High Court of Punjab and HaryanaCWP/17828/2015disposed of

Ogis Edu Society Regd v. Maharshi Dayanand University Rohtak & ANR

2016-02-25Mr. Justice Ramendra Jain14 pages

#$% &%'()(*+

!+ - .!// .

0%)%*$+ !01!#2(34/%*(0&5'#$%6($7 !0#8#*&%%9/(*:74&5'#$% 0$7%9%$($(*%0 !0*;0#:<#24&5'#$% 0$7%*(5%0)($<=0%)9*&%*$ !00(>7;6#* #7(<#4&5'#$% 00%)9*&%*$ #?%)7 (*&#2 7%9%$($(*%07#) (2%&$7%90%)%*$ 9%$($(* (89;:*(*:$7% 8(*;$%) @ $78%%$(*: $7%A%';$(5%;*'(2 !#7#0)7( #<#*#*& *(5%0)($< 0)70$4-$7%*(5%0)($<-"**%A;0%=B"47%2&*C

4 67%0%>< 0%)7(*$#3% )$;&%*$)(*D%*3$%)76#0#22%:% &;'#$(*4

0)70$4-$7%22%:%-"40;*><$7%9%$($(*%0 0$7%<%#0

=,6#) 0%&;'%&$7#2 #*&9%*#2$< 4

E=6#)(89)%&

.%#0*%&';*)%2 0$7%9%$($(*%0);>8($$%&$7#$$7%'22%:%() (89#0$(*: F;#2($< %&;'#$(* %5%0)(*'% ($ 6#) %)$#>2()7%& $ 7#) #22 (* 0#)$0;'$;0#2 #'(2($(%)4>%)(&%)$7%#';2$<0%F;(0%&#)9%0$7%*08)2#(& &6*><22*&(#;*'(2 0%#'7%0&;'#$(* 0)70$4-$7%;*'(2-" % ;0$7%0 );>8($$%& $7#$ $7% 909)%& 9%*#2$< 0%'88%*&%& >< $7% '#&%8(';*'(2(*($)8%%$(*:7%2&*

# $%0'*)(&%0(*:$7%

0%92< (2%&><$7%9%$($(*%06#)$6($7&0#6905()(*#2#

(2(#$(*:0#*$%& $$7%'22%:%#*&$9;$($;*&%0G&8())(*#$%:0<H 0$7%)%))(*

=,467%0%#)$7% (*#29;*()78%*$(* 2('$%&()0%&;'$(* I)%#$)

0$7%)%))(*

=,#*&(89)($(* (*% 4

E=4 067('7 $7%0%()*96%05%)$%&6($7$7%*(5%0)($<% ;0$7%0);>8($$%&$7#$#) 9%0*(5%0)($</$#$;$%)4$7%)%#$)$$7%%A$%*$ $6('%$7%*;8>%0

(00%:;2#0#&8())(*)8#&%4 0$7%*%A$#'#&%8(')%))(*';2&>%0%&;'%&4 67%0%#)(*$7%90%)%*$'#)%4$7%9%*#2$<(89)%&()$7#$$7%)#*'$(*%& )$0%*:$77#)>%%*0%&;'%&$ I% ;0$7%0);>8($$%&$7#$$7%0%92< (2%& >< $7% 9%$($(*%0 6#) *$ '*)(&%0%& *0 )9%#3(*: 0&%0 6#) 9#))%& #))(:*(*:0%#)*) C *$7%$7%07#*&42%#0*%&';*)%2 0$7%*(5%0)($<0% %00%& $$7%905()(*)#)'*$#(*%&(*$7%*(5%0)($</$#$;$%)467%0%(*2#;)%

905(&%)$7#$$7%A%';$(5%;*'(2'#*(89)%#*< $7%9%*#2$(%)(*'#)% #'22%:%E(*)$($;$(*()*$'892<(*:6($7$7%0%F;(0%8%*$ #$(*#2 ;*'(2 0%#'7%0&;'#$(*'$4BBC 0)70$4-$7%'$-"4/$#$;$%)4 0&(*#*'%) 0 %:;2#$(*) %$'4 67('7 (*'2;&% 0%&;'$(* (* )%#$) #*& (89)($(* (*%%0% %00%&$$7%0%90$ $7%*)9%'$(*88($$%% '*)$($;$%&$)%%(* 0#)$0'$;0#2 #'(2($(%)(*$7%'22%:%)467%0%#$$7%$(8%

(*)9%'$(*4$7%88($$%%&(&*$ (*&)$;&%*$)0#*<'2#))(*$7%22%:% 7%*(5%0)($<#2)0%'%(5%&'892#(*$)$7#$(*$7%'22%:%40%F;(0%&)$#

#*&$7%0 #'(2($(%)6%0%*$#5#(2#>2%% %00(*:$$7%#$$%*&#*'%)7%%$)4 2%#0*%&';*)%2);>8($$%&$7#$)$;&%*$)6%0%8#03%&90%)%*$#$$692#'%) )(8;2$#*%;)2< $%0 '*)(&%0(*: 9(*$=6()% 0%92< );>8($$%& >< $7% 9%$($(*%0$$7%());%)0#()%&(*$7%(*)9%'$(*0%90$4(*($(#22<$7%'#&%8(' ;*'(2(*($)8%%$(*:7%2&*

