukban sdttldhdats j` $699 hbllbja sdttldhdat wbtm CYHjrnga Fmgsd, $779 hbllbja

wbtm Fbtbegao, $65 hbllbja wbtm MVEF gak $72.6 hbllbja wbtm ^dlls @grnj. 7;

;5;. Ajtgely, Egao j` Ghdrbfg, C.Y. Hjrnga Fmgsd, gak Jfwda datbtbds suecdft tj tmd

gejvd-hdatbjadk sdttldhdats fjlldftbvdly sdrvbfd gak gkhbabstrgtd jvdr $5.4 ebllbja ba hjrtngnd

ljgas mdlk ey tmd [rusts. Ylgbatb``s grd ba`jrhdk gak edlbdvd tmgt tmdsd sdrvbfdrs gak dgfm j` tmd

jtmdr sdrvbfdrs tj tmd [rusts mgvd dangndk ba tmd sghd vbjlgtbjas j` tmdbr prukdat sdrvbfban

jelbngtbjas ba sdrvbfban gak gkhbabstrgtban tmd hjrtngnd ljgas `jr tmd [rusts.

;54. [md sdrvbfdrs‒ systdhbf gak pdrvgsbvd `gblurd tj jesdrvd tmdbr prukdat sdrvbfban

jelbngtbjas mgvd hgtdrbglly g``dftdk tmd rbnmts j` tmd [rusts gak gll Fdrtb`bfgtdmjlkdrs uakdr tmd

7; Gl`rdk Mdrrbfo, dt gl. v. CYHjrnga Fmgsd Egao, A.G., dt gl ., 76-5779>? Mgll v. Egao j` Gh.Fjrp ., 75-55>99? Ljpdz v. MVEF Egao TVG, A.G. , 76-5779;, gak @lgkdll v. ^dlls @grnj Egao

A.G., 76-09>57, (V.K. @lg.)? Fgsdy, dt gl., v. Fbtbnrjup Baf ., 75-99=59, (A.K.A.R.).



-747-

YVGs ba tmgt tmd vbjlgtbjas mgvd dxgfdregtdk tmd [rusts‒ ljssds gak mgvd `jstdrdk uafdrtgbaty gs

tj tmd tbhdly rdfjvdry j` fjllgtdrgl.

F. [md Vdrvbfdrs Mgvd Pbjlgtdk [mdbr @jrdfljsurd Jelbngtbjas

;50. [md YVGs rdqubrd tmd sdrvbfdrs tj usd tmdbr edst d``jrts, fjasbstdat wbtm gffdptdk

sdrvbfban prgftbfds, tj `jrdfljsd upja jr jtmdrwbsd fjhpgrgely fjavdrt tmd jwadrsmbp j`

prjpdrtbds sdfurban sufm hjrtngnd ljgas gs tmdy fjhd batj gak fjatbaud ba kd`gult gak gs tj

wmbfm aj sgtbs`gftjry grrgandhdats fga ed hgkd `jr fjlldftbja j` kdlbaqudat pgyhdats.

Hjrdjvdr, dgfm j` tmd YVGs fjatdhplgtd tmgt `jrdfljsurds gak lbqubkgtbjas j` kd`gultdk

hjrtngnds wbll prjfddk `jrtmwbtm gak ba gffjrkgafd wbtm gpplbfgeld lgw, prjvbkdk tmd

kjfuhdatgtbja bs ba jrkdr, gs g hgttdr j` `gbradss tj gll pgrtbds.

;5>. Mbnmly puelbfbzdk njvdrahdat da`jrfdhdat gftbjas gak sdttldhdats rdgfmdk wbtm

tmd sdrvbfdrs sbhblgrly mgvd rdvdgldk tmd sdrvbfdrs mgvd erdgfmdk tmdbr `jrdfljsurd jelbngtbjas.

@jr dxghpld, ba tmd `jurtm qugrtdr j` 5979, tmd @dkdrgl Udsdrvd Vystdh, tmd JFF, tmd @KBF, gak

tmd J[V (fjlldftbvdly, tmd “Gndafbds‘) fjakuftdk ja-sbtd rdvbdws j` `jrdfljsurd prjfdssban gt

`jurtdda `dkdrglly rdnulgtdk hjrtngnd sdrvbfdrs wmbfm rdprdsdatdk hjrd tmga twj-tmbrks j` tmd

sdrvbfban hgrodt. [mdsd sdrvbfdrs baflukdk Glly Egao/NHGF, Gurjrg, Egao j` Ghdrbfg,

Fbtbegao, DvdrEgao, MVEF, CYHjrnga Fmgsd, HdtLb`d, Jad^dst, YAF, Vjvdrdbna Egao,

Vua[rust, T.V. Egao, gak ^dlls @grnj, hgay j` wmbfm grd sdrvbfdrs tj tmd [rusts. Ba Gprbl 5977,

tmd Gndafbds bssudk g cjbat rdpjrt datbtldk “Batdrgndafy Udvbdw j` @jrdfljsurd Yjlbfbds gak

Yrgftbfds,‘ suhhgrbzban tmd `bakbans j` tmdbr rdvbdws gak prjvbkban ga jvdrvbdw j` tmd pjtdatbgl

bhpgfts gssjfbgtdk wbtm bastgafds j` `jrdfljsurd prjfdssban wdgoadssds tmgt jffurrdk

bakustrywbkd. Ajtgely, tmd Gndafbds‒ rdvbdws `juak “frbtbfgl wdgoadssds ba dgfm j` tmd

sdrvbfdrs‒ `jrdfljsurd njvdragafd prjfdssds, `jrdfljsurd kjfuhdat prdpgrgtbja prjfdssds, gak

jvdrsbnmt gak hjabtjrban j` tmbrk-pgrty vdakjrs, baflukban `jrdfljsurd gttjradys.‘ Egsdk ja tmd



-745-

kd`bfbdafbds bkdatb`bdk ba tmdsd rdvbdws gak tmd rbsos j` gkkbtbjagl bssuds gs g rdsult j` wdgo

fjatrjls gak prjfdssds, tmd Gndafbds babtbgtdk `jrhgl da`jrfdhdat gftbjas gngbast dgfm j` tmd

`jurtdda sdrvbfdrs suecdft tj tmd rdvbdw tj gkkrdss tmjsd wdgoadssds gak rbsos. [md da`jrfdhdat

gftbjas kdtgbldk tmd wdgoadssds gt dgfm sdrvbfdr gak rdqubrdk dgfm sdrvbfdr, ghjan jtmdr tmbans,

tj fjakuft g hjrd fjhpldtd rdvbdw j` fdrtgba gspdfts j` `jrdfljsurd gftbjas tmgt jffurrdk

edtwdda Cgaugry 7, 5992, gak Kdfdhedr 67, 5979.

;5=. Vbhblgrly, gs ajtdk gejvd, ja Hgrfm 7;, 5975, `jlljwban ga dxtdasbvd

bavdstbngtbja j` ^dlls @grnj, Egao j` Ghdrbfg, Fbtbnrjup, Fjuatrywbkd, C.Y. Hjrnga Fmgsd, Glly

@bagafbgl, gak NHGF Hjrtngnd, LLF ‖ sjhd j` tmd sghd sdrvbfdrs `jr tmd [rusts ‖ tmd CustbfdKdpgrthdat, tmd Kdpgrthdat j` Mjusban gak Trega Kdvdljphdat (“MTK‘) gak `jrty-abad stgtd

gttjradys ndadrgl `bldk g fjhplgbat gngbast tmdsd sdrvbfdrs gak gaajuafdk tmd $54 ebllbja

Agtbjagl Hjrtngnd Vdttldhdat j` tmd flgbhs sdt `jrtm ba tmd fjhplgbat. Ba tmd fjhplgbat, tmd

Gttjradys Ndadrgl gak `dkdrgl njvdrahdat glldndk tmgt tmdsd sdrvbfdrs mgk dangndk ba wrjan`ul

fjakuft rdlgtdk tj `jrdfljsurds, baflukban `gblban tj prjpdrly bkdatb`y tmd `jrdfljsban pgrty,

fmgrnban bhprjpdr `dds rdlgtdk tj `jrdfljsurds, prdpgrban, dxdfutban, ajtgrbzban jr prdsdatban

`glsd gak hbsldgkban kjfuhdats gak dangnban ba rjej sbnaban.

;52. Hjrdjvdr, ba @derugry 5975, tmd Adw Rjro Gttjrady Ndadrgl sudk hgay j` tmd

lgrndst Hgstdr Vdrvbfdrs gak sdrvbfdrs tj tmd [rusts - ^dlls @grnj, Egao j` Ghdrbfg, EGFMLV,

Fmgsd Egao gak DHF. [md Adw Rjro Gttjrady Ndadrgl glsj aghdk HDUVFJUY Baf. gak bts

suesbkbgry Hjrtngnd Dldftrjabf Udnbstrgtbja Vystdhs, Baf. (fjlldftbvdly, “HDUV‘), datbtbds

frdgtdk ey tmd ldakban gak ljga sdrvbfban bakustry gs g prbvgtd hjrtngnd rdnbstrgtbja systdh tj

spddk tmd trgas`dr hjrtngnds ghjanst tmdhsdlvds tj `gfblbtgtd UHEV sdfurbtbzgtbjas gak

`jrdfljsurds gak tj gvjbk tmd fjst j` trgkbtbjaglly rdfjrkban tmd hjrtngnds wbtm fjuaty rdfjrkdrs.



-746-

[md Adw Rjro Gttjrady Ndadrgl‒s lgwsubt glldndk tmgt tmdsd sdrvbfdrs dxdrfbsdk fjhpldtd fjatrjl

jvdr HDUV gak tmgt bts hjrtngnd kgtgegsd wgs rbkkldk wbtm drrjrs gak bagffurgfbds, tmus ldgkban

tj tmd hgssbvd ghjuats j` `jrdfljsurd `rguk tmgt wgs janjban. [md lgwsubt ùrtmdr glldndk tmgt

tmd sdrvbfdrs gak HDUV rdpdgtdkly suehbttdk kjfuhdats tj fjurts ba `jrdfljsurd prjfddkbans

tmgt fjatgbadk hbsldgkban gak `glsd ba`jrhgtbja. [md Adw Rjro Gttjrady Ndadrgl stgtdk3 “”[md

egaos frdgtdk tmd HDUV systdh gs ga dak-rua grjuak tmd prjpdrty rdfjrkban systdh, tj `gfblbtgtd

tmd rgpbk sdfurbtbzgtbja gak sgld j` hjrtngnds. Jafd tmd hjrtngnds wdat sjur, tmdsd sghd egaos

erjunmt `jrdfljsurd prjfddkbans da hgssd egsdk ja kdfdptbvd gak `rgukuldat fjurt suehbssbjas,

sddoban tj tgod mjhds gwgy `rjh pdjpld wbtm lbttld rdngrk `jr egsbf ldngl rdqubrdhdats jr tmd ruldj` lgw ...‒‘ [md Gttjrady Ndadrgl fmgrndk tmd Hgstdr Vdrvbfdrs gak sdrvbfdrs wbtm “kdfdptbvd gak

blldngl‘ eusbadss prgftbfds tmgt vbjlgtdk Adw Rjro stgtd lgws.

;69. Lbodwbsd, gs ajtdk gejvd, ja Kdfdhedr 72, 5976, `jlljwban ga dxtdasbvd

bavdstbngtbja, tmd F@YE, gutmjrbtbds ba `jrty-abad stgtds, gak tmd Kbstrbft j` Fjluhebg

sbhultgadjusly `bldk g fjhplgbat gngbast Jfwda gak gaajuafdk g $5 ebllbja sdttldhdat j` tmd

flgbhs stgtdk ba tmd fjhplgbat. [md F@YE‒s gak Gttjradys Ndadrgls‒ fjhplgbat glldndk tmgt

Jfwda dangndk ba sghd wrjanùl fjakuft rdlgtdk tj `jrdfljsurds kdsfrbedk ba tmd fjhplgbat

gngbast tmd sdrvbfdrs ldgkban tj tmd Agtbjagl Hjrtngnd Vdttldhdat.

;67. Ba gkkbtbja, prbvgtd lbtbngtbja mgs smbadk tmd lbnmt ja sdrvbfdrs‒ wrjanùl

`jrdfljsurd prgftbfds. @jr dxghpld, ba g Fglb`jrabg flgss gftbja fgsd tmgt mgs survbvdk g hjtbja tj

kbshbss, plgbatb``s glldndk tmgt Gurjrg (tmd sbxtm lgrndst sdrvbfdr j` ljgas ba tmd [rusts) `jrdfljsdk

ja mjhds wbtmjut gay ajtbfd tmgt ljga hjkb`bfgtbjas wdrd kdabdk gak wbtmjut glljwban

ejrrjwdrs gffdss tj gay “furd hdtmjk‘ kdspbtd prjhbsds ba ga gnrddhdat tj kj sj. Hgukdr, dt gl.

v. Gurjrg Ljga Vdrvs., LLF , Aj. 79-fv-966=6, Flgss Gftbja Fjhpl. °5 (A.K. Fgl. Gun. 5, 5979).



-74;-

;65. Vdrvbfdrs mgvd glsj `rdqudatly wrjan`ully `jrdfljsdk ja prjpdrtbds jwadk ey

hblbtgry sdrvbfdhdhedrs wmj wdrd prjtdftdk uakdr tmd Vdrvbfdhdhedrs Fbvbl Udlbd` Gft

(“VFUG‘). Egsdk ja g `dkdrgl njvdrahdat fjhplgbat gffusban Fjuatrywbkd Mjhd Ljgas

Vdrvbfban LY (tmd tmbrk lgrndst sdrvbfdr j` ljgas ba tmd [rust) j` vbjlgtban tmd VFUG ja

gpprjxbhgtdly 709 prjpdrtbds, Fjuatrywbkd fjasdatdk tj pgy $59 hbllbja tj tmd vbftbhs. Tabtdk

Vtgtds v. EGF Mjhd Ljgas Vdrvbfban, LY @/O/G Fjuatrywbkd Mjhd Ljgas Vdrvbfban, LY Gak

Gay Vuffdssjrs Ba Batdrdst , Aj. 77-fv-9;46;, Fjasdat Jrkdr °7=. (F.K. Fgl. Hgy 67, 5977).

;66. [md sdrvbfdrs mgvd glsj rjutbadly odpt kd`gultdk hjrtngnds ja tmdbr ejjos, rgtmdr

tmga `jrdfljsd jr lbqubkgtd tmdh. Bakddk, ba sdvdrgl stgtds, tmd gvdrgnd kgys `jr kdlbaqudat ljgasba `jrdfljsurd ba tmd [rusts mgvd kjueldk jr qugkrupldk.

