← Library
High Court of Punjab and HaryanaCWP/5839/2026dismissed

Chopra Hotels Private Limited And Others v. State Of Punjab And Others

2026-03-16Mr. Justice Harsh Bunger26 pages



     



!

 "  !    

#$%$&

!%'( &(+#,#)$ 

-

.)/0% )'(1, 2'- 3'&-

%1%$&.%0 '.0)45.

#', 4'.)0#6(&

------ ('#'#)$(0, 7#5$%')08 09#2(:

0%:%,.

%$&(8 )'.(0, 9(0,4, 7'%'( 4$;%< )'.(0,

------

(,/)$&($',    = 3 

7  7 

0(,($'

 0- .('%$ #''%1> 7($#)0 &2)+%'(> 0- %40%2 .)/0% 7($#)0 &2)+%'( %,,#,'(&

0- %8%$:

55%0?%1> 0- 0%'((:

4/'%>

0- 0%$,.4 )8%1> 0- $@)1

%# %05>

07?%/$#1 4/'%> 0- %0,.#'

4/'%> &2)+%'(, %//1#+%$'/('#'#)$(0,-

0- %2$(('

7#$5.> &&#'#)$%1 -- 4$;%< 0- #0@%1;#'

7#$5.

!#?%$%> 7($#)0 ! 4$;%<-

0- %$#$&(0;#'

7#$5.

(&#> 7($#)0 &2)+%'(> &2)+%'( ($(0%1> 4$;%< %,,#,'(& ,- A%2#'%

),.#> 07%$5%@ %05> &2)+%'(,

0(,/)$&($', )- B- - -  7  >

  

- .#, %$ %//1#+%'#)$ *#1(& 7(+'#)$   /1%+#$5 0(+)0& +(0'%#$ &)+4@($',   

)0 0(%,)$, @($'#)$(& %//1#+%'#)$> ,%@( %11)?(& &)+4@($',

   %0( '%:($ 0(+)0& ,4<;(+'

%11 ;4,'

(C+(/'#)$,-

- //1#+%'#)$ %++)0&#$518 &#,/),(& )*-

 

- 0%8(0 #$,'%$'

+#2#1 ?0#'

/('#'#)$ *#1(& 0'#+1(

)$,'#'4'#)$ $&#%> #$'(0 %1#%> #,,4%$+(

?0#'

$%'40( +(0'#)0%0# ,(''#$5 %,#&( 

#

<(%0#$5 0(*(0($+( )-  > -



## <(%0#$5 0(*(0($+( )-  B> -

 

### )0&(0 <(%0#$5 0(*(0($+( )-  > B-

 %11 )0&(0, /%,,(& 1(%0$(& )@@#,,#)$(0> 4$#+#/%1 )0/)0%'#)$>

%1%$&.%0- -

*40'.(0 /0%8(0 <(($ @%&( #,,4%$+( ?0#'

$%'40( +(0'#)0%0# ,(''#$5 %,#&(  - -

B <(%0#$5 0(*(0($+( )- 

B

B 

> #,,4(& 0(,/)$&($'

)-

0#$+#/%1 7(+0('%08> )2(0$@($'

4$;%<> !(/%0'@($'

)4,#$5 0<%$ !(2(1)/@($'- - $)'.(0 /0%8(0 <(($ @%&( #,,4%$+( ?0#'

$%'40( @%$&%@4, &#0(+'#$5 0(,/)$&($'

)-

4$#+#/%1 )0/)0%'#)$>

%1%$&.%0 0(+)$,#&(0 $(?

<4#1&#$5 /1%$ -

%++)0&%$+( ?#'.

4$;%< $#*#(& 4#1&#$5

41(,>

,.)0'

=

41(,- - "('

%$)'.(0 /0%8(0 <(($ @%&( #,,4%$+( ?0#'

$%'40( +(0'#)0%0# ,(''#$5 %,#&(

--

 > /%,,(& 1(%0$(& !#0(+')0> 3)+%1 )2(0$@($'> 4$;%<> ?.(0(<8 /0%8(0 50%$'#$5 0(1%C%'#)$ <4#1&#$5



<8(1%?, 0(,/(+'

+)@/1('#)$ /1%$ )-    3 

3> ,4<@#''(& /('#'#)$(0,> <(($ &(+1#$(&- ('#'#)$(0 )-

.)/0% )'(1, 2'- 3'&- ,'%'(& /%0'

1%05(0 50)4/ E4$;%< A(,%0# 0)4/F- ('#'#)$(0, )-

%0( ,'%'(& )?$(0, /1)'

G4(,'#)$> ,#'4%'(& %'

)1#+( 3#$(,> 

)%&>

%1%$&.%0> <(%0#$5 :.%,0% ),-

 

B>

B 

-

'

%2(00(& /('#'#)$(0 )- )?$, <4#1&#$5 +)$,'04+'(& %*)0(,%#& /1)'- - 0#(*18> )-

%0( ,'%'(& .%2( %//1#(& +.%$5( 1%$& 4,%5(

3 %*)0(,%#& /1)'

*0)@ =0(,#&($'#%1= =+)@@(0+#%1= /40/),(,> %//(%0, .%2( <(($ 50%$'(&> 2#&( - -

 - - .(0(%*'(0> ,4<@#''(& <4#1&#$5 /1%$ +)$,'04+'#)$ .)'(1 <4#1&#$5 %*)0(,%#& /1)'> ,'%'(& .%2( <(($ %//0)2(& 4$#+#/%1 )0/)0%'#)$>

%1%$&.%0 - B- - ,

/(0 %//0)2(& <4#1&#$5 /1%$

> <4#1&#$5 +)@/0#,(, $#$( *1))0,

#$+14&#$5 '.0(( <%,(@($', ?#'.