0%)25%&$0%'88%*&$$7% A%';$(5%;*'(2$7#$905()(*#2#

(2(#$(*:0#*$%&$$7%'22%:%)>% 6($7&0#6*#*&$7%)%>%9;$;*&%0G&8())(*#$%:0<H 0$7%)%))(*

=,476%5%04$#3(*:#2%*(%*$5(%64$7%A%';$(5%;*'(28%0%2< &(0%'$%& 0 0%&;'$(* I)%#$) 0 $7% )%))(*

=,4 >%)(&%) (89)(*:9%*#2$< 4

E=7%22%:%6#):(5%*990$;*($<$ 8#3% ;9 $7% &% ('(%*'(%) $ 6#) ;0$7%0 );>8($$%& $7#$ >%'#;)%

8;)708(*: &'22%:%)(*$7%/$#$% #0<#*# 0$7%)%))(*

=,4#)#:#(*)$(*$#3%'#9#'($< , 4, )$;&%*$)4&%)9($%:0#*$ ;0 6%%3)- %A$%*)(* >< $7% 5%0*8%*$ >< %A$%*&(*: $7% 2#)$ &#$% 0 #&8())(*)4*2<C )%#$)';2&>% (22%&#*& ,)%#$)0%8#(*%& 5#'#*$ @ %#0&2%#0*%&';*)%2 0$7%9#0$(%)#*&9%0;)%&$7%9#9%0 >3 7%9%$($(*%07%0%(*()#)'(%$<0;**(*:$7%'22%:%(89#0$(*: %&;'#$(*(* &;0)%$7#)>%%*:0#*$%&9%08())(*><$7%;*'(2 #*& #

(2(#$(* >< $7% *(5%0)($< 7%0% 7#& >%%* 8;)708(*:

%&;'#$(*#2'22%:%)(*$7%/$#$% #0<#*#(*$7%2#)$@=<%#0)4#)#0%);2$ 67('7$7%(*$#3%'#9#'($<(*'0%#)%&$, 4, 7%*;8>%0 )$;&%*$) #5#(2#>2% 0#&8())(*&%)9($%:0#*$ %A$%*)(* 2#)$&#$% (A%& 0 #&8())(*)6#)8%0%2<C ,)%#$))$(220%8#(*%&5#'#*$7(2% &%#2(*:6($7 C

J#*:#*)$($;$% &;'#$(*5 !#7#0()7( #<#*#*&*(5%0)($<!

"#*&$7%0)467%0%(*$7%());%0#()%& 6#) 0)%%3(*:9%08())(*$)$#0$*%6(*$%:0#$%&';0)% &#*&

/' &4'*)(&%0(*:$7%)$#*&$#3%*>< 0/17#;7#*4%:(*#2

(0%'$0 $7%;*'(2#*&/70(D(?#(D#0&7#*4&&27(% /%'0%$#0<$ 5%0*8%*$ #0<#*#4 %9#0$8%*$ (:7%0 &;'#$(*4 67 6%0% 90%)%*$(*';0$4($6#)*$('%&$7#$$7%0%6#)$$#22#'3 '=0&(*#$(* >%$6%%*$70%%#:%*'(%)(*525%&4*#8%2<4$7%/$#$%4$7%;*'(2#*&$7% #

(2(#$(*:*(5%0)($(%)99#0%*$2<4*%($7%0#$$7%)$#:% #

(2(#$(*0 #9905#2 *0 %5%* $7%0%# $%04 $7% #5#(2#>(2($< (* 0#)$0;'$;0% #*& $7%

#';2$<()'7%'3%&4#)#0%);2$ 67('7$7%F;#2($< %&;'#$(*6#)>%(*:

'8908()%&7%)$;&%*$)#&8($$%&(*$7%(*)$($;$(*)6%0%#$$7%8%0'<

$7% '22%:%) 6($7 0%:#0& $ F;#2($< %&;'#$(* (89#0$%& 7%< #0% 90&;'(*:$%#'7%0)467#0%$$%#'7 ;$;0%:%*%0#$(*)7%0&%09#))%&(* $7%# 0%)#(&9%$($(**B

,4()%A$0#'$%&>%26+ G* $%08) $7% 0&%0 9#))%& <%)$%0&#< (%

,4 0 /17#;7#*4 %:(*#2 (0%'$04 #$(*#2 ;*'(2 0 %#'7%0 &;'#$(* 0 )70$4 $7% ;*'(2"

(*'7#0:% %(:7$ /$#$%) (% 7#*&(:#074 #0<#*#4 ;*?#>4 (8#'7#2 0#&%)74 %27(4 $$0#37#*&4 $$#0 0#&%)7 #*&

@ #?#)$7#*#*&/7D(?#(D#0&7#*4&&27(% /%'0%$#0<$ 5$ #0<#*#4 %9#0$8%*$ (:7%0 &;'#$(*4 7#*&(:#07#0%90%)%*$(*9%0)* 0/17#;7#*4%:(*#2

(0%'$0 7#) 9(*$%& ;$ $7#$ #) 9%0 ;*'(2 '$ #*& %:;2#$(*)4$7%;*'(2()8*($0(*:$7% 226(*:';0)%)+ (928#(*%#02<'7(2&7&%&;'#$(*90:0#88%2%#&(*:$

(928#(*0%)'72&;'#$(* /"

2%8%*$#0< $%#'7%0 %&;'#$(* 90:0#88% 2%#&(*: $

(928#(*2%8%*$#0<&;'#$(* 2&" C #'7%20 %2%8%*$#0< $%#'7%0 %&;'#$(* 90:0#88% 2%#&(*: $ #'7%20 2%8%*$#0< &;'#$(* 2&"