Vjurfds3 Udglty[rgf, Hjjky‒s Gaglytbfs

;6;. [md sdrvbfdrs‒ kdlgy ba `jrdfljsban mgs glljwdk tmd sdrvbfdrs tj fmgrnd uadgradk

gak uawgrrgatdk sdrvbfban `dds, gs wdll gs uagutmjrbzdk `dds `jr kd`gult-rdlgtdk sdrvbfds, ja

hjrtngnds tmgt wjulk mgvd edda lbqubkgtdk eut `jr tmd sdrvbfdrs‒ erdgfm j` tmdbr kutbds. @jr

dxghpld, ba tmd fjhplgbat tmgt ldk tj tmd Agtbjagl Hjrtngnd Vdttldhdat kbsfussdk gejvd, tmd



-740-

hjrtngnds. @jr bastgafd, ja Jftjedr 0, 599=, gttjradys ndadrgl ba dldvda stgtds gaajuafdk g

lgakhgro, $=.0= ebllbja sdttldhdat wbtm Fjuatrywbkd Mjhd Ljgas, Fjuatrywbkd @bagafbgl

Fjrpjrgtbja gak @ull Vpdftruh Ldakban j` prdkgtjry ldakban flgbhs. [md sdttldhdat dageldk

dlbnbeld sueprbhd gak pgy-jptbja hjrtngnd ejrrjwdrs wmjsd ljgas sdrvbfdk ey Fjuatrywbkd tj

jetgba ljga hjkb`bfgtbjas vgludk gt up tj $6.; ebllbja wjrtm j` rdkufdk batdrdst pgyhdats gak, `jr

fdrtgba ejrrjwdrs, rdkuftbja j` tmdbr prbafbpgl eglgafds.

;6=. [md sdrvbfdrs mgvd glsj erdgfmdk tmd YVGs ey gnrddban tj hjkb`y ljgas mdlk ba

tmd [rusts `jr tmd purpjsd j` sdttlban flgbhs rdlgtdk tj tmdbr wrjan`ul sdrvbfban gak `jrdfljsurd

prgftbfds hgkd ey vgrbjus gttjradys ndadrgl. @jr dxghpld, wbtm rdspdft tj tmd Agtbjagl HjrtngndVdttldhdat, ba hddtban tmdbr pgyhdat jelbngtbjas, tmd sdttlban sdrvbfdrs rdfdbvd frdkbt `jr wrbtban

kjwa prbafbpgl j`, gak prjvbkban `jredgrgafd `jr, hjrtngnd ljgas mdlk ey tmd [rusts.

;62. [md sdrvbfdrs‒ vbjlgtbja j` tmdbr hjkb`bfgtbja jelbngtbjas mgvd hgtdrbglly g``dftdk

tmd rbnmts j` tmd [rusts gak gll Fdrtb`bfgtdmjlkdrs uakdr tmd YVGs ba tmgt tmd sdrvbfdrs gak tmdbr

pgrdat fjhpgabds mgvd edda uacustly darbfmdk tj tmd kdtrbhdat j` tmd [rusts gak

Fdrtb`bfgtdmjlkdrs ey usban [rust fjllgtdrgl tj sdttld flgbhs tmgt grd ajt, gak fjulk advdr ed, hgkd

gngbast tmd [rusts.

D. [md Vdrvbfdrs Mgvd Geusdk [mdbr Vdrvbfban Gkvgafds Jelbngtbjas

;;9. [md YVGs prjvbkd tmgt tmd sdrvbfdrs grd tj gkvgafd prbafbpgl gak batdrdst ja g ljga

jaly b` tmdy kdtdrhbad tmgt tmd gkvgafd pgyhdat bs rdfjvdrgeld. [md YVGs `urtmdr prjvbkd tmgt

tmd sdrvbfdrs hgy jaly rdfjvdr sdrvbfban gkvgafds tmgt grd fustjhgry, rdgsjageld gak adfdssgry

jut-j`-pjfodt fjsts gak dxpdasds bafurrdk ba tmd pdr`jrhgafd ey tmd sdrvbfdrs j` tmdbr sdrvbfban

jelbngtbjas. [md sdrvbfdrs mgvd geusdk tmdbr gkvgafban jelbngtbjas tj darbfm tmdhsdlvds tj tmd

kbrdft kdtrbhdat j` tmd [rusts. Ba pgrtbfulgr, tmd sdrvbfdrs mgvd hgabpulgtdk tmd rdfjvdrgeld

kdsbnagtbja tj tmdbr gkvgatgnd. Kurban ljw batdrdst rgtd davbrjahdats, tmd sdrvbfdrs mgvd



-74=-

tj rdkufd tmd prbafbpgl ghjuat j` tmd hjrtngnd ljga. [md `jredgrgafds glljw tmd sdrvbfdrs tj

ljwdr tmdbr gkvgafdk prbafbpgl pgyhdats ja tmd ljgas. Advdrtmdldss, tmd sdrvbfdrs kj ajt

`jrhglly wrbtd-kjwa tmd ljga eglgafd jr hgod gay rdfjnabtbja ja tmd [rusts‒ gffjuats. [mus, tmd

hjrtngnd ljgas rdhgba ba tmd [rusts gt `ull vglud, tmdrdey glljwban tmd sdrvbfdrs tj dgra `ull

sdrvbfban `dds, wmbfm grd fglfulgtdk gs g pdrfdatgnd j` tmd tjtgl prbafbpgl ghjuat j` tmd hjrtngnd

ljgas ba tmd [rusts‒ ljga pjjls, gltmjunm tmd hjrtngnd ljgas grd gffruban batdrdst gt g ljwdr

prbafbpgl ghjuat gak wbtmjut tmd sdrvbfdrs mgvban tj hgod gay gkvgafds.

;;;. Gffjrkban tj ba`jrhgtbja fjatgbadk ba ga bakustry stuky fjakuftdk ey Frdkbt

Vubssd, gs j` Gprbl 5976, Frdkbt Vubssd dstbhgtds tmgt uardfjnabzdk `jredgrgafds ba tmd [ruststjtgl jvdr $277 hbllbja. 74 Jvdr 5;5 [rusts mgvd sjhd ghjuat j` uardfjnabzdk `jredgrgafd, wbtm

hgay dxfddkban 4% j` tmd [rust‒s furrdat fjllgtdrgl eglgafd3

[jp 79 ^dlls @grnj [rusts Ey Vmgrd J` Furrdat Eglgafd @jrejradKgtg gs j` Gprbl 5976 kbstrbeutbjas. 7st lbda jalyJ``drban Jrbnbagl @gfd

GhjuatFurrdatEglgafd

(Cuad 5976)

DstbhgtdkTardfjnabzdk@jredgrgafd

Tardfjnabzdk@jredgrgafd gs %j` Furrdat Eglgafd

GE@F 5990-JY[7 $7,9;0,225,999 $500,46>,;52 $56,;79,65; =.>=%JJHL[ 599>-FY7 $=99,999,999 $67;,247,275 $56,776,2>5 >.6;%VPMD 599>-JY[5 $405,9=9,77> $527,2;=,245 $59,=20,270 >.70%FGUU 5990-JY[7 $220,;=5,770 $564,;60,54> $70,440,69; >.96%VPMD 599>-JY[7 $5,657,>=0,594 $7,760,229,445 $>=,7;=,;65 0.=>%GEVMD 599>-MD5 $667,25=,799 $75=,9;=,790 $=,>22,44; 0.=>%JJHL[ 599>-; $7,599,999,999 $476,=62,547 $6;,749,=== 0.04%JJHL[ 599>-0 $7,976,;27,499 $45>,;66,496 $6;,09>,9;; 0.40%JJHL[ 599>-5 $2=6,50=,>=5 $62>,69>,>04 $54,=57,029 0.49%JJHL[ 5990-6 $7,499,999,999 $472,276,62; $66,662,=42 0.;7%FEGVV 5990-FE5 $26>,525,999 $70>,060,>79 $=,;49,265 4.9;%[E^ 5990-6 $04;,6=5,600 $557,>50,64; $77,775,05> 4.97%

Vjurfd3 Frdkbt Vubssd, Ljga Ydr`jrhgafd

74 Frdkbt Vubssd dstbhgtds tmgt gs j` Gprbl 5976 uardfjnabzdk `jredgrgafds ja aja-gndafy UHEVsdfurbtbzgtbjas bssudk g`tdr 5999 (`brst lbda jaly) tjtgldk grjuak $=.6 ebllbja.



-742-

;;4. [md sdrvbfdrs‒ pdrvgsbvd usd j` “uardfjnabzdk `jredgrgafds‘ mgrh tmd [rusts gak

tmdbr Fdrtb`bfgtdmjlkdrs sbafd tmdy pgy mbnmdr sdrvbfban `dds tj tmd sdrvbfdrs gak grd ajt ba`jrhdk

ba g tbhdly hgaadr gejut bhpgbrhdats tj hjrtngnd ljgas ba tmd uakdrlyban ljga pjjls.

;;0. Kdspbtd tmd rdqubrdhdat tmgt sdrvbfban gkvgafds wdrd tj ed bafurrdk jaly `jr

rdgsjageld gak adfdssgry jut-j`-pjfodt fjsts, tmd sdrvbfdrs bastdgk utblbzdk g``blbgtdk vdakjrs ‖

wmj hgrodk up tmdbr sdrvbfds tj g ldvdl 799% jr hjrd gejvd tmd hgrodt prbfd ‖ tj prjvbkd

sdrvbfds rdlgtdk tj tmd prdsdrvgtbja, rdstjrgtbja, gak prjtdftbja j` hjrtngndk prjpdrty, ba g

`rgukuldat, uagutmjrbzdk, gak kdfdptbvd d``jrt tj suppldhdat bts sdrvbfban bafjhd.

]B.

^DLLV @GUNJ MGV OAJ^A J@ VDUPBFDUPBJLG[BJAV YLGNTBAN [MD [UTV[V

;;>. [mdrd bs ghpld dvbkdafd tmgt, ednbaaban ba dgrly 5992 gak fjatbauban tj tmd

prdsdat, ^dlls @grnj gak bts rdspjasbeld j``bfdrs mgvd oajwa j` tmd gejvd kdsfrbedk wbkdsprdgk

gak sdvdrd `gblurds ja tmd pgrt j` tmd sdrvbfdrs tj jesdrvd jr pdr`jrh ba hgtdrbgl rdspdfts tmdbr

jelbngtbjas uakdr tmd YVGs. Yrdlbhbagrbly, gs kbsfussdk gejvd, sbafd 5992 gak fjatbauban tj tmd

prdsdat, tmdrd mgs edda g stdgky strdgh j` puelbf kbsfljsurds rdngrkban tmd sdrvbfdrs‒ vbjlgtbjas.

Advdrtmdldss, gpgrt `rjh tmd mbnmly puelbfbzdk njvdrahdat bavdstbngtbjas, rdpjrts gak

da`jrfdhdat gftbjas, gs wdll gs mbnm prj`bld lbtbngtbja bavjlvban tmd sdrvbfdrs, gs dxplgbadk edljw

tmdrd bs g mjst j` gkkbtbjagl dvbkdafd kdhjastrgtban ^dlls @grnj gak bts rdspjasbeld j``bfdrs‒

oajwldknd tmgt tmd sdrvbfdrs mgvd hgtdrbglly erdgfmdk tmdbr fjatrgftugl jelbngtbjas.

G. ^dlls @grnj Btsdl` ^gs Bavjlvdk Ba Njvdrahdat Da`jrfdhdatGftbjas Gak Lbtbngtbja Vtdhhban @rjh [md Vdrvbfdrs‒ Pbjlgtbjas

;;=. ^dlls @grnj gak bts rdspjasbeld j``bfdrs oadw j` tmd sdrvbfdrs‒ bhprjpdr sdrvbfban

prgftbfds edfgusd, gs kdsfrbedk ba nrdgtdr kdtgbl edljw (Vdftbja ]P), dlls @grnj gak bts

g``blbgtds, ba tmdbr fgpgfbty gs sdrvbfdrs tj jtmdr UHEV trusts, wdrd tgrndts tjndtmdr wbtm hgay j`

tmd sdrvbfdrs `jr tmd [rusts ba mbnmly puelbfbzdk njvdrahdatgl bavdstbngtbjas, prjsdfutbjas gak



-709-

sdttldhdats. @jr dxghpld, gljan wbtm tmbrtdda jtmdr j` tmd agtbja‒s lgrndst sdrvbfdrs, tmd Gndafbds

sbhblgrly `juak kd`bfbdafbds ba dlls @grnj‒s sdrvbfban gak `jrdfljsurd prjfdssds. Gffjrkbanly,

tmd Gndafbds erjunmt g `jrhgl da`jrfdhdat gftbja gngbast ^dlls @grnj, gak ^dlls @grnj

pgrtbfbpgtdk ba g cjbat sdttldhdat baflukban Gurjrg, Egao j` Ghdrbfg, Fbtbegao, Njlkhga Vgfms,

MVEF, CYHjrnga Fmgsd, HdtLb`d Egao, Hjrnga Vtgaldy, YAF, Vjvdrdbna, Vua[rust, gak T.V.

Egao. ^dlls @grnj‒s bavjlvdhdat ba sufm prjfddkbans wjulk mgvd hgkd bt gfutdly gwgrd j` tmd

kd`bfbdafbds j` dgfm j` tmd jtmdr sdrvbfdrs suecdft tj tmdsd gftbjas.

;;2. ^dlls @grnj gak bts rdspjasbeld j``bfdrs glsj oadw j` tmd sdrvbfdrs‒ bhprjpdr

sdrvbfban prgftbfds tmrjunm bts bavjlvdhdat ba lbtbngtbja mbnmlbnmtban sdrvbfban `gblurds, sufm gs ba cukbfbgl `jrdfljsurd prjfddkbans dxpjsban tmd sdrvbfdrs‒ `gblurd tj fjrrdft brrdnulgrbtbds ba tmd

fmgba j` tbtld. @jr dxghpld, ba T.V. Egao Agt‒l Gss‒a v. Begadz , ;4= Hgss. 06>, 2;7 A.D.5k ;9

(5977), tmd fjurt g``brhdk tmd trbgl fjurt‒s rulban tmgt ^dlls @grnj kbk ajt kdhjastrgtd tmgt bt wgs

tmd mjlkdr j` tmd hjrtngnd gt tmd tbhd tmgt bt `jrdfljsdk ja g hjrtngndk prjpdrty ba GE@F 5994-

JY[7, jad j` tmd [rusts gt bssud mdrd. Fjasdqudatly, dlls @grnj `gbldk tj kdhjastrgtd tmgt bt, gs

trustdd ja edmgl` j` tmd [rust, gfqubrdk `dd sbhpld tbtld tj tmd prjpdrty ey purfmgsban bt gt tmd

`jrdfljsurd. Vbhblgrly, ba dlls @grnj Egao Agt‒l Gss‒a v. Drjejej , Bakdx Aj. 670;=/5992, 5976

^L 7=67>22, gt *79 (A.R. Vup. Ft. Gpr. 52, 5976), tmd fjurt kdabdk ^dlls @grnj‒s hjtbja `jr

suhhgry cuknhdat ba g `jrdfljsurd edfgusd tmd gssbnahdat j` tmd ajtd gak hjrtngnd, wmbfm

wdrd g pgrt j` GE@F 5990-JY[6, wdrd vjbk “`jr mgvban ajt edda gssbnadk `rjh tmd Kdpjsbtjr tj

tmd [rust . . . ba fjatrgvdatbja j` tmd YVG.‘ Vdd glsj ^dlls @grnj Egao, A.G. v. Mghptja , Bakdx

Aj. 5424>/599> (A.R. Vup. Ft. Culy 70, 599>) (mjlkban tmgt wbtm rdspdft tj g hjrtngnd ba

JJHL[ 599>-7, ^dlls @grnj‒s “gttdhpt tj rdtrjgftbvdly gssbna tmd hjrtngnd bs basu``bfbdat tj



-707-

dstgelbsm plgbatb``‒s jwadrsmbp batdrdst gt tmd tbhd tmd gftbja wgs fjhhdafdk‘ gak tmgt ^dlls

@grnj lgfodk stgakban tj fjhhdafd tmd gftbja).