*0)$'

,('

<%+:

  - 

,G4%0( *(('

H-

- '

'0%$,/#0(, +)$,'04+'#)$ %<)2( 0(*(00(& .)'(1 <4#1&#$5 %*)0(,%#& /1)'

?%, +)@/1('(& 8(%0

- - B> ,4<@#''(& +)@/1('#)$ /1%$ %//0)2%1 <(*)0( +)@/('($'

%4'.)0#'8D ?.(0(4/)$ #'

?%, *)4$& *0)$'

,('

<%+:

%*)0(,%#& <4#1&#$5 +)$,'04+'(& ?%, -H #$,'(%& /(0@#,,#<1(

H> /(0 %//1#+%<1( <8(1%?,- - ('#'#)$(0, ,'%'( %*)0(,%#& *%+'

?%, <0)45.'

$)'#+( 4$#+#/%1 )0/)0%'#)$>

%1%$&.%0> 2#&( 1(''(0

-

B

> ?.(0(<8 0(G4(,'(& 0(1%C%'#)$ *0)$'

,('

<%+:-

.( %*)0(,%#& 0(G4(,'

0(1%C%'#)$ *0)$'

,('

<%+:

?%, *)0?%0&(& 4$#+#/%1 )0/)0%'#)$>

%1%$&.%0 7'%'( )2(0$@($'> 2#&( 1(''(0 - -

- -B '

'0%$,/#0(, 2#&( +)@@4$#+%'#)$

--

 > 0(,/)$&($'

)-

!(/%0'@($'

3)+%1 )2(0$@($' #$*)0@(& 4$#+#/%1 )0/)0%'#)$>

%1%$&.%0 0(G4(,'

0(1%C%'#)$ *0)$'

,('

<%+:

,'%$&, &($#(&-

- .(0(%*'(0> 4$#+#/%1 )0/)0%'#)$>

%1%$&.%0> 2#&( #',

--

> #$*)0@(& )-

!#0(+')0> 3)+%1 )2(0$@($'

0(;(+'(& 0(G4(,'

0(1%C%'#)$ *0)$'

,('

<%+:> ,)45.'

/('#'#)$(0,-

++)0&#$518> ?(0( +%11(& 4/)$ 0(@)2( $)$%++(/'%<1( +)$,'04+'#)$ %'

'.(#0 )?$ 1(2(1 ?#'.#$ )$( @)$'.-

-

$ )'.(0 .%$&> #'

%//(%0, '(%@ )**#+(0, 4$;%< )114'#)$ )$'0)1 )%0&

,.)0'

= = 2#,#'(& %*)0(,%#& .)'(1 /0(@#,(, - -

*)4$& +)$,($'

)/(0%'( )%0& 7(+'#)$ %'(0

0(2($'#)$ )$'0)1 )114'#)$ +'> B

,.)0'

=%'(0 +'> B= 7(+'#)$ #0

0(2($'#)$ )$'0)1 )114'#)$ +'> 

,.)0'

=#0 +'> = ?(0( 2%1#& 4/') - - -

.( )<,(02%'#)$, 2#,#'#$5 )**#+(0, ?(0(     

          

   





 

 !

 " 

  

           #  $  

 #     %

&  

  '

 ' " ( ) 

# 



'

 ' "$



 

 '

  '

 ' ")) 

 *    ''

'"+

 ,-"  

    ,   



./'

 ' "$01*

  % '

 

+'+

        

  +

+ +

 "(

  2  +       

    

     "(

+  ./  



 + 

  ./  

+

    3   '  +    '           ./  

  '4

  "    5'     6 

 +'

' "(



    2  +

      7' 

 

"

        8           ''

' 

 *   '

  '  +

   

  '     

 21!9 ' 

      

" '   )   

 6/'

 ' " 01*                     

"  '       '

 2

' 

:

2'

  ! 

  3  * 

 '

     6/  +       

    +

 "(

 2 +   

 



" +    6/

'

"'+  '      6/  6 

  +  '

'     "(



   2 +

   7'



"

         

   

" 

    '

2  ;

      

 +

+   +  +:2 $   

 +   

     '

 +

 +    

 

<      

      +

   

 '   + + +  

   *            +      +

 '

) =

  '    +    ' 

  '

    3  

'   '' '

   +   '  +

 / *! >   



 '     : ' +   '   

  '  "

  %   

':   +  '  +

  &   

1/?

'



 4    : '        

  

 

"     

      



 ' ' + @ 

: '

 ' " 01*    



 *? '

 ' ",< 0A!  '  +      '



  

&  

':

            +

  

   ' *?

+

6/

% 

      +

   +  ':

:" 

 



"' +    '      

  

   

    +

*     +

   

 

+ 6/

+

  

   ,       +

   ':      +                

 '

'

'   

  + +

       

 +

     

   "

'

 '       ' +

+         

    "      +

  2 

4 



8   

 '   

   

  5 '     

  

 6B!C '



  )   

   

    6/    2

 7 

   !'

>$8

' &    '

   !'

>$8D - A((/#$5 2#(?

%*)0(,%#& )<,(02%'#)$,>  2#&( - -

  #,,4(& *)11)?#$5 &#0(+'#)$,       " 

   '  

":      ' + 

+' "'



  

     +

 





    4



  +  '  

":       +  

"    



"



       ,     +

 

 

"'



'

"+ 4 

  '  

  :

  ' '        

       



'      4



 

 + " %  ' '  4



 8      +

  

   '     4



  

'

    %   4 )         E/ 

  '    /

  F!'

>$8

  ><<

4   !  E/ 

 2     /

  F !'

 ><

  ><$ )  

7' ;

  '  

  *?   

 "            /   .

  /+ 2  1 '   '

'    " ' ' " 

    D



- '

,'%'(& B- -

> 4$;%< 7'%'( )?(0 )0/)0%'#)$ 3#@#'(& &#,+)$$(+'(& (1(+'0#+#'8 ,4//18 %*)0(,%#& .)'(1 <4#1&#$5-

- $ %*)0(@($'#)$(& +#0+4@,'%$+(,> %0( ,'%'(& .%2( %//0)%+.(& '.#, )40'

*#1#$5 ?0#'

/('#'#)$

B 

> #$'(0 %1#%> ,((:#$5 G4%,.#$5 B- -

> ?.(0(<8 (1(+'0#+#'8 ,4//18 ?%, &#,+)$$(+'(&-

.( ,%#& ?0#'

/('#'#)$

B 

?%, .(%0& !#2#,#)$ ($+.