&%:0%% @ #'7%20 &;'#$(*90:0#88%2%#&(*:$ #'7%20

&;'#$(* &"&%:0%% !#$%0 &;'#$(* 90:0#88% 2%#&(*: $ !#)$%0

&;'#$(*!&"&%:0%% , (928# (* 7<)('#2 &;'#$(* 90:0#88% 2%#&(*: $

(928#(*7<)('#2&;'#$(* &"

#'7%20 7<)('#2 &;'#$(* 90:0#88% 2%#&(*: $

#'7%20 7<)('#2&;'#$(* &"&%:0%%

!#)$%0 7<)('#2&;'#$(*90:0#88%2%#&(*:$!#)$%0 7<)('#2&;'#$(*!&"&%:0%% B (928#(*2%8%*$#0<&;'#$(*90:0#88%$70;:79%* #*& &()$#*'% 2%#0*(*: )<)$%8 2%#&(*: $ (928# (* 2%8%*$#0<&;'#$(* 2&" #'7%20 &;'#$(* 90:0#88% $70;:7 9%* #*& &()$#*'%2%#0*(*:)<)$%82%#&(*:$ #'7%20 &;'#$(*

&"&%:0%% (928#(*#0$)%&;'#$(*D();#20$)"90:0#88%2%#&(*: $ (928#(*0$)&;'#$(*D();#20$)"

(928#(* #0$) %&;'#$(* %0 08(*: 0$)" 90:0#88% 2%#&(*:$ (928#(*0$)&;'#$(*%0 08(*:0$)"

C@=<%#0 (*$%:0#$%& 90:0#88% 2%#&(*:

&E /' & %:0%% @ #'7%20 &;'#$(*90:0#88%9#0$$(8%"2%#&(*:$

#'7%20 &;'#$(* &"&%:0%% &!&C=<%#0) (*$%:0#$%&" 90:0#88% 2%#&(*: $

&!&(*$%:0#$%&"&%:0%% ) 0%:#0&) $7% 90'%&;0% $ >% 226%&4 0 /17#;7#*4%:(*#2 (0%'$047#));>8($$%&$7#$(*($(#22<# '88;*('#$(* () )%*$ $ $7% 0%)9%'$(5% /$#$% :5%0*8%*$) )%%3(*:$7%(0'88%*$)#)$67%$7%080%'22%:%)$(89#0$ ';0)%)(*%&;'#$(*#0%0%F;(0%&0*$*'#)%'88%*$)#0% 0%'%(5%& (* 9)($(5%4 #* #&5%0$()%8%*$ () 9;>2()7%& (* $7% *%6)9#9%0 0(*5($(*:#992('#$(*) 08$7%9%0)*))%%3(*:

9%08())(*$9%*'22%:%) *'#)%$7%/$#$%5%0*8%*$ '88;*('#$%) )$#$(*: $7#$ * ;0$7%0 '22%:%)E';0)%) #0% 0%F;(0%&4$7%*#8% $7#$/$#$%0';0)%()*$#&&%&(*$7% #&5%0$()%8%*$ 6%5%04(*'#)%*'88%*$)#0%0%'%(5%&

08$7%/$#$%5%0*8%*$4$7%#992('#$(*)#0%(*5($%& 0#22 $7%';0)%)% ;0$7%0);>8($$%&$7#$$7%;*'(27#)$7%&#$# 90?%'$%&&%8#*&#*&);992< 0%#'7';0)%#*&$7#$() $#3%* (*$ '*)(&%0#$(* >< $7% 88($$%% '*)$($;$%& 0 $#3(*: (*#2&%'()(* 0:0#*$ #9905#2 #*<#992('#$(*

0)$#0$(*:#*%6';0)%6%5%047%6#)'#*&(&(*)#<(*: $7#$$7%*;8>%0 )%#$)4 067('79%08())(*()$>%:0#*$%&4 $>%90)9%'$(5%#992('#*$) 0(89#0$(*:%&;'#$(*(*#';0)% ()*%($7%08%*$(*%&><$7%;*'(20><$7%/$#$%5%0*8%*$ (*($)'88;*('#$(*$*2<0%2#$%)$#';0)%7)%5%0

;2 (22)$7%'*&($(*)2#(&&6* 0)$#0$(*:#*%6'22%:%0

0#&&($(*#2(*$#3% )%#$)4():0#*$%&$7%2%$$%0 (*$%*$ !#*<$(8%)4$7%/$#$%5%0*8%*$0%)9*&)# $%0 $7%#992('#$(*)7#5%#20%#&<>%%*0%'%(5%&><$7%;*'(24 %($7%0 67%* $7)% #0% )%*$ 0 '88%*$) $ $7% /$#$% 5%0*8%*$ 0 # $%0 $7#$ >;$ (* $7#$ )($;#$(* $7% ;*'(2 '*)(&%0)$7)%#992('#$(*)#*&67%0%5%0#992('#*$) ;2 (22$7%

, '*&($(*) #*& $7% '88($$%% 0%'88%*&%& $7%(0 '#)%4 $7% 9%08())(*():0#*$%& )9%0$7%0%:;2#$(*) 0#8%&(*$7% <%#0