E. ^dlls @grnj Gak Bts Udspjasbeld J``bfdrs

Udfdbvdk ^rbttda Ajtbfd @rjh Fdrtb`bfgtdmjlkdrsJ` Ydrvgsbvd Gak Vystdhbf Vdrvbfdr Erdgfmds

;49. Ba bts fgpgfbty gs trustdd tj jtmdr UHEV trusts tmgt grd ajt tmd suecdft j` tmbs

gftbja, ^dlls @grnj gak bts rdspjasbeld j``bfdrs rdpdgtdkly rdfdbvdk wrbttda ajtbfd `rjh

Fdrtb`bfgtdmjlkdrs j` tmd sghd systdhbf sdrvbfban vbjlgtbjas kdsfrbedk gejvd pdrpdtrgtdk ey tmd

vdry sghd sdrvbfdrs `jr tmd [rusts. Egsdk ja tmd systdhbf gak pdrvgsbvd prgftbfds fjhplgbadk j`

ba tmd Fdrtb`bfgtdmjlkdrs‒ erdgfm ajtbfds, ^dlls @grnj gak bts rdspjasbeld j``bfdrs oadw tmgt

sdrvbfdrs wdrd dangndk ba tmd sghd wrjan`ul fjakuft ba fjaadftbja wbtm tmdbr sdrvbfban j` tmd

ljgas `jr tmd [rusts.

;47. @jr dxghpld, ja Kdfdhedr 70, 5977, bavdstjrs prjvbkdk ajtbfd tj dlls @grnj gak

`jur jtmdr UHEV trustdds j`, ghjan jtmdr tmbans, hgstdr sdrvbfdr vbjlgtbjas ey CYHjrnga gak

CYHjrnga prdkdfdssjr datbtbds (Edgr Vtdgras gak ^gHu) ba fjaadftbja wbtm $24 ebllbja j`

UHEV bssudk ey vgrbjus g``blbgtds j` CYHjrnga `rjh 5;6 trusts bssudk edtwdda 5994 gak 599>

uakdr tmd EGL[G, EVGEV, EVGUH, EVH@, F@L], FMGVD, CYGL[, CYHGF, CYHH[,

YUBHD, VGFFJ, VGHB, GHT gak ^HGL[ lgedls. [md bavdstjrs kdhgakdk tmgt dlls

@grnj jpda ga bavdstbngtbja j` badlbnbeld hjrtngnds gak kd`bfbdat sdrvbfban j` tmdsd ljgas. [md

Kdfdhedr 70, 5977 ajtbfd put ^dlls @grnj ja ajtbfd j` systdhbf kd`bfbdat sdrvbfban prgftbfds ey

CYHjrnga gak bts g` blbgtds, sjhd j` tmd lgrndst sdrvbfdrs `jr tmd [rusts. Bakddk, tmbs sghd

bavdstjr nrjup mgs rdgfmdk g prdlbhbagry gnrddhdat wbtm CYHjrnga, wmbfm fglls `jr tmd pgyhdat

j` $;.4 ebllbja ba fgsm tj tmd 669 trusts bssudk uakdr tmdsd CYHjrnga UHEV lgedls tj sdttld

hjrtngnd rdpurfmgsd gak sdrvbfban flgbhs, gs wdll gs `jr tmd bhpldhdatgtbja j` suestgatbgl



-705-

sdrvbfban fmgands tj hjrtngnd ljgas ba tmd fjvdrdk trusts tj rdftb`y tmd pdrvgsbvd sdrvbfban

kd`bfbdafbds ey CYHjrnga gak bts g``blbgtds.

;45. Vbhblgrly, ja Cgaugry 67, 5975, ga bavdstjr nrjup bssudk bastruftbjas tj ^dlls

@grnj, Kdutsfmd Egao, gak T.V. Egao, gs trustdds, tj jpda bavdstbngtbjas j` badlbnbeld hjrtngnds

ba pjjls sdfurban jvdr $54 ebllbja j` UHEV bssudk ey vgrbjus g``blbgtds j` Hjrnga Vtgaldy gak

kd`bfbdat sdrvbfban j` tmjsd ljgas.

;46. Ja Vdptdhedr 72, 5975, tmd sghd bavdstjr nrjup sdat g Ajtbfd j` Aja-

Ydr`jrhgafd (“Vdptdhedr 72, 5975 Ajtbfd‘) tj ^dlls @grnj gak jtmdr UHEV trustdds, gs wdll gs

Hjrnga Vtgaldy, tmd sdrvbfdr jr hgstdr sdrvbfdr, bkdatb`yban erdgfmds ey ^dlls @grnj j` spdfb`bfsdrvbfban fjvdagats ba YVGs `jr abadty-`bvd trusts `rjh tmd Hjrnga Vtgaldy-lgedl B]BV, HVGF,

gak HVH gak VGV[ smdlvds. [md Vdptdhedr 72, 5975 Ajtbfd glldndk tmgt tmdsd sdrvbfban

`gblurds mgk hgtdrbglly bhpgbrdk tmd rbnmts j` tmd fdrtb`bfgtdmjlkdrs gak fjastbtutdk janjban

dvdats j` kd`gult ba tmd sdrvbfdr‒s pdr`jrhgafd uakdr tmd rdldvgat YVGs. [md Cgaugry 4, 5975

Ajtbfd gak tmd Vdptdhedr 72, 5975 Ajtbfd, put dlls @grnj ja ajtbfd j` systdhbf kd`bfbdat

sdrvbfban prgftbfds.

F. ^dlls @grnj Mgk Oajwldknd J` [md Vdrvbfdrs‒ @gblurds[mrjunm [md Hjatmly Vdrvbfdr Gak Udhbttgafd Udpjrts

;4;. ^dlls @grnj gak bts rdspjasbeld j``bfdrs glsj oadw j` tmd sdrvbfdrs‒ bhprjpdr

sdrvbfban prgftbfds tmrjunm tmd sdrvbfdrs‒ sdrvbfban rdpjrts gak tmd hjatmly rdhbttgafd rdpjrts

dlls @grnj btsdl` puelbsmdk. [mdsd rdpjrts kdtgbldk tmd [rusts‒ bafrdgsban hjkb`bfgtbjas,

stgnndrban ljssds gak wrbtd-kjwas kud tj tmd pjjr frdkbt quglbty j` tmd ljgas, eut kbk ajt rd`ldft

tmd sdrvbfdrs‒ gftbjas tj da`jrfd tmd sdlldrs‒ rdpurfmgsd jelbngtbjas. [md rdpjrts sbhblgrly

rd`ldftdk tmd sdrvbfdrs‒ geusd j` sdrvbfban gkvgafds.



-70;-

sdrvbfban jelbngtbjas? (bbb) vbjlgtbjas j` `jrdfljsurd jelbngtbjas? (bv) vbjlgtbjas j` hjkb`bfgtbja

jelbngtbjas? gak (v) bhprjpdr sdrvbfban gkvgafds. [mdsd erdgfmds ey tmd sdrvbfdrs fjastbtutdk

“Dvdats j` Kd`gult‘ gs kd`badk ey tmd YVGs. dlls @grnj oadw tmgt tmdsd sdrvbfdrs erdgfmds

wdrd hgtdrbgl.

;42. ^dlls @grnj erdgfmdk bts fjatrgftugl gak stgtutjry kutbds uakdr [BG gak wgs

adnlbndat ey `gblban tj prjvbkd ajtbfd tj tmd sdrvbfdrs j` tmdsd Dvdats j` Kd`gult jr tdrhbagtban

tmd sdrvbfdrs.

F. @gblurd [j Gft Yrukdatly Vuesdqudat[j [md Tafurdk Dvdats J` Kd`gult

;09. Gs sdt `jrtm gejvd tmd Dvdats j` Kd`gult jffurrdk, rdhgbadk uafurdk `jr tmd

rdqubsbtd pdrbjk j` tbhd gak grd fjatbauban. Fjasdqudatly, uakdr tmd YVGs, dlls @grnj mgk gak

fjatbauds tj mgvd tmd jelbngtbja tj dxdrfbsd tmd rbnmts gak pjwdrs vdstdk ba bt ey tmd YVGs, gak tj

usd tmd sghd kdnrdd j` fgrd gak sobll ba bts dxdrfbsd gs g prukdat pdrsja wjulk dxdrfbsd jr usd

uakdr tmd fbrfuhstgafds ba tmd fjakuft j` sufm pdrsja‒s jwa g``gbrs.

;07. G prukdat pdrsja wjulk mgvd tgoda gftbja tj prjtdft tmd [rusts gak bts

Fdrtb`bfgtdmjlkdrs `rjh tmd oajwa sdlldr erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds ey

dxdrfbsban gll j` bts rbnmts uakdr tmd YVGs tj da`jrfd tmd sdlldrs‒ rdpurfmgsd jelbngtbjas, baflukban

tbhdly fjakuftban ga bavdstbngtbja tj kdtdrhbad gll j` tmd hgtdrbglly erdgfmban hjrtngnd ljgas

gak suban tmd sdlldrs `jr spdfb`bf pdr`jrhgafd tj fjhpdl tmdbr rdpurfmgsd j` tmjsd ljgas. dlls

@grnj erdgfmdk bts fjatrgftugl, stgtutjry gak `bkufbgry kutbds gak wgs adnlbndat ey `gblban tj gft

prukdatly gak tgoban tmdsd gftbjas.

;05. G prukdat pdrsja wjulk mgvd glsj tgoda gftbja tj prjtdft tmd [rusts gak bts

Fdrtb`bfgtdmjlkdrs `rjh tmd oajwa sdrvbfdr vbjlgtbjas ey dxdrfbsban gll j` bts rbnmts uakdr tmd

YVGs tj da`jrfd tmd sdrvbfdrs‒ prukdat sdrvbfban jelbngtbjas, baflukban dasurban tmgt gll Dvdats j`



-704-

Kd`gult wdrd furdk, tdrhbagtban tmd sdrvbfdrs, suestbtutban btsdl` ba gs tmd suestbtutd sdrvbfdr jr

rdplgfban tmd sdrvbfdrs, gak da`jrfban tmd sdrvbfdrs‒ jelbngtbjas tj rdbheursd tmd [rusts `jr ljssds

fgusdk gs g rdsult j` tmdbr erdgfmds tmrjunm subt b` adfdssgry. dlls @grnj erdgfmdk bts

fjatrgftugl, stgtutjry gak `bkufbgry kutbds gak wgs adnlbndat ey `gblban tj gft prukdatly gak

tgoban tmdsd gftbjas.

K. @gblurd [j Yrjvbkd Ajtbfd [j [mdFdrtb`bfgtdmjlkdrs J` [md Tafurdk Dvdats J` Kd`gult

;06. Gs sdt `jrtm gejvd tmd Dvdats j` Kd`gult jffurrdk, rdhgbadk uafurdk `jr tmd

rdqubsbtd pdrbjk j` tbhd gak grd fjatbauban. Fjasdqudatly, uakdr tmd YVGs, dlls @grnj glsj mgk

gak fjatbauds tj mgvd tmd jelbngtbja tj prjvbkd gll Fdrtb`bfgtdmjlkdrs wbtm ajtbfd j` tmdsd Dvdats

j` Kd`gult.

;0;. ^dlls @grnj mgk aj njjk `gbtm rdgsja `jr `gblban tj prjvbkd ajtbfd j` tmdsd Dvdats

j` Kd`gult tj tmd Fdrtb`bfgtdmjlkdrs gak, ey `gblban tj prjvbkd gll Fdrtb`bfgtdmjlkdrs wbtm ajtbfd j`

tmdsd Dvdats j` Kd`gult, ^dlls @grnj erdgfmdk bts fjatrgftugl, stgtutjry gak `bkufbgry kutbds gak

wgs adnlbndat.

]BBB. ^DLLV @GUNJ @GBLDK [J YUJ[DF[ [MD[UTV[V KTD [J B[V FJA@LBF[V J@ BA[DUDV[

;04. dlls @grnj `gbldk gak uardgsjagely rd`usdk tj kbsfmgrnd bts frbtbfgl prd- gak pjst-

kd`gult kutbds jwdk tj tmd [rusts gak gll Fdrtb`bfgtdmjlkdrs edfgusd gftban tj kblbndatly prjtdft

tmd batdrdsts j` tmd [rusts wjulk mgvd fja`lbftdk wbtm bts jwa batdrdsts.

G. ^dlls @grnj ^gs DfjajhbfgllyEdmjlkda [j [md Hjrtngnd Ljga Vdlldrs

;00. [rustdds grd sdldftdk ey tmd spjasjr, wmbfm bs j`tda ga g``blbgtd j` tmd sdrvbfdr.

^mbld ^dlls @grnj wgs fmgrndk wbtm rdprdsdatban tmd batdrdsts j` tmd [rusts gak gll

Fdrtb`bfgtdmjlkdrs, bt wgs dfjajhbfglly edmjlkda tj tmd spjasjrs. Bakddk, dlls @grnj mgk fljsd,



-700-

rdpdgt eusbadss rdlgtbjasmbps wbtm hjst b` ajt gll j` tmd spjasjrs `jr tmd [rusts. @jr dxghpld,

^dlls @grnj rdfdbvdk gpprjxbhgtdly 69% j` bts prbvgtd-lgedl rdsbkdatbgl hjrtngnd sdfurbtbzgtbja

trustddsmbp gppjbathdats `rjh cust tmrdd egaos (Egao j` Ghdrbfg, Ldmhga, gak Jptbja Jad)

egsdk ja tmd fuhulgtbvd jrbnbagl `gfd vglud j` tmd j``drbans. Gak, tmd vgst pdrfdatgnd j` tmdsd

egaos‒ sdrvbfban eusbadss wgs fjakuftdk ey tmdbr rdspdftbvd g``blbgtds3 Egao j` Ghdrbfg, AG

(=9.54%), Gurjrg (26.55%), gak Jptbja Jad (799%). Gffjrkbanly, dlls @grnj wgs

bafdatbvbzdk tj ajt rdqubrd sdrvbfdrs tj tgod adfdssgry gftbja edfgusd tmdsd sdrvbfdrs wdrd

g``blbgtdk wbtm tmd spjasjrs tmgt prjvbkdk vglugeld trustdd gppjbathdats. Ba smjrt, dlls @grnj

`gbldk tj prjtdft tmd [rusts edfgusd bt kbk ajt wgat tj rbso ljsban sbnab`bfgat eusbadss `rjh tmdsdspjasjrs.

E. ^dlls @grnj ^gs Dangndk Ba [mdVghd ^rjan`ul Vdrvbfban Gftbvbtbds

;0>. ^dlls @grnj `gbldk gak uardgsjagely rd`usdk tj tgod gftbja tj prjtdft tmd [rusts

gak Fdrtb`bfgtdmjlkdrs gngbast sdlldr erdgfmds gak sdrvbfdr vbjlgtbjas edfgusd bt wjulk mgvd

dxpjsdk tmgt ^dlls @grnj btsdl` wgs dangndk ba tmd sghd sdrvbfban hbsfjakuft ba bts rjld gs

sdrvbfdr `jr jtmdr hjrtngnds gak UHEV trusts.

