:yfgLo ;]o/ g]kfnsf hnljB't cfof]hgfdf nufgL ug{ vf]lh/x]sf :yfgLo ;d'bfosf] cj;/ / r'gf}tLsf] uxg ljZn]if0f -;f/f+z k|ltj]bg_ ;xsfo{df ;jf{lwsf/ © cGt/f{li6«o ljQ lgud @)!*= @!@! k]lG;Ne]lgof Pe]Go', Go" of]s{, jfl;Ë6g l8=;L= @)$## OG6/g]6 M www.ifc.org of] ;jf{lwsf/lgxLt ;fdu|L xf] . cg'dlt ljgf of] k|ltj]bgsf] k"/f jf cf+lzs efu k'g?Tkfbg jf ;fef/ ul/Pdf k|rlnt sfg'gsf] pNn+3g ePsf] dflgg]5 . t/ cfOPkm;Ln] o:tf k|ltj]bgsf] k|;f/ tyf ljt/0fnfO{ k|f]T;flxt ug]{ ePsf]n] o; k|ltj]bgsf] k'g?Tkfbg ;DaGwL sfo{ z}lIfs tyf u}/ gfkmfd"ns k|of]hgsf] nflu ePsf] e/kbf]{ cfZjf;g cfOPkm;LnfO{ k|fKt ePdf o:tf] sfo{sf] cg'dlt cljnDj tyf lgMz'Ns pknAw u/fOg]5 . cfO{Pkm;Ln] o; k|ltj]bgdf ;dfj]z ljifoj:t'sf] ljZj;gLotf / k"0f{tf Pj+ oxfF plNnlvt b[li6sf]0f tyf lgisif{sf] lglZrttfsf] bfloTj jxg ub}{g . o;sf ;fy} cfOPkm;Ln] o; k|ltj]bgdf /x]sf 5kfO{ jf k|fljlws q'6L nufot cGo s'g} q'6L jf sdLsdhf]/Lsf] lhDd]jf/L / bfloTj klg jxg ub}{g . o; k|ltj]bgdf /x]sf s'g} gS;fdf plNnlvt ;Ldf, /+u, wfld{s ;Dk|bfo tyf cGo ;"rgfx¿sf] sfg'gL x}l;ot, ;dy{g tyf :jLs[ltdf ljZj a}+s ;d"x s'g} dt hfx]/ ub}{g . of] cWoogdf JoQm ;f/f+z, ljZn]if0f / lgisif{df ljZj a}+ssf] sfo{sf/L lgb]{zs cyjf ;/sf/sf] s'g} klg k|ltlglwsf] ljrf/ k|ltlalDat ePsf] dflgg] 5}g . of] k|ltj]bgsf] ljifoj:t'sf] p2]Zo ;dfGo ;"rgf lbg' dfq ePsf]n] o;n] s'g} sfg'gL, lwtf]kq cyjf nufgLsf] pko'Qmtf;DaGwL s'g} /fo jf k/fdz{ lbg] clek|fo /fVb}g . s'g} sDkgL jf kIfx¿df cfO{Pkm;L jf o;;Fu ;Da4 ;+:yfsf] nufgL tyf To:tf sDkgL jf kIfx¿;Fu cGo k/fdz{ ;DaGwL sfo{ tyf ;]jf jf ljQLo ;+nUgtf x'g ;S5 . {6 ;xfos clwsf/ nufot cGo s'g} klg clwsf/ / Ohfhtkq ;DaGwL s'g} klg lh1f;fx¿ eP ;f] cfO{Pkm;Lsf] skf]/] ] 6 @!@! k]gl;Nj]lgof Pe]Go", Pg=8ANo"=, jfl;+u6g l8=;L= @)$## df k7fpg' kg]5 l/n]zG; l8kf6{d0 { . OG6/g]zgn kmfOgfG; skf]{/]zg o;sf ;b:o /fi6«x¿sf] cfl6{sN; ckm cu|Ld]06 cg';f/ :yflkt cGt/f{li6«o ;+u7g tyf ljZj a}+s ;d"xsf] ;b:o xf] . cfOPkm;L ;DaGwL ;a} gfd, lrGx / 6]«8dfs{x¿ cfO{Pkm;Lsf ;DklQ ePsf]n] cfO{Pkm;Lsf] lnlvt d~h'/L ljgf s'g} klg p2]Zosf] nflu k|of]u ug{ kfOb}g . æOG6/g]zgn kmfOgfG; skf]{/]zgÆ / æcfO{Pkm;LÆ cfOPkm;Lsf] btf{ ePsf 6]«8dfs{x¿ x'g\ / logLx¿ cGt/f{li6«o sfg'g cGtu{t ;+/lIft 5g\ . cfj/0f t:jL/ M ;f]lkmof vft'g tdf]6 @)!* s[t1tf kf] ln;L OG6/lk|lgo;{ OGsf]kf]{/];g -PEI Inc._, kfof]lgo/ n P;f]l;o6\; k|f=ln= / s[lt Soflk6n P08 OGe]i6d]G6;\ ln=x¿åf/f ul7t ;d"xsf] g]t[Tjdf / cGt/f{li6««o Plss[t ln=_, c/ljGbs'df/ ld> -/fli6«o of]hgf cfof]u_, cleif]s l;+x -PlzofnL ljsf; a}+s_ / df;]{nf] cG8«]8 -k|f]–k|fs[lts cGt/f{li6«o_ n] v]Ng'ePsf] ;xof]uL e"ldsf k|lt xfdL cGoGt} kj{tLo ljsf; s]Gb| -ICIMOD_ sf] ;fem]bf/Ldf :yfgLo cfef/L 5f}+ . ;d'bfon] hnljB't kl/of]hgfsf] ;]o/df nufgL ubf{ x'g] hf]lvd / cj;/sf] af/]df uxg cWoog ul/Psf] 5 . o; hl:6g k'n], kfAnf] sfl8{g]n, 8a/f ;]So'/f, nf]kf zfx, sdn cWoogsf d'Vo n]vsx¿ lgh{g /fO{ / kbd]Gb| >]i7 x'g\ eg] 8f]/fjfljnf, ;'gl/tf ;/sf/, h]dL km/u';g, Plnhfj]y cg'k/fh pk|]tL, lbk]z j}B, gf/fo0f rf}nfufO{, ;GbLk sfsL{, XjfO6, P8df]G8 h]lsSo", j]G8L hf] j]g{/, df]xDdb /]xfg efjgf aflgofF, >[hgf e§/fO{, >Lof /fgf, ;'dg a:g]t, /lzb, nvbLk afa/f, lxo'g–rfg rf], / df]u{g Nof08Lsf Hof]T;gf tfdfª, c+lstf >]i7, ljgf]b e§/fO{, >[li6 l;hfklt ;fy} ljZj a}+ssf cGo sd{rf/Lx¿af6 klg dxTjk"0f{ / k|ltIff bfxfnn] n]vg sfo{df yk ;xof]u u/]sf lyP . ;dy{g / lgb]{zg k|fKt ePsf] lyof] . xfdL cfO{Pkm;Lsf] jftfj/0f tyf ;fdflhs k|zf;g ljefu / k"jf{wf/ ljefusf] cfO{Pkm;Lsf] tkm{af6 o; cWoogsf]] g]t[Tj s]6 nhf/;n] lg/Gt/ ;dy{g / ljZj a}+ssf ;xsdL{af6 k|fKt k|ltlqmof u/]sf lyP eg] k|fljlws ;+of]hg ;f]lkmof tdf]6n] / / ;xof]usf] ;/fxgf ub{5f}+ . xfdL ci6«]lnof tyf hfkfg Joj:yfkg ;+of]hg pkf;gf k|wfg >]i7n] u/]sf x'g\ . ;/sf/ / /skm]n/ kmfpG8];gaf6 k|fKt pbf/ ;dy{gk|lt klg nhf/;sf] g]t[Tjsf] ;d"xn] cWoogsf] k|To]s txdf lg/Gt/ cfef/L 5f}+ . k|f]T;fxg, lgb]{zg tyf ;'emfj lbO{ ;xof]u u/]sf lyP . ;fy} pQm ;d"xn] cWoogsf] qmddf dxTjk"0f{ / /0fgLlts ;'emfj To;}u/L ;/f]sf/jfnfx¿sf] a}7sdf pkl:yt eO{ cfkm\gf] lbg] /fli6«o / cGt/f{li6«o ljz]if1x¿sf] :jtGq k/fdz{ ;d"x dxTjk"0f{ ;Nnfx / ;'emfj JoQm ug'x {g' ] lghfdtL sd{rf/Lx¿, :yfkgf ug{df klg ;xof]uL e"ldsf lgjf{x u/]sf lyP . ;fj{hlgs ;+:yfgsf k|ltlglwx¿, pmhf{ k|a4{sx¿, a}s + /x¿ tyf dr]G { 6 a}s+ /x¿, lgofds lgsfosf k|ltlglwx¿, nufot Kofg]nsf ;b:ox¿ M ;Dj[l4 v/]n -n}lËs ljz]if1_ s'ndfg cGo ljleGg If]qsf ;xefuLx¿k|lt cfef/L 5f}  + . xfdL l3l;ª -g]kfn ljB't k|flws/0f_, lg/h lu/L -g]kfn lwtf]kq cWoog If]qsf :yfgLo ;d'bfosf ;a} ;xefuLnfO{ cfkm\gf] af]8{_, dxfk|;fb clwsf/L -g]kfn nufgL af]8{_, ;fu/ uf}td dxTjk"0f{ ljrf/ tyf cg'ej cfbfgk|bfgsf nfuL wGojfb -pmhf{, hn;|f]t / l;+rfO dGqfno_, k|jL0f /d0f k/fh'nL lbg rfxG5f}  + . e|d0f ul/Psf hnjB't kl/of]hgfx¿af6 of] -g]kfn d]r{G6 a}s;{ ;ª\3_, jL/axfb'/ 3n] -hnljB't cWoognfO{ ;xof]u k|fKt x'gs ' f] ;fy} cWoog 6f]nLnfO{ ljB't pTkfbs_, bLks 1jfnL -hn ljz]if1 tyf gful/s ;dfh_, u[xsf] e|d0f ug{ cg'dlt lbg'ePsf]df ;flgdf dfO{, lrlnd] v8\u lji6 -g]kfn :jtGq pmhf{ pTkfbs ;+3_, bnaxfb'/ / ;f]n' hnljB't kl/of]hgf k|lt xfdL cfef/L 5f} . :yfgLo clwsf/L -sfg'g, Gofo tyf ;+;bLo dfldnf dGqfno_, dx]z ;d'bfo;+u ;dGjo ug{ ;xof]u u/]sf]df ;flgdf dfO{ k|lt klg cof{n -cy{ dGqfno_, h'g Xo'ª -g]kfn hn / pmhf{ ljsf; s[t1tf JoQm ub{5f}  +. 3 :yfgLo ;]o/ k|ltj]bgsf] ;f/f+z ;]o/df ;xeflutf sfg'gL ;+/rgf { ] lj=;+=@)^% df hf/L u/]sf] g]kfn lwtf]kq jf]8n g]kfnsf] ;+ljwfgn]! hnljB't kl/of]hgfaf6 k|efljt :yfgLo lwtf]kq ;"rLs/0f tyf ljt/0f lgodfjnL @)^%@ n] :yfgLo ;d'bfonfO{ :yfgLo ;]o/df nufgL ug{ kfpg] clwsf/ k|bfg ;]o/ nufgLsf] ;'¿jft sfg'gL ¿kdf u/]sf] kfOG5 . pQm u/]sf] 5 . o;n] hnljB't ljsf;df :yfgLo hgtfnfO{ lgodfjnLn] % k|ltzt;Dd :yfgLo ;]o/ ;d'bfosf] nflu kl/of]hgfdf cfkm\gf] :jfldTj :yflkt ug{ ;xof]u k'¥ofpg'sf nufgL ;'/lIft u/]sf] lyof] . t/ To;} jif{ lrlnd] hnljB't ;fy} o;af6 kl/of]hgfnfO{ cfjZos k"FhL kl/rfng ug{ klg kl/of]hgfsf :yfgLo ;d'bfon] ;jf]R { r cbfntdf bfo/ u/]sf] # d2t k'u]sf] 5 . of] cWoogn] k|efljt :yfgLo ;d'bfosf] d'2f sf ;fy;fy} /fhgLlts bafjsf sf/0f lwtf]kq af]8n { ] ;]o/;DalGw ljBdfg hf]lvd / cj;/sf aLr ;Defljt lgodfjnLdf ;+zf]wg u/L :yfgLonfO{ !) k|ltzt;Dd ;]o/ kmfObf tyf ;'wf/sf If]qsf] klxrfg u/L o;sf] hfgsf/L ljt/0f ug'kg]{ Joj:yf ul/Psf] lyof] . lbg] k|oTg u/]sf] 5 . xfnsf] k|fjwfgcg';f/ s'g} hnljB't sDkgL klAns sDkgL k[i7el"d x'g rfx]df klxnf] r/0fdf !) k|ltzt;Dd ;]o/ nufgL g]kfn hnljB't If]qdf k|efljt ;d'bfosf] :yfgLo ;]o/df ug]{ cj;/ :yfgLo ;d'bfonfO{ k|bfg ug'{'k5{ To;kl5 nufgLsf] k|f/De ;g\ @)!) df lrlnd] hnljB't sDkgLsf] dfq ;j{;fwf/0fsf]$ nflu ;]o/ lgisfzg ug{ kfpF5 . :yfgLo ;]o/df nufgL ug]{ cEof;af6 ePsf] xf] . lrlnd] ;j{;fwf/0fnfO{ pknAw u/fpg] ;]o/ nufgL sDtLdf !) hnljB't sDkgL g]kfn ljB't k|flws/0fsf] ;xfos sDkgL k|ltzt x'g h¿/L 5 . xf] . o; kl/of]hgfn] k|efljt If]qsf] nflu :yfgLo ;]o/, kl/of]hgf ;~rfng ePsf] & jif{kl5 hf/L u/]sf] lyof] . ;f] hnljB't ;]o/ nufgLdf ;j{;fwf/0fsf] cfsif{0f ;do ;Dddf sDkgLn] gfkmf ljt/0f ug{ yfln;s]sf] lyof] . ;g\ @)!) b]lv :yfgLo ;d'bfo hnljB't sDkgLsf] ;]o/df cGo nufgLstf{n] ;]o/ nufgLaf6 k|fKt u/]sf] k|ltkmnaf6 nufgL ug{ clek|l] /t x'gyfn]sf] b]lvG5 . g]kfnsf ;a}h;f] cfslif{t ePsf lrlnd]sf :yfgLo ;d'bfox¿n] kl/of]hgfdf hnljB't sDkgLsf] k|fylds lgisfzg -cfOkLcf]_ sf] cfXjfg cfkm\gf] klg clwsf/ /x]sf] tyf cfkm"n] klg o; kl/of]hgfdf F f ;j{;fwf/0fsf] ;]o/ nufgLsf] nflu pT;fxhgs ;+nUgtf x'b nufgLsf] cj;/ kfpg'kg]{ dfu u/]sf lyP . o;} dfunfO{ b]lvG5 . ;j{;fwf/0fsf] o; cfsif{0fnfO{ g]kfn ;/sf/,% lrlnd] sDkgLn] ;Daf]wg ug]{ l;nl;nfdf :yfgLo ;]o/ g]kfnsf /fhlglt1, gLlt lgdf{tfsf ;fy} lghL If]qaf6 klg ljt/0fsf] z'¿jft u/]sf] lyof] . ;fy}, lrlnd] sDkgLn] b[9 ;dy{g k|fKt ePsf] kfOG5 . o; k|sf/sf] kl/of]hgf ;]o/ nufgLsf] ;xh jftfj/0f >[hgf ug{, :yfgLo ;d'bfo k|efljt JolQmx¿sf] k|ToIf nufgLsf] cEof; ljZjsf c¿ tyf ;fdflhs :jo+;j ] sx¿åf/f :yfgLo ;]o/af/] ;hu s'g} klg b]zx¿n] ckgfPsf] b]lvb}g . u/fpg / a}s + x¿;Fu :yfgLo ;]o/df nufgL ug{ kl/of]hgf k|efljtx¿nfO{ C0fsf] Joj:yf ldnfpg] kxn u/]sf] lyof] . ! g]kfnsf] ;+ljwfgsf] wf/f %(-%_ ;ª3, k|b]z / :yfgLo txn] k|fs[lts ;|f]tsf] pkfof]u ubf{ :yfgLo ;d'bfon] nufgL ug{ rfx]df nufgLsf] k|s[lt / cfsf/sf] cfwf/df sfg'g adf]lhdsf] c+z nufgL ug{ k|fyldstf lbg' kg]{5 . @ of] lgodfjnLsf] lgod & -%_ cg';f/ ;+ul7t ;+:yfn] lgodfg';f/ ;]o/ lgisfzg ubf{ :yfgLo afl;Gbfsf] nflu hnljB't If]qdf % k|ltzt ;]o/ 5'6\ofpg' kg]{ Joj:yf ul/Psf] lyof] . # kl/of]hgf;Fu ;xdlt ePcg';f/ * k|ltzt ;]o/sf] dfu;DalGw d'2f cbfntdf ljrf/flwg /x]sf cj:yfdf klg lrlnd] hnljB't kl/of]hgfsf k|efljt :yfgLo ;d'bfox¿ kl/of]hgf :ynd} r/0fa4 ¿kdf lj/f]w k|bz{gnfO{ lg/Gt/tf lbO/x] . $ :yfgLo ;]o/nfO{ hf/L ePsf] klxnf] # jif{sf] nflu ljqmL ug{ aGb]h nufOPsf] 5 eg] ;fwf/0f ;]o/ tTsfn lalqm ug{ ;lsG5 . % pbfx/0fsf] nflu pmhf{ hn;|f]t tyf l;+rfO dGqfno sf] @) k|ltzt, g]ljk|fsf] !) k|ltzt, cy{ dGqfnosf] % k|ltzt, sfg'g tyf Gofo dGqfnosf] % k|ltzt, sd{rf/L ;~ro sf]ifsf] !) k|ltzt g]kfn 6]lnsdsf] !) k|ltzt, gful/s nufgL sf]ifsf] % k|ltzt, hnljB't nufgL tyf ljsf; sDkgL lnld6]8sf] $ k|ltzt / /fli6«o aLdf ;+:yfgsf] @ k|ltzt sf] ;+o'Qm nufgLdf :yflkt ljB't pTkfbg sDkgLn] ;j{;fwf/0f hgtfnfO{ !