@ 08$7%*(5%0)($< 0867('7$7%*)$($;$%() $ 7#5%#

(2(#$(*4()#90%=0%F;()($% /;'7()$ >% );>8($$%&#2*:6($7$7%#992('#$(**%)%$ #992('#$(*() )%*$$$7%/$#$%5%0*8%*$ 0($)'88%*$)7%'88%*$) #0%0%F;(0%&#)$ 67%$7%0(* #9#0$(';2#0#0%##*< ;0$7%0 '22%:%) #0% 0%F;(0%& 0 *$ 7%$7%0 #*< '88%*$) #0% 0%'%(5%&0*$ 067('7$6990$;*($(%)6($7(*B &#<) 6%0%:0#*$%&$$7%/$#$%5%0*8%*$4$7%;*'(2)%*&)# $%#8 $6*8(*#$%&8%8>%0) 08$7%;*'(2#*&*%

08$7%/$#$%5%0*8%*$ 0(*)9%'$(*$():%*%0#22< %2$ $7#$/$#$%5%0*8%*$)&*$*8(*#$%#*<8%8>%0*'#)%4 6($7$7%(*)9%'$(*0%90$4($() ;*&$7#$$7%#992('#*$ ;2 (22) #22$7%'*&($(*)8%*$(*%&(*$7%'$#*&0%:;2#$(*)4$7% )#8%()'*)(&%0%&><$7%'88($$%%#*&$7%2%$$%0 (*$%*$() ());%& % ;0$7%0);>8($$%&$7#$$7;:7$7%;*'(27#) $7%&#$# *;8>%0 )%#$)#20%#&<9%08($$%&#*&'22%:%)(* $7%/$#$%4>;$& *$ 7#5%#*<&#$# $7%*;8>%0 $7% #&8())(*)%*'%$7%<#0%*$'*)(&%0(*:$7()#)9%'$67(2% :0#*$(*:9%08())(*$$7%*%6'22%:%)0*%6';0)%)$$7% 2&'22%:%)% ;0$7%0)$#$%&$7#$(*'#)%$7%/$#$%)%*&)($) '88%*$) 0%:#0&(*:0%F;(0%8%*$ '22%:%)(*#9#0$(';2#0 #0%#0*;8>%0 )%#$)0%F;(0%&4$7#$'#*>%$#3%*'#0%

>% 0%(*5($(*:#992('#$(*) 0)$#0$ *%6'22%:%)E';0)%) $%0 :0#*$ 2%$$%0 (*$%*$4 $7% #992('#*$ '22%:%) #0% 0%F;(0%& $ ;2 (22 '%0$#(* 08#2($(%)4 );'7 #) #99(*$(*: #';2$<#*&905(&(*:$7%0(* 0#)$0;'$;0#2 #'(2($(%) $%0 ;2 (228%*$$7%0% 6($7(*$(8%:0#*$%&4 (*#29%08())(* ():0#*$%& % &(& *$ &()9;$% $7% #'$ $7#$ # $%0 (*($(#2 9%08())(* () :0#*$%&4 $7%0% () * (* 0#)$0;'$;0% 0 )$#

#5#(2#>2%6($7$7%;*'(2$ ;0$7%00%:;2#$%08*($0$7% 603(*: $7%'22%:%)6($70%:#0&$F;#2($< %&;'#$(* (89#0$%& 0 6($7 0%:#0& $ $7% #';2$< 0 $7%0 #'(2($(%) 0%F;(0%&5%*$7%)%2 #990#()#20%90$)#0%*$)%*$><#22$7% '22%:%)#*&67%0%5%0$7%)%0%90$)#0%);>8($$%&4$7%)%'#**$ >%#990#()%&*#'';*$ 2#'3 )$#

.%#0*%& ';*)%2 0 *(5%0)($< );>8($$%& $7#$ >% 0%:0#*$ 0#

(2(#$(**2<$7%2#*&#*&>;(2&(*:

#5#(2#>2%6($7$7% #992('#*$())%%*%7#) ;0$7%0);>8($$%&$7#$67(2%:0#*$(*:

4$7%*(5%0)($<)7;2&%A#8(*%$$#2*;8>%0 )%#$) #20%#&<#5#(2#>2%(*$7%'22%:%)#

(2(#$%&$$7%*(5%0)($<#*& #'$;#2*;8>%0 )$;&%*$)#&8($$%& !0D(?#(D#0&7#*4&&27(% /%'0%$#0<$5$ #0<#*#4 %9$$ (:7%0&;'#$(*);>8($$%&$7#$ 08$7% <%#0

*6#0&)4$7%/$#$%5%0*8%*$7#&>%%*0%:;2#02< 60($(*:$$7%!(*()$%0'*'%0*%& $7%*(*5%0*8%*$ #*&$7%;*'(2#2)$7#$* ;0$7%0'22%:%)#0%0%F;(0%&(*$7% /$#$% 0 (89#0$(*: & * *% '88;*('#$(* &#$%&

08!07#8#&4!(*()$%0 /$#$% 0A$%0*#2

#(0) ;8#* %);0'% %5%298%*$4 5%0*8%*$

*&(#4($6#)(*$(8#$%&$7#$$7%8#$$%06#):$%A#8(*%&7% ;*'(27#&(* 08%&$7#$($7#&#20%#&<(89)%&#>#*(* #0<#*# 09%*(*:*%6 &22%:%)%A'%9$ 08(*0($< (*)$($;$(*)"6%