;0=. Gs ajtdk gejvd, kurban tmd `jurtm qugrtdr j` 5979, tmd @dkdrgl Udsdrvd, tmd JFF,

tmd @KBF, gak tmd J[F fjakuftdk ja-sbtd rdvbdws j` tmd gkdqugfy j` fjatrjls gak njvdragafd

jvdr sdrvbfdrs‒ `jrdfljsurd prjfdssds gt dlls @grnj. [md rdvbdws uafjvdrdk sbnab`bfgat

prjeldhs ba `jrdfljsurd prjfdssban gt dlls @grnj, baflukban “frbtbfgl wdgoadssds ba _ dlls



-70>-

@grnj‒sX `jrdfljsurd njvdragafd prjfdssds, `jrdfljsurd kjfuhdat prdpgrgtbja prjfdssds, gak

jvdrsbnmt gak hjabtjrban j` tmbrk-pgrty vdakjrs, baflukban `jrdfljsurd gttjradys.‘ 70

;02. Ja Gprbl 76, 5977, egsdk ja tmd kd`bfbdafbds ba tmd rdvbdw gak tmd rbso j`

gkkbtbjagl bssuds gs g rdsult j` wdgo fjatrjls gak prjfdssds, tmd @dkdrgl Udsdrvd Ejgrk babtbgtdk

`jrhgl da`jrfdhdat gftbjas rdqubrban ^dlls @grnj & Fjhpgay, tmd fjrpjrgtd pgrdat j` ^dlls

@grnj, tj gkkrdss bts pgttdra j` hbsfjakuft gak adnlbndafd rdlgtdk tj kd`bfbdat prgftbfds ba

rdsbkdatbgl hjrtngnd ljga sdrvbfban gak `jrdfljsurd prjfdssban. Gffjrkban tj tmd @dkdrgl

Udsdrvd Ejgrk prdss rdldgsd, “_tXmdsd kd`bfbdafbds rdprdsdat sbnab`bfgat gak pdrvgsbvd fjhplbgafd

`gblurds gak uasg`d gak uasjuak prgftbfds gt _ dlls @grnjX.‘ [md da`jrfdhdat gftbja rdqubrdk^dlls @grnj tj bhprjvd bts rdsbkdatbgl hjrtngnd ljga sdrvbfban gak `jrdfljsurd prjfdssban

prgftbfds.

;>9. Ba gkkbtbja, tmd JFF datdrdk batj fjasdat jrkdrs wbtm ^dlls @grnj gak sdvdrgl

jtmdr sdrvbfdrs (tmd “JFF Fjasdat Jrkdrs‘). Ba tmd JFF Fjasdat Jrkdr wbtm dlls @grnj, tmd

njvdrahdat `juak, ghjan jtmdr tmbans, tmgt ednbaaban ba 5992 ^dlls @grnj `bldk `glsd jr

jtmdrwbsd kd`dftbvd g``bkgvbts ba fjaadftbja wbtm `jrdfljsurd prjfddkbans gak `gbldk tj dxdrfbsd

gkdqugtd jvdrsbnmt, batdragl fjatrjls, pjlbfbds, gak prjfdkurds, fjhplbgafd rbso hgagndhdat,

batdragl gukbt, tmbrk-pgrty hgagndhdat, gak trgbaban `jr bts `jrdfljsurd-rdlgtdk sdrvbfds.

;>7. Hjrdjvdr, ^dlls @grnj mgk gkkbtbjagl sdrvbfban fja`lbfts kud tj tmd `gft tmgt bt

sdrvdk gs [rustdd gak Hgtdr Vdrvbfdr ja sdvda kb``drdat [rusts gt bssud mdrd3 GGEV[ 5994-;?

GFD 599;-VK7? FV@E 599;-GU>? HGL[ 5990-5? HLHB 5990-MD7? HVGF 5994-MD6? VNHV

5994-JY[7. [mdsd [rusts mgk Cgaugry 5975 kdlbaqudafy rgtds rganban `rjh 70.;% tj gs mbnm gs

70 Vdd Batdrgndafy Udvbdw j` @jrdfljsurd Yjlbfbds gak Yrgftbfds (Gpr. 5977), gvgblgeld gtmttp3//www.`dkdrglrdsdrvd.njv/ejgrkkjfs/rptfjanrdss/batdrgndafyZrdvbdwZ`jrdfljsurdsZ59779;76.pk`.



-70=-

44.9%. Fldgrly, dlls @grnj, gs [rustdd, wgs fja`lbftdk ba prdssban bts jwa sdrvbfban g``blbgtds tj

`ul`bll tmdbr prd- gak pjst- kd`gult kutbds jwdk tj tmd [rusts gak gll Fdrtb`bfgtdmjlkdrs.

;>5. Kud tj tmd `gft tmgt ^dlls @grnj btsdl` wgs dangnban ba tmd sghd bllbfbt gak

bhprjpdr gfts gs tmd sdrvbfdrs `jr tmd [rusts, gak mgk jtmdr fja`lbfts, ^dlls @grnj `gbldk tj

da`jrfd tmd sdrvbfdr vbjlgtbjas, jr dvda gldrt tmd Fdrtb`bfgtdmjlkdrs tj tmd sdrvbfdrs‒ hbsfjakuft.

F. ^dlls @grnj JrbnbagtdkGak Vpjasjrdk Kd`dftbvd Ljgas

;>6. dlls @grnj, gs ga jrbnbagtjr gak spjasjr `jr jtmdr UHEV trusts, sjlk muakrdks j`

ebllbjas j` kjllgrs j` ljgas tmgt erdgfmdk rdprdsdatgtbjas gak wgrrgatbds. @rjh 599; tmrjunm

599=, ^dlls @grnj wgs g ldgkban spjasjr j` prbvgtd-lgedl hjrtngnd-egfodk sdfurbtbds, spjasjrban

jvdr 705 UHEV j``drbans uakdr tmd ^@GL[, ^@MD[, gak ^@HEV lgedls tmgt wdrd

fjllgtdrglbzdk ey g tjtgl j` jvdr $70;.0 ebllbja ba fdrtb`bfgtds bssudk `rjh trusts (“^dlls @grnj-

Vpjasjrdk [rusts‘). Vjhd j` tmd sghd datbtbds tmgt gftdk gs sdlldrs jr sdrvbfdrs tj tmd [rusts

gftdk ba tmd fgpgfbty gs trustdd `jr tmd ^dlls @grnj-Vpjasjrdk [rusts, baflukban Egao j` Ghdrbfg,

T.V. Egao, gak MVEF.

;>;. Hgay j` tmd uakdrlyban rdsbkdatbgl hjrtngnd ljgas `jr ^dlls @grnj-Vpjasjrdk

[rusts wdrd jrbnbagtdk gak sdrvbfdk ey dlls @grnj g``blbgtds. Ba gkkbtbja, dlls @grnj gfqubrdk

ljgas `jr bts sdfurbtbzgtbjas `rjh hjrtngnd jrbnbagtjrs tmgt lgtdr edfghd oajwa tj ed ghjan tmd

wjrst ba tmd bakustry, baflukban @brst @rgaolba, Jptbja Jad, Adw Fdatury, ^HF, gak

Fjuatrywbkd, ghjan jtmdrs. Gs g hjrtngnd ljga sdlldr, ejtm gs ga jrbnbagtjr gak spjasjr, dlls

@grnj hgkd rdprdsdatgtbjas gak wgrrgatbds tj tmd ^dlls @grnj-Vpjasjrdk [rusts rdngrkban tmd

quglbty gak fmgrgftdrbstbfs j` tmd hjrtngnd ljgas.

;>4. [mdrd bs wbkdsprdgk puelbf dvbkdafd j` pdrvgsbvd vbjlgtbjas j` sdlldr

rdprdsdatgtbjas gak wgrrgatbds ba tmd dlls @grnj-Vpjasjrdk [rusts. @jr dxghpld, ba ga



-702-

batdrvbdw ed`jrd tmd @FBF ja Cuad 7, 5979, Kgrfy Ygrhdr, g `jrhdr ^dlls @grnj uakdrwrbtdr gak

quglbty gssurgafd gaglyst `rjh 599; uatbl 599>, tdstb`bdk tmgt “gt ldgst mgl` tmd ljgas smd `lgnndk

`jr `rguk wdrd advdrtmdldss `uakdk, jvdr mdr jecdftbjas‘ gak tmgt smd wgs gwgrd j` “muakrdks

gak muakrdks gak muakrdks j` `rguk fgsds‘ ba ^dlls @grnj‒s mjhd dqubty ljga kbvbsbja. @FBF

Udpjrt gt 705. Bllustrgtban tmd fjasdqudafds j` dlls @grnj‒s `rgukuldat jrbnbagtbja prgftbfds, ja

Gprbl 5=, 5977, [md Tabja Fdatrgl Lb`d Basurgafd Fjhpgay (“Tabja Fdatrgl‘) sudk ^dlls @grnj,

ba bts fgpgfbty gs spjasjr, `jr hbsrdprdsdatban tmd quglbty j` tmd ljgas uakdrlyban tmd $;6 hbllbja

ba ^dlls @grnj sdfurbtbds ba wmbfm Tabja Fdatrgl mgk bavdstdk. Vdd [md Tabja Fdatrgl Lb`d Bas.

Fj., dt gl. v. Frdkbt Vubssd @brst Ejstja Hjrtn. Vdf. Fjrp., dt gl. , Aj. 7377-fv-95=29 (V.K.A.R.).dlls @grnj gak Tabja Fdatrgl fghd tj g fja`bkdatbgl sdttldhdat ba @derugry 5975.

;>0. Ba gkkbtbja, ba Culy 5977, tmd @dkdrgl Udsdrvd Ejgrk bssudk g fdgsd gak kdsbst

fjasdat jrkdr tj ^dlls @grnj & Fj. gak ^dlls @grnj @bagafbgl, Baf., ba pgrt `jr “`glsb`_ybanX

ba`jrhgtbja gejut ejrrjwdrs‒ bafjhds tj hgod bt gppdgr tmgt tmd ejrrjwdrs quglb`bdk `jr ljgas

wmda tmdy wjulk ajt mgvd quglb`bdk egsdk ja tmdbr gftugl bafjhds.‘ dlls @grnj glsj pgbk ga

$=4 hbllbja pdaglty. Yrdss Udldgsd , Ejgrk j` Njvdrajrs j` tmd @dkdrgl Udsdrvd Vystdh (Culy 59,

5977).

;>>. Ja Jftjedr 7, 5976, ^dlls @grnj gaajuafdk tmgt bt wjulk pgy @rdkkbd Hgf $=02

hbllbja ($>=9 hbllbja g`tdr frdkbt `jr ljgas glrdgky rdpurfmgsdk) tj rdpurfmgsd ljgas tmgt ^dlls

@grnj jrbnbagtdk gak sjlk tj @rdkkbd Hgf tmgt erdgfmdk ^dlls @grnj‒s rdprdsdatgtbjas gak

wgrrgatbds. [md sdttldhdat rdsjlvdk @rdkkbd Hgf‒s rdpurfmgsd flgbhs `jr ljgas sjlk tj tmd

gndafy ed`jrd Cgaugry 7, 5992. Lbodwbsd, ja Jftjedr 77, 5976, dlls @grnj gaajuafdk tmgt bt

wjulk pgy $4;7 hbllbja tj @gaabd Hgd tj sdttld flgbhs jvdr sbhblgrly kd`dftbvd ^dlls @grnj

hjrtngnd ljgas.



-7>9-

;>=. Jtmdr njvdrahdat datbtbds mgvd glsj sudk ^dlls @grnj `jr lyban gejut tmd

fmgrgftdrbstbfs gak quglbty j` bts ljgas. Ba Gunust 5975, tmd @KBF, gs rdfdbvdr `jr tmd ajw-

kd`uaft Glgeghg-egsdk Fjljabgl Egao (“Fjljabgl‘), sudk ^dlls @grnj gak twdlvd jtmdr lgrnd

egaos `jr hbsrdprdsdatgtbjas ba fjaadftbja wbtm tmd sgld j` rdsbkdatbgl hjrtngnd-egfodk

sdfurbtbds tj Fjljabgl. [md fjhplgbat glldndk tmgt dlls @grnj hgkd hgtdrbgl hbsrdprdsdatgtbjas

ba tmd j``drban kjfuhdats rdngrkban ljga-tj-vglud rgtbjs, jwadr jffupgafy rgtds, fjhplbgafd

wbtm gpprgbsgl stgakgrks, gak ljga bssugafd prgftbfds. Vdd @KBF Gs Udfdbvdr @jr Fjljabgl Egao

v. Fmgsd Hjrtn. @ba. Fjrp., dt gl. , Aj. 75-FP-0700 (V.K.A.R. Gun. 79, 5975).

;>2.

Ja Jftjedr 2, 5975, MTK `bldk subt gngbast ^dlls @grnj, glldnban tmgt ^dlls@grnj, gs jrbnbagtjr, hgkd `glsd stgtdhdats gak fdrtb`bfgtbjas tj MTK rdngrkban tmd dlbnbeblbty j`

ljgas `jr MTK hjrtngnd basurgafd gak “dangndk ba g rdnulgr prgftbfd j` rdfoldss jrbnbagtbja gak

uakdrwrbtban‘ `rjh Hgy 5997 tmrjunm Jftjedr 5994 . Tabtdk Vtgtds v. dlls @grnj Egao, A.G. ,

Aj. 75-fv-9>45> (V.K.A.R. Jft. 2, 5975) Fjhpl. °5. Ba Vdptdhedr 5976, T.V. Kbstrbft Cuknd

Cdssd H. @urhga rdcdftdk ^dlls @grnj‒s hjtbja tj kbshbss gak glljwdk MTK‒s flgbhs tj

prjfddk.

;=9. Gffjrkbanly, edfgusd ^dlls @grnj btsdl` `gfdk dajrhjus rdpurfmgsd lbgeblbty `jr

ebllbjas j` kjllgrs j` ljgas jrbnbagtdk gak sjlk ey dlls @grnj ba erdgfm j` rdprdsdatgtbjas gak

wgrrgatbds, baflukban ^dlls @grnj-jrbnbagtdk ljgas ba UHEV trusts sdrvbfdk ey tmd sghd

sdrvbfdrs gs tmd [rusts, ^dlls @grnj wgs kbsbafdatbvbzdk tj tgod gay gftbja gngbast tmd sdrvbfdrs

`jr tmd [rusts, jr dvda gldrt tmd Fdrtb`bfgtdmjlkdrs tj sdrvbfdr hbsfjakuft.

K. ^dlls @grnj Ud`usdk [j KbsfmgrndBts Kutbds Ba Jrkdr [j Yrdsdrvd Yrj`bts

;=7. ^dlls @grnj wgs glsj fja`lbftdk edfgusd kbsfmgrnban bts frbtbfgl prd- gak pjst-

kd`gult kutbds jwdk tj tmd [rusts gak tmd Fdrtb`bfgtdmjlkdrs wjulk mgvd adfdssgrbly kbhbabsmdk



-7>7-

bts prj`bts. Vpdfb`bfglly, sufm fjakuft wjulk mgvd kbrdftly bhpgbrdk dlls @grnj‒s prj`bts ey

bafrdgsban fjsts gak dxpdasds wmbld rdvdaud rdhgbadk uafmgandk. Bakddk, rgtmdr tmga gft

pursugat tj bts prjsfrbedk fjatrgftugl, stgtutjry, gak fjhhja lgw kutbds, ^dlls @grnj `gbldk gak

uardgsjagely rdùsdk tj da`jrfd tmd sdlldrs‒ rdpurfmgsd jelbngtbjas gak sdrvbfdrs‒ prukdat

sdrvbfban rdqubrdhdats ba jrkdr tj gvjbk tmd gssjfbgtdk trgasgftbjagl fjsts j` dxdrfbsban tmd

[rusts‒ rbnmts gngbast tmdsd datbtbds ‖ jr prjvjod tmd sdrvbfdrs tj smbad tmd lbnmt ja ^dlls @grnj‒s

jwa wrjanùl fjakuft.