& k|ltzt, hnljB't kl/of]hgfaf6 k|efljt :yfgLonfO{ !) k|ltzt / clt ul/anfO{ @ k|ltzt ;]o/ lgisfzg ug]{ ck]Iff ul/Psf] 5 . 1 xfn;Dd ;fj{hlgs ¿kdf !& j6f hnljB't sDkgLx¿n]^ hnljB't ;d"x ;"rfÍsf] k|j[QL & cfkm\gf] hf/L k"FhLsf] !) k|ltzt a/fa/sf] ;]o/ k|efljt #%)) g]K;] hnljB't :yflgo If]qsf] nflu lgisfzg u/]sf 5g\ . ;fwf/0ftof #))) cfOkLof] lgisfzg x'Fbf cf}iftdf #) k|ltzt;Dd clws lgj]bg k/]sf] b]lvG5 . :yfgLo ahf/df g]K;] kl/;"rssf] @%)) g]K;] ;"rfÍ k|jl[Q / hnljB't kl/;"rssf] k|j[lQdf ;dfgtf kfOG5 . @))) ljut tLg jif{df !# j6f hnljB't kl/of]hgfx¿ klAns !%)) sDkgLdf kl/0ft ePsf 5g\ / sl/a ¿=! ca{ () s/f]8 a/fa/sf] nufgL ;j{;fwf/0faf6 cfO{lkcf]sf] dfWodaf6 !))) p7fPsf 5g\ / yk ¿= ! ca{ :yfgLo ;d'bfoaf6 p7fPsf %)) 5g\ . xfn} $%^ d]ufjf6sf] dflyNnf] tfdfsf];L hnljB't ) h'nfO–)& h'nfO–)* h'nfO–)( h'nfO–!) h'nfO–!! h'nfO–!@ h'nfO–!# h'nfO–!$ h'nfO–!% h'nfO–!^ h'nfO–!& kl/of]hgfn] ¿= ! ca{ a/fa/sf] :yfgLo ;]o/ cfXjfg u/]sf] 5 . cGo w]/} hnljB't sDkgLx¿n] cfOlkcf]sf] nflu g]kfn lwtf]kq af]8{df cfj]bg lbPsf] sf/0fn] ubf{ cfufdL jif{x¿df ;]o/ lgisfzgdf yk a[l4 x'g] b]lvG5 . hf]lvd, r'gf}tL / cj;/x¿ ;]o/ nufgLsf] hf]lvdsf] af/]df k|fo ;/f]sf/jfnfx¿sf] a'emfO k|i6 gePsf] tyf hfgsf/L klg lkmtnf] /x]sf] kfOG5 . o; jt{dfg :yfgLo ;]o/ k|0ffnLsf] d"NofÍgdf ;d'bfosf] ;]o/ cWoogsf] qmddf ljutdf :yfgLo ;]o/df nufgLstf{x¿;Fu k|ltzt, afF8kmfF8 k|lqmof, cjlw, d"No, of]Uotf, ;]o/ nufgL lnOPsf] cGtjftf{n] ;]o/af6 k|fKt cfDbfgL–cf}ifwL pkrf/ ljt/0fsf ljsNkx¿, ljQLo Joj:yf / ;]o/ ;~ro tyf vr{, hldg vl/b ug{ / afnaRrfsf] z}lIfs vr{ k"/f ug{ ljqmL h:tf ljifox¿ k|d'v /x]sf] kfOG5 . k|of]u ePsf] kfOof] . jif}l{ kR5] lgisflzt af]g; ;]o/sf] nfesf] ljz]if dxTj ePsf] kfOof] . pbfx/0fsf] nflu !) jif{ cufl8 ;]o/ afF8kmfF8 k|ltzt cfO{lkcf]dfkm{t !^) lsQf ;]o/ vl/b u/]sfdf af]g; ;]o/sf] hnljB't sDkgLx¿n] :yfgLo ;]o/ lgisfzg ug]{ k|ltzt sf/0fn] ubf{ xfn #*$ lsQf k'us ] f] 5* . :yfgLo ;]o/n] ljz]if ;DaGwdf ljleGg cEof; u/]sf] e]l6G5 . Psflt/ ;q j6f u/]/ dlxnfx¿dfem klxnf] k6s ;DklQsf] :jfldTj kfPsf], ;fj{hlgs ¿kdf ;"lrs[t hnljB't sDkgLn] cfk\mgf] ;fwf/0f cfTdljZjf; a9]sf], ljQLo ;'/Iffsf] cg'el" t lbnfPsf] / o;sf ;]o/sf] !) k|ltzt :yfgLo ;]o/ lgisfzg u/]sf 5g\ eg] ;fy} dlxnfx¿nfO{ ;]o/ vl/b laqmLsf] qmddf a}s + tyf ;x/L tLgj6f j}bl] zs nufgLsf lghL sDkgLx¿n] :yfgLo ;]o/ If]qdf cf]xf]/ bf]xf]/ ubf{ cfkm"nfO{ 3/af6 aflx/ lgl:sg] cj;/ lgisfzgsf] k|lta4tf hgfPsf 5g\( / csf]l{ t/ s]xL g]kfn k|fKt ePsf] cg'el" t JoQm u/]sf] kfOof] . ljB't k|flws/0fsf] :jfldTjdf /x]sf] klAns sDkgLx¿n] clxn];Dd s'g} ;]o/ lgisfzg u/]sf 5}gg\ . cWoogsf ;Ldfx¿ d'Votof :yfgLo ;]o/ ljt/0fsf] tLg jif{;Dd a]rljvg ug{ ;j{;fwf/0fsf] nflu ;]o/ lgisfzg ug{ rfxg] hnljB't gkfOg] x'b F f ;]o/ ahf/df sd} dfqfdf hnljB't sDkgLx¿sf] sDkgLx¿nfO{ dfq jt{dfg sfg'gL k|fjwfgcg';f/ !) :yfgLo ;]o/ lsga]r ePsf] kfOG5 . o;s/0f :yfgLo ;]o/ k|ltzt;Dd ;]o/ lgisfzg ug]{ k|fjwfg 5 . cGo k|sf/sf ljqmL ljt/0fsf] af/]df ulx/f] cWoog x'g ;s]sf] 5}g . o;n] nufgL ljz]if u/]/ k|ToIf j}b]lzs nufgL tyf lghL ¿kdf ubf{ o; k|ltj]bgn] lj:t[t ¿kdf hnljB't ;]o/ nufgLsf ;~rfng ug{ rfxg] kl/of]hgfx¿sf] nflu :yfgLo ;d'bfosf] pbfx/0fx¿ k|:t't tyf ljZn]if0f ug{ ;s]sf] 5}g . ;]o/ nufgLsf] k|fjwfg kl/of]hgf ljsf; ;+emf}tf -lk8LP_ ^ cfly{s jif{ @)!^.!& sf] cGTo;Ddsf ;fj{hlgs ¿kdf ;'lrs[t hnljB't sDkgLx¿df cfwfl/t tYofÍ xf] . & g]kfnL ;]o/ ahf/sf ;'lrs[t sDkgLx¿sf] d"No ;'rf+s . * lj=;+= @)^& df lrlnd]sf] :yflgo ;]o/ vl/b u/]sf JolQmsf] xsdf . ( ()) d]ufjf6 dflyNnf] s0ff{nL, ()) d]ufjf6 c¿0f # / @!^ d]ufjf6sf] dflyNnf] lqz'nL–! sf] kl/of]hgf ljsf; ;Demf}tfdf :yfgLo hgtfnfO{ :yfgLo ;]o/ pknAw u/fpg] k|lta4tf ;dfj]z 5 . 2 ' D Dffly afofFaf6 M /;'jfsf] dlxnf ;d"x, ;fNd] ahf/ ;f]nv ' a'sf] ldl>t ;xefuLx¿Ù tn afofFaf6 M bf]bL{ ufpFkflnsf ndh'ªsf ldl>t ;xefuLx¿ / nfdfau/sf dlxnf ;d"x -:ynut cWoogsf] qmddf lnOPsf t:jL/x¿_ df pNn]v ug]{ ul/Psf] 5 . pbfx/0fsf] nflu %)) d]ufjf6 ;]o/ lgisfzg;DaGwL cfjZos sfuhftx¿ pknAw u/fpg' / ;f] eGbf dflysf kl/of]hgfx¿sf] clwsf/ If]q nufgL kg]{ x'G5 . ;fy} g]kfn lwtf]kq af]8{n] xfn} dfq sDkgLsf af]8{sf] sfof{nodf lgxLt 5 / nufgL af]8{sf] sfof{non] yk hfgsf/L ;d]t ;]o/wgLx¿nfO{ pknAw u/fpg' :yfgLo ;]o/ lgisfzg;DalGw ljifonfO{ cfof]hgf ljsf; kg]{ Joj:yf u/]sf] 5 . t/ dflyNnf] lqz'nL–!, dflyNnf] ;D‰mf}tf -kL8LP_ jftf{df ;dfj]z ug]{ u/]sf] 5 . of] s0ff{nL / c¿0f–# hnljB't kl/of]hgfx¿ h:tf lghL cWoogsf] qmddf s]xL hnljB't sDkgLx¿n] :yfgLo kl/of]hgfsf] ;]o/ afF8kmfF8 k|lqmofaf/] cem} lg0f{o ePsf] ;d'bfosf] ;]o/sf] pRr dfu ePsf] cj:yfdf ;+:yfks 5}g . hals dflyNnf] lqz'nL–! / c¿0f # sf] ;Gbe{df ;d"xaf6 klg :yfgLo ;d'bfonfO{ hnljB't sDkgLsf] :yfgLo ;d'bfosf] nflu ;]o/ ljt/0f ug]{ lhDdf ;DalGwt ;+:yfks ;]o/ ;d]t ljqmL u/L :yfgLo ;d'bfosf] dfu k'/f sDkgLsf] xf] eg] dflyNnf] s0ff{nLsf] :yfgLo ;d'bfosf] ;]o/ u/]sf] b]lvG5 . ljt/0fsf] lhDdf ;/sf/sf] xf], h'g g]kfn ljB't k|flws/0fsf] @& k|ltzt ;]o/af6 ljqmL ljt/0f ug'kg]{ x'G5 . afF8kmfF8sf] k|lqmof klAns sDkgLsf] ¿kdf kl/jt{g ePsf hnljB't tyf cGo ;]o/ ahf/df OG6/g]6 k|ljlwn] ubf{ ;]o/ ljqmL ljt/0f If]qsf sDkgLsf] ;]o/ afF8kmfF8 k|lqmof lwtf]kq lgisfzg k|lqmofnfO{ ;xh agfOlbPsf] 5 . clxn] sfuhL ;]o/ tyf afF8kmfF8 lgb]{lzsf @)&$ åf/f lgb]{lzt 5 . g]kfn k|df0fkqnfO{ ljB'tLo ¿kdf kl/0ft ul/Psf] 5 . ;]o/ lwtf]kq af]8{sf] :jLs[tLdf s'g} klg sDkgLn] :yfgLo ;]o/ cfj]bgnfO{ xfn cgnfOgdf Jojl:yt ul/ nfdf] ofqf / lgisfzg ubf{{ lgisfzg k|aGwsdfkm{t ;j{;fwf/0f;Fu s;/L nfOg nfUg'kg]{ ;d:of x6fO afF8kmfF8df gk/]sf] ;]o/sf] ;+jfb ug]{ eGg] k|fjwfg /fv]sf] 5 . lgisfzg k|aGwsx¿n] /sd tTsfn ;DalGwt JolQmsf] a}+s vftfdf lkmtf{ x'g] ;]o/ cfj]bsx¿nfO{ ;]o/ lgisfzg ug]{ sDkgLsf] ljj/0f / Joj:yf ul/Psf] 5 . o;sf ;fy} lwtf]kq afF8kmFf8sf] 3 :yfgLo ;]o/ d"NofÍgsf ;"rsx¿ ljifo ljj/0f d'Vo gLltut k|Zg ;]o/ k|ltzt :yfgLo ;d'bfonfO{ 5'6\ofOPsf] ;]o/ :yfgLo ;d'bfonfO{ slt k|ltzt ;]o/ 5'§ofpg' k5{ < k|ltzt afF8kmfF8sf] k|lqmof :yfgLo ;d'bfodf ;]o/ afF8kmfF8 afF8kmfF8sf] k|lqmofn] ;]o/df u|fdL0f If]qsf] kx'FrnfO{ k|lqmof s;/L ;Daf]wg u/]sf] 5 < ;]o/ lgisfzg ;do :yfgLo ;d'bfodf ;]o/ lgisfzg :yfgLo ;d'bfosf] nflu ;]o/ lgisfzg hnljB't tflnsf ;do tflnsf cfof]hgf Joj;flos ¿kdf ;~rfng x'g' cl3 jf kl5 ug]{ < ;]o/ d"No s'g d"Nodf :yfgLo ;d'bfonfO{ ;]o/ :yfgLo ;]o/ c+lst jf lk|ldod s'g d"Nodf k|:tfj ug]{ < pknAw u/fpg] of]Uotf :yfgLo ;]o/sf] nflu k|efljt If]qsf] cfof]hgfaf6 kg]{ k|efjsf] cfwf/df k|efljt If]qsf] juL{s/0f ug]{ juL{s/0f ug{ ;lsG5 < ;]o/ nufgL ljt/0fsf :yfgLo hgtfnfO{ ;]o/ cfXjfg k|fOe]6 lnld6]8 sDkgLåf/f :yfgLo ;]o/ ljt/0fsf nflu ljsNkx¿ ug]{ ;+:yfut ;+oGq s] ljsNk x'g ;S5 < ljQLo Joj:yf :yfgLo ;d'bfon] ug]{ ;]o/ vl/bsf] :yfgLo ;d'bfonfO{ ;]o/ vl/b ug{sf] nflu s] s:tf] nflu ljQ Joj:yf ljQLo ;fwg tyf pkfo pknAw u/fpg ;lsG5 < ;]o/ ;~ro tyf ljqmL ;]o/sf] ;~ro jf laqmL :yfgLo ;d'bfon] cfkm\gf] ;]o/ s;/L ;~ro / laqmL u5{g\ < gofF jt{dfg k|0ffnLcg';f/ x/]s OR5's nufgLstf{n] klg ;]o/ lgisfzg ug]{ ;do tflnsf Go'gtd !) lsQf ;]o/ k|fKt ug{ ;S5g\!) . of] dxTjk"0f{ lwtf]kq btf{ tyf lgisfzg lgodfjnL @)&# (-#_ cg';f/ ;"rgf ;j{;fwf/0f hgtfdf k'Ug h¿/L 5 . o;afx]s s'g} klg sDkgLn] -hnljB't_ ;j{;fwf/0fnfO{ ;]o/ lgisfzg g]kfn lwtf]kq ahf/ g]K;] cgnfOgdfkm{t ;]o/sf] sf/f]af/ ug'{eGbf klxn] b]xfosf zt{x¿ k'/f u/]sf] x'g'kg]{5M ;'¿ ug]{ qmddf 5 . ;]o/sf] If]qdf ePsf] of] ljsf;n]  cfkm\gf] p2]Zocg';f/ sf/f]af/ ;~rfng ug{{sf] nflu nufgLstf{nfO{ lwtf]kq vl/b ljqmL ug{ ;lhnf] x'g]5 . o;n] cfjZos sfo{x¿ cufl8 a9fO Ps jif{sf] cjlw k"/f ubf{ lwtf]kq bnfnsf] sfof{nodf pkl:yt x'g'kg]{ emGem6sf] u/]sf], cGTo x'g], lwtf]kqsf] sf/f]af/ k|lqmof tyf clen]v ;DalGw  k|rlnt sfg'g jdf]lhd n]vfk/LIf0f tyf jflif{s ;fwf/0f sfo{ yk Jojl:yt, ;xh, kf/bzL{ / nufgLstf{d}qL x'g] ;ef!! ;DkGg u/]sf], ck]Iff ul/Psf] 5 . o;sf] nflu s]lx ;do nfUg] ePsf]n]  hnljB't kl/of]hgf lgdf{0f ug{ cfjZos Ohfhtkq g]kfn lwtf]kq af]8{, ;]o/ lgisfzg k|aGwsx¿, j}+sx¿ tyf cg'dltkq k|fKt u/]sf], / hnljB't sDkgLx¿n] o; ;DalGw ;fj{hlgs z}lIfs  kl/of]hgfnfO{ cfjZos kg]{ hUufsf] Joj:yf ul/ cGo cleofg z'¿ ug'{kg]{ b]lvG5 . k"jf{wf/ lgdf{0f sfo{ z'¿ ul/;s]sf],  lwtf]kq ;fj{hlgs lgisfzg ;DaGwdf lgisfzg tyf ljqmL k|aGws;+u ;Demf}tf eO;s]sf], !) ljBdfg lwtf]kq lgisfzg tyf afF8kmfF8 lgb]l{ zsf @)&# cg';f/ cfOkLcf]df lgDgfg';f/ afF8kmfF8 ul/G5 . klxnf] r/0fdf ;Dk"0f{ of]Uo cfj]bsx¿nfO{ slDtdf !) lsQf ;]o/ k|bfg ul/G5 . bf];f| ] r/0fdf !) lsQfeGbf a9Lsf] nflu cfj]bg u/]sf cfj]bsnfO{ yk !) lsQf ;]o/ k|bfg ul/G5 . of] afF8kmfF8sf] k|lqmof ;]o/ ;+Vof eGbf cfj]bs ;+Vof a9L gx'Gh]n / !) lsQfsf] ;d'xdf afF8g \ gldNbf ;Dd hf/L /xG5 . To;kl5 kfpg] JolQmx¿sf] 5gf}6 uf]nf k|yfaf6 ul/G5 . of] k|so \ fOPsf] ;Dk"0f{ ;]o/ afF8kmfF8 geP;Dd ul/G5 . [ f 5'6o !! ;~rfngsf] Ps jif{ ;DkGg x'g'kg]{ cfjZostf hnljB't sDkgLsf] nflu xf] hnljB't kl/of]hgfsf] nflu xf]Og . 