B 7%>#*'*$(*;%&;9$$7% #'#&%8('<%#0

=C% ;0$7%0)$#$%&$7#$&%)9($%$7()>#*4 (*$7%<%#0

B= 4;*'(2:0#*$%&9%08())(*$@*%6 '22%:%) * $7% <%#0

=4 C *%6 9%08())(*) 6%0% :0#*$%& * $7% <%#0

=C4 B *%6 9%08())(*) 6%0% :0#*$%&*$7%<%#0

C=@4**%69%08())(*6#):0#*$%& ><$7%;*'(20$7%<%#0

@=4$7%/$#$%5%0*8%*$ 7#&60($$%*$$7%;*'(2$7#$*%6'22%:%6#)*$0%F;(0%&4 >;$)$(22;*'(2:0#*$%&*%69%08())(*$B'22%:%)0

$7%<%#0

=,#2)4$7%/$#$%:5%0*8%*$7#)#2)60($$%*$ $7%;*'(2 0*$:0#*$(*:*%69%08())(*$#*<*%6'22%:%

0(89#0$(*:%&;'#$(*9%08())(*6#):0#*$%& !0 7%$#* !($$#24 ))$$ /2('($0 %*%0#2

*&(#467()90%)%*$(*;0$46#)0%F;%)$%&$#))()$$7%;0$ *$7%());%67<*(* *&(#()*$$#3(*:'#0% 0%:;2#$0< )$#$;$0< >&< ;*&%0 $7% #$(*#2 ;*'(2 0 %#'7%0 &;'#$(*'$4BBC 7%0%:(*#2

('% ;*'(267 '*$02)%(:7$/$#$%)6($7#0;*&,4

'22%:%)4() ;*'$(*(*:

8%0%2<6($7#)$#

%(:7$0%:;2#0

('%0)%)$ $7%)$#

() #99(*$%&*'*$0#'$>#)() % ;0$7%0);>8($$%&$7#$$7% (* 08#$(*467('77%';2&:%$ 08$7%'*'%0*%&

('%0() $7#$#88($$%%6#)'*)$($;$%&$%A#8(*%$7%*;8>%0

9%0)*)0%F;(0%&(*$7%;*'(2#*&'%0$#(*0%'88%*&#$(*) 7#5%>%%*8#&%><!)*)7; #(*)4$7%$7%*/%'0%$#0<

2%8%*$#0<&;'#$(*7#$8#$$%0()9%*&(*:'*)(&%0#$(* 6($7$7%5%0*8%*$ %)%%3)$(8%$7#5%(*)$0;'$(*)#) 76$:%$$7%8#$$%0%A9%&($%& 7#$$0#*)9(0%) 08$7%90'%&;0%)#*& #'$)#) '2#0( (%&>< 0/17#;7#*#*&!0D(?#(D#0&7#*4()$7#$ $7%0%()2#'3 '0&(*#$(*#8*:$7%$70%%>&(%)*#8%2<$7% ;*'(2 >%(*: $7% 9#0%*$ 0%:;2#$0< >&<4 $7% /$#$% 5%0*8%*$#*&$7%*(5%0)($<(*8*($0(*:$7%F;#2($<

%&;'#$(*#*& ;0$7%00%:#0&(*:$7%*;8>%0 '22%:%)#*&$7% )%#$) 0%F;(0%&(*#9#0$(';2#0';0)%4#) $7%&#$#);>8($$%& >% 0%$7();0$);::%)$$7#$(*$7%/$#$% #0<#*#4$7%0%#0% @B)%2 (*#*'(*:&;'#$(*22%:%)#*&$70%%:5%0*8%*$ '22%:%)7#5(*:#*(*$#3%'#9#'($< , 4, )$;&%*$);$

67('7(*$7%';00%*$)%))(*(%

=,4C )%#$)6%0%

(22%&;9#*& 4B)%#$)#0%2<(*:5#'#*$&%)9($%:0#*$(*: ;0 6%%3)%A$0#$(8% 0';*)%2(*:# $%0$7%2#)$';$

&#$% *$7%2(:7$ $7%# 0%)#(& #'$)4($()9#0#8;*$

0$7%0%:;2#$0<>&<4#

(2(#$(*:;*(5%0)($<#*&$7%/$#$%

B :5%0*8%*$$)%%$7#$* ;0$7%0'22%:%)#0%#226%&$>% 9%*%&4 67('7 6(22 0%);2$ (* '8908()(*: $7% F;#2($<

%&;'#$(* ) #0#)$7%());%0%:#0&(*:(*)9%'$(* %A()$(*:

'22%:%)$)%%$7%#5#(2#>(2($< (* 0#)$0;'$;0%0F;#2($<

%&;'#$(*(89#0$%&4$7%8#$$%0*%%&)$>%%A#8(*%& 7%0% 7#)$>%'0&(*#$(*#8*:$7%$70%%>&(%)(%;*'(24 /$#$%5%0*8%*$#*&$7%'*'%0*%&#

(2(#$(*:;*(5%0)($< !0D(?#(D#0&7#*4&&27(% /%'0%$#0<)%%3) )70$#&?;0*8%*$$ (*&;$67%$7%0$7%0%())8%#''0%&($%& 90(5#$%#:%*'<467('7'#*'#00<;$$7()6030$7%/$#$% 5%0*8%*$8#<7#5%$'*)$($;$%$%#8)% ;0$7%0)$#$%& $7#$7%6(22'88;*('#$%6($7$7%0#

(2(#$(*:;*(5%0)($<(*$7% /$#$%$)$0%#82(*%$7%603(*: $7%%&;'#$(*'22%:%)(*$7% 2(:7$ $7% #'$)*$('%&#>5%$*%%&)$>%*$('%&$7#$ %*$(0%6037#)$>%&*%(*'0&(*#$(* $7%;*'(24/$#$% 5%0*8%*$#*&$7%#