;=5. @jr dxghpld, prbjr tj g “kd`gult‘ uakdr tmd [BG jr ga “Dvdat j` Kd`gult‘ uakdr

tmd YVGs, ^dlls @grnj mgk hbabhgl hbabstdrbgl kutbds tj pdr`jrh.7>

@jlljwban g kd`gult uakdrtmd [BG jr Dvdat j` Kd`gult uakdr tmd YVGs, mjwdvdr, ^dlls @grnj‒s jelbngtbjas dxpgak sufm

tmgt bt hust gft gs g prukdat pdrsja. [mbs rdqubrdhdat fgrrbds wbtm bt sbnab`bfgat gak hjrd fjstly

rdspjasbeblbtbds, baflukban sddoban kbrdftbja `rjh tmd fdrtb`bfgtdmjlkdrs rdngrkban tmd gpprjprbgtd

gftbjas bt smjulk tgod ja edmgl` j` tmd trusts. Mjwdvdr, ùl`bllban tmdsd nrdgtdr kutbds bafrdgsds

fjsts wmbld ^dlls @grnj‒s fjhpdasgtbja uakdr tmd YVGs ‖ g `bxdk `dd rgtd egsdk ja tmd uapgbk

prbafbpgl eglgafd j` tmd trust (typbfglly ldss tmga jad egsbs pjbat) ‖ wjulk rdhgba uafmgandk.

;=6. Gkkbtbjaglly, tmd jffurrdafd j` ga Dvdat j` Kd`gult fjulk ldgk tj tmd tdrhbagtbja

j` tmd hgstdr sdrvbfdr, wmbfm wjulk mgvd prj`juak `bagafbgl bhplbfgtbjas ja ^dlls @grnj. B` tmd

hgstdr sdrvbfdr wdrd tdrhbagtdk, ^dlls @grnj wjulk mgvd tj rdtgba g suffdssjr hgstdr sdrvbfdr jr

suestbtutd btsdl` ba gs tmd hgstdr sdrvbfdr. [md fjhpdasgtbja tmgt dlls @grnj jr tmd suffdssjr

hgstdr sdrvbfdr fjulk jetgba wjulk ed mdgvbly rdstrbftdk. @jr dxghpld, typbfgl ‖ gak hjrd

lufrgtbvd ‖ sdrvbfban bafjhd, sufm gs `ljgt, dxfdss sprdgk, gak gafbllgry `dds grd prjmbebtdk `jr g

7> Adw Rjro fjhhja lgw stbll bhpjsdk fdrtgba aja-wgbvgeld kutbds ja ^dlls @grnj ejtm ed`jrdgak g`tdr g “kd`gult‘ uakdr tmd [BG jr ga “Dvdat j` Kd`gult‘ uakdr tmd YVGs.



-7>5-

suffdssjr hgstdr sdrvbfdr uakdr tmd YVGs. Advdrtmdldss, dlls @grnj jr tmd suffdssjr hgstdr

sdrvbfdr wjulk ed rdqubrdk tj mjlk rdnulgtjry fgpbtgl gngbast tmd sdrvbfban rbnmts.

;=;. @urtmdr, tmd jffurrdafd j` g kd`gult uakdr tmd [BG jr ga Dvdat j` Kd`gult uakdr

tmd YVGs rdqubrds dlls @grnj tj prjvbkd ajtbfd j` tmdsd kd`gults tj tmd fdrtb`bfgtdmjlkdrs. Ba

gkkbtbja tj gldrtban fdrtb`bfgtdmjlkdrs tj sdlldr gak sdrvbfdr vbjlgtbjas, tmd kd`gult ajtbfd wjulk

dxpjsd ^dlls @grnj‒s adnlbndafd ba fgrryban jut bts hbabstdrbgl kutbds, baflukban bts `gblurd tj

rdfdbvd, prjfdss, hgbatgba gak mjlk gll jr pgrt j` tmd hjrtngnd ljga `blds gs rdqubrdk uakdr tmd

YVGs. Fjasdqudatly, dlls @grnj‒s prjvbkban ajtbfd tj tmd fdrtb`bfgtdmjlkdrs j` kd`gults fjulk

ldgk tj pjtdatbgl lbgeblbty jr bts rdhjvgl gs trustdd j` tmd [rusts.;=4. Gffjrkbanly, tmd bafrdgsdk kutbds, fjsts, gak lbgeblbty rbso gssjfbgtdk wbtm

da`jrfban tmd [rusts‒ rbnmts gngbast tmd gejvd-kdsfrbedk sdlldr gak sdrvbfdr vbjlgtbjas wjulk

hgod dlls @grnj‒s trustddsmbps ldss prj`btgeld gak pjssbely uaprj`btgeld. @jr tmdsd rdgsjas,

^dlls @grnj `gbldk gak uardgsjagely rd`usdk tj da`jrfd tmd [rusts rbnmts gngbast tmd sdlldrs gak

sdrvbfdrs.

]BP. FGTVG[BJA

;=0. dlls @grnj‒s `gblurd gak uardgsjageld rd`usgl tj da`jrfd tmd [rusts‒ rbnmts gngbast

tmd sdlldrs gak sdrvbfdrs, gak bts vbjlgtbjas j` bts jtmdr fjatrgftugl, stgtutjry, `bkufbgry gak

bakdpdakdafd kutbds, gljan wbtm bts adnlbndafd, mgvd kbrdftly gak prjxbhgtdly fgusdk ebllbjas j`

kjllgrs ba [rust gssdts tj wgstd gwgy. [md hjrtngnd ljgas fjavdydk tj tmd [rusts kbk ajt fjhply

wbtm sdlldr rdprdsdatgtbjas gak wgrrgatbds, eut wdrd bastdgk j` g ljwdr quglbty, wmbfm bafrdgsdk

tmd rbso j` kd`gults ba tmd prbafbpgl gak batdrdst pgyhdats jwdk tj tmd [rusts. Hjrdjvdr, sdrvbfdr

vbjlgtbjas mgvd dxgfdregtdk tmd [rusts‒ ljssds. Mgk dlls @grnj pdr`jrhdk bts kutbds gs [rustdd,

ba pgrtbfulgr mgk bt gkdqugtdly da`jrfdk tmd jelbngtbjas j` tmd spjasjrs gak jrbnbagtjrs tj furd,

suestbtutd, jr rdpurfmgsd hjrtngnd ljgas tmgt erdgfmdk tmd rdprdsdatgtbjas gak wgrrgatbds, bt



-7>6-

wjulk mgvd prdvdatdk tmd [rusts `rjh bafurrban suestgatbgl ljssds gak [rust gssdts `rjh wgstban

gwgy. Mgk dlls @grnj da`jrfdk tmd [rusts‒ rbnmts gngbast sdrvbfdrs `jr rdbheursdhdat j` ljssds

fgusdk ey tmdbr hbsfjakuft gs rdqubrdk, bt wjulk mgvd edad`btdk tmd [rusts gak tmdbr

Fdrtb`bfgtdmjlkdrs.

]P. KGHGNDV

;=>. [md [rusts mgvd bafurrdk suestgatbgl kghgnds gttrbeutgeld tj ^dlls @grnj‒s

erdgfmds j` bts fjatrgftugl, stgtutjry, `bkufbgry, gak fjhhja lgw kutbds. Ba pgrtbfulgr, tmd [rusts‒

ljga pjjls grd `blldk wbtm ljgas j` bagkdqugtd frdkbt quglbty, wmbfm bafrdgsdk tmd rbso j`

kdlbaqudafy. Gs g rdsult j` tmd ljgas‒ pjjr frdkbt quglbty, tmd [rusts mgvd dxpdrbdafdk dajrhjus

kdlbaqudafy rgtds, fjllgtdrgl wrbtd-kjwas, gak ljssds, gak mgvd bafurrdk gak fjatbaudk tj bafur

sbnab`bfgat ljssds ba fjaadftbja wbtm sdrvbfdr vbjlgtbjas. Kghgnds bafurrdk ey tmd [rusts gak

fgusdk ey tmd [rustdd‒s vbjlgtbja j` lgw wbll ed tmd suecdft j` dxpdrt tdstbhjay `jr prjj` gt trbgl.

]PB. FGTVDV J@ GF[BJA

@BUV[ FGTVD J@ GF[BJA

EUDGFM J@ FJA[UGF[ (Ja Edmgl` J` [md [rusts Gngbast ^dlls @grnj)

;==. Ylgbatb``s rdpdgt gak rdglldnd dgfm gak dvdry glldngtbja sdt `jrtm ba tmd prdfdkban

pgrgnrgpms gs b` `ully sdt `jrtm mdrdba.

;=2. [md YVGs grd vglbk fjatrgfts tmgt hdhjrbglbzd tmd bssugafd j` fdrtb`bfgtds j`

edad`bfbgl batdrdsts ba tmd [rusts, gak dstgelbsm ^dlls @grnj‒s fjatrgftugl kutbds gak jelbngtbjas,

ba bts fgpgfbty gs trustdd, tj tmd [rusts gak gll tmdbr rdspdftbvd Fdrtb`bfgtdmjlkdrs. Dgfm j` tmd

rdldvgat fjatrgftugl prjvbsbjas bs suestgatbvdly sbhblgr b` ajt bkdatbfgl ba gll j` tmd YVGs, gak

bhpjsds suestgatbglly tmd sghd b` ajt bkdatbfgl kutbds gak jelbngtbjas ja ^dlls @grnj ba bts

fgpgfbty gs trustdd.



-7>;-

;29. Takdr dgfm YVG, ^dlls @grnj jwdk g kuty tj tmd [rusts gak gll Fdrtb`bfgtdmjlkdrs

(b) tj nbvd prjhpt wrbttda ajtbfd tj gll pgrtbds tj tmd YVG j` g erdgfm j` g rdprdsdatgtbja jr

wgrrgaty hgkd ey tmd sdlldr ba rdspdft j` tmd hjrtngnd ljgas tmgt hgtdrbglly gak gkvdrsdly g``dft

tmd vglud j` gay hjrtngnd ljga jr tmd batdrdsts j` tmd Fdrtb`bfgtdmjlkdrs ba gay hjrtngnd ljga,

upja ^dlls @grnj‒s kbsfjvdry j` tmd erdgfm? gak (bb) tj tgod sufm gftbja wbtm rdspdft tj tmd

erdgfm gs hgy ed adfdssgry jr gpprjprbgtd tj da`jrfd tmd rbnmts j` tmd [rusts wbtm rdspdft tj tmd

erdgfm.

;27. Gs sdt `jrtm gejvd, ^dlls @grnj hgtdrbglly erdgfmdk dgfm YVG ey (b) `gblban tj

prjvbkd prjhpt wrbttda ajtbfd tj gll pgrtbds tj tmd YVG gak rdlgtdk rdspjasbeld pgrtbds j` erdgfmdsj` tmd sdlldrs‒ hjrtngnd ljga rdprdsdatgtbjas gak wgrrgatbds, upja ^dlls @grnj‒s kbsfjvdry j` tmd

erdgfmds? gak (bb) `gblban tj da`jrfd tmd sdlldrs‒ jelbngtbja tj rdpurfmgsd, suestbtutd, jr furd tmd

kd`dftbvd hjrtngnd ljgas.

;25. Ba gkkbtbja, tmd YVGs rdqubrdk ^dlls @grnj, upja ga “Dvdat j` Kd`gult‘ tj

(b) prjvbkd wrbttda ajtbfd tj gll Fdrtb`bfgtdmjlkdrs j` tmd Dvdat j` Kd`gult wbtmba sbxty kgys j` bts

jffurrdafd, ualdss tmd Dvdat j` Kd`gult wgs furdk jr wgbvdk? gak (bb) dxdrfbsd tmd rbnmts gak

pjwdrs vdstdk ba dlls @grnj ey tmd YVG usban tmd sghd kdnrdd j` fgrd gak sobll gs g prukdat

pdrsja wjulk dxdrfbsd uakdr tmd fbrfuhstgafds ba tmd fjakuft j` sufm pdrsja‒s jwa g``gbrs.

;26. [md YVGs kd`bad ga “Dvdat j` Kd`gult‘ tj baflukd tmd `gblurd ey tmd sdrvbfdr tj

jesdrvd jr pdr`jrh ba gay hgtdrbgl rdspdft tmd fjvdagats jr gnrddhdats ey tmd sdrvbfdr sdt `jrtm

ba tmd YVG, wmbfm fjatbauds uardhdkbdk `jr aj hjrd tmga tmbrty tj sbxty kgys g`tdr wrbttda ajtbfd

j` tmd `gblurd mgs edda nbvda tj tmd sdrvbfdr ey tmd trustdd rdqubrban tmd `gblurd tj ed rdhdkbdk, jr

gftugl oajwldknd j` tmd `gblurd ey g “Vdrvbfban J``bfdr‘ j` tmd sdrvbfdr, wmbfmdvdr bs dgrlbdr.



-7>4-

;2;. Dvdats j` Kd`gult mgvd jffurrdk, rdhgbadk uafurdk `jr tmd gpplbfgeld pdrbjk j`

tbhd, gak grd fjatbauban gs g rdsult j` tmd sdrvbfdrs‒ `gblurd tj jesdrvd gak pdr`jrh, ba hgtdrbgl

rdspdfts, tmd fjvdagats gak gnrddhdats bhpjsdk ja tmdh ey tmd YVGs.

;24. [md sdrvbfdrs mgvd `gbldk gak rd`usdk tj kj tmd `jlljwban, dgfm j` wmbfm mgs

hgtdrbglly bhpgbrdk tmd rbnmts j` tmd [rusts gak gll Fdrtb`bfgtdmjlkdrs3

(g) Erdgfmds j` Udprdsdatgtbjas gak grrgatbds. Gs wbtm tmd trustdd, tmd

YVGs rdqubrdk tmd sdrvbfdrs tj nbvd prjhpt wrbttda ajtbfd tj gll pgrtbds tj

tmd YVGs j` g erdgfm j` g rdprdsdatgtbja jr wgrrgaty hgkd ey tmd sdlldr ba

rdspdft j` tmd hjrtngnd ljgas tmgt hgtdrbglly gak gkvdrsdly g``dfts tmdvglud j` gay hjrtngnd ljga jr tmd batdrdsts j` tmd Fdrtb`bfgtdmjlkdrs ba gay

hjrtngnd ljga, upja tmd sdrvbfdr‒s kbsfjvdry j` tmd erdgfm. [md sdrvbfdrs

mgvd `gbldk tj nbvd ajtbfd tj tmd jtmdr pgrtbds j` tmd `jlljwban ba`jrhgtbja,

wmbfm mgs dxgfdregtdk ljssds dxpdrbdafdk ey tmd [rusts3

(b) gltmjunm sdrvbfdrs j`tda hjkb`y hjrtngnd ljgas, gak ba tmd prjfdss

j` kjban sj mgvd kbsfjvdrdk tmgt spdfb`bf ljgas erdgfmdk gpplbfgeld

rdprdsdatgtbjas gak wgrrgatbds, tmd sdrvbfdrs mgvd ajt ajtb`bdk tmd

jtmdr pgrtbds j` tmdsd erdgfmds?