4  ;+:yfksx¿n] lng sa'n u/]sf] lwtf]kqsf] /sd zt b]lv Joj;flos ;~rfng ldlt;Dd x'g] ck]Iff /fVb5g\ . k|ltzt r'Qmf eO;s]sf], kl/of]hgfdf nufgL ug{ / cfkm\gf] sDkgLsf] k"FhL a9fpg  kl/of]hgf lgdf{0fsf] nflu ljQLo Joj:yfkg -financial ;lsg] ePsf]n] hnljB't k|j4{gstf{x¿ lgdf{0fsf] ;dodf closure_ eO;s]sf], ;]o/ cfXjfg ug{ vf]H5g\ . Joj;flos ;~rfng ldltkl5  g]=lj=k|f= ;Fu ljB't vl/b ;Demf}tf -PPA_ ul/;s]sf], :yfgLo ;d'bfosf] nflu ;]o/ cfXjfg u/]sf s]xL hnljB't  ;j{;fwf/0fsf nflu lgisfzg ug{ nfu]sf] ;]o/x¿ sDkgLx¿n] :yfgLo ;d'bfonfO{ Go"g hf]lvdsf] ;'lglZrttf lgb]{lzsfdf tf]lsPadf]lhd k|Tofe"lt u/fPsf] . u/]sf 5g\ . oL sDkgLx¿n] ;]o/af6 p7]sf] /sd C0f ltg{ cyjf cGo kl/of]hgfdf nufgL ug{ pkof]u u/]sf] kfOG5 . o; lsl;dsf] zt{n] OR5's sDkgL]x¿n] ;j{;fwf/0fsf] nflu ;]o/ lgisfzg ubf{ Jofkf/Ls hf]lvd sd x'g]5 . oBlk tyflk a}+s / ljQLo ;+:yfx¿n] :yfgLo ;d'bfosf] ;]o/ :yfgLo ;d'bfosf] nflu ;]o/sf] ;DaGwdf ljBdfg sfg'gn] kl/of]hgfsf] k|yd r/0fd} lgisfzg ug{ pko'Qm x'g] ljrf/ ;]o/ slxn] lgisfzg ug]{ eGg] af/]df s]xL gaf]n]sf] ePtf JoQm u/]sf 5g\ . kl/of]hgfsf] lgdf{0ffwLg cj:yfdf klg of] ;fwf/0f ;]o/eGbf klxn] lgisfzg ug'{kg]{ pNn]v sDkgLnfO{ cfly{s ;'/Iff lbg / hf]lvd sd ug{df o;n]] ul/Psf] 5!@ . o;sf ;fy} lwtf]kq af]8{n] :yfgLo ;]o/ k|fKt ;xof]u k'Ug] pgLx¿sf] ts{ 5 . u/]sf JolQmx¿nfO{ ;f]xL sDkgLsf] ;j{;fwf/0f cfOkLcf]sf] ;]o/ vl/bdf /f]s nufPsf] 5 . d"NoM c+lst d"No / lk|ldod d"No ;j{;fwf/0faf6 k"FhL p7fpg rfxg] sDkgLn] cfOkLcf] :yfgLo ;]o/ cfXjfg u/]sf !& j6f ;"rLs[t hnljB't cfXjfg ubf{ c+lst d"No!$ df cfwfl/t x'g'k5{ . olb s'g} sDkgLx¿dWo] ^ j6fn] Joj;flos ;~rfng ldlt -COD_ k"j{ sDkgLn] lk|ldod d"Nodf ;]o/ lgisfzg ug{ rfx]sf] v08df tyf cGon] Joj;flos ;~rfng ldltkl5 -kfFr jif{ kl5;Dd_ cfkm\gf] ;+ul7t ;+:yf eGbf aflx/sf lj1 jf lj1 ;+:yfaf6 ;]o/ cfXjfg u/]sf 5g\ . Joj;flos ;~rfng ldlt kl5 ;+:yfut d"NofÍg n]vfkl/If0f!% -due diligence audit_ k"0f{ ;]o/ lgisfzg ug]{ sDkgLx¿n] of t sDkgLn] lnPsf] C0f u/L lk|ldod d"Nodf ;]o/ lgisfzg ug{ ;Sg] k|fjwfg 5 . F L nufgL ug{ o:tf] lgisfzg ltg{ jf cGo kl/of]hgfdf ;]o/k"h u/]sf] kfOPsf] 5 . ;/sf/;+u kl/of]hgf ljsf; ;Demf}tf ;a} !& j6f ;"lrs[t hnljB't sDkgLx¿n] ¿=!))÷– sf] -kLl8P_ ul/;s]sf hnljB't sDkgLx¿n] :yfgLo ;d'bfosf] c+lst d"Nodf :yfgLo ;]o/ lgisfzg u/]sf 5g\ . lrlnd] nflu ;]o/ lgisfzg ug]{ ;do kl/of]hgfsf] ;Demf}tfsf] sDkgLn] c+lst d"Nosf ;fy} lk|ldod d"Nodf klg ;]o/ 5nkmnsf qmddf ug]{ u/]sf 5g\!#  . lgisfzg u/]sf] lyof] . cfof]hgf ljsf; ;D‰mf}tf -PDA_ ug'{kg]{ / :yfgLo ;]o/ lgisfzg ug'{kg]{ lghL sDkgLx¿sf] w]/} h:tf] :yfgLo ;d'bfox¿n] hnljB't sDkgLsf] :yfgLo nflu :yfgLo ;]o/sf] d"No!^ kL8LPdf :ki6 ¿kdf pNn]v ;]o/ lgisfzgsf] ;do kl/of]hgfsf] lgdf{0ffwLg cj:yf ug]{ ul/Psf] 5}g . !@ lwtf]kq lgisfzg tyf afF8 + kmfF8 lgb]l{ zsf, @)&$ cg';f/ k|efljt If]qsf afl;Gbfx¿nfO{ lgisfzg ul/Psf] ;]o/ ljqmL geO{ af+sL /xg uPdf To:tf] ;]o/ ;j{;fwf/0f ;d"xdf yk u/L {  . hf/L ug'kg]5 !# dflyNnf] lqz'nL–! sf] kL8LPcg';f/ ljQLo Joj:yfkg ;DkGg ePsf] tLg jif{ leq :yfgLo ;]o/ lgisf;g ug'{kg]{ k|fjwfg /x]sf] 5 . dflyNnf] s0ff{nLsf] kL8LPcg';f/ :yfgLo ;]o/ Jofj;flos ;+rfng ldltkl5 h'g;'s} ;dodf lgisfzg ug{ ;lsG5 . c¿0f – # sf] kL8LPdf a9L ljlzi6 k|fjwfgsf] 5, h;df %) k|ltzt :yfgLo ;]o/ Jof;flos ;+rfng ldltsf] ! jif{leq / af+sL @ b]vL # jif{sf] aLrdf lgisfzg ug'{kg]{ k|fjwfg 5 . !$ sDkgL P]gn] lghL sDkgLsf] nflu ;]o/sf] c+lst d"No ¿=%) -t/ !) sf] u'0fgdf_ jf ;f] eGbf a9L tf]s]sf] 5 eg]] lwtf]kq btf{ tyf lgisfzg lgodfjnL @)&# sf] bkmf $@ n] ¿=!)) tf]s]sf] 5 . !% lwtf]kq lgisfzg tyf afF8kmfF8 lgb]{lzsf @)&$ sf] bkmf #^ cg';f/ lk|ldod u0fgf ubf{ kl5Nnf] tLg jif{sf] k"FhLs[t ePsf] cfDbfgL -Soflk6nfOH8 clg{Ë_, eljZodf k|fKt x'g] gub k|jfxsf] jt{dfg d"No -l8:sfpG6]8 SofF; ˆnf]_ / cGt/f{li6«o k|rngsf] cfwf/df d"NofÍgstf{n] ckgfPsf] cGo s'g} Ps ljlw cjnDag u/L k|fKt x'g] s'n d"Nosf] cf}ift d"No u0fgf ug{' kg]{5 . lghL tyf c;'lrs[t sDkgLx¿sf] nflu sDkgLsf] P]g @)&$ cg';f/ sDkgLsf] s'n d"No gsf/fTds gePsf] / ;fwf/0f ;efaf6 kfl/t ePsf] cj:yfdf lk|ldod d"Nodf ;]o/ lgisf;g ug{ kfpg] Joj:yf ul/Psf] 5 . !^ dflyNnf] s0ff{nLsf] lk8LPdf, kl/df0f gtf]lssg g]ljk|f sf] efusf] ;]o/af6 :yflgo hgtfsf] cfly{s rf;f] k'/f ug]{ ;/sf/sf] lhDd]jf/L /x]sf] pNn]v 5 . c¿0f –# sf] lk8LPdf Joj;flos ;+rfng ldltsf] Ps jif{ leq %) k|ltzt :yflgo ;]o/ Go'gtd d"No lgisfzg ug'{kg]{ / afFsL ;]o/ Joj;flos ;+rfng ldltsf] @ b]lv # jif{ leq k|f/lDes d"Nodf @=% u'0ff eGbf gal9sg lgisfzg ug'{kg]{ pNn]lvt 5 . dflyNnf] s0ff{nL / c¿0f –# b'j} hnljB't kl/of]hgfsf] lkl8Pdf ;]o/sf] Go'gtd d"No lgb]{lzt 5}g . 5 g]kfn lwtf]kq af]8{n] g]kfnL k"FhL ahf/df gofF tl/sfsf] ;+:yfks ;]o/sf] pbo d"No lgwf{/0f k|lqmofsf] af/]df 5nkmn ul//x]sf] 5 . gofF d"No lgwf{/0f Joj:yfcg';f/ cfO{kLcf] ;]o/sf] d"No lgwf{/0f lwtf]kq lgodfjnL @)&# n] cfOlkcf] afx]s cGo lgofds lgsfoaf6 lgwf{l/t gu/]/ gofF k|lqmofsf] vf]hL s'g} dfWodaf6 %! k|ltzt ;]o/ k|fKt u/]sf] JolQm ul/g]5 h:t} cfOkLcf] ;]o/sf] d"No lgwf{/0f lgdlGqt 7"nf cyjf ;d"xnfO{ ;+:yfks ;]o/ egL kl/eflift ;+:yfut vl/bstf{x¿sf] dfusf] cfwf/df x'g]5 . olb of] u/]sf] 5 . g]kfn lwtf]kq af]8{n] sDkgLsf] ;';f;g Joj:yfnfu' eof] eg] ¿=!))÷– a/fa/sf] d"Nodf cfOkLcf] ;'lglZrt ug{ s]lx zt{ tyf k|fjwfgx¿ nfu' u/]sf] ;]o/ cfXjfg ug]{ cEof; kl5;Dd ;fGble{s gx'g klg 5 . ;+yfks / :yfgLo ;]o/ 5'§fpg] k|0ffnLsf] ;S5 . cefjdf hnljB't sDkgLsf] ;+:yfks ;]o/df nufgL ug]{ :yfgLo ;d'bfox¿ al9/x]sf 5g\ / k|efljt If]q / :yfgLo ;]o/ k|flKtsf] of]Uotf o;nfO{ g} s]xL sDkgLx¿nfO{ :yfgLo ;d'bfosf] g]kfnsf] ;+ljwfgn] s'g} klg k|fs[lts ;|f]tsf] Joj;flos hnljB't cfof]hgfdf nufgL ug]{ pT;fxnfO{ k'/f pkof]u ug]{ kl/of]hgfdf ToxfFFsf :yfgLo ;d'bfonfO{ nufgL ug]{ ;+oGqsf] ¿kdf k|of]u u/]sf] b]lvG5 . nufgL ug{sf] nflu k|fyldstf lbPsf] 5 . t/ :yfgLo ;d'bfosf] ug]{ :yfgLox¿nfO{ ;+:yfks / :yfgLo ;d'bfosf] kl/efiffnfO{ :ki6 kfl/Psf] 5}g!& . g]kfn lwtf]kq af]8{n] ;]o/ larsf] leGgtfsf] 1fgsf] cefj ;d:ofsf] ;+zf]lwt lwtf]kq btf{ tyf lgisfzg lgofdfjnL @)&#!* ¿kdf /x]sf] 5 . pNn]vlgo s'/f s] xf] eg] :yfgLo df jftfj/0fLo k|efj d"NofÍg k|ltj]bgsf] cfwf/dfg} ;d'bfosf] ;]o/ g]kfn lwtf]kq af]8{sf] :jLs[lt k|efljt If]q olsg x'g] u/]sf] 5 . lnO{ nufgLstf{nfO{ ;+/If0f ug{ sDkgL;+u ;DjlGwt cltl/Qm ;"rgfsf] ;fj{hlglss/0fsf] Joj:yf ;lxt cWoogsf] qmddf ljleGg kl/of]hgfsf] cEof; km/s lgisfzg ul/G5 . nufgLsf] kmfObf cfpg ;do km/s ePsf] kfOG5 . :yfgLo ljjfb Go"gLs/0f ug{ nfUg] / ;fwf/0f ;]o/sf] t'ngfdf t'¿Gt} laqmL klg jftf{ ug]{ ul/Psf] b]lvG5 . pbfx/0fsf] nflu nlntk'/sf] ug{ gkfO{g] h:tf sf/0fn] ubf{ ;+:yfks ;]o/df vfgLvf]nf hnljB't kl/of]hgfn] k|efljt rf/j6f ufpF hf]lvd a9L x'G5 . t/ oL hfgsf/Lsf] cefjdf ljsf; ;ldltnfO{ dfq ;]o/ lgisfzg u/]sf] 5, hals hnljB't sDkgLn] ;+:yfks ;]o/ :yfgLox¿nfO{ cGo kl/of]hgfn] k"/} lhNnfnfO{ k|efljt If]q dfg]/ To; lgisfzg ubf{ ljleGg ;d:ofx¿ b]vfkg{ yfn]sf lhNnfsf ;a} hgtfnfO{ ;dfj]z x'g] ul/ ;]o/ lgisfzg 5g\ . oL ;d:ofx¿sf] ;dfwfgsf] nflu cfjZos u/]sf 5g\ . xfn;Dd of]Uotfsf] juL{s/0f s'g} k|fljlws k|lqmtf ldnfpg sDkgL /lhi6«f/sf] sfo{non] xfnsf] k|0ffnL gckgfOsg /fhgLlts ;Demf}tfsf] cfwf/df ul/Psf] nflu sDkgLx¿nfO{ To:tf ;]o/ lgisfzgdf /f]s kfOG5 . jf:tljs ¿kdf of]Uotfsf] juL{s/0f lhNnf:t/df nufPsf] 5 . k|efljt If]q / cGo If]q eg]/ 5'6\ofOPsf] kfOG5 . of]Uotfsf] k|df0fsf ¿kdf, dflg;x¿n] gful/stfsf] k|df0fkqnfO{ k|d'v cflwsfl/s sfuhftsf] ¿kdf k|of]u ug]{ t/ o;n] :yfgLo ;]o/ vl/b ug{ of]Uo aGgsf nflu dfq u/]sf 5g\ . cGo sfuhftdf ljjfxsf] k|df0fkq -j}wflgs hldg vl/b ug]{ k|j[lQnfO{ k|f]T;fxg ug]{ u/]sf] b]lvG5 . If]qdf ljjfx u/]sf] xsdf_, hGd btf{sf] k|df0fkq s'g} a;fO;/fO{sf] sfuhftnfO{ dfGotf lbg clGtd ldlt -gfafnssf] xsdf_ tyf a;fO;/fO{sf] k|df0fkqx¿ kb{5g\ . -cut off date_ tf]Sg] rng!( ePtf klg jf:tljstfdf s]xL sDkgLx¿n] nfnk"hf{sf] klg k|of]u ug]{ u/]sf 5g, kl/of]hgfx¿df leGgleGg gLlt ckgfOPsf] kfOG5 . !& g]kfnsf] ;+ljwfgsf] wf/f %( -%_ !