(2(#$(*:*(5%0)($< .%$$7%*%%& ;2>%&*%476%5%04($)7;2&>% 3%9$(*8(*&$7#$$7()%A%0'()%7#)$>%&*%(*$7%)70$%)$ 9))(>2%$(8%H , *$7%'#)%(*7#*&4$7%'22%:%()#

(2(#$%&$$7%*(5%0)($< %0$#(*)$#*&#0&)7#5%>%%*2#(&&6*><$7%;*'(2 09%08($$(*:# '22%:%$(89#0$%&;'#$(* 0 &;0)%7%'22%:%7#)$905(&% $7)% #'(2($(%) 7% *(5%0)($< >%(*: $7% #

(2(#$(*: >&< 7#) 0(:7$ $ '*)(&%0$7#$(* 0#)$0'$;0#2 #'(2($(%)#*&$7% #';2$<$>%905(&%&><$7% '22%:%)#0%#5#(2#>2%*$7%90%)%*$'#)%4$7%'22%:%6#)(*)9%'$%&*

@><#$%#8'*)$($;$%&><$7%*(5%0)($<#*&($6#) ;*&$7#$ $7%0%6%0%2$ &()'0%9#*'(%)7%88($$%%&(&*$ (*&#*<)$;&%*$0 #*<'2#))(*$7%'22%:%*2<$7%0(*'(9#26#)$7%0%''0&(*:$$7% 0(*'(9#24$7%)$;&%*$) &7#&:*% 090#'$('#2$%#'7(*:90:0#88% (*&(

%0%*$)'72)7%0%6%0%$70%%$%#'7%0)90%)%*$677#&*$>%%* )%2%'$%&><$7%909%0/%2%'$(*88($$%%7%0%90$ $7%*)9%'$(*:

88($$%%()%A$0#'$%&>%26+

G7%'88($$%%'890()(*: 0 10()7*#*#*&0 /;90($(5()($%&$7%#>5%)#(&'22%:%*

*& 5

@#$ C !7%'88($$%%&(&*$ (*&)$;&%*$)0#*<'2#))(* $7% '22%:% *2< 0(*'(9#2 6#) $7%0% ''0&(*: $ $7% 0(*'(9#24$7%)$;&%*$) &#0%:(*: 090#'$('%$%#'7(*:

90:0#88% 08 C0& 5 $ ,$7 5

@ (* &(

%0%*$ )'72) /4 ($ () *$ 9))(>2% 0 ;) $ 90%)%*$ 8#*;#2 #$$%*&#*'% ;0 &)$;&%*$)7%0%6%0%$70%%$%#'7%0) 90%)%*$677#&*$>%%*)%2%'$%&><$7%909%0/%2%'$(* 88($$%%H 9%0;)#2 $7%# 0%)#(&(*)9%'$(*0%90$)76)$7#$$7%0% 6#)$$#22#'3 (* 0#)$0;'$;0%0$%#'7(*: #';2$<#5#(2#>2%(*$7%'22%:% /$;&%*$)6%0%*$#5#(2#>2%

*$7%>#)() $7%0%90$4)76'#;)%*$('%6#))%05%&;9* $7%0(*'(9#2#*&7#(08#* $7%22%:% 06($7&0#6#2 905()(*#2 #

(2(#$(* $7%'22%:%7%9%$($(*%0);>8($$%&0%92<$$7%)76'#;)% *$('%00%:;2#0($(%)9(*$%&;$><$7%*)9%'$(*88($$%%#*&$7%0%92< :(5%*><$7%22%:%()0%90&;'%&>%26+ /0 00%:;2#0($(%)9(*$%&;$(*$7%)76 '#;)%*$('% %92< )76'#;)%*$('% 7%'88($$%%&(&*$ (*&)$;&%*$) 0#*<'2#))(*$7%'22%:% 7#$(*#*#**;#20;$(*%(*)9%'$(*0%90$ 2#)$<%#06%6%0%:0#*$%&$(8%;9$C)$ !#0'74

$:(5%#'892(#*'%0%90$ %7#5%#20%#&<);>8($$%&$7%'892(#*'% 0%90$* $7!#0

6($7$7%2()$#*& 90'%%&(*: $7%)$#

0>$7 &*& !& ;0)%) * B@

#:#(* $7#$ )#8%&% ('(%*'<()>%(*:9(*$%&;$46($7 :0%#$0%:#0&# 0%)7'9< )$#

#9905#2 ()>%(*:#$$#'7%& *2<0(*'(9#26#)$7%0%''0&(*:

$$7%0(*'(9#24$7%)$;&%*$) & #0% :(*: 0 90#'$('% $%#'7(*:

90:0#88% 08C0&5$ ,$75

@(*&(

%0%*$)'72)/($()*$ 9))(>2%$90%)%*$8#*;#2#$$%*&#*'% &)$;&%*$) 7#$*

@4;0 &)$;&%*$6%0% * $%#'7(*: 90#'$('% (* 5#0(;) )'72)4 90(*'(9#2#*&C$%#'7%0)6%0%90%)%*$(*$7% '22%:% 67%0% #) $7%0 6%0% 6($7 $7% )$;&%*$)&%9;$%& 0$%#'7(*:90#'$('% 7%0%6%0%$70%%$%#'7%0)90%)%*$67 7#5%*$>%%*)%2%'$%&><$7%909%0 /%2%'$(*88($$%% *$7#$&#< C)$;&%*$)6%0%90%)%*$