(bb) gltmjunm tmdrd mgs edda wbkdsprdgk puelbf dvbkdafd j` pdrvgsbvd

erdgfmds j` gpplbfgeld rdprdsdatgtbjas gak wgrrgatbds, gak

gltmjunm tmd sdrvbfdrs mgvd edda spdfb`bfglly ajtb`bdk ey basurdrs

gak Fdrtb`bfgtdmjlkdrs j` tmdsd pdrvgsbvd erdgfmds, tmd sdrvbfdrs

mgvd ajt ajtb`bdk tmd jtmdr pgrtbds tj tmd YVGs (baflukban ^dlls

@grnj) j` tmdsd erdgfmds? gak



-7>0-

(bbb) gltmjunm gwgrd j` spdfb`bf hjrtngnd ljgas tmgt erdgfm gpplbfgeld

rdprdsdatgtbjas gak wgrrgatbds, tmd sdrvbfdrs mgvd `gbldk tj da`jrfd

tmd sdlldrs‒ jelbngtbja tj rdpurfmgsd, suestbtutd, jr furd tmd

kd`dftbvd ljgas gs rdqubrdk uakdr tmd YVGs.

(e) Pbjlgtbja j` Yrukdat Vdrvbfban Jelbngtbjas. [md YVGs rdqubrd tmd sdrvbfdr

tj sdrvbfd gak gkhbabstdr tmd hjrtngnd ljgas `jr gak ja edmgl` j` tmd

Fdrtb`bfgtdmjlkdrs, gak, fjasbstdat wbtm tmd YVGs (b) ba tmd sghd hgaadr ba

wmbfm bt sdrvbfds gak gkhbabstdrs sbhblgr hjrtngnd ljgas `jr bts jwa

pjrt`jlbj jr `jr jtmdr tmbrk pgrtbds, nbvban kud fjasbkdrgtbja tj fustjhgrygak usugl stgakgrks j` prgftbfd j` prukdat bastbtutbjagl hjrtngnd ldakdrs

sdrvbfban sbhblgr ljgas? (bb) wbtm g vbdw tj hgxbhbzban tmd rdfjvdrbds wbtm

rdspdft tj tmd hjrtngnd ljgas ja g adt prdsdat vglud egsbs? gak (bbb) wbtmjut

rdngrk tj, ghjan jtmdr tmbans, tmd sdrvbfdr‒s rbnmt tj rdfdbvd fjhpdasgtbja

jr jtmdr `dds `jr bts sdrvbfds uakdr tmd YVG, tmd sdrvbfdr‒s jelbngtbja tj

hgod sdrvbfban gkvgafds uakdr tmd YVG, gak tmd sdrvbfdr‒s jwadrsmbp,

sdrvbfban jr hgagndhdat `jr jtmdrs j` gay jtmdr hjrtngnd ljgas. Ba

vbjlgtbja j` tmdbr prukdat sdrvbfban jelbngtbjas uakdr tmd YVGs, tmd

sdrvbfdrs mgvd3

(b) `gbldk tj hgbatgba gffurgtd gak gkdqugtd ljga gak fjllgtdrgl `blds ba

g hgaadr fjasbstdat wbtm prukdat hjrtngnd sdrvbfban stgakgrks?

(bb) `gbldk tj tbhdly gak gffurgtdly gpply pgyhdats hgkd ey ejrrjwdrs

gak hgbatgba gffurgtd gffjuat stgtdhdats?



-7>>-

(bbb) `gbldk tj kdhgak tmgt tmd sdlldrs furd kd`bfbdafbds ba hjrtngnd

rdfjrks wmda kd`bfbdat ljga `blds gak lbda rdfjrks grd kbsfjvdrdk?

(bv) bhpjsdk `jrfd-plgfdk basurgafd wmda tmd sdrvbfdrs oadw jr smjulk

mgvd oajwa tmgt ejrrjwdrs glrdgky mgk gkdqugtd fjvdrgnd?

(v) bafurrdk fjhpldtdly gvjbkgeld gak uaadfdssgry sdrvbfban `dds gak

sdrvbfban gkvgafds tj hgbatgba tmd hjrtngndk prjpdrtbds? gak

(vb) prdcukbfdk tmd batdrdsts j` tmd [rusts gak tmd Fdrtb`bfgtdmjlkdrs ba

tmd hjrtngnds ey `jstdrban uafdrtgbaty gs tj tmd tbhdly rdfjvdry j`

fjllgtdrgl.(f) Pbjlgtbja j` @jrdfljsurd Jelbngtbjas. [md YVGs rdqubrd tmd sdrvbfdrs tj

usd tmdbr edst d``jrts, fjasbstdat wbtm gffdptdk sdrvbfban prgftbfds, tj

`jrdfljsd upja jr jtmdrwbsd fjhpgrgely fjavdrt tmd jwadrsmbp j`

prjpdrtbds sdfurban hjrtngnd ljgas tmgt fjhd batj gak fjatbaud ba kd`gult

gak gs tj wmbfm aj sgtbs`gftjry grrgandhdats fga ed hgkd `jr fjlldftbja j`

kdlbaqudat pgyhdats. Hjrdjvdr, dgfm j` tmd YVGs fjatdhplgtds tmgt

`jrdfljsurds gak lbqubkgtbjas j` kd`gultdk hjrtngnds wbll prjfddk

`jrtmwbtm gak ba gffjrkgafd wbtm gpplbfgeld lgw, prjvbkdk tmd

kjfuhdatgtbja bs ba jrkdr, gs g hgttdr j` `gbradss tj gll pgrtbds. Kdspbtd

tmdsd fjvdagats, tmd sdrvbfdrs mgvd3

(b) fjatbaudk tj oddp kd`gultdk hjrtngnd ljgas ja tmdbr ejjos, rgtmdr

tmga `jrdfljsd jr lbqubkgtd tmd ljgas, ba jrkdr tj wrjan`ully

hgxbhbzd tmdbr sdrvbfban `dds, gt tmd dxpdasd j` tmd [rusts‒ gak



-7>=-

Fdrtb`bfgtdmjlkdrs‒ edst batdrdsts, baflukban tmd rbnmt tj rdfjvdr

`rjh pjjl jr `bagafbgl nugrgaty basurgafd pjlbfbds?

(bb) `gbldk tj hgbatgba rdfjrks ba ga gffurgtd, gpprjprbgtd gak gkdqugtd

hgaadr, wmbfm mgs bhpdkdk tmd prjfdss j` `jrdfljsurd gak

lbqubkgtbja j` kd`gultdk hjrtngnds gak fgusdk wmjlly gvjbkgeld

kdlgys tmgt mgvd bacurdk tmd [rusts gak Fdrtb`bfgtdmjlkdrs?

(bbb) fjatbaudk tj fmgrnd uadgradk gak uawgrrgatdk sdrvbfban `dds ja

hjrtngnds tmgt wjulk mgvd edda lbqubkgtdk eut `jr tmd sdrvbfdrs‒

erdgfm j` tmdbr kutbds, gs wdll gs uagutmjrbzdk `dds `jr kd`gult-rdlgtdk sdrvbfds? gak

(bv) `gbldk tj plgfd tmd batdrdsts j` tmd [rusts gak Fdrtb`bfgtdmjlkdrs

ed`jrd tmdbr jwa batdrdsts.

(k) Pbjlgtbja j` Hjkb`bfgtbja Jelbngtbjas. [md YVGs prjvbkd tmgt tmd

sdrvbfdrs hgy gnrdd tj g hjkb`bfgtbja j` gay hjrtngnd ljga jaly ba

spdfb`bdk fbrfuhstgafds. ^mda hjkb`bfgtbjas grd rdqubrdk tj rdhdky

prdkgtjry ldakban vbjlgtbjas, tmd YVGs rdqubrd tmd sdlldr ‖ ajt tmd [rusts jr

tmd Fdrtb`bfgtdmjlkdrs ‖ tj edgr tmd fjsts tj furd tmd vbjlgtbjas. [md

sdrvbfdrs mgvd erdgfmdk tmd YVGs ey gnrddban tj hjkb`y ljgas mdlk ba tmd

[rusts tj sdttld prdkgtjry ldakban flgbhs hgkd ey vgrbjus gttjradys

ndadrgl gngbast tmdbr pgrdat fjhpgabds wmbld erdgfmban tmdbr jelbngtbja tj

kdhgak tmgt tmd j``dakban hjrtngnd sdlldrs (tmdbr pgrdat fjhpgabds) edgr

tmd fjsts j` furban tmd vbjlgtbjas, gs wdll gs tmd dxpdasds rdgsjagely

bafurrdk ba da`jrfban tmd sdlldrs‒ jelbngtbja tj furd prdkgtjry hjrtngnds.



-7>2-

[md sdrvbfdrs mgvd glsj uacustly darbfmdk tmdbr pgrdat fjhpgabds ey usban

[rust fjllgtdrgl tj sdttld flgbhs tmgt wdrd ajt, gak fjulk advdr ed, hgkd

gngbast tmd [rusts, ba g hgaadr tmgt mgs hgtdrbglly gak gkvdrsdly g``dftdk

tmd batdrdsts j` tmd Fdrtb`bfgtdmjlkdrs. [md sdrvbfdrs mgvd tmdrd`jrd gbldk3

(b) tj kdhgak tmgt tmd jrbnbagtjrs gak spjasjrs fjhply wbtm tmdbr

jelbngtbja tj furd jr rdpurfmgsd prdkgtjry gak badlbnbeld ljgas tmgt

tmd sdrvbfdrs gnrddk tj hjkb`y ba tmd gttjradys ndadrgl sdttldhdats?

gak

(bb) tj kdlbvdr tj tmd trustdds g fdrtb`bfgtbja j` g sdrvbfban j``bfdr tmgt gllrdqubrdhdats mgvd edda sgtbs`bdk wbtm rdspdft tj tmd hjkb`bdk

hjrtngnd ljga.

(d) Bhprjpdr Vdrvbfban Gkvgafds. [md YVGs prjvbkd tmgt tmd sdrvbfdrs hgy

rdfjvdr sdrvbfban gkvgafds tmgt grd fustjhgry, rdgsjageld gak adfdssgry

jut-j`-pjfodt fjsts gak dxpdasds bafurrdk ba tmd pdr`jrhgafd ey tmd

sdrvbfdr j` bts sdrvbfban jelbngtbjas, baflukban eut ajt lbhbtdk tj, tmd fjst

j` tmd prdsdrvgtbja, rdstjrgtbja, gak prjtdftbja j` g hjrtngndk prjpdrty.

Kdspbtd tmd rdqubrdhdat tmgt sdrvbfban gkvgafds ed bafurrdk jaly `jr

rdgsjageld gak adfdssgry jut-j`-pjfodt fjsts, tmd sdrvbfdrs bastdgk utblbzdk

g``blbgtdk vdakjrs ‖ wmbfm hgrodk up tmdbr sdrvbfds tj g ldvdl 799% jr

hjrd gejvd tmd hgrodt prbfd ‖ tj prjvbkd sdrvbfds rdlgtdk tj tmd

prdsdrvgtbja, rdstjrgtbja, gak prjtdftbja j` hjrtngndk prjpdrty, ba g

`rgukuldat, uagutmjrbzdk, gak kdfdptbvd d``jrt tj suppldhdat tmd sdrvbfdrs‒

sdrvbfban bafjhd.



-7=9-

;20. dlls @grnj gak bts rdspjasbeld j``bfdrs mgk oajwldknd j` tmdsd gak jtmdr kd`gults

ey tmd sdrvbfdrs tmrjunm, ghjan jtmdr tmbans, puelbf rdpjrts, lgwsubts, dxfdptbja rdpjrts, gak tmd

bafrdgsban kdlbaqudafy gak ljss rgtds `jr tmd [rusts. Advdrtmdldss, dlls @grnj `gbldk tj kdlbvdr

wrbttda ajtbfds tj tmd sdrvbfdrs j` tmd kd`gults jr tdrhbagtd tmd sdrvbfdrs. Vbhblgrly, dlls @grnj

`gbldk tj prjvbkd Fdrtb`bfgtdmjlkdrs wbtm ajtbfd j` tmdsd Dvdats j` Kd`gult. Ey `gblban tj tgod

tmdsd gftbjas, ^dlls @grnj hgtdrbglly erdgfmdk tmd YVGs.

;2>. [mdsd Dvdats j` Kd`gult jffurrdk, rdhgbadk uafurdk `jr tmd rdqubsbtd pdrbjk j`

tbhd gak grd fjatbauban. Fjasdqudatly, uakdr tmd YVGs, dlls @grnj mgk gak fjatbauds tj mgvd

tmd jelbngtbja tj dxdrfbsd tmd rbnmts gak pjwdrs vdstdk ba bt ey tmd YVGs, gak tj usd tmd sghdkdnrdd j` fgrd gak sobll ba tmdbr dxdrfbsd gs g prukdat pdrsja wjulk usd uakdr tmd fbrfuhstgafds

ba tmd fjakuft j` tmd pdrsja‒s jwa g``gbrs. G prukdat pdrsja wjulk mgvd dxdrfbsdk gll j` tmd

trustdd‒s rbnmts tj rdfjvdr `jr tmdsd Dvdats j` Kd`gult, gak wjulk mgvd kjad sj prjhptly. Ey

`gblban tj tgod tmbs gftbja, dlls @grnj hgtdrbglly erdgfmdk tmd YVGs.

;2=. dlls @grnj‒s hgtdrbgl erdgfmds j` tmd YVGs mgvd kbrdftly gak prjxbhgtdly fgusdk

kghgnds tj tmd [rusts ba tmgt tmdy mgvd kdprbvdk tmd [rusts j` vglugeld rdhdkbds gak glljwdk

muakrdks j` ebllbjas j` kjllgrs ba [rust gssdts tj wgstd gwgy. @jr dxghpld, mgk dlls @grnj

prjtdftdk tmd rbnmts j` tmd [rusts ey da`jrfban tmd sdlldrs‒ jelbngtbja tj furd, rdpurfmgsd, jr

suestbtutd hjrtngnd ljgas g``dftdk ey erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds, tmd [rusts

wjulk mgvd rdfdbvdk dbtmdr furdk jr suestbtutd hjrtngnd ljgas j` gkdqugtd frdkbt quglbty jr `uaks

rdprdsdatban tmd “Udpurfmgsd Yrbfd‘ wbtm rdspdft tj dgfm kd`dftbvd hjrtngnd ljga. dlls @grnj‒s

bagftbja wbtm rdspdft tj tmd sdlldrs mgs glljwdk tmd [rusts tj ed `blldk wbtm kd`dftbvd hjrtngnd

ljgas j` pjjr frdkbt quglbty tmgt mgvd bafrdgsdk tmd sdvdrbty j` tmd [rusts‒ ljssds. Vbhblgrly, mgk

^dlls @grnj da`jrfdk tmd sdrvbfdrs‒ prukdat sdrvbfban jelbngtbjas, tmd [rusts wjulk mgvd edda



-7=7-

geld tj gvjbk bafurrban uaadfdssgry ljssds gak dxpdasds. dlls @grnj‒s bagftbja wbtm rdspdft tj

tmd sdrvbfban vbjlgtbjas mgs dxgfdregtdk ljssds dxpdrbdafdk ey tmd [rusts.