* lwtf]kq btf{ tyf lgisfzg lgodfjnL, lj=;+=@)&# bkmf ( -$_ !( lwtf]kq lgisfzg tyf afF8kmfF8 lgb]{lzsf, @)&$ . 6 :yfgLo ;]o/ ljt/0f k|0ffnLsf] j}slNks d"NofÍg  P;kLeLsf] dfWodaf6 p7]sf] /sd hnljB't sDkgLsf] xfn;Dd g]kfnsf ;Dk"0f{ klAns hnljB't sDkgLx¿n] ;]o/df nufgL ug]{ Psdfq p2]Zosf nflu k|of]u OR5's nufgLstf{x¿sf nflu l;w} ;]o/ ljt/0f ub}{ cfPsf ul/G5 . 5g\ . k|rlnt sfg'g cg';f/ lghL hnljB't sDkgLx¿n]@)  P;kLeLsf] lqmofsnfk hnljB't sDkgLsf] :yfgLo ;d'bfonfO{ ;]o/ ljt/0f ug{ klAns lnld6]8 aGg' ;]o/sf] :jfldTj u|x0f ug]{ / k|fKt nfef+z P;lklesf kg]{df ;f] gu/L :yfgLo ;]o/ ljt/0f ug{ rfx]sf s]xL ;xefuLx¿ aLr ljt/0f ug{df l;ldt /xG5 . sDkgLx¿n] j}slNks pkfo ckgfpg yfn]sf 5g\ . csf]{ zAbdf eGg] xf] eg] of] lghL sDkgLsf] x}l;ot sfod} /fv]/ of] cWoogsf] qmddf ;fd"lxs ¿kdf ;]o/sf] :jfldTj u|x0f ;d'bfonfO{ cfof]hgfsf] s]xL ;]o/ ljt/0f u/]/ ;f] ;]o/sf] ug]{ cjwf/0ffaf/] 5nkmn ul/of] . :yfgLo ;d'bfosf] wf/0ff :jfldTjdfkm{t :yfgLo ;d'bfonfO{ ckgTj u|x0f u/fpg] d"NofÍg ubf{ ;d'bfosf] To:tf] cjwf/0ffaf/]df Jofks k|of; xf] . cljZjf; /x]sf] kfOof] . P;kLeLsf] ;Defjgfsf@@ af/]sf] 5nkmndf :yfgLo ;/sf/, ;xsf/L ;+:yfx¿, / sDkgL oL lghL sDkgLx¿nfO{ lgb]{zg ug]{ cfjZos ;+/rgfsf] Nfufotsf] ;xeflutf lyof] . cefjdf o; cWoogn] ljBdfg :yfgLo ;]o/ ljt/0f k|0ffnLsf] j}slNks d"Nof+sg u/]sf] 5 . t/ oL ljsNkx¿sf] ;d'bfox¿df o; lsl;dsf] cljZjf;sf] k|d'v sf/0f ;fy{stf sfg'gL ;'wf/, k"FhL ahf/ tyf hnljB't sdhf]/ :yfgLo ;/sf/, wgL JolQmx¿sf] jr{Zj, ;fdflhs cfof]hgfk|lt cfd hgtfsf] a'emfO / hgljZjf; k|flKtsf] lje]b cflb ePsf] kfOof] . JolQmut gfddf ;]o/ nufgL nflu /fhgLlts ;dy{g h:tf s'/fdf e/ kb{5 . xfn;Ddsf ubf{ cfkm}n] lg0f{o ug{ ;Sg] ePsf]n] kl/of]hgfdf cfkm\gf] 5nkmnx¿ :yfgLo ;d'bfox¿n] :jfldTj u|x0f u/L k|ToIf :jfldTj dx;'; ePsf] kfOof] . o:tf] :jfldTjsf] pgLx¿sf] ;xeflutfdf u7g x'g] ljz]if lsl;dsf ;+oGq efjgf ;fd'lxs ¿kdf u|x0f ul/Psf] ;]o/df sd emlNsg]] -P;kLeL_sf] k|of]u tkm{ s]lGb|t 5g\ . oL P;kLeL hnljB't ;Defjgf /x]sf] kfOof]] . sDkgLsf ;a} :yfgLo ;d'bfox¿sf] ;]o/x¿sf] :jfldTj u|x0f ug]{ Ps j}wflgs ;+:yfsf] ¿kdf sfo{/t x'g]5 . { f :yfgLo ;/sf/L cGt/f{li6«o pbfx/0fsf] nflu gj]s lgsfox¿n] hnljB't sDkgLx¿df nufgL u/]sf sf/0fn] P;lkeL lgdf{0fdf /x]sf ljleGg ;+:yfut ljsNkx¿@! nufgLsf] k|ltkmn ;d'bfosf] lxtsf] nflu k|of]u ul/G5 . lgDgfg';f/ 5g\ M !_ sDkgL @_ ;xsf/L #_ lghL sf]if xfnsf] ;dodf g]kfndf klg :yfgLo gu/kflnsfx¿nfO{ $_ ;fd"lxs nufgL of]hgf -Collected Investment Schemes_ ;+:yfut nufgLstf{sf] ¿kdf ;]o/ 5'§ofOPsf] 5 . pbfx/0fsf] nflu lqz'nL–# la hnljB't kl/of]hgfn] /;'jf / g'jfsf]6sf oL ljsNkx¿ lgDglnlvt dfkb08df cfwfl/t 5g\ . k|efljt gu/kfnLsfx¿nfO{ % k|ltzt ;]o/ 5'§ofPsf] 5 . tyflk g]kfnsf] ljBdfg sfg'gn] ;/sf/L lgsfox¿nfO{ cfo  :yfgLo ;]o/sf nflu of]Uo ePsfx¿n] dfq P;kLeLdf cfh{gsf] lqmofsnfkdf efu lngaf6 al~rt u/]sf] cj:yfdf ;xeflutf hgfpg ;S5g\ . of] s;/L cufl8 a9\5 eGg] af/]df x]g{ afFsL g} 5 . @) ;g\ @)!% df g]kfn nufgL af]8{n] lkl8P jftf{ k|fof]hgsf] nflu u/]sf] :yfgLo ;/f]sf/jfnfx¿nfO{ kl/of]hgf ;]o/ cfx\jfgsf ljsNk / ;+oGqx¿sf] af/]df u/]sf] cWoogn] :yfgLo ;d'bfo / ljsf;stf{ b'j}sf] cfsf+Iff k'/f ug{ ;fj{hlgs P;kLleg} ;a}eGbf pko'Qm ;+oGq ePsf] lgSof]{n u/]sf] lyof] . @!^ d]ufjf6sf] dflyNnf] lqz'nL–! sf] lkl8Pdf :yfgLo ;]o/ sDkgLsf] b}lgs ;+rfngnfO{ c;/ gkg]{ u/L s'zn tl/sfaf6 k|bfg ul/g] pNn]v 5 . ef]6]sf]zL hnljB't kl/of]hgfsf] xsdf sDkgLn] cfx\jfgsf] nflu ljt/0f 9fFrf k|:tfj ug]{ sfd :yflgo ;d'bfonfO{ 5f8]sf] 5 . @! yk hfgsf/Lsf] nflu d'Vo k|ltj]bg x]g'{xf];\ . @@ k|ltjfbLx¿nfO{ j}slNks ;+oGqaf6 :yflgo ;]o/sf] :jfldTj lng] cjwf/0ff k|lt v'nf x'g'x'G5 elg k|Zg ul/Psf] lyof] . k|To]s ljsNkx¿sf] af/]df la:tf/df 5nkmn ul/Psf] lyPg . 7 ;]o/, hnljB't sDkgL / kl/of]hgfsf] cjlw g]kfndf ljB't k|flws/0fn] k|ToIf :jfldTj hnljB't sDkgLx¿n] cfo cfh{gsf] cGo ;|f]t u|x0f u/]sfafx]s ;a} hnljB't kl/of]hgfx¿ ;+nUg gu/fP;Dd sDkgLsf] cfo;|f]t /xFb}g . lgdf{0f–:jfldTj–;~rfng–x:tfGt/0f a'6 (Build h;n] ;]o/sf] vl/blaqmL tyf d"No 36fpg Own Operate Transfer) df]8ncg';f/ lgdf{0f ;S5 . To;kl5 ;]o/wf/sx¿;Fu sDkgLsf] ul/G5 . o; df]8nsf] k|d'v cfjZostf eg]sf] p2]Zo kl/dflh{t u/]/ gofF ;+rfng tyf ;Demf}tf tf]lsPsf] ;dokl5 hnljB'\t sDkgLx¿ ;/sf/nfO{ h:tf cfosf] cGo ;|f]tx¿sf] vf]hL ug'{ cyjf x:tfGt/0f ug'{kg{] x'G5 . ljB't P]g @)$( n] sDkgL k"0f{¿kdf aGb ug]{ ljsNk /xG5 . tyflk cfGtl/s pkof]usf] nflu #% jif{ tyf lgof{td'vL k|z:t kl/of]hgfnfO{ rnfO/fv]sf hnljB\t kl/of]hgfsf nflu @% jif{sf] ;do ;Ldf tf]s]sf] sDkgLx¿sf] xsdf of] cj:yf ;fFrf] x'Fb}g lsgeg] 5 . hnljB't kl/of]hgfsf] ;]o/df sDkgLsf] To:tf sDkgLx¿;Fu lgoldt cfDbfgLsf] ;|f]t x:tfGt/0fn] s] s:tf] k|efj kfg{ ;S5 eGg] s'/fdf x'G5 . pbfx/0fsf nflu lrlnd] hnljB't sDkgL clglZrttf /x]sf] 5 . h;sf] :jfldTjdf @@=! d]jf lrlnd], !)@ d]jf dWo ef]6]sf];L, $@=% d]jf ;fGh]g / !!! d]=jf= !_ kl/of]hgf x:tfGt/0fsf] qmddf s] x'G5 < /;'jfu8L /x]sf 5g\ . sDkgLx¿sf] :jfldTjsf cfwf/df ljB't P]g @)$( df b'O{ k|fjwfgx¿ /x]sf 5g\ . ljb]zL ;fd'bflos :t/df a'emfOsf] sdLn] ubf{ hnljB't nufgLsf kl/of]hgfx¿ x:tfGt/0f ul/Pkl5 sDkgLx¿n] cfkm\gf] sDkgLsf] af/]df ;Dk"0f{ ;f]xL ;~rfnsn] kl/of]hgf yk cjlwsf] nflu hfgsf/Lx¿ ;Defljt ;]o/wf/sx¿nfO{ pknAw ;~rfng ug{ rfx]df ;/sf/n] Ps ;ldlt u7g u/fpg'kg]{df hf]8 lbg'kg]{ vfFrf] b]lvG5 . u/L ;f] ;ldltn] lgwf{/0f u/]sf] d"Nodf ;Demf}tf gLltut txdf ;/sf/L sd{rf/Lx¿ ug{ ;lsg] b]lvG5 . bf];|f] k|fjwfg cg';f/ g]kfnL hnljB't sDkgLx¿sf] kl/of]hgf x:tfGt/0f nufgLsf] afx'Notf /x]sf] sDkgLx¿n] ;/sf/;+u ug'{kg]{ cfjZostfaf/] :ki6 5g\, t/ To;kl5sf] k'gM jftf{ u/L ;Demf}tf cg';f/ Joj;fo ;~rfng cj:yfaf/] k|i6 5}gg\ . o; r/0fdf k'Ug] k|yd ug{ kfpg]5g\ . of] k|fjwfgn] kl/of]hgf k|fljlws kl/of]hgf lvDtL hnljB't kl/of]hgf xf] ¿kdf ;/sf/sf] :jfldTjdf /x]tf klg ;~rfng h'g ;g\ @)$) df x:tfGt/0f ug'kg]{ x'G5 . tyf Joj:yfkgsf nflu ;f]xL sDkgL;+u gofF pmhf{, hn;|f]t tyf l;+rfO dGqfnon] g]kfnL ;Demf}tfsf nflu k'gM jftf{ ug{ ;lsg] b]lvG5 . ;]o/wgLsf] afx'Notf /x]sf] sDkgLx¿nfO{ kl/of]hgf ;/sf/nfO{ x:tfGt/0f ug]{ cyjf gofF @_ x:tfGt/0fkl5 hnljB't sDkgLsf] x}l;ot s] x'G5 < ;~rfng tyf /]vb]v ;Demf}tfsf nflu k'gM jftf{ ljB't P]g @)$( sf cg';f/ kl/of]hgf ;~rfngsf] ug]{ eGg] lg0f{o k|i6 ;dol;df pknAw u/fpg nflu Ohfht ;do ;dfKt ePsf ;Dk"0f{ hnljB't cToGt cfjZos 5 . olb sDkgLn] ;/sf/nfO{ sDkgLx¿n] kl/of]hgfsf] nflu k|of]u u/]sf] hldg, x:tfGt/0f ug{ rfx]df ;/sf/n] ;+rfng tyf ejg tyf pks/0fx¿ h:tf ;DklQ x:tfGt/0f /]vb]vsf] nflu gofF af]nkq cfXjfg ug{ ug'{kg]{ x'G5 . tyfkL sDkgL sfg'gL ¿kdf ;Sg]5 . To;sf nflu ;f]xL sDkgL;Fu ;/sf/n] cl:tTjdf /x]/ cGo ;DklQsf] :jfldTj u|x0f jftf{ ug{ ;Sg]5 . x:tfGt/0fsf] nflu tf]lsPsf] ug{ ;Sg]5 . ;]o/wgLx¿n] sDkgLsf] ;]o/sf] ;do cjlw cufj} ;/sf/n] Pp6f plrt ;dodf :jfldTj u|x0f ul//xG5g\ . tyfkL sDkgL ;]o/sf] g} jftf{ tyf lg0f{o u/]/ o;sf] ;dfwfgsf] vf]HfL d"Nodf o;sf] s] dxTj /xG5 eGg] s'/f sDkgLsf] u/]df ;a} ;]o/wgLx¿ :ki6 x'g]5g\ . ;+/rgfdf lge{/ /xG5 . Psdfq kl/of]hgf /x]sf 8 ljQdf kx'r -Access to Financing_ lgisfzgsf] Ps jif{dfd} ;]o/wgLx¿nfO{ nfef+z ljt/0f g]kfn /fi6« a}+ssf] PsLs[t lgb]{lzsf -!&÷)&$_ df ug{ ;kmn ePsfn] of] ;Dej eOx'g ;Sof] cyf{t lrlnd] lk5l8Psf If]qdf C0f pknAw u/fpg' kg]@# { zLif{scGtu{t hnljB't cfof]hgf gfkmfd"ns ;+:yf eO;s]sf]n] C0fLnfO{ a}+s tyf ljQLo ;+:yfx¿n] lagflwtf] cfof]hgf k|efljt C0f ltg{sf] nflu s'g} ufx|f] ePg lsgls o; k|of]hgsf] If]qsf] :yfgLo ;]o/ vl/bsf] nflu k|ltkl/jf/ ¿= nflu k|jfx u/]sf] clwstd C0f ¿=!@,)$#÷– dfq lyof] . %),)))÷– pknAw u/fpg' kg]{ k|fjwfg /x]sf] 5 . t/ xfn;Dd a}+sx¿n] of] k|fjwfg nfu" gu/]sf]n] of] sfuhdf ;fdfGotof ;d'bfon] ;]o/df nufgL ug{sf nflu cfjZos dfq ;Lldt 5 . a}+sn] of] k|fjwfg Jojxf/df nfu" gug{fsf] kF"hLsf] Joj:yf cfkm"n] hDdf u/]sf] /sd, gft]bf/ jf d'Vo sf/0fdf pRr sf/f]af/ nfut, k|ltu|fxs a9L ;do ;fyLefO;+u k|fKt u/]sf] C0f / ;DklQsf]@& laqmLaf6 u/]sf] nfUg] / hnljB't ;]o/ nufgLdf C0f k|jfxsf] nflu kfOof] . cGon] ;xsf/L / n3'ljQ ;+:yfaf6 sl/a !$–!* a}+s;Fu kof{Kt hgzlQmsf] cefjn] lagflwtf] ljZj:t k|ltzt Aofhdf / s]]xLn] cgf}krfl/s C0fbftf;+u jflif{s eO C0f k|jfx ug{ g;s]sf] s'/f JoQm u/]sf 5g\ . g]kfn ^) k|ltzt;Dd Aofh lt/L C0f lnPsf] kfOof] . /fi6« a}+sn]] hf/L u/]sf] lgb]{lz{sf@$ df hnljB't If]qsf] nflu clgjfo{ ¿kdf C0f k|efj ug'{kg]{ k|fjwfg ePsf] ;]o/ ;~ro tyf ljqmL sf/0fn] a}+sx¿n] hnljB't h:tf] hf]lvdk"0f{ If]qsf] nflu g]kfn lwtf]kq af]8s { f] lwtf]kq btf{ tyf lgisfzg lgodfjnL sDkgLx¿nfO{ C0f k|bfg ub}{ cfPsf] hgfPsf 5g\ . csf]{ @)&% sf] bkmf #% n] cu|flwsf/sf] ¿kdf ljtl/t ;fwf/0f tkm{ jfl0fHo a}+ssf] t'ngfdf n3'ljQ ;+:yfx¿n] u|fdL0f ;]o/x¿nfO{ lglZrt calw;Ddsf nflu ;]o/ laqmLdf /f]s If]qdf /fd|f] pkl:ylt ePtf klg !