'.#, )40'

)0&(0, '.(0(#$ ?(0( 0(,(02(& ?#'.)4'

50%$'#$5 %$8 #$'(0#@ 0(1#(* '.(0(#$-

-

'

%//(%0, =4$;%< A(,%0# 0)4/= '.0)45.

#', %$)'.(0 ($'#'8> $%@(18>

%5%'

9#;%8 0#$'(0, 33 %//0)%+.(& )$=<1( 74/0(@( )40'

$&#% *#1#$5 7/(+#%1 3(%2( ('#'#)$

#2#1 )- 

> ?%, &#,/),(& )*> 2#&(

-

B> 0(1(2%$'

(C'0%+'

0(%&,  )   . 2

    

+

  !'

  ? 

    ! 

!'

? 

    (.

     5'          

 +  @



"      '

  '          

 G   '

  

+    E/   0

F 

 '      '    "  +  &       ''

 

 '

   

 

&

 @

  "



"     $      

       

    '  5 " 2



 '  +:      

    "   '   



<   .'

 1   /  

      

''  " > !



     ' "  '





"



   D - //%0($'18> )$=<1( !#2#,#)$ ($+.

'.#, )40'> 2#&( - -

> &#,/),(& ?0#'

/('#'#)$

B 

> 0(1(5%'#$5 %2%#1 %1'(0$%'( ,'%'4')08 0(@(&8 7(+'#)$  + %'(0 +'> B-

- .(0(%*'(0> +.%11($5(& - -

> /%,,(& '.#, )40'

B 

*#1#$5 7/(+#%1 3(%2( //(%1

 )- 

7/(+#%1 3(%2( //(%1

 )- 

> +%@( &#,/),(& )*> 2#&( - -

 > 0(1(2%$'

(C'0%+'

0(%&,  , '

 

      +    2   @              



" +    

+   '

'

"  ' 

    '    '

  ''

'      '



'

G EF     "  ' C?    

 

 + 

 '

  ' 

 EFB + '

'

 :  

           

 "' + 

 

  '

  &  6/ '       "

&  C? '

  

@          +'  .

/

  2  %  "



''

"5 

'   

4   

 "  " .

/

  2 

% 

 @ ' '

  "C? C? "'

  " ' 

B 

 

+ '

  +   @



"     ' " 8 

  

" C?   

  ( ' 

+  ' 



 "   

+  '  

+   

  '

  +  /  0

D  '     "

'  '

  

   +   

  

+       "+  '



" 5'   

   "

" C?C?  "    

  '

     "         ' ' "+  "   

 5'

 ' 

'  

  "           &    C?    '      @ 

" ) .'

1 /  

  

  +     '

 

"D -

/(04,%1 %<)2( (C'0%+'(& ?)41& ,.)?

+%'(5)0#+ &#0(+'#)$ <(($ #,,4(& )$=<1( 74/0(@( )40'

'#11 *40'.(0 )0&(0, %0( /%,,(& %'#)$%1 0(($ 0#<4$%1> .)'(1 ,.%11 0(@%#$ $)$*4$+'#)$%1-

-B .(0(%*'(0> #'

%//(%0, 4$#+#/%1 )0/)0%'#)$>

%1%$&.%0> ,(%1(& .)'(1 /0(@#,(,

-

> &(@)1#'#)$

 <(($ /%,,(&> 0(1(2%$'

(C'0%+'

0(%&,  %   

"'

'  +

"  /

  % !  

 '

'  +

"

 '

2 

;

 !

" "+

   '

"  +:



 



     

        '     '

 " 

 "



C+        "      '     

  '



  ( '' 

    3     +:  '  +  /

  %  "+ 

   '

'      

  ( ''       +  $ "

 B         



'   +

   :  "   '

 2  ;

   

 "  '

'   +     

"

   'H+



" 

 @     D - ('#'#)$(0 )-

.)/0% )'(1, 2'- 3'&- +.%11($5(& %*)0(,%#& &(@)1#'#)$

 *#1#$5 ?0#'

/('#'#)$

B 

<(*)0( '.#, )40'> +%@( &#,/),(& )*> 2#&(

> 0(1(5%'#$5 /('#'#)$(0 )- %2%#1 .#, %1'(0$%'( ,'%'4')08 0(@(&8 7(+'#)$

 4$;%< 4$#+#/%1 )0/)0%'#)$ +'> 

,.)0'

=

+'=-

-

((1#$5 %550#(2(& %5%#$,'

%*)0(,%#&

> /%,,(& '.#, )40'

B 

> /('#'#)$(0 )- /0(*(00(& %$ #$'0%+)40'

%//(%1

3B

> +%@( &#,/),(& )*> 2#&(  -

 > ?.(0(<8 /('#'#)$(0 )- ?%, /(0@#''(& %//0)%+.

1(%0$(& !#,'0#+'

7(,,#)$,

4&5( +)$+(0$(& 4/')

?#'.

*40'.(0 &#0(+'#)$ $) /0(+#/#'%'#2( %+'#)$ ?#11 '%:($ '#11 )$&%8 #-(-

)0 *#1#$5 /1(% <(*)0( 1(%0$(& !#,'0#+'

7(,,#)$,

4&5( +)$+(0$(&> ?.#+.(2(0 (%01#(0 '.(0(%*'(0> /0)+((&#$5, ?#11 *)11)?

/(0 )0&(0> #* %$8> /%,,(& 1(%0$(& !#,'0#+'

7(,,#)$,

4&5( +)$+(0$(&-

 

- .(0(%*'(0> %0( ,'%'(& .%2( /0(*(00(& %$ %//(%1 7(+'#)$





+'> ?.(0(#$ 2#&( -

 > #$'(0#@ 0(1#(* /('#'#)$(0 )- ?%, &(+1#$(&- -

((1#$5 &#,,%'#,*#(&> +.%11($5(& -

  <(*)0( '.#, )40'

*#1#$5 +#2#1 0(2#,#)$

  

> +%@( &#,/),(& )*> 2#&( -

 > ?.(0(<8 1(%0$(& &&#'#)$%1 !#,'0#+'

4&5(>

%1%$&.%0> <(($ 0(G4(,'(& &(+#&( %//(%1> /0(*(00(& /('#'#)$(0 )- 7(+'#)$





+'

?#'.#$ /(0#)& '($ ?)0:#$5 &%8, ?#'.