;22. ^dlls @grnj‒s hgtdrbgl erdgfmds j` tmd YVGs mgvd bacurdk gll Fdrtb`bfgtdmjlkdrs,

baflukban Ylgbatb``s, ba tmgt tmdy mgvd kbhbabsmdk tmd vglud j` tmd fdrtb`bfgtds mdlk ey tmd

Fdrtb`bfgtdmjlkdrs gak mgvd prdvdatdk tmd Fdrtb`bfgtdmjlkdrs `rjh prjtdftban tmd rbnmts j` tmd

[rusts gs wdll gs tmdbr jwa rbnmts.

499. [md [rusts gak dgfm j` tmd Ylgbatb``s mgvd pdr`jrhdk gll j` tmd fjakbtbjas,

fjvdagats, gak prjhbsds rdqubrdk ba gffjrkgafd wbtm dgfm j` tmd YVGs.

VDFJAK FGTVD J@ GF[BJA

PBJLG[BJA J@ [MD [UTV[ BAKDA[TUD GF[ J@ 7262, 46 V[G[. 77>7(Ja Edmgl` J` [md [rusts Gngbast ^dlls @grnj)

497. Ylgbatb``s rdpdgt gak rdglldnd dgfm gak dvdry glldngtbja sdt `jrtm ba tmd prdfdkban


495. Fjanrdss dagftdk tmd [rust Bakdaturd Gft j` 7262, 74 T.V.F. § >>ggg, dt sdq ., tj

dasurd, ghjan jtmdr tmbans, tmgt bavdstjrs ba fdrtb`bfgtds, ejaks, gak sbhblgr bastruhdats mgvd

gkdqugtd rbnmts gngbast, gak rdfdbvd gkdqugtd pdr`jrhgafd `rjh, tmd rdspjasbeld trustdds.

496. Dgfm j` tmd YVGs bs ga “bakdaturd,‘ gak ^dlls @grnj bs ga “bakdaturd trustdd,‘

wbtmba tmd hdgaban j` tmd [BG. 74 T.V.F. §§ >>fff(>), (79). Gs ajtdk gejvd, dgfm j` tmd YVGs

bs suestgatbglly sbhblgr gak bhpjsds suestgatbglly tmd sghd kutbds ja ^dlls @grnj ba bts fgpgfbty

gs trustdd. Hjrdjvdr, tmd [BG gpplbds tj gak bs kddhdk tj ed bafjrpjrgtdk batj dgfm j` tmd YVGs

gak tmd rdlgtdk [rusts. 74 T.V.F. § >>kkk(g)(7). dlls @grnj mgs vbjlgtdk hultbpld prjvbsbjas j`

tmd [BG.

49;. @brst, tmd [BG rdqubrds tmgt, ed`jrd kd`gult, tmd bakdaturd trustdd ed lbgeld `jr gay

kutbds spdfb`bfglly sdt jut ba tmd bakdaturd. 74 T.V.F. § >>999(g)(7). Gs sdt `jrtm gejvd, dlls



-7=6-

rdgsja `jr `gblban tj prjvbkd ajtbfd j` tmjsd kd`gults. Gffjrkbanly, ey `gblban tj prjvbkd tmbs

ajtbfd, ^dlls @grnj vbjlgtdk tmd [BG.

49>. Vdfjak, ba fgsd j` kd`gult, tmd [BG rdqubrds ^dlls @grnj tj dxdrfbsd bts rbnmts gak

pjwdrs uakdr tmd YVG gs g prukdat pdrsja wjulk, uakdr tmjsd fbrfuhstgafds, ba tmd fjakuft j`

tmd pdrsjas‒ jwa g``gbrs. 74 T.V.F. § >>999(f). Gngba, nbvda tmd jevbjus bhpjrtgafd j` tmd

kd`gults sdt `jrtm ba tmd prdfdkban pgrgnrgpm, wmbfm bhpgbrdk tmd rbnmts j` tmd [rusts, gay prukdat

pdrsja uakdr tmjsd fbrfuhstgafds wjulk mgvd dxdrfbsdk gll j` tmd trustdd‒s rbnmts tj, ghjan jtmdr

tmbans, da`jrfd tmd spjasjrs‒ gak jrbnbagtjrs‒ jelbngtbja tj rdpurfmgsd, suestbtutd, jr furd

kd`dftbvd hjrtngnd ljgas, gak g prukdat pdrsja wjulk mgvd dxdrfbsdk tmjsd rbnmts prjhptly.Bakddk, wbtm tmd auhedr j` kdlbaqudat gak kd`gultban hjrtngnds ba tmd [rusts bafrdgsban, gs g

rdsult, batdr glbg, j` tmdsd kd`dfts, tmd [rusts fjulk jaly mgvd edda prjtdftdk `rjh tmd rdsultban

ljssds tmrjunm tmd trustdd‒s prjhpt dxdrfbsd j` tmjsd rbnmts, wmbfm wdrd kdsbnadk prdfbsdly tj

lbhbt tmd auhedr j` kdlbaqudat gak kd`gultban hjrtngnds ba tmd [rusts. Ey `gblban tj dxdrfbsd bts

rbnmts ba tmjsd fbrfuhstgafds, ^dlls @grnj vbjlgtdk tmd [BG.

49=. ^dlls @grnj‒s vbjlgtbjas j` tmd [BG mgvd kbrdftly gak prjxbhgtdly fgusdk

kghgnds tj tmd [rusts ba tmgt tmdy mgvd kdprbvdk tmd [rusts j` vglugeld rdhdkbds gak glljwdk

muakrdks j` ebllbjas j` kjllgrs ba [rust gssdts tj wgstd gwgy. @jr dxghpld, mgk dlls @grnj

prjtdftdk tmd rbnmts j` tmd [rusts ey da`jrfban tmd jrbnbagtjrs‒ gak spjasjrs‒ jelbngtbja tj furd,

rdpurfmgsd, jr suestbtutd hjrtngnd ljgas g``dftdk ey erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds,

gs bt wgs fjatrgftuglly jelbngtdk tj kj uakdr tmd YVGs, tmd [rusts wjulk mgvd rdfdbvdk dbtmdr

furdk jr suestbtutd hjrtngnd ljgas j` gkdqugtd frdkbt quglbty jr `uaks rdprdsdatban tmd

“Udpurfmgsd Yrbfd‘ j` tmd kd`dftbvd hjrtngnd ljgas. dlls @grnj‒s bagftbja wbtm rdspdft tj tmd

jrbnbagtjrs gak spjasjrs mgs glljwdk tmd [rusts tj ed `blldk wbtm kd`dftbvd hjrtngnd ljgas j`



-7=;-

pjjr frdkbt quglbty gak sbnab`bfgat kjfuhdatgtbja kd`bfbdafbds tmgt mgvd bafrdgsdk tmd sdvdrbty j`

tmd [rusts‒ ljssds. Vbhblgrly, mgk ^dlls @grnj da`jrfdk tmd sdrvbfdrs‒ sdrvbfban jelbngtbjas, tmd

[rusts wjulk mgvd edda geld tj gvjbk uaadfdssgry ljssds. dlls @grnj‒s bagftbja wbtm rdspdft tj

tmd sdrvbfdrs mgs dxgfdregtdk ljssds dxpdrbdafdk ey tmd [rusts.

492. ^dlls @grnj‒s vbjlgtbjas j` tmd [BG mgvd bacurdk gll Fdrtb`bfgtdmjlkdrs, baflukban

Ylgbatb``s, ba tmgt tmdy mgvd kbhbabsmdk tmd vglud j` tmd fdrtb`bfgtds mdlk ey tmd Fdrtb`bfgtdmjlkdrs

gak mgvd prdvdatdk tmd Fdrtb`bfgtdmjlkdrs `rjh prjtdftban tmd rbnmts j` tmd [rusts gs wdll gs tmdbr

jwa rbnmts.

[MBUK FGTVD J@ GF[BJA

ADNLBNDAFD - EUDGFM J@ YUD-KD@GTL[ KT[R J@ BAKDYDAKDAFD(Ja Edmgl` J` [md [rusts Gngbast ^dlls @grnj)



477. Takdr Adw Rjro lgw, ^dlls @grnj, gs trustdd, mgk dxtrg-fjatrgftugl, prd-kd`gult

kutbds tj tmd [rusts gak gll Fdrtb`bfgtdmjlkdrs. [mdsd kutbds baflukd tmd gesjlutd, uawgbvgeld

kuty tj nbvd tmd [rusts gak tmdbr Fdrtb`bfgtdmjlkdrs uakbvbkdk ljyglty, `rdd `rjh gay fja`lbftban

sdl`-batdrdst. [rustdds lbod dlls @grnj hust kbsfmgrnd tmdbr jelbngtbjas “wbtm gesjlutd

sbanldadss j` purpjsd‘ edfgusd j` tmd bageblbty j` tmd [rusts gak kbspdrsdk Fdrtb`bfgtdmjlkdrs tj

da`jrfd tmdbr rbnmts. [mbs fjhhja lgw kuty tj gvjbk fja`lbfts j` batdrdst gpplbds ajtwbtmstgakban

tmd tdrhs j` tmd bastruhdat tmgt purpjrts tj kd`bad tmd kutbds j` tmd trustdd.

475. Takdr dgfm j` tmd YVGs, ^dlls @grnj mjlks tmd ljgas `jr tmd edad`bt j` tmd [rusts

gak gll Fdrtb`bfgtdmjlkdrs, baflukban Ylgbatb``s.

476. Takdr dgfm j` tmd YVGs, ^dlls @grnj mgk tmd kbsfrdtbja tj da`jrfd tmd sdlldrs‒

rdpurfmgsd jelbngtbjas gak tj prdvdat tmd sdrvbfdrs `rjh dangnban ba gftbvbtbds jutsbkd j`



-7=0-

47=. ^dlls @grnj‒s adnlbndat erdgfmds j` bts prd-kd`gult kuty j` bakdpdakdafd mgvd

bacurdk gll Fdrtb`bfgtdmjlkdrs, baflukban Ylgbatb``s, ba tmgt tmdy mgvd kbhbabsmdk tmd vglud j` tmd

fdrtb`bfgtds mdlk ey tmd Fdrtb`bfgtdmjlkdrs gak mgvd prdvdatdk tmd Fdrtb`bfgtdmjlkdrs `rjh

prjtdftban tmd rbnmts j` tmd [rusts gs wdll gs tmdbr jwa rbnmts.

@JTU[M FGTVD J@ GF[BJA

EUDGFM J@ @BKTFBGUR KT[R ‖ KT[R J@ FGUD(Ja Edmgl` J` [md [rusts Gngbast ^dlls @grnj)



459. Takdr Adw Rjro lgw, g`tdr tmd jffurrdafd j` ga Dvdat j` Kd`gult, ^dlls @grnj‒s

kutbds dxpgakdk tj baflukd g `bkufbgry kuty jwdk tj tmd [rusts gak gll Fdrtb`bfgtdmjlkdrs. [mbs

`bkufbgry kuty baflukdk tmd jelbngtbja tj dxdrfbsd bts fjatrgftuglly fja`drrdk rbnmts gak pjwdrs ba

njjk `gbtm gak tj erban gll gvgblgeld flgbhs `jr tmd edad`bt j` tmd [rusts gak tmd Fdrtb`bfgtdmjlkdrs

`jlljwban ga Dvdat j` Kd`gult. @jlljwban tmd Dvdats j` Kd`gult kdsfrbedk gejvd, dlls @grnj

erdgfmdk bts `bkufbgry kutbds tj tmd [rusts gak gll Fdrtb`bfgtdmjlkdrs ba sdvdrgl rdspdfts.

457. @brst, ^dlls @grnj, ba bts fgpgfbty gs trustdd, mgk stgakban tj erban flgbhs gngbast

tmd sdlldrs j` ljgas tj tmd [rusts `jr erdgfm j` tmdbr rdprdsdatgtbjas gak wgrrgatbds uakdr tmd

njvdraban gnrddhdats. Gt tmd tbhd j` tmd Dvdats j` Kd`gult, hdrbtjrbjus flgbhs dxbstdk gngbast

tmd sdlldrs `jr erdgfm j` tmdbr rdprdsdatgtbjas gak wgrrgatbds uakdr tmd njvdraban gnrddhdats.

^dlls @grnj, mjwdvdr, `gbldk tj prjhptly da`jrfd tmd sdlldrs‒ jelbngtbja tj furd, rdpurfmgsd, jr

suestbtutd hjrtngnd ljgas tmgt mgk kd`dftbvd hjrtngnd `blds jr wdrd g``dftdk ey erdgfmds j` tmd

spjasjrs‒ gak jrbnbagtjrs‒ rdprdsdatgtbjas gak wgrrgatbds, baflukban ey `blban subts ja edmgl` j`

tmd [rusts gngbast tmd spjasjrs gak jrbnbagtjrs. Hjrdjvdr, dlls @grnj `gbldk tj prjvbkd ajtbfd

tj tmd Fdrtb`bfgtdmjlkdrs j` tmd erdgfmds jr j` bts batdatbja ajt tj da`jrfd tmd jrbnbagtjrs‒ gak



-7=>-

spjasjrs‒ jelbngtbja tj furd, rdpurfmgsd, jr suestbtutd tmd ljgas wbtm kd`dftbvd hjrtngnd `blds gak

erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds.

455. dlls @grnj‒s `gblurd tj prjhptly da`jrfd tmd jrbnbagtjrs‒ gak spjasjrs‒ jelbngtbja

tj furd, rdpurfmgsd, jr suestbtutd hjrtngnd ljgas wbtm kd`dftbvd hjrtngnd `blds gak hjrtngnd

ljgas g``dftdk ey erdgfmds j` tmd jrbnbagtjrs‒ gak spjasjrs‒ rdprdsdatgtbjas gak wgrrgatbds, gs

wdll gs bts `gblurd tj prjvbkd ajtbfd tj tmd Fdrtb`bfgtdmjlkdrs j` bts batdatbja ajt tj prjhptly

da`jrfd tmd jrbnbagtjrs‒ gak spjasjrs‒ jelbngtbja tj furd, rdpurfmgsd, jr suestbtutd hjrtngnd ljgas

wbtm kd`dftbvd hjrtngnd `blds gak hjrtngnd ljgas g``dftdk ey erdgfmds j` tmd jrbnbagtjrs‒ gak

spjasjrs‒ rdprdsdatgtbjas gak wgrrgatbds, fjastbtutdk erdgfmds j` ^dlls @grnj‒s `bkufbgry kuty tjtmd [rusts gak tj gll Fdrtb`bfgtdmjlkdrs.