/0 00%:;2#0($(%)9(*$%&;$(*$7%)76 '#;)%*$('% %92< )76'#;)%*$('% 7%<7#5%#2));992(%&#2()$ )'72(* 67('7 $7% )$;&%*$) 6%0% 0%90$%& 0 $%#'7(*:90#'$('% @ %:#0&(*: (* 0#)$0;'$;0#2 #'(2($(%) $7%< )$#$%$7#$%*$(0%0%F;(0%&(* 0#)$0;'$;0%(* $7% '22%:% () $7%0% #*& )#8% '#* >% (*)9%'$%& #*< $(8% $7%0 9(*$%& ;$ &% ('(%*'(%)&';8%*$)(*$7%)76'#;)% *$('%#0%#2)#$$#'7%&6($7$7%0%92< ;022%:%()7#5(*:#9905%&$%#'7(*:

)$#

#)9%0$7%#*&!

*08)#*& 0%);2$(*2#)$<%#0)6#)%A'%22%*$ , B *)(&%0(*:$7%'88%*$)8#&%><$7%*)9%'$(*88($$%% #*& $7% 0%)9*)% $7% 9%$($(*%04 $7% 8#$$%0 6#) '*)(&%0%& >< $7% '#&%8(' ';*'(2 #*& 0%'88%*&#$(*) 6%0% 8#&% $7#$ 905()(*#2 #

(2(#$(*:0#*$%&$$7%'22%:%)>%6($7&0#6*#*&$7%'22%:%)>%9;$ ;*&%0G&8())(*#$%:0<H 0 $7%)%))(*

=,7%# 0%)#(& 0%'88%*&#$(*) $7% '#&%8(' ;*'(2 6%0% '*)(&%0%& >< $7% A%';$(5%;*'(2(*($) @ $78%%$(*:7%2&*C

#*&$#3(*:#2%*(%*$ 5(%6467(2%:0#*$(*:$(8%$$7%9%$($(*%0$0%85%$7%&% ('(%*'(%)4 *;8>%0 )%#$)9%08($$%&(*$7%'22%:% 0$7%<%#0

=,6%0%0%&;'%& $7#2 #*&9%*#2$< 4

E=6#)(89)%&*$%08) 2#;)%

$7%/$#$;$%)4$7%*(5%0)($<()'89%$%*$$(89)%%5%* (*#*'(#29%*#2$< *#*%&;'#$(*#2(*)$($;$(*4>%)(&%)&(0%'$(*:0%&;'$(*(*)%#$) 7%'*$%*$(* 2%#0*%&';*)%2 0$7%9%$($(*%0$7#$0&%0

0(89)($(* 9%*#2$<#*&0%&;'$(* )%#$)6#)*$'#22%& 0#)* 990$;*($< 7%#0(*: 6#) :0#*$%& >% 0% $7#$ 7% 909)#2 >< $7% '#&%8(' ;*'(2 6#) 0 6($7&0#6#2 #

(2(#$(* 6%5%04 $7% '*$%*$(*&%)%05%)$>%0%?%'$%&>%(*:8()'*'%(5%&4#)$7%A%';$(5% ;*'(2467(2%'*)(&%0(*:$7%0%'88%*&#$(*)8#&%><$7%'#&%8(' ;*'(24$3#2%*(%*$5(%6#*&(*)$%#& 6($7&0#6(*:#

(2(#$(*#*& 9;$$(*:$7%'22%:%;*&%0G&8())(*#$%:0<H 0$7%'8(*:)%))(*4 $(8%6#):0#*$%& 00%85(*:$7%&% ('(%*'(%)4>%)(&%)(89)(*:9%*#2$<

E=40%&;'$(* I)#*'$(*%&)%#$) 6#)&(0%'$%& 0*%A$ #'#&%8(')%))(*7%#&8())(*) 0$7%)%))(*

=,#0%#20%#&<5%0

7% 0%2%5#*$ '2#;)% $7% *(5%0)($< /$#$;$%)4 ;*&%0 67('7 $7% *(5%0)($<7#)$#3%*$7%#'$(*()0%90&;'%&7%0%;*&%0+ " #$ #*< $(8%4 $7% A%';$(5% ;*'(2 (*&) $7#$ # 22%:%E*)$($;$(*()*$'892<(*:6($7$7%0%F;(0%8%*$)

$7%'$4/$#$;$%)40&(*#*'%)0%:;2#$(*) $7%*(5%0)($< 0#*<(*)$0;'$(*)());%&><($0*($)>%7#2 4$7%A%';$(5% ;*'(26(227#5%$7%#;$70($<$(89)%#*<*%080%

$7% 226(*:9%*#2$(%)+ ("

)$;&%*$) $7%22%:%'*'%0*%&)7#22*$>%#''%9$%&

0$7%*(5%0)($<%A#8(*#$(*)K ((" $7%22%:%/$#

)7#22>%&%>#00%& 08*(5%0)($<603 );'7 #) #99(*$8%*$ #) A#8(*%04 /;9%0(*$%*&%*$

A#8(*#$(*%*$0%)%$'K ((("

$7%0(*'(9#2)0$7%%#'7%0'*'%0*%&)7#22>%&%>#00%&

08 )%%3(*: %2%'$(* 0 *8(*#$(* $ # *(5%0)($<

&<07()*#8%)7#22>%0%85%& 08$7%2()$

8%8>%0) $7%*(5%0)($< &(%)K (5"