* b]lv @) k|ltzt nufPsf] 5 . cu|flwsf/sf] ¿kdf ljtl/t ;]o/x¿ s'g} ljz]if ;Ddsf] Aofhb/df C0f pknAw u/fPsf /x]5g\ . ;d"xsf cfj]bsx¿sf nflu 5'6o \ fOPsf] x'G5 . pbfx/0fsf] nflu sDkgLsf sd{rf/Lx¿sf] nflu cfO{kLcf] ;]o/sf] rf/ g]kfn nufgL af]8{sf] :yfgLo ;]o/;DalGw Ps cWoogn]@% k|ltzt ;Dd 5'6o \ fpg] k|rng 5 . hnljB't cfof]hgfdf s]xL ljQLo cf}hf/x¿sf] -Debt Linked Product on Equity sd{rf/L / k|efljt :yfgLo ;d'bfosf] nflu b'O{ k|sf/sf Cash flows pledge_ klxrfg u/]sf] 5 . of] ljQLo cf}hf/x¿ cu|flwsf/ ;]o/ ljt/0f ul/G5 . oL b'j} k|sf/sf ;]o/ ljt/0f lrlnd] sDkgLn] NofPsf] ljQLo cf}hf/ h:t} xf] . km/s olt u/]sf] ldltn] tLg jif{;Dd laqmL ug{ gkfOg] jt{dfg sfg'gL xf] ls :yfgLo ;]o/sf] ljt/0fsf] ;dodf lrlnd] sDkgL Joj:yf 5 . o;sf] nIo kl/of]hgfdf :yfgLo ;d'bfosf] gfkmfd"ns cj:yfdf kl/0ft eO;s]sf] lyof] . ;+:yfut cfkm\gf] b[9 :jfldTj / ;dy{g hgfpg eGgfsf nlfu xf] . t/ ljQ pknAw u/fpg] lrlnd] dfq Pp6f hnljB't kl/of]hgf ;]o/wgLsf] d[To' ePdf cyjf ;]o/wgLsf] ;DklQ kl/jf/sf lyof] . of] sDkgLn] d]uf a}+s g]kfn lnld6]8 / hgtf a}+s ;b:ox¿aLr afF8kmfF8 ug'k { /]df ;]o/ laqmL ug{ ;lsg] g]kfn lnld6]8 h:tf b'O{ æsÆ ju{sf jfl0fHo a}+sx¿;Fu Joj:yf ul/Psf] 5 . lgDg ;Demf}tfdf ;xdlt u/]sf] lyof] . ;xdlt cg';f/ a}+sn] k|To]s JolQmnfO{@^ pknAw u/fOPsf] s'n ;]o/ d"Nosf] *) ;]o/wgLn] sDkgL P]gdf pNn]v ePsf] k|fjwfgcg';f/ ;]o/ k|ltzt;Dd C0f pknAw u/fpg], ;]o/ k|df0f–kqnfO{ g} ;~ro u/]/ /fVbf tLg k|sf/sf] kmfObf k|fKt ug{ ;Sb5g\M lwtf]sf] ¿kdf k|of]u ug]{, C0f r'Qmf ug]{ cjlw tLg jif{sf] s_ gub nfef+zM sDkgLsf] ;~rfns ;ldltn] ljQLo x'g], oL tLg jif{;Dd a}+sn] ;]o/ k|df0fkq cfkm\gf] clwgdf glthfsf] cfwf/df ;]o/wgLx¿nfO{ gub nfef+z k|bfg /fVg] h:tf Aoj:yf u/]sf] lyof] . lrlnd] sDkgLn] cfOkLcf] ug{ ;S5 . o:tf] nfef+zsf] clGtd lg0f{o ;]o/wgLx¿sf] @# g]kfn /fi6« a}+ssf] lgb]{lzsf cg';f/, cflwsfl/s …sÚ, …vÚ / …uÚ ju{sf a}+sn] cfkm\gf] s'n C0fsf] qmdzM %Ü , $=%Ü, $Ü ljkGg ju{nfO{ k|bfg ug'{kb{5 . @$ g]kfn /fi6« a}+ssf] lgb]{lzsf cg';f/ ;Dk"0f{ Joj;flos a}+sx¿n] cfkm\gf] C0fdWo] slDtdf @)Ü C0f pTkfbs If]qdf nufgL ug'{kg]{5, To;dWo] !@Ü s[lif tyf pmhf{ If]qdf x'g'kg]{ 5 . o;sf] cltl/Qm gofF df}lb|s gLltn] ;g\ @)!&.!* sf] cfly{s jif{sf] cGTo ;Dddf ;a} a}+sn] slDtdf %Ü C0f hnljB't If]qdf nufgL ug'{kg]{ Joj:yf ul/Psf] 5 . @% ;g\ @)!% df nufgL af]8{ g]kfnn] dflyNnf] s0ff{nL / c¿0f–# hnljB't kl/of]hgfsf] ;]o/ cfxjfgsf] nflu ljsNk / ;+oGqsf] af/]df cWoog u/]sf] lyof] . @^ of] k|jfx ul/Psf] C0fsf] jf:tljs Aofhb/ cf+sng ug{ sl7g ePtf klg cgf}krfl/s ¿kdf !#–!$ k|ltzt /x]sf] cg'dfg ul/Psf] 5 . @& ;DklQdf ufO{ j:t', uxgf cflb ;dfj]z x'G5g\ . 9 :yfgLo / cGo k|sf/sf ;fd"bflos nufgLsf] leGgtf :yfgLo ;]o/ nufgL hnljB't kl/of]hgfdf ;]o/ nufgLsf cGo cEof; ;]o/ nufgLsf] nflu k|efljt ;d'bfon] JolQmut k'FhLsf] Joj:yf hgtfn] cfkm} k'FhLsf] Joj:yf gu/]/ k|foM t];|f] kIfsf] ljQ Joj:yf u/L l;w} ;]o/df nufgL u5{g\ . ;|f]taf6 ub{5 . ;]o/ wf/0f ;]o/ k|ToIf ¿kdf JolQmsf] :jfldTjdf :yfgLo hgtfn] ck|ToIf tl/sfn] sf]if, ;d'bfo, :yfgLo /xG5 . gu/kflsfx¿ nufot cGo;Fu ;fd'bflos d~rdfkm{t ;]o/ wf/0f ub{5 . ;]o/sf] nfe nufgLaf6 k|fKt nfex¿ JolQmut txdf nfex¿ ;fd'bflos txdf ljt/0f ul/G5 hxf+ k|d'v pkof]u x'G5 h; cGtu{t nfef+z e'QmfgL, ¿kdf nfef+z e'QmfgLsf] (dividend) ¿kdf x'G5 . xsk|b / af]g; ;]o/ / k"FhL nfe kb{5g\ . ;]o/sf] hf]lvd JolQmut ;]o/wgLn] k|ToIf ¿kdf ;]o/sf] JolQmn] ;fd'bflos ;]o/wgLsf] ¿kdf k|ToIf hf]lvd hf]lvd jxg ug'kb{5 . jxg ug'{kb}{g . ;fwf/0f ;efn] lng]5 . v_ af]g; ;]o/ M sDkgL;Fu gub k|d'v a'Fbfx¿ nfef+zsf] :yfgdf af]g; ;]o/ k|bfg ug]{ ljsNk klg x'G5, h'g ;fdfGotof yk k"FhL kl/rfng ug{sf] nflu ul/G5 . o; cWoogsf d'Vo lgZsif{x¿ M u_ xsk|b ;]o/ M o;sf cltl/Qm sDkgL;Fu xsk|b ;]o/  ;]o/ :yfgLo ;d'bfosf] nflu nfe tyf jrtsf] k|d'v lgisfzg u/]/ yk k"FhL kl/rfng ug]{ ljsNk klg /xG5 . cf}hf/ xf] . o;df k|efljt :yfgLo hgtfsf ;fy} of] af]g; ;]o/ eGbf km/s s] cy{df x'G5 eg] ;]o/wgLx¿n] hnljB't k|j{4sx¿nfO{ ;d]t kmfObf x'g] b]lvG5 . xsk|b ;]o/ k|fKt ug{ c+lst d"Nosf] cfwf/df cltl/Qm z'Ns  ;]o/ ;xeflutfdf hgtfsf] pRr dfu /x]sf] d'Vo sf/0f ltg{'kg]{ x'G5 . ;"lrs[t klAns sDkgLsf] ;]o/ ljqmL b]zsf] :yfgLo ;d'bfodf pRr k"hF L nfesf] ck]Iff /x]sf] b]lvG5 . Psdfq lwtf]kq ljlgdo ahf/, g]K;]df@* laqmL ug'{k5{ . lj=;+= @)&! kZrft ;]o/sf] d"No Ps ltxfO 36]sf] b]lvPtf cWoogsf] qmddf :yfgLo ;d'bfodf clwsf+zn] ;]o/nfO{ klg :yfgLo ;d'bfodf o;sf] dfu 36]sf] 5}g . ;DkQLsf] ¿kdf ;~ro u/L /fv]sf] kfOof] . ;d'bfosf  ;fwf/0f ;]o/df pRr hf]lvd /x]tf klg ;fdGotofM dflg;x¿n] o;nfO{ hldg hlts} dxTjk"0f{ ;DklQsf] ¿kdf nufgLstf{x¿ o;af/]df ;'–;"lrt 5}gg\ . ;d'bfon] lnO{ bL3{sfn;Dd /fVg] u/]sf /x]5g\ . nfef+z ;+sng kfpg] nfe;DalGw hfgsf/Lsf ;fy;fy} ;]o/;DalGw (dividend) sf] nflu k"0f{ :jrflnt ljB'tLo sf/f]af/ k|0ffnL lzIff / ;"rgfdf ;'wf/ x'g'k5{ . (Automated Electronic Trading system) ;]jf cjnDag u/L  g]kfn lwtf]kq af]8{n] ;sf/fTds tyf lg0ff{os e"ldsf ;xh agfOPsf] 5 . o;sf] kmn:j¿k nfef+zsf] e'QmfgL v]n]sf] 5 . lngsf] nflu ;]o/wgLx¿nfO{ sf7df8f}+ cfO/fVg'kg]{ sl7gfO  ;"rgf k|ljlwsf] ;xh kx'Frn] ;fgf nufgLstf{sf] ;d]t x6]sf] 5 . ;]o/ lsga]rdf kx'Fr a9fPsf] b]lvG5 .  nufgL ug{sf] nflu ljQLo ;|f]t cfjZos 5 . ;/sf/n] o;sf] cjwf/0ff tof/ u/]tf klg a}+sx¿n] o;sf] cjnDag ug{ afFsL 5 . @* { ] csf]{ lghL lwtf]kq sf/f]af/ ug]{ ;+:yfnfO{ :jLs[tL lbg] af/]df 5nkmn rln/x]sf] 5 . g]kfn lwtf]kq af]8n 10  k|efljt :yfgLo ;]o/sf] nflu jt{dfg k|lqmof -JolQmut o;afx]s k|To]s kl/of]hgfsf] r'gf}tLx¿ km/s km/s x'g] ;]o/ ljt/0f_ ;a}eGbf ;/n ljsNk b]lvG5 . lghL ePsf]n] o; cWoogn] pNn]v u/]sf] bL3{sfnLg ;dfwfgsf sDkgLsf] ¿kdf /xg rfxg] sDkgLsf] nflu j}slNks ;'emfjx¿ ;a} kl/of]hgfx¿sf] nflu ;dfg ¿kdf pko'Qm ;+oGqk|lt :yfgLo hgtfsf] ljZjf; cfh{g ug]{ sfo{ gx'g ;Sb5 . To;}n] o;df gLlt lgdf{tfx¿ tyf lgofds r'gf}tLk"0f{ b]lvG5 . ;+:yfx¿n] uxg cWoog ug{ h¿/L 5 . :yfgLo ;]o/ / cGo k|sf/sf ;fd'bflos :yfgLo ;]o/ k|ltzt nufgLsf] t'ngf klAns sDkgLsf] xsdf nfu' x'g] jt{dfg gLltnfO{ lg/Gt/tf lbg]M cfof]hgf k|efljs JolQmx¿sf] :yfgLo ;]o/df nufgL o; cWoogn] ;]o/df :yfgLo ;d'bfosf] ;xeflutfsf ug]{ pT;fxhgs rfxgf ePtfklg g]kfn lwtf]kq af]8{n] s]xL /fli6«o / cGt/f{li6«o pbfx/0fx¿@( s]nfpbf g]kfnsf] hnljB't sDkgLnfO{ !) k|ltzt;Ddsf :yfgLo ;]o/sf]] jt{dfg :yfgLo ;]o/ k|0ffnL / cGo k|sf/sf ;fd"bflos ;Ldf ;]o/ ahf/sf] hf]lvdnfO{ dWogh/ u/]/ NofOPsf] xf] . nufgLdf lgDg ljlzi6 leGgtfx¿ kQf nufPsf] 5 . To;}u/L g]kfn lwtf]kq af]8{n] cfdhgtfnfO{ klg ;fwf/0f ;]o/df Go"gtd !) k|ltzt nufgL ug]{ cj;/ k|bfg u5{ . oL leGgtfsf] ;Gbe{df :yfgLo ;d'bfon] k|fyldstfsf] To;}n] xfnsf] gLltdf s'g} kl/jt{g ug'{kg]{ b]lvb}g . cfwf/df ;]o/df nufgL ug{ kfpg] clwsf/ :yfgLo hgtfnfO{ k|bfg ul/Psf] nfe xf] t/ o;df k|ltkmnsf] s'g} 7"nf kl/of]hgfx¿sf xsdf g]kfn ;/sf/n] af]nkqdf g} -Bid lglZrttf eg] x'Fb}g  . Document_ :yfgLo ;]o/sf] cfjZostf tyf kl/df0f pNn]v ug'{k5{ M g]kfn lwtf]kq af]8{sf] a9Ldf !) k|ltzt :yfgLo ;]o/ / ;j{;fwf/0fnfO{ sDtLdf !) k|ltzt ;fwf/0f ;]o/sf] ljsNk / ;'emfj gLlt klJns hnljB't sDkgLsf] nflu dfq nfu" x'G5 . o;sf] ljkl/t :yfgLo ;]o/ ljt/0f ug{ rfxg] t/ lghL k|efljt ;d'bfosf] nflu :yfgLo ;]o/;DaGwL jt{dfg gLlt ¿kd} /xg rfxg] 7"nf hnljB't kl/of]hgfx¿n] ;/sf/;+u tyf lgodn] k|fylds ¿kdf :yfgLo ;d'bfonfO{ ;]o/df jftf{ ubf{ ;]o/sf] nflu k|ltztsf] cfwf/df geO kl/df0fsf] nufgL ug]{ cj;/ lbg] ;+j}wflgs p2]Zo k"/f u/]tf klg of] cfwf/df ;Demf}tf ub}{ cfPsf 5g\ . k|ltztsf] cfwf/sf] ;§f hf]lvdk"0f{ b]lvG5 . o;f] ubf{ k|a4{gstf{, nufgLstf{ tyf :yfgLo ;d'bfonfO{ lglZrttf / :ki6tf k|bfg ug]{ u/]sf] b]lvG5 . tyflk o;sf cltl/Qm ax';+Vos nufgLstf{x¿ of t ;"rgfljxLg cfufdL lbgx¿df cGt/f{li6«o :t/sf] af]nkq cfXjfg 5g\ jf cJol:yt 5g\ cyjf b'j} cj:yfdf 5g\ . (International Bidding document) ubf{ g]kfn ;/sf/n] ;]o/wgLx¿sf] nufgL hf]lvd sd ug{ cGo pkfox¿ kl/of]hgfsf] af]nkq ;DaGwL sfuhftdfg} :yflgonfO{ cjnDag ug'{kg]{ cfjZostf 5 . jt{dfg k|s[ofdf yk ;'wf/ lbg'kg]{ ;]o/sf] kl/df0f pNn]v ug'{kg]{ Joj:yf u/]df ;/sf/ ug{sf] nflu of] cWoogn] s]xL ljsNk / ;'emfjx¿ lbPsf] / OR5's sDkgLaLr o; k|fjwfgnfO{ lnP/ nfdf] jftf{ 5 . ug'{kg]{ cj:yf x6\g]5 . o:tf] k|of; ;'k/ l;S;#) hnljB't kl/of]hgfdf k|of]u eO;s]sf] b]lvG5 . @( g]kfnsf] v'Da' / ;Nn]/L–lrofN;f n3' hnljB't kl/of]hgf, Sofgf8fsf] p:jfl6d hnljB't kl/of]hgf / sf]nlDaofsf] a]l;g 6«i6 / gj]s { f] Unf]Ddf P08 nu]g a]l;g ;dfj]z 5g\ . #) ;g\ @)!) df ;/sf/n] ;'k/ l;S; elgg] ^ j6f kl/of]hgfsf] nflu af]nkq cfXjfg u/]sf] lyof] . af]nkqdfg} kl/of]hgfn] :yfgLo ;d'bfonfO{ !) k|ltzt ;]o/ k|bfg ug'{kg]{ cfjZostf pNn]v ug'kg'{kg]{ k|fjwfg /fv]sf] lyof] . ;'k/ l;S; kl/of]hgfx¿df ;f]n' -@#=% d]jf_, tNnf] ;f]n' -*@ d]jf_, v/] vf]nf -@$=! d]jf_, dfof vf]nf -!