(**(+'

*0)@

@(%$?.#1(> #'

<(($ &#0(+'(& $) +)(0+#2( %+'#)$ '%:($ %5%#$,'

/('#'#)$(0,-

.( ,%#& %//(%1 ,'%'(& /($&#$5 <(*)0( 1(%0$(& &&#'#)$%1 !#,'0#+'

4&5(>

%1%$&.%0-

- $ <%+:&0)/ %*)0(@($'#)$(& +#0+4@,'%$+(,> .%2( *#1(& #$,'%$'

?0#'

/('#'#)$ <(*)0( '.#, )40'

/1(% 7'%'( 4$;%< #,,4(& $)'#*#(& 4$;%< $#*#(& 4#1&#$5

41(,>

- - > ?.(0(4$&(0> +)@@(0+#%1 <4#1&#$5,> *0)$'

,('

<%+:

0(G4#0(@($'

<(($ 0(&4+(& *0)@

H-

'

,4<@#''(& %*)0(,%#&

41(, %10(%&8 ,'%$&, +.%11($5(& <(*)0( '.#, )40'

?%8 ?0#'

/('#'#)$

B  > ?.(0(#$ 2#&( B- -

> )/(0%'#)$ 041(, 0(541%'#)$, .%2( <(($ )0&(0(& :(/'

%<(8%$+(> 0(1(2%$'

(C'0%+'

0(%&,  B  

       

   '

    ) 

)  +'   '

+   

 



:  "

'







+'+&







   

 



  

D B- '

+%,( ?.#1( %0( /40,4#$5 '.(#0 1(5%1 0(@(&#(, 0(,/(+'

&(@)1#'#)$

 ?(11 - -

 > /%,,(&  D .)?(2(0> '(0@,

41(,> *0)$'

,('

<%+:

)$18 @%$&%'(& +)@@(0+#%1 <4#1&#$5,> ?.(0(%, %'

,#'( .)'(1 <4#1&#$5> %10(%&8 .%2( *0)$'

,('

<%+:

@)0( '.%$ H-

'

+)$'($&(& 1#5.'

/0)2#,#)$, +)$'%#$(&

41( ,%#&

41(,> ,%@( %0( %//1#+%<1( %11 +%'(5)0#(, <4#1&#$5, (C+(/'

*%+')08 (,'%<1#,.@($', (C#,'($+( /0#)0  -

- '

,'%'(& '(0@,

41(

41(,> ,4<@#''(& 0(/0(,($'%'#)$,  -

-

 > )118-> 0(G4(,'#$5 4'#1#6( =.)'(1 <4#1&#$5= =+)@@(0+#%1 <4#1&#$5= %1)$5?#'.

+)/8 0(2#,(& @%/

 D .)?(2(0> ,%#& 0(G4(,'

<(($ 0(;(+'(&> 2#&( #@/45$(& )0&(0, -

   %1,) B-

- - 3(%0$(& ,($#)0 +)4$,(1, %//(%0#$5 ?)41& +)$'($& )0&(0, #@/45$(& '.#, ?0#'

/('#'#)$ .%2( <(($ /%,,(& (00)$()4,18 50)4$&

41(, &) $)'

%//18 %*)0(,%#& .)'(1 <4#1&#$5 %1,) ,#$+(

41(, .%2( <(($ )0&(0(& :(/'

%<(8%$+( '.#, )40'> 2#&( B- -

> '.(0(*)0(>

41(, +%$$)'

%//1#(& 50%$'#$5 %//0)2%1 .)'(1 <4#1&#$5 4,(& =+)@@(0+#%1 <4#1&#$5=- '

,4<@#''(& +%,( ?0#'

/('#'#)$ <(%0#$5

B

)- B  > ?.(0(#$ +.%11($5( <(($ @%&(

41(,> 41'#@%'(18 &#,@#,,(& '.#, )40'

,%#&

41(, +)$'#$4( %//18> (2($'4%1#'8> ?)41& 50%2(18 /0(;4&#+(& %++)4$'

0(;(+'#)$ '.(#0 0(G4(,'

4,( .)'(1 <4#1&#$5 +)@@(0+#%1 <4#1&#$5-

'

+%'(5)0#+%118 ,'%'(& 1(%0$(& ,($#)0 +)4$,(1, %//(%0#$5 '.#, ?0#'

/('#'#)$> %0( $)'

,((:#$5 %$8 0(1%C%'#)$ (C#,'#$5 <4#1&#$5 <8(1%?,> %//1#+%<1( .)'(1 <4#1&#$5> <4'

%0( )$18 ?%$'#$5 =.)'(1 <4#1&#$5= /(0@#''(& 4,(& =+)@@(0+#%1 <4#1&#$5= /(0

41(,-

(0 +)$'0%> 0- %$#$&(0;#'

7#$5.

(&#> 1(%0$(& &2)+%'( ($(0%1> 4$;%<> %//(%0(& ,'0)$518 )//),(& ,4<@#,,#)$, 0%#,(& <(.%1* /('#'#)$(0,-

3(%0$(& &2)+%'( ($(0%1> 4$;%<> ?)41& +)$'($& *#0,'18> '.(0( $) )++%,#)$ +)$,#&(0#$5 0(G4(,'

4'#1#6#$5 .)'(1 <4#1&#$5 +)@@(0+#%1 <4#1&#$5

41(,> ,%#&

41(, .%2( <(($ )0&(0(& :(/'

%<(8%$+( !#2#,#)$ ($+.