$7%0%':*($(*4:0#*$%&$$7%5%0*(*: &< $7% 22%:%4>%6($7&0#6*(*9#0$0(*672% 5"

(*#*'(#29%*#2$<#)8#<>%&%%8%&#99090(#$%><$7% '&%8(';*'(28#<>%(89)%&3%%9(*:(*5(%6$7% '(0';8)$#*'%) %#'7'#)% 5("

%&;'%)%#$) 0$7%*%A$#'#&%8(')%))(*#$$7%8)$ >< $6('% $7% *;8>%0 (00%:;2#0 #&8())(*) 8#&% 05(&%& $7#$67%*%5%0#*<9%*#2$<;*&%0'2#;)%5" #*&E 0 5(" #>5% () (89)%& $7% )#8% )7#22 >% '88;*('#$%&$$7%%*$0#2%:;2#$0< &<E;$70($<

0);'7 ;0$7%0#'$(*#)8#<>%&%'(&%&#$$7#$E$7%(0 2%5%2H 9%0;)#2 $7%# 0%)#(&'2#;)%)76)$7#$>%)(&%)(89)($(* 9%*#2$<4$7%*(5%0)($<'#*0%&;'%)%#$) 0$7%*%A$#'#&%8(')%))(*#$ $7%8)$$6('%$7%*;8>%0 (00%:;2#0#&8())(*)8#&%*$7%'#)%(* 7#*&4$7%A%';$(5%;*'(27#)0%&;'%&$7%(*$#3% $7%'22%:% 0$7%

C #'#&%8(')%))(*

=,$$7%%A$%*$ I/;'7#9;*()78%*$()*$ %*5()#:%&;*&%0$7%905()(*);:7$$>%0%2(%&;9*><$7%*(5%0)($<4 7%*'%4$7#$'#**$>%);)$#(*%&$()*$$7%'#)% $7%*(5%0)($<$7#$(* $7%90%)%*$'#)%#*<(00%:;2#0#&8())(*6#)8#&%(*$7%%#02(%0<%#04(* $%08) 67('7$7%*;8>%0 )%#$) 0$7%*%A$<%#06%0%$>%0%&;'%&4 7%*'%4$7%9%*#2$<$$7#$%A$%*$()2(#>2%$>%)%$#)(&% )#$$7%$(8% #&8())(* $7%90%)%*$9%$($(*49%0#$(*

$7%(89;:*%&0&%0&#$%&C

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

(2(#$(* 0$7%)%))(*

=, #*& 92#'(*: $7% 9%$($(*%0 ;*&%0 G &8())(* #$%:0<H4 76%5%04$7%A%';$(5%;*'(2$#3(*:#2%*(%*$5(%648%0%2<(89)%& 0%&;'$(* I)%#$) 0$7%)%))(*

=,4>%)(&%)(89)($(*

9%*#2$< 4

E= @ )0%:#0&)(89)($(* 9%*#2$<()'*'%0*%&4&*$ (*&#*< 0%#)*$(*$%0 %0%6($7$7%0&%0 0$7%0%#)*$7#$$7%'22%:%6#) ;*& 2#'3(*:(*(* 0#)$0;'$;0%#*&$7% #';2$<#$$7%$(8% );090()%(*)9%'$(*4 >%)(&%) $7% #'$ $7#$ $7%)% #0% 0%F;(0%& $ >% 8#&% #5#(2#>2% >< #*< %&;'#$(*#2'22%:%90(0$%5%*#9905#2><$7%;*'(2$()*$(* &()9;$%$7#$$7%22%:%6#) ;*'$(*#2)$;&%*$6#) ;*&(*$7%'22%:% #$$7%$(8% (*)9%'$(*9%0;)#2 $7%#$$%*&#*'%)7%%$490&;'%&><$7% 9%$($(*%04 )76)$7#$#'#*&(&#$%>%#0(*:0224*#8%2<4 (3)7# 1#)7<#9 (:;0%&#$$6&(

%0%*$92#'%)#$$7%)#8%$(8%4(%4*%#$/0

@ (*#$$%*&#*'%)7%%$ 5$/%*(0/%'*&#0</'724#?;2##07(4 /*%9#$4#*&#:#(*#$/0C(*#$$%*&#*'%)7%%$ /;>2('/'724

7;00(4/*%9#$*$7%0'#*&(&#$%>%#0(*:022 ,4 *#8%2<4/(80#* #*&%< (:;0%&#$$6&(

%0%*$92#'%)4*%#$/0(*#$$%*&#*'%)7%%$ /;>2('/'724 7;00(4/*%9#$#*&#:#(*#$/0,(*#$$%*&#*'% )7%%$ #8?#) /%*(0 /%'*&#0< /'724 /*%9#$ %*'%4 $7% 0&%0 (89)(*:9%*#2$<();97%2& 0$7%0%#)*)8%*$(*%&#>5%4#) #0#)$7%&%'()(* $7% A%';$(5%;*'(20%&;'(*:$7%(*$#3% $7%'22%:% 0$7%#'#&%8('

)%))(*

=,$$7%%A$%*$ I())%$#)(&%467%0%#)9%*#2$< 4

E=(89)%&*$7%9%$($(*%0();97%2& , 7%60($9%$($(*)$#*&)&()9)%& #''0&(*:2< #?%)7 (*&#2"

;&:%

, % %0$%90$%0"