$+=( d]jf_, l;+u6L vf]nf -!^ d]jf_ / ldof vf]nf -%) d]jf_ ;dfj]z 5g\ . 11 afF8kmfF8sf] k|lqmof  klAns sDkgLsf] xsdf ;fwf/0f ;]o/ lgisfzg ug]{ g]kfnsf] lwtf]kq ahf/nfO{ yk :jrflnt agfpg] M lwtf]kq klAns sDkgLx¿ -!) k|ltzt;Dd :yfgLo ;]o/ / ahf/ a9\bf] ¿kdf ljB'tLo k|0ffnLdf cfwfl/t ePsf Go"gtd !) k|ltzt ;fwf/0f ;]o/_ sf] nflu lgDg b'O{ sf/0f ;j{;fwf/0fnfO{ ;]o/wgL aGgsf] nflu ;lhnf] ePsf] ljsNkx¿ Jojxfl/s x'G5g\ . 5 . pbfx/0fsf] nflu OR5's nufgLstf{n] ;+sng s]Gb|df pkl:yt eP/ ;]o/sf nflu cfj]bg lbg'kg]{ emGem6af6 olb ;fwf/0f cfOlkcf] eGbf klxnf :yfgLo ;]o/ cfXjfg d'lQm kfPsf 5g\ . pgLx¿n] cgnfOg a+}lsª ;]jfsf] kx'Fr ug]{ jt{dfg k|rng sfod} /fVg] xf] eg] o;df ul/a tyf ePsf] h'g;'s} 7fpFaf6 klg cfj]bg lbg ;Sg]5g\ . cem ljkGg 3/3'/LnfO{ a9L ;'/lIft agfpg'k5{ M jt{dfg lwtf]kq a+}lsª Joj:yfsf] la:tf/n] ubf{ cfj]bg k|lqmof, vf;u/L Joj:yfdf hnljB't sDkgLn] ;j{;fwf/0fnfO{ ;]o/ ljt/0f afF8kmfF8sf] k|lqmof ;a} nufgLstf{sf] nflu ;xh / ;'/lIft ug'{cl3 g} kl/of]hgfsf] ljsf;;Fu hf]l8Psf d'Vo hf]lvdx¿ ag]sf] 5 . ;DalGwt ;/sf/L lgsfox¿n] lwtf]kq ahf/df Go"gLs/0f ug'{kb{5 . o;n] ;j{;fwf/0f nufgLstf{nfO{ ljB'tLo k|0ffnLsf] la:tf/nfO{ lg/Gt/tf lbg cfjZos 5 . s]lx xb;Dd ;'/Iffsf] cg'e'lt k|bfg ub{5 . sDkgL slxn] cfOlkcf]df hfg] eGg] af/]df lwtf]kq af]8{n] nrstf :yfgLo ;d'bfodf cfw'lgs k|0ffnLsf] k|of]u ug]{ Ifdtfsf] j[l4 k|bfg u/]sf] 5 . jf:tjdf sDkgLn] cfkm'nfO{ yk k"F"hL ug]{ M lwtf]kq ahf/df ljB'tLo k|0ffnLsf] ljsf; ePtf klg rflxPsf] cj:yfdf cfOlkcf] cfXjfg ug]{ u/]sf 5g\ . w]/} g]kfnsf b'u{d If]qsf hgtfx¿ o:tf] k|ljlwsf] k|of]uaf/] kl/of]hgfx¿n] sl/a &) k|ltzt kl/of]hgfsf] lgdf{0f sfo{ cgle1 5g\ . o:tf] cj:yfdf g]kfn lwtf]kq af]8{n] k'/fg} k'/f eO;s]/ yk lgdf{0f sfo{sf] nflu k"F"hLsf] cfjZostf dfWodaf6 :yflgo ;]o/sf] k|s[of cuf8L a9fpg cg'dlt k/]sf] a]nfdf cfOkLcf] cfXjfg ug]{ u/]sf 5g\ . cGo lbPsf] 5 . of] nrstf cNksfnsf] nflu x'g ;S5 t/ sDkgLn] kl/of]hgfsf] Joj;flos ;~rfng ldlt kl5 ug]{ ;Dk"0f{ ;]o/wgLx¿nfO{ gofF k|0ffnLdf n}hfg] k|lqmofdf u/]sf 5g\ . oxf+af6 ;+sng u/]]sf] k"F"hL of t C0f ltg{ l9nf;':tL gxf];\ eGg] s'/fdf ljz]if Wofg lbg' cfjZos of cGo kl/of]hgfdf nufgL ug{sf] nflu k|of]u ug]{ u/]sf 5 . To;}n] k|f/Dedf s]lx c;lhnf] ePtf klg :yfgLo 5g\ . Joj;flos ;~rfng ldlt kl5 ;]o/ cfXjfg ubf{ ;d'bfonfO{ ;]o/ cfj]bg k||lqmof;DalGw gofF k|0ffnLsf] lzIff ;j{;fwf/0f nufgLstf{x¿nfO{ nfesf] a9L ;Defjgf x'g lbg tyf Ifdtf ljsf; ug{ vf;ul/ u|fdL0f tyf b'u{d ;S5 t/ o;n] ubf{ kl/of]hgfsf] ljsf;sf nflu cufl8 g} If]qdf cfjZos Joj:yfx¿ pknAw u/fpg g]kfn lwtf]kq yk k"F"hL ;+sng ug{ rfxg] cGo sDkgLx¿nfO{ ;d:ofdf af]8{ tyf l;l8P; -CDS and Clearing Ltd._ n] ljz]if Joj:yf kfg{ ;S5 . o; kl/k]Iodf xfnsf] cEof; Jofjxfl/s ldnfpg cfjZos 5 . b]lvG5 . tyflk, nfe a9fpg / hf]lvd Go"gLs/0f ug{ lj:t[t ljQLo hgr]tgf sfo{qmddf hf]8 lbg'kb{5 h;n] dlxnf / hf]lvddf k/]sf hgtfnfO{ :yfgLo ;]o/ ;DalGw ;d'bfosf] ljQLo hf]lvd Go"gLs/0f ug{ d2t ug{ ;S5 . cfjZos lzIff tyf hgr]tgf lglZrt ug]{ M g]kfn lwtf]kq af]8{ tyf l;l8P;n] cfdf ;d"x, dlxnf C0f tyf art :yfgLo ;]o/sf] ljt/0f cufj} ;fwf/0f ;]o/sf] ljt/0fM xfnsf] ;d"x, ;fd'bflos pkef]Qmf ;ldltsf s]xL k|d'v Joj:yfn] :yfgLo ;]o/ ;fwf/0f ;]o/eGbf klxn] cfXjfg ug{ dlxnfx¿nfO{ bIf agfpg cfjZos kxn ug'{k5{ . o:tf] cfjZos agfPsf] 5 . o;sf] ;do w]/} h:tf] sDkgLx¿sf k|of;n] cGo dlxnf, ul/a, k|efljt tyf l;dfGts[t If]qsf nflu cf};tdf &) k|ltzt lgdf{0f sfo{ ;DkGg ePkl5 x'G5 c¿ ;d'bfox¿nfO{ ;]o/;DalGw gofF k|0ffnL;+u kl/lrt eg] cGonfO{ Jofj;flos ;~rfng ldltkl5 x'G5 . xfnsf] u/fpg d2t ug{ ;S5 . klxnf :yfgLo ;]o/ hf/L ug]{ / To;kl5 ;j{;fwf/0f ;]o/ hf/L ug]{ k|lqmofnfO{ pN6fpg] xf] eg] lgDg tLg p2]Zox¿ :yfgLo ;]o/ laqmL ljt/0fsf] ;do tflnsf k"/f x'g ;S5g\ . :yfgLo ;]o/ ljqmL ljt/0fsf] pko'Qm ;do ;]o/wgL / kl/of]hgf ljsf;stf{sf] ;Gt'lnt rfxgfdf lge{/ x'g'k5{ . of] cWoogn] lgDg ljsNkx¿ k|:t't\ u/]sf] 5 . 12 !_ sDkgLx¿n] kl/of]hgfnfO{ cfjZos k/]sf] k"F"hL ;+sng uDeL/ ¿kdf k|efljt If]qsf] :yfgLo ;]o/sf]z cfj]bssf] ug{ -slDtdf !) k|ltzt_ ;Lw} ;fwf/0f hgtf;dIf hfg of]Uotfaf/] lg0f{o ;fwf/0f ;]o/ lgisfzg ;DalGw lg0f{o ug'{ ;S5g\ . cufj} x'g'k5{ h;sf] nflu ljQLo Joj:yfkg ePsf] @_ k|:tfljt ;+/rgfdf klAns nufgLstf{x¿sf] ;r]t ldltnfO{ g} of]Uotfsf] clGtd ldlt dfGg'k5{ . pk–;d"x klg eg]/ lrlgg] ;fwf/0f nufgLstf{n] cfkm\gf :yfgLo ;dsIfLeGbf klxn] g} hf]lvd Joxf]5g{   \ . o;n] cGo yk ljj/0f of]Uotfsf] v08df pNn]v ul/Psf] 5 . ubf{ ;fwf/0f nufgLstf{sf nflu lgisfzg ul/Psf] oBlk b'j} ;d"xsf] ;]o/ cfXjfgx¿ a'Fbf -#_ df pNn]v cfOkLcf]n] klxnf] r/0fdf s:tf] k|bz{g ub{5 eGg] ePcg';f/ Pskl5 csf]{ nuQ} u/]df, cfO{kLcf] cyjf ahf/ s'/f hfGg cj;/ k|bfg ub{5 . pbfx/0fsf] nflu olb d"No s'g sd eGg] d'2f g} p7\b}g . cfO{kLcf]df ;fwf/0f hgtfsf] ;xeflutf sd b]lvPdf :yfgLo ;d'bfosf] nflu ;f] sDkgLsf] ;]o/ vl/b ubf{  lghL sDkgLsf] xsdf lgDg ljsNk Jojxfl/s x'g ;S5 . Joxf]g'{ kg]{ hf]lvdsf] Pp6f ;"rs aGg ;S5 . #_ Pskl5 csf]{ ;fwf/0f / :yfgLo ;]o/ b'j}sf] lgisfzg :yfgLo ;]o/ sDkgLsf] ;~rfngsf] ;dodf -COD_ cyjf nuftf/ u/]sf] v08df sDkgLsf] ;]o/ lgisfzg nfut To;kl5 ljt/0f ug'{k5{ M dflyNnf] lqz'nL–!, dflyNnf] sd x'g hfg] tyf lgisfzg k|lqmof#! bIftfsf ;fy s0ff{nL, / c¿0f–# h:tf lghL sDkgLx¿sf] :yfgLo ;]o/ ;DkGg x'g]5 . o:tf] cj:yfdf afF8kmfF8sf] qmddf laqmL lgisfzgsf] nflu ;/sf/n] k|To]s kl/of]hgfsf] nflu km/s gePsf] :yfgLo ;]o/x¿ ;fwf/0f ;]o/ vl/bstf{x¿df km/s ldlt tf]s]sf] b]lvG5 . o;sf] abnfdf ;/sf/n] ;a} ljt/0f ug{ ;lsg]5 . lghL sDkgLx¿sf] nflu ;dosf] lglZrt dfkb08 tf]sL lbg'k5{ . oyfy{df !_ oL sDkgLx¿nfO{ cfkm\gf] kl/of]hgfsf] sDkgLn] ;j{;fwf/f0fnfO{ cfOkLcf] cfXjfg tyf ljt/0f nflu yk k"FhL ;+sng ug{ s'g} cfjZostf b]lvb}g . @_ u/]sf] ;]o/ g]K;]df ;"rLs[t ePkZrft :yfgLonfO{ ;]o/ :yfgLo ;]o/wgLx¿nfO{ sDkgLaf6 k|fKt x'g] d'Vo nfe ljqmL ljt/0f u/]df Ps ljz]if kl/:yLltsf] ;[hgf x'g] gub nfef+zsf] ¿kdf x'G5 . o;sf/0f ;/sf/n] ;a} lghL ePsf]n] o;df Wofg lbg'kg]{ b]lvG5 . g]K;]df ;]o/ ;"lrs[t sDkgLx¿nfO{ l;cf]8Lsf] ;dodf jf To;kl5 :yfgLo ugf{n] bf];|f] ahf/df ;]o/ vl/b laqmLaf6 ;]o/sf] ahf/ ;]o/ ljt/0f ug'{kb{5 eGg] lgb]{zg lbg' plrt b]lvG5 . d"No sfod x'g] k|lqmof ;'¿ x'G5 . o;/L sfod x'g] d"No of] k|fjwfgn] kl/of]hgfsf] lgdf{0fsf] hf]lvd cGTo u/L, cfO{lkcf]df cfXjfg u/]sf] d"NoeGbf sd jf a9L x'g ;S5 ljB't pTkfbg ug{, cfo cfh{g ug{, C0f ltg{ / gfkmfaf6 / o;n] ubf{ :yfgLo ;d'bfodf hf/L ul/g] ;]o/sf] c+lst ;]o/wgLx¿nfO{ gub nfef+z ljt/0f ug{ kl/of]hgfnfO{ d"Nok|lt cGof]n l;h{gf x'g;S5 . To;}n] :yfgLo ;]o/ ;Ifd kfb{5 . cfXjfg ubf{ cfOlkcf]sf] c+lst d"No cyjf ahf/ d"Nodf h'g sd 5 To;}df ug'{kg]{ x'g;S5 . o;sf] nflu xfnsf] :yfgLo ;]o/ d"No lgod kl/jt{g u/L gofF gLltut Joj:yf sfod ug'{ h¿/L gofF gLltsf sf/0f jt{dfg d"Nodf x'g] kl/jt{gsf] ;DefjgfM x'G5 . olb ahf/ d"No cfO{kLcf] k|:tfljt d"No ¿=!))÷– ;fdfGotof g]kfn lwtf]kq af]8{sf] lgodfg';f/ ;a} eGbf sd 5 eg] :yfgLonfO{ ahf/ d"Nodf hf/L ubf{, sDkgLx¿n] cfOkLcf] cfXjfg ubf{ c+lst d"Nodf ug'{kb{5 . xfn sfod ¿ !))÷– df hf/L ug'{kg]{ Joj:yfnfO{ ;'wf/ of] lgodsf] ckjfb sf] ¿kdf g]kfn lwtf]kq af]8{sf s]xL ug'{kg]{ x'G5 . o;/L :yfgLonfO{ k|fyldstfsf cfwf/df dfkb08 k"/f u/]df sDkgLn] lk|ldod d"Nodf klg ;]o/ ;]o/ hf/L ubf{ :yfgLo ;]o/sf] nflu cgfjZos ¿kdf cfXjfg ug{ :jLs[lt kfpg ;Sb5 . o;dWo] Pp6f dfkb08#@ bfjL ug]{ k|j[lQdf a[l4 x'g;S5 . o;af6 hf]lug sDtLdf cg';f/ sDkgLn] ljut tLg jif{sf] cfo cfh{gsf] ljj/0f #! g]kfn lwtf]kq af]8{n] o;nfO{ ;j{hlgs ul/;s]sf] 5 t/ xfn;Dd sfof{Gjogdf NofPsf] 5}g . #@ lwtf]kq lgisf;g / afF8kmfF8 lgb]{lzsf, ;+zf]wg @)&$ sf] efu #^ 13 k]z ug'{kb{5 h'g w]/} h;f] Psn hnljB't kl/of]hgfx¿sf] j}wflgs k|df0fsf]] cfjZostf -j}wtfsf] nflu nfnk'hf{ k|of]usf] nflu ;Dej gx'g klg ;S5 . o:tf] cj:yfdf sDkgLn] s]xL cGTo x'g'kg]{_ M jt{dfg cj:yfdf gful/stf, ljjfx, hGd cfocfh{g ug{sf] nflu COD kl5 sDtLdf tLg jif{ kv{g' / a;fO;/fO{sf k|df0fkqnfO{ g} a}wflgs k|df0fsf] ¿kdf k5{ . olb jt{dfg gLlt sfod /xg] xf] eg] ljt/0f ul/g] lg/Gt/tf k|bfg ug'{kb{5 . nfnk'hf{nfO{ j}wflgs k|df0fsf] cfOlkcf]sf] d"No / :yfgLo ;]o/ ljt/0f ubf{sf] d"No ;dfg ¿kdf lng] cEof;df /f]s nufpg' k5{ lsgeg] o;af6 To; d"Nosf x'G5g\ . olb g]kfn lwtf]kq af]8{n] c¿ s'g} ;]o/ If]qdf a;f]af; gug]{ JolQmx¿n] :yfgLo ;]o/sf] of]Uotfsf d"No lgwf{/0fsf] dfkb08 tf]s]sf] v08df sDkgLn] lk|ldod nflu dfq hUuf lsGg] k|j[lQ a9]sf] s'/f d'Vo d'2fsf] d"Nodf cfOlkcf] lgisfzg ug{ of]Uo x'g]5 . To;kl5 a9\bf] ¿kdf e]l6Psf] 5 . of] cWoogsf] yk ;'emfjcg';f/ g]kfn ;+Vofdf sDkgLx¿n] lk|ldod d"Nodf cfOlkcf] cfXjfg ug{ lwtf]kq af]8{n] jt{dfg lwtf]kq lgisfzg ;DalGw gLltsf] of]Uo x'g]5g\ . o:tf] cj:yfdf sDkgLn] s'g d"Nodf :yfgLo k|efjsf/Ltfsf] cg'udg ubf{ dlxnf, ljkGg / sdhf]/ ;]o/ cfXjfg ug]{ eGg] s'/f ;/sf/n] lgwf{l/t ul/lbg'k5{ . ;d'bfon] kfpg'kg]{ ;'ljwfnfO{ Wofgdf /fVg'k5{ . :yfgLo ;]o/ of]Uotfsf] dfkb08 lghL sDkgLsf] nflu j}slNks ljt/0f k|0ffnL M jftfj/0f k|efj d"NofÍgdf :yfgLo ;]o/sf] nflu cfjZos ;fd"lxs nufgL of]hgf Pp6f ;Defjgf xf] t/ dxTjk"0f{ ;'wf/ dfkb08 / ;]o/ of]Uotsf] clGtd ldltsf] -cut off date_ ;femf cfjZos 5 M;fd"lxs nufgL of]hgf -Collective Investment kl/efiff x'g'kg]{ M ljleGg kl/of]hgfx¿df :yfgLo ;]o/sf] Scheme_ nfO{ :yfgLo ;]o/sf] k|jfx ug]{ gd'gfsf] ¿kdf of]Uotf dfkb08sf] kl/efiff leGgfleGg} ePsf] sf/0f ljsf; ug{ ;Dej 5 t/ o;sf] nflu gofF lgodfjnLsf] ;/f]sf/jfnfx¿ cGof]ndf k/]sf 5g\ . o;nfO{ Pp6f ;femf cfjZostf kb{5 . of] of]hgfsf] sfof{Gjogsf] nflu P;lkeL dfkb08sf] cfwf/df ;dfwfg ug{ ;lsG5 . g]kfn lwtf]kq -Special Purpose Vehicle_ sf] cfjZostf kb{5 h;sf] af]8{n] jftfj/0f k|efj d"NofÍsgsf] cfwf/df :yfgLo ;]o/ lhDd]af/L k|efljt If]qsf hgtfaf6 /sd ;+sng ug]{, ;DalGw of]Uotfsf] dfkb08sf] lgwf{/0f u/]sf] sbd /fd|f] ;+slnt /sd hnljB't kl/of]hgfsf] nflu :yfgLo ;]o/df yfngLsf] ¿kdf lng ;lsG5 . t/ ;a} kl/of]hgfn] jftfj/0f nufgL ug]{, kl/of]hgf ;+rfng cjlwe/ afF8kmfF8 ul/Psf] k|efj d"NofÍsgnfO{ k|efljt If]qsf] ;fdflhs cfly{s If]qnfO{ ;]o/ ;l~rt ug]{ / lglZrt cGt/fndf ;]o/wgLx¿nfO{ kfg]{ k|efjsf] d"NofÍsg / k|zf;lgs ;Ldfdf kg]{ ck|ToIf nfef+z af8\g'df l;ldt /xG5 . k|efjsf] klxrfg ug'k { 5{ . :yfgLo ;]o/sf] nflu g]kfn lwtf]kq af]8n{ ] ;a} kl/of]hgfx¿nfO{ nfu' x'g] u/L ;femf of]Uotfsf] ;fj{hlgs ¿kdf ;"lrs[t sDkgLsf] df]8n – csf]{ ljsNk M clGtd ldlt (cut off date) tf]Sg'k5{ . sDkgLsf] ljQLo jt{dfg P]gcg';f/ lghL sDkgLsf] df]8]ndf clwstd Joj:yfkg ldlt -Financial Closure date_ nfO{g} of]Uotfsf] ;]o/wgLx¿sf]] ;+Vof l;ldt ul/Psf] 5 . o;sf] ljkl/t clGtd ldlt dfGg ;lsG5 . P;kLeLsf] ;+/rgf klAns sDkgLsf] ¿kdf ;"lrs[t ul/g] xf] eg] o;df :yfgLo ;]o/wgLx¿sf] ;xeflutfdf :yfgLo ;]o/sf] nflu of]Uo ePsf JolQmx¿sf] yk juL{s/0fM /x]sf] ;+Vofsf] l;dLttf x6\g]5 . tyflk cGo df]8nsf cfof]hgfaf6 k|efljt x'g;Sg] ;d'bfosf] juL{s/0fn] sDkgLx¿sf] :yfkgf ug'{eGbf klAns sDkgL :yfkgf :yfgLo ;]o/df klxnf] k|fyldstf kfpg'kg]{ ;d'bfo / cGo ug]{ k|lqmof cK7\of/f] 5 . o;df ;'¿jftsf] k"FhL (Initial ;d'bfosf] klxrfg ug{ ;lhnf] x'G5 . o;/L juL{s/0f capital) tyf lgods z'Nsx¿sf] cfjZostfh:tf s'/fx¿ ubf{ x/]s ;d'bfosf] kx'Fr / ;]o/ afF8kmfF8 k|s[ofdf kb{5g\, h'g cfkm}+df lgif]wsf/L geP tfklg s]xL u[xsfo{ k|fyldstfsf] cfwf/df km/s km/s Joj:yf ul/g]5 . cfjZos kb{5 . P;kLeL olb klAns sDkgL ePdf o;n] lhNnfsf cGo If]qeGbf k|efljt If]qsf] k|efjsfl/tf / :yfgLo ;d'bfoaf6 /sd ;+sng ug'{eGbf klxn] g]kfn hg3gTj km/s ePsfn] ;a} hnljB't kl/of]hgfx¿nfO{ lwtf]kq af]8{n] ;fj{hlgs nufgLstf{x¿nfO{ ;'/lIft dfGo x'g] s'g} :t/Lo dfkb08 lgwf{/0f ug{ sl7g 5 . agfpg ckgfPsf] cfjZos k|s[of k'/f ug'{k5{ . 7"nf t}klg :yfgLo ;]o/sf] ljt/0fsf] ;dodf k|ToIf k|efljt klAns sDkgLx¿sf] nflu of] cfjZostf pko'Qm ePtf ;d'bfonfO{ klxnf] k|fyldstf lbOg' kb{5 . 14 klg Psdfq p2]Zo ePsf P;kLeLx¿sf] xsdf of] k|s[of Joj:yf u/]df ;j{;fwf/0fx¿n] ltg]{ Jofh 36\g] ;Defjgf cgfjZos sfuhL sfo{ tyf vlr{nf] x'g ;S5 . To;}n] x'G5 . o;n] ;j{;fwf/0fnfO{ C0f l56f] r'Qmf ug{ ;xof]u o;sf cfjZos k|s[ofx¿df s]lx kl/jt{g ug{ ;s]sf] k'¥ofpF5 . v08df P;lkeL klAns sDkgLsf] ¿kdf ;+rfng x'bf nfUg] pRr k|zf;lgs vr{df s6f}tL ug{ ;lsG5 . tyflk, klAns ;LdfGts[t ul/asf] hf]lvd ga9fO{ c¿ j}slNks C0f k|jfxsf] x'g grfxg] hnljB't sDkgLsf] nflu P;kLeL cfjZos k|:tfj ug]{ M hnljB't kl/of]hgfx¿df w]/} hf]lvd 5 / ePsf]n] o; k|sf/sf] P;kLeL :yfkgf ug{sf] nflu hnljB't w]/}h;f] :yfgLoaf;Ldf kl/of]hgfsf] ;]o/ nufgLdf x'g] sDkgLn] ;Dk"0f{ vr{ cfkm}n] g} Joxf]g'{ kg]{ Joj:tf Jojxfl/s hf]lvdsf] klxrfg / Joj:yfkg ug]{ Ifdtf sd ePsfn] x'g ;S5 . pgLx¿df hf]lvd;Fu n8\g] Ifdtfsf] j[l4 ug'{ g} casf] r'gf}tL xf] . :yfgLo ;]o/df cfly{s ¿kn] ljkGgx¿sf] ;"lrs[t cyjf c;"lrs[t b'j} vfn] klAns sDkgLx¿ g]K;] pko'Qm ;xeflutfsf] ;'lglZrttf ug{ b'O{ d'Vo s'/fx¿df tyf æcf]e/ b sfpG6/Æ ahf/df ;"lrs[t ePkl5 :yfgLo Wofg lbg'kb{5 M pgLx¿n] ;]o/ vl/b ug]{ /sdsf] Joj:yf nufgLstf{x¿nfO{ ahf/df cfwfl/t d"Nodf alx{udg sxfFaf6 u5{g / s'g ljQLo k|0ffnLn] pgLx¿sf] cfjZostf -price efficient exit_ lbg;Sg] ;Defjgf /xG5 . tyflk k'/f u5{ < :yfgLo ;d'bfox¿sf] nflu cfkm\gf] P;kLeL g]K;]] ahf/df ;"lrs[t u/fpbf nfesf/L x'G5 lsgsL To;n] kf/bzL{ d"No nufgLsf] ;|f]t M ;/sf/n] nlIft hgtfnfO{ ;]jf lbg ljz]if pknAw u/fpg] cj;/ lbG5 . dfly pNn]lvt kmfObfx¿n] k|sf/sf] sf]ifsf] :yfkgf u/L To;af6 Go"g Aofhb/sf ubf{ :yfgLo ;]o/ ljt/0fsf] j}slNks k|0ffnL vf]lh/x]sf ;fy} ;]o/nfO{ ;d]t lwtf] /fv]/ C0f lbg ;Sg] Pp6f sDkgLx¿sf] nflu klAns P;lkeL sDkgL df]8n g} pQd ljsNk x'g ;S5 . tyflk of] sf]ifsf] nflu of]Uotfsf] ljsNk b]lvG5 . tyflk P;kLeLsf] :yfkgf / ;+rfng dfkb08sf] JofVof ug'{ dxTjk"0f{ x'G5 . pbfx/0fsf] nflu k|s[ofdf :yfgLo ;]o/ ljt/0f k|0ffnLsf] ;kmntf :yflgo g]kfn /fi6« a}+ssf] kl/kqdf kl/eflift ul/a ju{ h;nfO{ ;d'bfosf] rfxgf / ;xdtLdf e/ k5{ . Go"g cfocfh{g ePsf hgtf, dlxnf, hghflt, ckfËtf ePsf JolQm tyf ;LdfGts[t ;d'bfo eg]/ JofVofnfO{ g} ljQdf kx'Fr of]Uotfsf] JofVofsf ¿kdf lng ;lsG5 . o; kl/efiffdf ljkGg ju{sf] nflu C0f k|jfxsf] lglZrttf M lrlnd] sDkgLdf ul/aLsf] /]vfd'lg /x]sf eg]/ tf]lsPsf 3/w'/LnfO{ klg yKg afx]s xfn;Ddsf w]/} hnljB't kl/of]hgfx¿ t'ngfTds ;lsG5 . cf=j= @)&$÷&% ;Dd, ;/sf/n] nlIft sfo{qmd ¿kdf ;fgf ePsfn] :yflgo ;]o/ vl/b ug{sf] nflu / cfly{s ;xfotf ul/aL lgjf/0fdf k|of]u xf];\ eg]/ nueu ;+:yfut C0f k|jfxsf] Joj:yf ePsf] 5}g . tyflk $,)),))) 3/w'/LnfO{ ul/aLsf] kl/rokq afF8]sf] lyof] . k|To]s lhNnfdf kl/of]hgfsf] cfsf/ / ;+Vof a9];Fu} of]Uo :yfgLox¿nfO{ ;]o/ vl/b ug{ yk C0f k|jfxsf] Joj:yf ljkGg ju{sf] hg;+Vof ;Lldt x'g] ePsf]n] o:tf ug'{kg]{ x'G5 . ;+:yfut C0f k|jfxsf] Joj:yf ePdf ;]o/wgLx¿sf] nflu sDkgL cfkm}n] C0f k|jfxsf] Joj:yf :yfgLox¿nfO{ cgf}krfl/s C0fbftfx¿;Fu rsf]{ Aofhb/df ldnfpg] 7"nf kl/of]hgfx¿sf nflu csf]{ ljsNk x'g ;S5 . C0f vf]Hg' kg]{ cj:yf cfpb}g . o; k|lqmof cGtu{t ljkGg :yfgLo ;]o/sf] vl/bsf] nflu C0fsf] Joj:yf;Fu} s'n ju{sf] nflu cfjZos C0f k|jfxsf] nflu ;/sf/n] plrt nufgLsf] s]xL c+z cg'bfgsf] ¿kdf k|efljt JolQmx¿nfO{ ;~rfng sfo{ljlw ljsf; u/L To;nfO{ k|efjsf/L ¿kdf lbg ;lsG5 . o;/L k|jfx ePsf] C0fsf] e'QmfgL nfef+z sfof{Gjog ug{ cfjZos 5 . pbfx/0fsf nflu efjL gub ljt/0faf6 jf sDkgLsf] ;fdflhs bfloTjdfkm{t Joj:yf k|jfxsf] cfwf/df ljnDa e'QmfgLsf] ljsNk ;lxtsf] C0f ldnfpg ;lsG5 . ul/a, dlxnf, c;'/lIft 3/w'/Ln] -deferred payment options under escrow arrangement of k|yfldstf kfpg] Joj:yf kl/of]hgfsf] nfe ljt/0f future cash flows_ nfO{ lng ;lsG5 . olb g]kfn /fi6« a}+ssf of]hgfdf pNn]v ul/g'kb{5 . lgb]{lzsfx¿n] sd Aofhb/df C0fsf] k'gM C0f k|jfx ug]{ ## {' f]nf . cGo hfgsf/Lsf] nflu d'Vo k|ltj]bg x]gx 15 nufgLsf cf}hf/x¿ M :yfgLo ;]o/df nufgL ug]{ xfnsf] cf}hf/ ;fwf/0f ;]o/ xf] . tyflk o;;Fu ;DalGwt ;]o/ nufgL ;a} kmfObfhgs gx'g klg gsf/fTds kIfx¿ s]xL xb;Dd Go"gLs/0f ug]{ ;S5 M Ps ljj/0f s]xL cf}hf/x¿ klg 5g\ . o;sf] nflu x'g ;Sg] ljleGg ;g\ @))* df g];gn hnljB't sDkgL lnld6]8 ljsNkx¿## dWo] lgDg b'O{ ljsNkx¿ klxrfg ul/Psf 5g\M -PgPrkL;L_ sf] ;xfos sDkgL ;'gsf]zL hnljB't sDkgLn] $=% d]ufj6 tNnf] OGb|fjtL !_ kl/jt{gLo cu|flwsf/ ;]o/ (Convertible Preferred shares) hnljB't kl/of]hgf ;dodf ;DkGg ug{ g;s]kl5 @_ kl/jt{gLo C0f -Convertible debt_ sDkgLsf] Joj:yfkgdf ;d:of b]lvg yflnof]  . o;sf] d'Vo sf/0f lgdf{0fdf l9nfO, pRr nfut xfnnfO{ oL ljsNkx¿ plrt gb]lvPtf klg eljiodf vr{ h:tf Joj:yfksLo ljifon] ubf{ ePsf] cfjZostfsf] cfwf/df o;sf ;Defjgfx¿sf] Aff/]df yk xf]  . o;}aLr lj=;+= @)&! df clVtof/ b'¿kof]u vf]hL ug{ ;lsG5 . cg';Gwfg cfof]usf] lgb]{zgdf pmhf{ dGqfnon] kl/of]hgfsf] Ohfhtkq vf/]h u/\of] . o;n] ;]o/ ;~ro cjlw tyf laqmL ubf{ sDkgLn] kl/of]hgfsf] nflu lnPsf] C0f ltg{ ;]o/ ;~ro ug'{kg]{ Joj:yfTds cjlw -lock in period_ nfO{ / ;]o/wgLx¿nfO{ nfef+; af8g c;Ifd eof]  . kl/jt{g ug'{kg]{ ljZj:t sf/0fx¿ b]lvb}g M g]kfn lwtf]kq To;avt;Dddf ;+:yfks ;]o/nfO{ ;fdfGo ;]o/df af8{sf] lwtf]kq ;"rLs/0f tyf afF8kmfF8 lgodfjnL @)&% kl/jt{g ul/;lsPsf]n] nufgLsf] hf]lvdsf] ;Dk"0f{ cg';f/ :yfgLo ;]o/wgLx¿n] sDkgLsf] ;]o/ k|fKt u/]sf] ef/ ;fwf/0f ;]o/wgLx¿sf] lx:;fdf kg{ uof]  . ldltn] tLg jif{;Dd ;]o/ a]rljvg jf x:tfGt/0f ug{ sDkgLsf] ;]o/sf] d"No ¿= ^)) af6 ¿= #& df kfp+b}gg\ . g]kfn lwtf]kq af]8{sf cg';f/ :yfgLo ;]o/sf] 36\of] . o;n] ;+u7gLs zf;g Joj:yfsf lgDg sf/f]af/ bf];|f] ahf/df x'g yfn]kl5 s]xL lglZrt ju{sf ljifox¿ cf}Nofp+5 . !