'.#, )40'> 2#&( B- -

> /%,,(& B  - 7(+)$&18> 1(%0$(& &2)+%'( ($(0%1> 4$;%< ,4<@#', *%0 /0%8(0 0(1%C%'#)$ %//1#+%<1( <4#1&#$5

<8(1%?, 0(,/(+'

*0)$'

,('

<%+:

+)$+(0$(&> ,%@( $)'

/(0@#,,#<1( (#'.(0

<4#1&#$5 <8(1%?,> .)'(1 <4#1&#$5 ?%, %//0)2(& )0 ,4<,(G4($'

 <4#1&#$5 <8(1%?,- '

,4<@#''(& /(0 /0)2#,#)$, +)$'%#$(& 1%4,( -  < # 4$;%< 4$#+#/%1 4#1&#$5 8(3%?,

 /(0 1%4,( - < 4#1&#$5 8(3%?,

> 2#)1%'#)$, *0)$'

,('<%+:

+%$$)'

+)@/)4$&(&+)@/0)@#,(&-

'

*40'.(0 ,4<@#''(& (2($ )'.(0?#,( /(0 %//1#+%<1( 4#1&#$5



8(3%?,

)0

> )$18 @#$)0 &(2#%'#)$ *0)@ ,%$+'#)$(& /1%$ +%$ +)@/)4$&(&> &)(, $)'

#$2)12( +.%$5( 1%$& 4,%5(-

- 3(%0$(& &2)+%'( ($(0%1> 4$;%<> ?)41& *40'.(0 +)$'($& (2($ #*

41(, %0( %,,4@(& %//1#+%<1(> (2($ '.($ 0(G4(,'

4,( =.)'(1 <4#1&#$5= =+)@@(0+#%1 <4#1&#$5= +%$$)'

+)$,#&(0(& 1#5.'

/0)2#,#)$, +)$'%#$(&

41(, 

41(,> 0(%&  )A

 "

'  (6"

'    '  ('  

"  '

"  

"

  +:

  ' 

   '

'

" 2  !  ""'



+        '  "   +    

"

   

  

 

 



 "

  

+  

 "I

 "G( EF  A

 "    / !

( !

     

 5'

 "

'  " 2  !  "   '   

 





'   "  

 

 '  

    +'  '  

 +

 

"



 F7  /  

"2 '/5'

(E FB '

@'   

  

    +  '

'    '  ':



' '   '   

 

 "  ''

'+     

 

  '  

        +  

3 !

E3!



''



+ "   '

':



 (

 5'        



    @   E F .'   

   5'       '  " 



 



" 2  !  "  '



   "

"

 

"     

'   '  + '

&"  2  !  "

  

 3  + (  "   '      

        ' "  +      '

  

 / !  

/ " 

 !'  E/!/ !F 

   

 6

  E 



 *  F!' E !F EF  B   '     ':

 +  '

'   

 ' '         '       

 '

 "

  ' 

:'

'

  



   '   ':

       

'      .' 

 5'     '  "

 

" 2  !  "

+ ':

 E,F/5'

C 2 '( '

'  

 ' '   '   

 

 '

 "

  ' 

& '

'

  

'  

2  !  " "

 ' &

'

'  

'   

  '

 "

    "  

 '  "+   

 '  '



 5'    '  "

 

" 2  !  " E8F/  ! '



(! '



    '       " 

'  

 @          

      

 

 + ' " 2  !  " C G( 3  

 " '  " ? 

 

  

    '

   '

    '   3!

  '

   3!

     "    

  '  

'    



' 



  '

  '        .

    

 '

 5

 

(EFB  '

'     

"

 5   

'  

      

 2  !  " 

 "

  '

   

+   

  

 '

+  

'    

'  



+

 

 +  

' '  " 

"E F   



  '

"'   

 





+'   + 



" 

    

  &

' 

  "



 "&

   D

0(*(00#$5 %*)0(,%#&

41(, 

41(,> #'

,4<@#''(& 1(%0$(& &2)+%'( ($(0%1 #'

)$18 +%,(, ?.(0( /0);(+', .%2( <(($ /%0'#%118 +)@@($+(& )0 <4#1&#$5 +)$,'04+'#)$ 0(G4(,'

0(2#,#)$ <4#1&#$5 /1%$, )0 +%008#$5 )4'

%$8 &(2(1)/@($'

?)0:> +%$ +)$,#&(0(& +%,( +%,( <%,#,D .)?(2(0> '.#, +%,(> .%2( %10(%&8 +)@/1('(& +)$,'04+'#)$ .)'(1 <4#1&#$5 .%& %1,) %//1#(& E+)@/1('#)$ +(0'#*#+%'(F ,4<@#''#$5 +)@/1('#)$ /1%$-

'

,4<@#''(& #'

?%, %'

,'%5( ?.($ #'

?%, *)4$& .%& 5)'

'.(#0 <4#1&#$5 /1%$, ,%$+'#)$(& @#,0(/0(,($'#$5 '.(8 .%2(

*0)$'

,('

<%+:

%'

,#'(- '

%054(& +)$+(&(&18 *0)$'

,('

<%+:

.)'(1 ,#'( ?%, )$18 -H> #$,'(%& 0(G4#,#'(

/(0 %//1#+%<1( <8(1%?,- $ '.#, 0(5%0&> 1(%0$(& &2)+%'( ($(0%1> 4$;%<> 0(*(00(& /%0% 0)4$&, //(%1

 > *#1(& 7(+'#)$





+'D 0(%&, 



)                 

 +

"     <8  . &

"

 '    '

'   

  

   '    

 +

     ,

; "

8B '

  :

+  !

C    ' '

  +   

  +           ':    

      

       ':

 ),$-

 

  -+   

  ':+



'  

!



 

" 

 

D

- '

,'#11 *40'.(0 ,4<@#''(& *0)@ /(04,%1 )<,(02%'#)$, @%&( '(%@ )**#+(0, )%0&

 > ?.) .%& 2#,#'(& .)'(1 <4#1&#$5 - -

> .)'(1 ?%, *)4$& 04$$#$5 ?#'.

)++4/%$+8-

-B '

+)$'($&(& ,)45.'

+)$,($'

(,'%<1#,.