456. Vdfjak, ^dlls @grnj, ba bts fgpgfbty gs trustdd, prdsdatly mgs stgakban tj erban

hdrbtjrbjus flgbhs gngbast tmd sdrvbfdrs tj da`jrfd tmd sdrvbfdrs‒ jelbngtbjas tj jesdrvd gak

pdr`jrh fjvdagats gak gnrddhdats sdt `jrtm ba tmd YVGs, baflukban tj sdrvbfd gak gkhbabstdr tmd

hjrtngnd ljgas ba gffjrkgafd wbtm gpplbfgeld lgw gak fustjhgry gak usugl stgakgrks j` prgftbfd

j` hjrtngnd ldakdrs gak ljga sdrvbfdrs. dlls @grnj, mjwdvdr, mgs rd`usdk gak fjatbauds tj

rd`usd tj da`jrfd tmd sdrvbfdrs‒ jelbngtbjas tj jesdrvd gak pdr`jrh fjvdagats gak gnrddhdats sdt

`jrtm ba tmd YVGs, baflukban ey `blban subts ja edmgl` j` tmd [rusts gngbast tmd sdrvbfdrs `jr

fjhpdasgtjry gak bacuaftbvd rdlbd` `jr mgrh fgusdk tj tmd [rusts gs g rdsult j` sdrvbfban

vbjlgtbjas. Hjrdjvdr, dlls @grnj `gbldk tj prjvbkd ajtbfd tj tmd Fdrtb`bfgtdmjlkdrs j` tmd

sdrvbfban vbjlgtbjas jr j` bts batdatbja ajt tj da`jrfd tmd sdrvbfdrs‒ jelbngtbjas tj jesdrvd gak

pdr`jrh fjvdagats gak gnrddhdats sdt `jrtm ba tmd YVGs. dlls @grnj‒s `gblurd tj da`jrfd tmd

sdrvbfdrs‒ jelbngtbjas tj jesdrvd gak pdr`jrh fjvdagats gak gnrddhdats sdt `jrtm ba tmd YVGs, gs

wdll gs bts `gblurd tj prjvbkd ajtbfd tj tmd Fdrtb`bfgtdmjlkdrs j` tmd sdrvbfban vbjlgtbjas jr j` bts



-7==-

batdatbja ajt tj da`jrfd tmd sdrvbfdrs‒ jelbngtbjas tj jesdrvd gak pdr`jrh fjvdagats gak

gnrddhdats sdt `jrtm ba tmd YVGs, fjastbtutdk erdgfmds j` ^dlls @grnj‒s `bkufbgry kuty tj tmd

[rusts gak tj gll Fdrtb`bfgtdmjlkdrs.

45;. ^dlls @grnj‒s erdgfm j` bts `bkufbgry kuty mgs kbrdftly gak prjxbhgtdly fgusdk

kghgnds tj tmd [rusts. Vpdfb`bfglly, tmd [rusts‒ bacury baflukds tmd ljss j` vdrkbfts, sdttldhdats,

jr gwgrks, gak tmd batdrdst tmgt tmd [rusts wjulk mgvd rdfjvdrdk gngbast tmd sdlldrs gak sdrvbfdrs

eut `jr dlls @grnj‒s erdgfm j` bts `bkufbgry kuty.

454. ^dlls @grnj‒s erdgfmds j` bts `bkufbgry kuty mgvd bacurdk gll Fdrtb`bfgtdmjlkdrs,

baflukban Ylgbatb``s, ba tmgt tmdy mgvd kbhbabsmdk tmd vglud j` tmd fdrtb`bfgtds mdlk ey tmdFdrtb`bfgtdmjlkdrs gak mgvd prdvdatdk tmd Fdrtb`bfgtdmjlkdrs `rjh prjtdftban tmd rbnmts j` tmd

[rusts gs wdll gs tmdbr jwa rbnmts.

@B@[M FGTVD J@ GF[BJA

ADNLBNDAFD ‖ KT[R J@ FGUD(Ja Edmgl` J` [md [rusts Gngbast ^dlls @grnj)



45>. Takdr Adw Rjro lgw, g`tdr tmd jffurrdafd j` ga Dvdat j` Kd`gult, ^dlls @grnj

jwdk kutbds tj tmd [rusts gak gll Fdrtb`bfgtdmjlkdrs, wmbfm baflukdk tmd jelbngtbja tj erban gll

gvgblgeld flgbhs `jr tmd edad`bt j` tmd [rusts gak tmd Fdrtb`bfgtdmjlkdrs. @jlljwban tmd Dvdats j`

Kd`gult kdsfrbedk gejvd, ^dlls @grnj erdgfmdk bts kutbds tj tmd [rusts gak tj gll

Fdrtb`bfgtdmjlkdrs ba sdvdrgl rdspdfts.

45=. @brst, ^dlls @grnj, ba bts fgpgfbty gs trustdd, mgk stgakban tj erban flgbhs gngbast

tmd sdlldrs j` ljgas tj tmd [rusts `jr erdgfm j` tmdbr rdprdsdatgtbjas gak wgrrgatbds uakdr tmd

njvdraban gnrddhdats. Gt tmd tbhd j` tmd Dvdats j` Kd`gult, hdrbtjrbjus flgbhs dxbstdk gngbast



-7=2-

tmd sdlldrs `jr erdgfm j` tmdbr rdprdsdatgtbjas gak wgrrgatbds uakdr tmd njvdraban gnrddhdats.

^dlls @grnj, mjwdvdr, adnlbndatly `gbldk tj prjhptly da`jrfd tmd sdlldrs‒ jelbngtbja tj furd,

rdpurfmgsd, jr suestbtutd hjrtngnd ljgas tmgt mgk kd`dftbvd hjrtngnd `blds jr wdrd g``dftdk ey

erdgfmds j` tmd spjasjrs‒ gak jrbnbagtjrs‒ rdprdsdatgtbjas gak wgrrgatbds, baflukban ey `blban

subts ja edmgl` j` tmd [rusts gngbast tmd spjasjrs gak jrbnbagtjrs. Hjrdjvdr, dlls @grnj

adnlbndatly `gbldk tj prjvbkd ajtbfd tj tmd Fdrtb`bfgtdmjlkdrs j` tmd erdgfmds jr j` bts batdatbja ajt

tj da`jrfd tmd jrbnbagtjrs‒ gak spjasjrs‒ jelbngtbja tj furd, rdpurfmgsd, jr suestbtutd tmd ljgas

wbtm kd`dftbvd hjrtngnd `blds gak erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds.

452.

dlls @grnj‒s `gblurd tj prjhptly da`jrfd tmd jrbnbagtjrs‒ gak spjasjrs‒ jelbngtbjatj furd, rdpurfmgsd, jr suestbtutd hjrtngnd ljgas wbtm kd`dftbvd hjrtngnd `blds gak hjrtngnd

ljgas g``dftdk ey erdgfmds j` tmd jrbnbagtjrs‒ gak spjasjrs‒ rdprdsdatgtbjas gak wgrrgatbds, gak

`gblurd tj prjvbkd ajtbfd tj tmd Fdrtb`bfgtdmjlkdrs j` tmd erdgfmds jr j` bts batdatbja ajt tj

prjhptly da`jrfd tmd jrbnbagtjrs‒ gak spjasjrs‒ jelbngtbja tj furd, rdpurfmgsd, jr suestbtutd

hjrtngnd ljgas wbtm kd`dftbvd hjrtngnd `blds gak hjrtngnd ljgas g``dftdk ey erdgfmds j` tmd

jrbnbagtjrs‒ gak spjasjrs‒ rdprdsdatgtbjas gak wgrrgatbds, fjastbtutdk adnlbndafd.

469. Vdfjak, ^dlls @grnj, ba bts fgpgfbty gs trustdd, prdsdatly mgs stgakban tj erban

hdrbtjrbjus flgbhs gngbast tmd sdrvbfdrs tj da`jrfd tmd sdrvbfdrs‒ jelbngtbjas tj jesdrvd gak

pdr`jrh fjvdagats gak gnrddhdats sdt `jrtm ba tmd YVGs, baflukban tj sdrvbfd gak gkhbabstdr tmd

hjrtngnd ljgas ba gffjrkgafd wbtm gpplbfgeld lgw gak fustjhgry gak usugl stgakgrks j` prgftbfd

j` hjrtngnd ldakdrs gak ljga sdrvbfdrs. dlls @grnj, mjwdvdr, mgs rd`usdk gak fjatbauds tj

rd`usd tj da`jrfd tmd sdrvbfdrs‒ jelbngtbjas tj jesdrvd gak pdr`jrh fjvdagats gak gnrddhdats sdt

`jrtm ba tmd YVGs, baflukban ey `blban subts ja edmgl` j` tmd [rusts gngbast tmd sdrvbfdrs `jr

fjhpdasgtjry gak bacuaftbvd rdlbd` `jr mgrh fgusdk tj tmd [rusts gs g rdsult j` sdrvbfban



-729-

vbjlgtbjas. Hjrdjvdr, dlls @grnj adnlbndatly `gbldk tj prjvbkd ajtbfd tj tmd Fdrtb`bfgtdmjlkdrs

j` tmd sdrvbfban vbjlgtbjas jr j` bts batdatbja ajt tj da`jrfd tmd sdrvbfdrs‒ jelbngtbjas tj jesdrvd

gak pdr`jrh fjvdagats gak gnrddhdats sdt `jrtm ba tmd YVGs. dlls @grnj‒s `gblurd tj da`jrfd

tmd sdrvbfdrs‒ jelbngtbjas tj jesdrvd gak pdr`jrh fjvdagats gak gnrddhdats sdt `jrtm ba tmd

YVGs, gs wdll gs bts `gblurd tj prjvbkd ajtbfd tj tmd Fdrtb`bfgtdmjlkdrs j` tmd sdrvbfban vbjlgtbjas

jr j` bts batdatbja ajt tj da`jrfd tmd sdrvbfdrs‒ jelbngtbjas tj jesdrvd gak pdr`jrh fjvdagats gak

gnrddhdats sdt `jrtm ba tmd YVGs, fjastbtutdk erdgfmds j` bts kuty tj tmd [rusts gak gll

Fdrtb`bfgtdmjlkdrs.

467.

^dlls @grnj‒s adnlbndafd mgs kbrdftly gak prjxbhgtdly fgusdk kghgnds tj tmd[rusts. Vpdfb`bfglly, tmd [rusts‒ bacury baflukds tmd ljss j` vdrkbfts, sdttldhdats, jr gwgrks, gak

tmd batdrdst tmgt tmd [rusts wjulk mgvd rdfjvdrdk gngbast tmd jrbnbagtjrs gak spjasjrs eut `jr

^dlls @grnj‒s adnlbndafd.

465. dlls @grnj‒s adnlbndafd mgs bacurdk gll Fdrtb`bfgtdmjlkdrs, baflukban Ylgbatb``s, ba

tmgt bt mgs kbhbabsmdk tmd vglud j` tmd fdrtb`bfgtds mdlk ey tmd Fdrtb`bfgtdmjlkdrs gak mgs

prdvdatdk tmd Fdrtb`bfgtdmjlkdrs `rjh prjtdftban tmd rbnmts j` tmd [rusts gs wdll gs tmdbr jwa

rbnmts.

VB][M FGTVD J@ GF[BJA

EUDGFM J@ @BKTFBGUR KT[R ‖EUDGFM J@ YJV[-KD@GTL[ KT[R J@ BAKDYDAKDAFD

(Ja Edmgl` J` [md [rusts Gngbast ^dlls @grnj)



46;. Takdr Adw Rjro lgw, ^dlls @grnj, gs trustdd, mgk dxtrg-fjatrgftugl, pjst-kd`gult

kutbds tj tmd [rusts gak gll Fdrtb`bfgtdmjlkdrs. [mdsd kutbds baflukd tmd gesjlutd, uawgbvgeld

kuty tj nbvd tmd [rusts gak tmdbr Fdrtb`bfgtdmjlkdrs uakbvbkdk ljyglty, `rdd `rjh gay fja`lbftban



-727-

sdl`-batdrdst. [rustdds lbod dlls @grnj hust kbsfmgrnd tmdbr jelbngtbjas “wbtm gesjlutd

sbanldadss j` purpjsd‘ edfgusd j` tmd bageblbty j` tmd [rusts gak kbspdrsdk Fdrtb`bfgtdmjlkdrs tj

da`jrfd tmdbr rbnmts. [mbs fjhhja lgw kuty tj gvjbk fja`lbfts j` batdrdst gpplbds ajtwbtmstgakban

tmd tdrhs j` tmd bastruhdat tmgt purpjrts tj kd`bad tmd kutbds j` tmd trustdd.

464. Takdr dgfm j` tmd YVGs, ^dlls @grnj mjlks tmd ljgas `jr tmd edad`bt j` tmd [rusts

gak gll Fdrtb`bfgtdmjlkdrs, baflukban Ylgbatb``s.

460. Takdr dgfm j` tmd YVGs, ^dlls @grnj mgk tmd kbsfrdtbja tj da`jrfd tmd sdlldrs‒

rdpurfmgsd jelbngtbjas gak tj prdvdat tmd sdrvbfdrs `rjh dangnban ba gftbvbtbds jutsbkd j`

fustjhgry gak usugl stgakgrks j` prgftbfd j` prukdat hjrtngnd sdrvbfdrs wbtm rdspdft tj gayhjrtngnd ljgas tmgt ^dlls @grnj mdlk `jr tmd edad`bt j` tmd [rusts gak tmd Fdrtb`bfgtdmjlkdrs.

46>. Gs glldndk ba kdtgbl gejvd, g`tdr Dvdats j` Kd`gult, ^dlls @grnj oadw j` sdlldr

erdgfmds j` rdprdsdatgtbjas gak wgrrgatbds gak tmgt tmd sdrvbfdrs wdrd dangnban ba gftbvbtbds

jutsbkd j` fustjhgry gak usugl stgakgrks j` prgftbfd j` prukdat hjrtngnd sdrvbfdrs wbtm rdngrk

tj tmdbr sdrvbfban gak gkhbabstrgtbja j` tmd hjrtngnd ljgas ba tmd [rusts.

46=. Gs glldndk mdrdba, mjwdvdr, ^dlls @grnj wgs dfjajhbfglly edmjlkda tj tmd

sdlldrs. Ba gkkbtbja, ba tmdbr fgpgfbty gs jrbnbagtjr gak spjasjr wbtm rdngrk tj jtmdr hjrtngnd

ljgas gak UHEV trusts, ^dlls @grnj‒s g``blbgtds mgk sjlk ljgas ba erdgfm j` spdfb`bf

rdprdsdatgtbjas gak wgrrgatbds tj UHEV trusts ba wmbfm hgay j` tmd sghd sdlldrs gak sdrvbfdrs

jr tmdbr g``blbgtds wdrd sdrvban gs sdrvbfdrs jr trustdds.

462. Edfgusd ^dlls @grnj wgs dfjajhbfglly edmjlkda tj tmd sdlldrs gak `gfdk

rdpurfmgsd lbgeblbty `jr tmd sgld gak sdfurbtbzgtbja j` bts jwa ljgas ba erdgfm j` bts spdfb`bf

rdprdsdatgtbjas gak wgrrgatbds, ^dlls @grnj mgs `gbldk tj tgod gay gftbja gngbast tmd sdrvbfdrs, jr

dvda ajtb`y tmd Fdrtb`bfgtdmjlkdrs tmgt tmd sdrvbfdrs wdrd dangndk ba hbsfjakuft.



(k) Gwgrkban tj Ylgbatb``s tmd fjsts gak kbseursdhdats j` tmd gftbja, baflukban

rdgsjageld gttjradys‒ `dds, gffjuatgats‒ gak dxpdrts‒ `dds, fjsts, gak dxpdasds? gak

(d) Nrgatban gay jtmdr gak `urtmdr rdlbd` tmgt tmd Fjurt kddhs cust gak prjpdr.

]PBBB. CTUR KDHGAK

Ylgbatb``s kdhgak g trbgl ey cury.

Kgtdk3 Cuad 7=, 597; EDUAV[DBA LB[J^B[S EDUNDU& NUJVVHGAA LLY

/s/ Elgbr G. AbfmjlgsELGBU G. ABFMJLGV

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