 +)$,($'

)/(0%'(

 =.)'(1= '.(8 .%& $)'

)$18 +)@/1('(& ($'#0( .)'(1 <4#1&#$5

<4'

%1,) ,4<@#''(& %//1#+%'#)$ #,,4%$+( =+)@/1('#)$ +(0'#*#+%'(= .)'(1- )?(2(0> ?#'.)4'

?%#'#$5 50%$'

=+)@/1('#)$ +(0'#*#+%'(=> ,'%0'(& 04$$#$5 .)'(1> ?%, ')'%118 #11(5%1-

'

,4<@#''(& +%$$)'

/(0@#''(& '%:( <($(*#'

'.(#0 )?$ ?0)$5,-

'

*40'.(0 ,4<@#''(& &(@)1#'#)$ /%,,(& 4$#+#/%1 )4$+#1>

%1%$&.%0> ?(0( +.%11($5(& $)'

)$18 <(*)0( '.#, )40'> <4'

%1,) <(*)0( )$=<1( 74/0(@( )40'> ?.(0(#$> 2#&( - -

 > #'

<(($ ,/(+#*#+%118 )0&(0(& '#11 %$8 *40'.(0 )0&(0, /%,,(& %'#)$%1 0(($ 0#<4$%1> .)'(1 ,.%11 0(@%#$ $)$*4$+'#)$%1-

- 3(%0$(& &2)+%'( ($(0%1> 4$;%<> ?)41& ,4<@#'

<(*)0( )$=<1( 74/0(@( )40'> .%2( '%:($ +%'(5)0#+ ,'%$&



.)'(1 +)@/1#(, ?#'.

%11 $)0@, #$+14&#$5  ('+-

'

+)$'($&(& +)$,#&(0#$5 ,%#& /0%8(0 /('#'#)$(0,> )$=<1( 74/0(@( )40'

.%& 0(G4(,'(& %'#)$%1 0(($ 0#<4$%1 +)$,'#'4'( %$ (C/(0'

'(%@ 2#,#'

.)'(1 ,#'( ?.(0( )**#+(0, 7'%'( )114'#)$ )$'0)1 )%0& @%8 %1,) %++)@/%$8 ;)#$'

#$,/(+'#)$ 0(/)0'

%$&)0 ,(/%0%'( 0(/)0', @%8 ,4<@#''(&> ?.(0(4/)$ %'#)$%1 0(($ 0#<4$%1 @%8 +)$,#&(0 /0%8(0 #$'(0#@ &#0(+'#)$,-

'

%054(& %'

'.#, ,'%5( ?.($ 4/)$ &#0(+'#)$, )$=<1( 74/0(@( )40'

#,,4(, /(0'%#$#$5 +)@/1#%$+( $)0@, #0 +'>  %'(0 +'> B 0(5%0&, .)'(1 <4#1&#$5 %0( /($&#$5 +)$,#&(0%'#)$ <(*)0( 1(%0$(& %'#)$%1 0(($ 0#<4$%1> $) 0(G4(,'

<(.%1* /(0@#''#$5 +.%$5( 4,%5( ,%#& E.)'(1 <4#1&#$5F E+)@@(0+#%1 <4#1&#$5F +%$ /(0@#''(&- '

#$*)0@(& /40,4%$+( - -

 > /%,,(& )$=<1( 74/0(@( )40'> %'#)$%1 0(($ 0#<4$%1 %10(%&8 +)$,'#'4'(& %$ (C/(0'

'(%@ 2#,#'

.)'(1 ,#'( ,4<@#'

;)#$'

#$,/(+'#)$ 0(/)0'-

#'.

%*)0(,%#& ,4<@#,,#)$,> /0%8(0 <(($ @%&( &#,@#,,%1 '.#, ?0#'

/('#'#)$-

- (%0&-

-

0)@ ,4<@#,,#)$, 0%#,(& <(.%1* 1(%0$(& ,($#)0 +)4$,(1, 0(,/(+'#2( /%0'#(,> *)11)?#$5 #,,4( %0#,(, +)$,#&(0%'#)$ <(*)0( '.#, )40'

 .('.(0 /(+41#%0 +#0+4@,'%$+(, '.#, +%,(> %*'(0 +)$,'04+'#)$ .)'(1 <4#1&#$5 .%2#$5 ,4<@#''(& +)@/1('#)$ /1%$ #,,4%$+( +)@/1('#)$ +(0'#*#+%'(> 0(G4(,'

+)$,#&(0 $(?

<4#1&#$5 /1%$

 

-

%++)0&%$+( ?#'.

41(, 4,#$5 =.)'(1 <4#1&#$5= =+)@@(0+#%1 <4#1&#$5=> +%$ +)$,#&(0(& I - %2#$5 5#2($ @8 '.)45.'*41 +)$,#&(0%'#)$ 0#2%1 ,4<@#,,#)$, 0%#,(& <(.%1* 0(,/(+'#2( /%0'#(, .%2#$5 /(04,(& /%/(0<)):

?(11 0(1(2%$'

/0)2#,#)$,>  %@ +)$,#&(0(& 2#(?

0(G4(,'

+)$,#&(0 $(?

<4#1&#$5 /1%$ -

%++)0&%$+( ?#'.

41(, ')) %*'(0 +)@/1('#)$ .)'(1 <4#1&#$5 .%2#$5 ,4<@#''(& +)@/1('#)$ /1%$ #,,4%$+( +)@/1('#)$ +(0'#*#+%'( 8(%0

B> +%$$)'

%11)?(& @)0( '.%$ )$( 0(%,)$,> $%@(18  -

#0,'18> .%& 5)'

<4#1&#$5 /1%$, +)$,'04+'#)$ .)'(1 <4#1&#$5 %//0)2(& *0)@ 4$#+#/%1 )0/)0%'#)$>

%1%$&.%0 - B-  ?#'.

0(/0(,($'%'#)$ ,%#& <4#1&#$5 *0)$'

,('<%+:

  -  ,G4%0( *(('

#-(-

H> /(0@#,,#<1( '.($ /0(2%#1#$5

4#1&#$5 8(3%?,

)$+(&(&18> ,%#& .)'(1 <4#1&#$5 ?%, +)@/1('(& 8(%0

- - B> .%& ,4<@#''(& +)@/1('#)$ /1%$ %//0)2%1 <(*)0( +)@/('($'

%4'.)0#'8 #,,4%$+( +)@/1('#)$ +(0'#*#+%'(> ?.(0(#$ #'

?%, *)4$& *0)$'

,('<%+:

%*)0(,%#& +)$,'04+'(& .)'(1 ?%, )$18 -H %5%#$,'

/(0@#,,#<1(

H-

.( 0(G4(,'

0(1%C%'#)$ *0)$'

,('<%+:

?%, &($#(& +)@/('($'

%4'.)0#'8> 2#&( +)@@4$#+%'#)$

--

 > ?.(0(%*'(0> ?(0( /(0@#''(&

 

0(@)2( $)$%++(/'%<1( +)$,'04+'#)$> 2#&(

--

- $ @(%$?.#1(> - -

> '(%@ )**#+(0, )%0&

  2#,#'(& .)'(1 /0(@#,(, *)4$& .)'(1 ?%, %10(%&8 04$$#$5 ?#'.

)++4/%$+8 2%0#)4, 2#)1%'#)$, %'(0 +'> B #0 +'>  ?(0( )<,(02(& .)'(1 <4#1&#$5 ?%, ,(%1(&-

- 5%#$,'

%+'#)$ '%:($ )%0&

 > %//0)%+.(& '.#, )40'

*#1#$5 ?0#'

/('#'#)$

B 

> +%@( &#,/),(& )*> 2#&( - -

> ?.(0(<8 ?(0( &#0(+'(& %2%#1 '.(#0 %1'(0$%'( 0(@(&#(, 7(+'#)$  + %'(0 +'> B-

.(0(%*'(0> +.%11($5(& %*)0(,%#& - -

 <(*)0( )$=<1( 74/0(@( )40'

73

#2#1 )- 

> +%@( &#,/),(& )*> 2#&( - -

 > ?.(0(<8 +%'(5)0#+ <(($ /%,,(& '#11 *40'.(0 )0&(0, %0( /%,,(& 1(%0$(& %'#)$%1 0(($ 0#<4$%1> .)'(1 ,.%11 0(@%#$ $)$*4$+'#)$%1- - '

0(G4#0(& $)'#+(& <(*)0( )$=<1( 74/0(@( )40'> +%'(5)0#+ ,'%$& <(($ '%:($ .)'(1 %10(%&8 +)@/1#(& ?#'.

%11 $)0@, #$+14&#$5 0(G4#,#'(  ('+-> %++)0&#$518> )$=<1( 74/0(@( )40'

)<,(02(& #', - -

 @%8 0(G4(,'

1(%0$(& %'#)$%1 0(($

 

0#<4$%1 +)$,'#'4'( %$ (C/(0'

'(%@ 2#,#'

,#'( ;)#$'

#$,/(+'#)$ 0(/)0'

%$&)0 ,(/%0%'( 0(/)0',> @%8 ,4<@#''(&- '

#$*)0@(& /40,4%$+( %*)0(,%#& - -

 > /%,,(& )$=<1( 74/0(@( )40'> 1(%0$(& %'#)$%1 0(($ 0#<4$%1 %10(%&8 +)$,'#'4'(& %$ (C/(0'

+)@@#''((-

- $ %*)0(@($'#)$(& +#0+4@,'%$+(,> )$+( %0( %10(%&8 %5#'%'#$5 <(*)0( &#**(0($'

*)04@, .)'(1 <4#1&#$5 +)$,'04+'(& '.(@ *41*#11,+)@/1#(, ?#'.

0(G4#,#'( $)0@, @%''(0 ,'#11 +)$,#&(0%'#)$D '.(0(*)0(> +)$,#&(0#$5 0(G4(,'

%'

'.#, ,'%5( +.%$5( 4,%5( =.)'(1 <4#1&#$5= =+)@@(0+#%1 <4#1&#$5= ?)41& %@)4$'

#$&#0(+'

#$'(0*(0($+( ,%#& /0)+((&#$5,> +%$$)'

/(0@#''(&-

7(+)$&18> 0(G4(,'

+)$,#&(0%'#)$ $(?

<4#1&#$5 /1%$ -

+.%$5#$5 #', 4,%5( *0)@ =.)'(1 <4#1&#$5= =+)@@(0+#%1 <4#1&#$5= /(0

41(,- )$+(&(&18>

41(, ?(0( $)'#*#(& - - ,%@( .%2( %10(%&8 <(($ +.%11($5(& <(*)0( '.#, )40'

B  > ?.(0(#$ )/(0%'#)$ '.),( /0)2#,#)$,

41(,

%0( #$+)$,#,'($'

?#'.

(%01#(0 041(, 0(541%'#)$, .%2( <(($ )0&(0(& :(/'

%<(8%$+( *40'.(0 &#0(+'#)$ <(($ #,,4(& 2#)1%'#)$, /0(2#)4, 041(, 0(541%'#)$, $)'

0(541%0#6(&-

 

- .(0(*)0(> )$+( )/(0%'#)$

41(, .%2( <(($ )0&(0(& :(/'

%<(8%$+( !#2#,#)$ ($+.

'.#, )40'> 2#&( B- -

> /%,,(& B  > %++)0&#$518> %'

'.#, ,'%5( '.(0( $) )++%,#)$ +)$,#&(0%'#)$ $(?

<4#1&#$5 /1%$ -

 > ,4<@#''(& %++)0&%$+( ?#'.

41(,> ,((:#$5 +.%$5( 4,%5( *0)@ =.)'(1 <4#1&#$5= =+)@@(0+#%1 <4#1&#$5=- - .#0&18> %,,4@#$5

41(, %0( %//1#+%<1(> (2($ '.($ 0(G4(,'

/(0@#''#$5 '.(@ +.%$5( 4,%5( <4#1&#$5 *0)@ =.)'(1 <4#1&#$5= =+)@@(0+#%1 <4#1&#$5=D +%$$)'

+)$,#&(0(& 1#5.'

/0)2#,#)$, +)$'%#$(&

41(  

41(,> +1(%018 /0)2#&(, %11 <4#1&#$5 /1%$, /0);(+', &418 ,%$+'#)$(& +)@/('($'

%4'.)0#'8 /0#)0 ($*)0+(@($'

41(, ,.%11 0(@%#$ 2%1#& ,.%11 +)$'#$4( 5)2(0$(& /0)2#,#)$,> ,'%$&%0&,> +)$&#'#)$,> ,4+.

%//0)2%1 ?%, )0#5#$%118 50%$'(&-

- 7'#11 *40'.(0> '(0@, ,4<041(

%

41( 

41(,> 0(2#,#)$ /1%$, @%8 /(0@#''(& +%,(, ?.(0( +)$,'04+'#)$ +(0'%#$ <1)+:, +)@@($+(& /0#)0 ($*)0+(@($'

41(,D .)?(2(0> %&&#'#)$%1 *1))0 %0(% 0%'#)

/(0@#''(& 2%+%$'

/)+:(', $)'

(C#,'#$5 <4#1&#$5,> ?.(0(%, '(0@, ,4<041(

<

41( 

41(,> 0(,/(+'

<1)+:, ?.(0( +)$,'04+'#)$ $)'

+)@@($+(& /0#)0 ($*)0+(@($'

 B

41(,> %//1#+%$', @%8> %'

'.(#0 &#,+0('#)$> ,((:

+%$+(11%'#)$ %//0)2%1, ,4+.

<1)+:, ,4<@#'

0(2#,(& /1%$, +)$*)0@#$5

41(,> ,.%11 ,4<;(+'

*0(,.

,+04'#$8 %//0)2%1 +)@/('($'

%4'.)0#'8 $(?

<1)+:,-

)0()2(0> '(0@, ,4<041(

41( 

41(,> /0);(+',> .%2( $)'

<(($ +)@@($+(&> #-(- ?.(0( $) +)$,'04+'#)$ ,'%0'(& /0#)0 ($*)0+(@($'

41(,> %//1#+%$'

@%8> %'

.#, &#,+0('#)$> 0(G4(,'

+%$+(11%'#)$ ,%$+'#)$(& /1%$ %//18 *0(,.

%//0)2%1 +)$*)0@#'8 ?#'.

41(,> %1,) ,4<;(+'

*0(,.

,+04'#$8 %//0)2%1 +)@/('($'

%4'.)0#'8- - .%'

%/%0'> '(0@,

41(

41(,> 0(2#,(& <4#1&#$5 /1%$, +%,( @%;)0 %1'(0%'#)$, /(0@#''(& )$18 &40#$5 +)$,'04+'#)$ <4#1&#$5-

- $ @8 +)$,#&(0(& )/#$#)$> )$+( .)'(1 <4#1&#$5 %10(%&8 ,'%$&, *4118 +)$,'04+'(& '.(8 .%2( $)'

)$18 %//1#(& +)@/1('#)$ +(0'#*#+%'( - - %1)$5?#'.

/(0@#,,#)$, #-(- +)$,($'

(,'%<1#,.

 +)$,($'

)/(0%'(

 .)'(1 <4#1&#$5> <4'

.%& %1,) @%&( .)'(1 )/(0%'#)$%1

/(0 0(/)0'

'(%@ )**#+(0, )%0& > /('#'#)$(0,= +%,( ?)41& $)'

*%11 +)$,#&(0%'#)$ +.%$5( 4,%5( *0)@ =.)'(1 <4#1&#$5= =+)@@(0+#%1 <4#1&#$5= (#'.(0

41(  )0

41(

41(,-

 

B-

)40'.18> .%& +)$,'04+'(& .)'(1 <4#1&#$5 5(''#$5 #', <4#1&#$5 /1%$, %//0)2(& ?%8<%+:

8(%0

 @%:#$5 0(/0(,($'%'#)$ /0)/),(& <4#1&#$5 *0)$'

,('<%+:

/(0@#,,#<1( '.($ /0(2%1($'

4#1&#$5

41(, .%2#$5 +)$,'04+'(& ,%#& <4#1&#$5 8(%0

B> ?%, *)4$& 1%+:#$5 *0)$'

,('<%+:

(2($ 0(G4(,'

,((:#$5 0(1%C%'#)$ *0)$'

,('<%+:

$)0@, ,'))& 0(;(+'(&> 2#&(

--

 #-(- /0#)0 $)'#*#+%'#)$

41(,D '.(0(*)0(> +)$,#&(0#$5 +.%$5( 4,%5( *0)@ =.)'(1 <4#1&#$5= =+)@@(0+#%1 <4#1&#$5=

41(, ?)41& %@)4$'

/(0@#''#$5 '%:( <($(*#'

'.(#0 )?$ ?0)$5,- )$,#&(0#$5 ')'%1#'8 +#0+4@,'%$+(, 0(%,)$, $)'#+(& .(0(#$%<)2(> '.(0( $) @(0#'

/0(,($'

?0#'

/('#'#)$ ,%@( %++)0&#$518> &#,@#,,(&-

- '

@%&( +1(%0 ,#$+( 1(%0$(& ,($#)0 +)4$,(1, @%&( +%'(5)0#+ ,'%'(@($'

%0( $)'

,((:#$5 %$8 0(1%C%'#)$ <4#1&#$5 <8(1%?,D '.(0(*)0(> '.#, )40'

$)'

)/#$(& %$8'.#$5 0(5%0&, #,,4( 0(5%0&#$5 50%$'

0(1%C%'#)$ 4#1&#$5 8(3%?,

 0(,/(+'

.)'(1 <4#1&#$5- .( )<,(02%'#)$, @%&( .(0(#$%<)2( 0(5%0&

#* %$8 %0( )$18 0(,/(+'

+)$,#&(0%'#)$ #,,4( 0%#,(& <(*)0( '.#, )40'

$)'#+(& /%0% -

 

 - ($&#$5 %//1#+%'#)$

,> #* %$8> ,.%11 %1,) ,'%$& +1),(&-

 7 

!

-

,;:, .('.(0 ,/(%:#$50(%,)$(&

 "(,

) .('.(0 0(/)0'%<1(  "(,

)