_ hnljB't ljsf;stf{x¿n] dflg;x¿n] :yfgLo ;]o/df sAhf ug{ ;Sg] ;DefjgfnfO{ hgtfaf6 p7fOPsf] /sdsf] plrt pkof]u ug]{ Go"g ug{ of] gLlt NofOPsf] xf] . of] gLltn] :yfgLo Ifdtfsf] sld @_ ;fj{hlgs nufgLnfO{ hf]lvddf ;d'bfox¿ ;]o/dfkm{t sDtLdf tLg jif{ kl/of]hgf;Fu /fVg] ;+:yfksx¿sf] hjfkmb]lxtfsf] sld #_ ;DalGwt /x'g\ eGg] lglZrt ug{ klg vf]lhPsf] xf] . ;fj{hlgs nufgLstf{df ;+u7lgs b'/frf/ a'em\g] :yfgLo ;d'bfo ;lxtsf ljleGg ;/f]sf/jfnfx¿n] :yfgLo / k|ltlqmof lbg] lzIffsf] sdL / $_ ;fwf/0f ;d'bfonfO{ cfkm\gf] ;DklQdf cem a9L lgoGq0f tyf t/ntf hgtfsf] nufgL ;+/If0fsf nflu ;fªu7lgs zf;g k|bfg ug{sf nflu o; gLltdf ;+zf]wg ug{ jf ;]o/ ;~ro Joj:yfsf] cg'udg ug{ hnljB't If]qsf] lgodssf] cjlw 36fpg' kg]{ cfjZostf cf}+NofPsf 5g\ . t/ ljleGg cfjZostf  . ;/f]sf/jfnfx¿;+usf] 5nkmnsf] cfwf/df d"NofÍg ubf{ t'ngfTds ¿kdf Psn ;]o/wgLx¿n] vl/b ug]{ ;]o/ ;+Vof ;fgf] -!))–@)) lsQf_ ePsf] / oL ;d'bfon] ;]o/ vl/b klg k"FhL ahf/nfO{ ljB'tLo k|0ffnLtkm{ cufl8 a9fpg of] ubf{ kfpg] k|fyldstfn] ubf{ xfnsf] lgodfjnLdf kl/jt{g dxTjk"0f{ sbd x'g ;S5 . o;nfO{ zL3| k|efjsf/L ¿kdf ug'{kg]{ cfjZostf b]lvb}+g . lj:tf/ ug{ cfjZos 5 . ;]o/ ;~ro / laqmL k|lqmof k"0f{ :jrflnt agfpgdf hf]8 cgnfOg Jofkf/ tkm{sf] ofqf M xfn;Dd :yfgLo ;d'bfon] lbg] M k"0f{ :jrflnt (automation) k|s[ofn] ;]o/ nufgLsf] ;]o/ ljqmL ug{ grfxg'sf] d'Vo sf/0f To;df nfUg] vl/b / ljqmL k|lqmofnfO{ k|efjsf/L agfpg ;xof]u rsf]{ sf/f]af/ z'Ns xf] . cgnfOg sf/f]af/sf] lj:tf/n] o; u5{ . pbfx/0fsf nflu w]/}h;f] :yfgLo nufgLstf{x¿n] ;d:ofsf] ;dfwfg ug]{5 h;sf] kmn:j¿k ;]o/ bnfnx¿sf] nfef+z ;+sng ug{ s]lx sl7gfO eO/x]sf] kl/k]Iodf ca e"ldsf sd x'G5 . o;f] geP;Dd xfnsf dWo:tstf{x¿nfO{ l;w}+ pgLx¿sf] a}+s vftfdf hDdf x'G5 . s]xL u|fdL0f lhNnf :t/df ;]jf lbg nufpg] tyf yk ;'ljwf :j¿k nufgLstf{sf nflu of] k|0ffnL xfn;Dd r'gf}tLk"0f{ /x]tf 16 a}+sx¿nfO{ ;]o/ bnfn ;]jf pknAw u/fpg] df}sf lbg'  bf];|f],ljj/0fkqsf]] ;f/f+z ljj/0f ;/n efiffdf k|sflzt pko'Qm b]lvG5 .   u/L pknAw u/fOg'k5{ . of] k|sflzt ;f/f+z ljj/0f sDkgLn] nlIft ju{sf] nflu ug]{ ljleGg k|lzIf0fsf] a]nf ljt/0f ug{ ;lsG5 . oL nlIft ju{n] u|x0f u/]sf] ;"rgf ;d'bfonfO{ ;r]t ;]o/wgLx¿sf] ¿kdf :yfgLo ;d'bfox¿df km}nfpg ;fdflhs ;~hfnsf] ¿kfGt/0f ¿kdf sfd ug{ ;S5g\ .  t];|f], :yfgLo ;d'bfo;Fu ;DalGwt ;"rgfx¿ dfq /x]sf] kl/of]hgfsf] cjlwsf] ;dflKtkl5 cfkm\gf] ;]o/sf] :jfldTjdf / nlIft u|fdL0f ;d'bfosf] nflu x'g] vfnsf] sfuhft s:tf] c;/ kg{ ;S5 eGg] s'/fsf] :ki6tfsf] cefjn] tof/ ul/g'kb{5 . o;df cfj]bg k|lqmofsf] zt{ / ubf{ hnljB't sDkgLx¿n] cfkm\gf] sDkgL ;DalGwt l;dfx¿, nufgLsf] hf]lvdsf] af/]df s]lx pbfx/0fx¿, / ;"rgfx¿ k|ltj]bg tyf cGo sfuhfutx¿sf] dfWodåf/f :yfgLo, ;+:yfks, sd{rf/L, ;fwf/0f ;]o/ h:tf ljleGg ;]o/wgLx¿df kg]{ ;+efljt c;/af/] ;"lrt u/fpg'kg]{ k|sf/sf ;]o/x¿sf] hfgsf/L tyf To;;Fu ;DalGwt cfjZostfnfO{ cem dha't agfpg cfjZos 5 . clwsf/sf s'/fx¿ pNn]v ul/g' kb{5 . sDkgLsf] j]a;fO6 / sDkgLsf] ljj/0fkqdf (Company lzIffsf] ljsf; prospectus) ;"rgf k|sfzg ug]{ lgisfzgstf{sf] ljj/0fkqdf pNn]lvt ;"rgf /fd|f];+u lgisfzgstf{sf] ljj/0fkq tyf sDkgLsf] j]j;fO6df ;lhn} a'em\g / cjnDag ug]{ Ifdtf :yfgLo ;d'bfodf ;Lldt b]lvg] u/L uf9f cIf/df kl/of]hgf cg'dlt cjlw, kLkLPsf] x'g] ePsf]n] g]kfn lwtf]kq af]8{n] cfkm\g} nufgLsf ;fy} ;dflKt cjlw pNn]v ug'{kg]{5 . kl/of]hgfsf] Ohfhtkqsf] hnljB't sDkgLx¿;Fusf] ;fem]bf/Ldf :yfgLo ;d'bfonfO{ ;do kfFr jif{ afFsL ePsf kl/of]hgfx¿n] cg'dtL cjlw ljQLo ;fIf/tf ;DalGw z}lIfs sfo{qmx¿ dfkm{t ;r]t ;dflKtkl5 hnljB't sDkgLsf] cg'dflgt l:ylt tyf agfpg kxn ug'{k5{ . ;]o/wgLx¿df kg{ ;Sg] ;Defljt c;/sf] hfgsf/L klg lbg' kb{5 . o:tf sfo{qmdx¿ kl/of]hgf ljsf;sf] z'¿jftdf g} u/]df :yfgLox¿ cfkm\gf] If]qdf ePsf] hnljB't ljsf;k|lt cg's'n ljj/0fkq -prospectus_ Kofs]h ;hu x'g]5g\ . ;d'bfosf :yfgLo ;~rf/dfWod, ;]o/ lgisfzgstf{n] ;]o/ lgisfzg ubf{ g]kfn lwtf]kq hgk|ltlglwx¿ tyf ;/sf/L lgsfosf sd{rf/Lx¿ h:tf af]8{df k]]z ug]{ ljj/0fkq Ps sfg'gL sfuhft ePsfn] ;/f]sf/jfnfx¿nfO{ o:tf] lzIff lbPdf :yflgo ;d'bfonfO{ To;sf] d:of}bf Psbd} k|fljlws / lj:t[t ¿kdf tof/ ck|ToIf ¿kdf kmfObf k'U5 . kfl/Psf] x'G5 . kmn:j¿k nlIft ju{sf] nflu geO{ g]kfn lwtf]kq af]8{sf] cfjZostf k"/f ug{sf] nflu dfq agfOPsf] o;sf ;fy} cfdf ;d"x, :yfgLo o'jf Sna, dlxnf ;xsf/L, h:tf] b]lvG5 . ljj/0fkqdf hfgsf/Lsf nflu k|of]u ljBfno tyf Jofkfl/s ;ª\u7g h:tf k/Dk/fut ;fd'bflos ul/Psf efiffx¿ u|fdL0f hgtfnfO{ dfq geO{, zx/L lzlIft ;~hfnx¿ dxTjk"0f{ ;/f]sf/jfnfx¿ ePsf]n] o;n] nlIft hgtfnfO{ ;d]t a'em\g sl7gfO x'G5 . To;}n] ;a} hgtfsf] ju{nfO{ ;"rgf k|jfx ug{ dWodfuL{ e"ldsf v]Ng ;S5g\ . a'emfOdf ;/ntf Nofpg Pp6f dfq k|fljlws sfuhftsf] o:tf ;+:yfx¿n] cfkm}+ lg0f{o lng ;Ifd gePsf ;d'bfonfO{ ;§f lgDg sfuhftx¿ Pp6} Kofs]hsf] ¿kdf lgisflzt ug'{ cfjZos dfu{bz{g ug]{5g\ . o:tf sfo{qmdx¿ g]kfn h¿/L b]lvG5 . lwtf]kq af]8{ cyjf dfGotf k|fKt k|lzIf0f ;+:yfdfk{mt ug{ ;lsG5 . o:tf sfo{qmdx¿sf nflu nfUg] vr{ hnljB't  klxnf], ljj/0fkqsf] k|sflzt k|ltlnlkx¿ :yfgLo sDkgLx¿n] k"0f{ jf cf+lzs ¿kdf Joxf]g{ ;S5g\ . ;]o/ ;d'bfodf ;DalGwt lgsfox¿dfkm{t pknAw u/fOg' nufgL;DalGw ljZn]if0f tyf cg';Gwfgsf hfgsf/Lx¿ kb{5 . 17 cgnfO{g Anu tyf j]a;fO6dfkm{t hgtf;dIf k'/\ofpg ljB't If]qsf] lgods cfd ;~rf/dfWod / :jtGq kl/j]Ifsx¿nfO{ k|f]T;flxt ug'{kb{5 . nufgLstf{df ;]o/ ahf/ ;DalGw 1fg a9fpgdf :j:y / k|lt:kwf{Tds cEof;sf nflu w]/} o;n] dxTjk"0f{ e"ldsf v]Ng ;Sb5 . ljz]if1n] ljB't If]qdf lgodssf] cfjZostf cf}+NofPsf 5g\ . a}+s tyf ljQLo ;+:yfx¿sf] :yflgo ;d'bfonfO{ :yfgLo ;]o/af/] hfgsf/L lbg If]qut hf]lvd tyf sDkgLsf] :j:ytf ;'lglZrt u[lx0fLx¿sf] nflu 3/b}nf] sfo{qmdsf] of]hgf agfpg ;lsG5 ug{sf] nflu g]kfnsf] s]Gb|Lo a}+s g]kfn /fi6« ;fy} o; ;DalGw ;d'bflos /]l8of] sfo{qmd / ;donfO{ a}+sn] lgodg u5{ . o;}u/L ladf If]qsf] lgodg Wofgdf /fv]/ ljleGg sfo{qmdsf] of]hgf tof/ kfg'{ kb{5 . ladf ;ldltn] ub{5 . xfnsf] ;dodf hnljB't klqsf, krf{, tYokrf{ h:tf cGo ;~rf/rf/dfWodx¿sf] If]qdf lgodssf] sdL 5 . ljB't lgods cfof]u k|of]u ug{ ;lsG5 . cem u|fdL0f ;d'bfodf km];a'sh:tf P]g cGtu{t @)&$ ebf}df :yflkt ljB't lgodg ;fdflhs ;~hfn sf] k|j]z x'Fb} ubf{ o;nfO{ :yfgLo cfof]un] -g]=lj=k|f=_ ;Fu pmhf{ vl/b b/ lgwf{/0f ;d'bfo;Fu xft]dfnf] ub}{ g]kfn lwtf]kq af]8{ tyf cGo ug]{, lu|8 tyf ljt/0f cfrf/ ;+lxtf lgdf{0fsf ljleGg sDkgLx¿ h:tf ;DalGwt kIfox¿n] b'O{–kIfLo ;fy;fy} cGo sfo{ ug]{ clwsf/ kfPsf] 5 . ;~rf/dfWodsf] ¿kdf k|of]u ug{ ;Sg]5g\ . g]kfn lwtf]kq af]8{n] ahf/ lgodssf] sfd ul//xFbf gofF :yflkt ljB't lgodg cfof]un] cGo kf/blz{tf / hjfkmb]lxtfsf] k|j4{g ug{ kl/of]hgf j]a;fO6 lgods ;+:yfx¿;Fu ;xsfo{ u/]/ :j:y ljB't clgjfo{ agfpg] If]qsf] k|bz{gdf 6]jf k'¥ofpg;S5 . kl/of]hgfsf] ljsf;;DalGw hfgsf/Lx¿ pknAw u/fpg kl/of]hgfn] clgjfo{ ¿kdf a]a;fO6sf] :yfkgf ug'{kb{5 h;df o:tf hfgsf/Lx¿ ;do ;dodf kl/dfh{g ug'{k5{ .  ;d'bfosf] cfjZostfx¿sf] af/]df hnljB't sDkgLx¿ ef}uf]lns ljs6tfsf sf/0f w]/}h;f] :yfgLo ;d'bfosf] ;d'bfo;Fu lg/Gt/ ;Dks{df a:g cfjZos 5 h;n] ubf{ nflu kl/of]hgfn] v8f u/]sf ;fj{hlgs ;'rgf s]Gb|;Dd sDkgLn] :yfgLo ;d'bfosf] cf;ox¿ / :yfgLo ;d'bfon] k'Ug r'gf}tLk"0f{ x'G5 . xfn ^# k|ltzt hgtfdf OG6/g]6sf] sDkgLsf] cf;o a'em\g ;xof]u k'¥ofpFb5 . ;d'bfosf] kx'Fr / To;df (% k|ltzteGbf a9Ln] @hL jf #hL df]afOn jf:tljs ljifoj:t' p7fpg, kl/of]hgf;DalGw ljleGg 8f6f pkof]u ug]{ x'Fbf, :yfgLo ;d'bfo;Dd k'Ug] ;:tf] / of]hgf lgdf{0fsf sfo{qmx¿sf] 5nkmn ug{ Ps :yfgLo k|efjsf/L dfWod OG6/g]6 x'g ;S5 . slxn]sfxL km];a's txsf] ;ldlt u7g ug{ plrt b]lvG5 h;df sDtLdf b'O{ h:tf ;fdflhs ;~hfndf e|fds ;"rgf tyf ;dfrf/x¿ dlxnf k|ltlglwsf] ;xeflutf clgjfo{ u/fpg cfjZos k|jfx x'g ;Sg] x'gfn] g]kfnL efiffdf agfOPsf kl/of]hgfsf 5 . o:tf] ;ldltn] ;fd'bflos ljsf; tyf nfe afF8kmfF8 j]a;fO6 g} a9L cflwsfl/s hfgsf/Lsf] ;|f]t x'g ;S5 . of]hgf agfpg, Ifltk"lt{ ;DalGw ;dembf/L sfod ug{, hUuf clwu|x0f, k'g:yfkgf tyf k'gjf{; h:tf ljifodf ;~rf/ / ;fj{hlgs k/fdz{ dha't agfpg] sDkgL;Fu ;xsfo{ ug]{5 . o:tf] gLlt canDag ug]{ b'O{ kl/of]hgf ljsf; cjlw nfdf] x'g] ePsfn] sDkgLx¿n] kl/of]hgf#$x¿n] lghL hUuf clwu|x0f ug{ / k'g:yf{kgf :yfgLo ;d'bfox¿;Fu cf}krfl/s ¿kdf ;fem]bf/Lsf] of]hgfnfO{ sfof{Gjogdf Nofpg ;kmn ePsf 5g\ . :yfgLo ;DaGwsf] lgdf{0f ug'{kb{5 . of] sbd k|efjsf/L ;fj{hlgs ;]o/sf] ;Gbe{df hnljB't sDkgLn] ljz]if u/L ;fj{hlgs k/fdz{åf/f kl/of]hgfsf] k|f/lDes ;j]{If0fb]lv kl/of]hgfsf] sfo{qmddf pkl:yt x'g g;Sg]–ckfË, 3/wGbfdf Jo:t /xg] ;~rfng cjlwel/ rNg'kb{5 . ;Eefljt jftfj/0fLo JolQmx¿, :s'n] ljBfyL{x¿ nufot cGo ;d'bfosf] nflu tyf ;fdflhs c;/, :yfgLo ljsf; sfo{qmdx¿ / dxTjk"0f{ ;"rgfx¿ k|jfx u/fpg k|of; ug'{ kb{5 . #$ dflyNnf] s0ff{nL / c¿0f–# hnljB't kl/of]hgf . 18 k|d'v cjnf]sg tyf lgZsif{{ / ;]o/ ahf/n] xfn;Dd s'g} ljklQsf] ;fdgf ug'{ k/]sf] 5}g . csf]{tkm{ Lock in period sf sf/0fn] ubf{ :yfgLo o; cWoogdf kQf nufOPsf :yfgLo ;]o/sf d'Vo d'2fx¿ ;]o/wgLx¿n] cfkm\gf] ;]o/sf] ljqmLaf6 gfkmf cfh{g ug{ o; v08df pNn]v ul/Psf 5g\ h;n] ubf{ cfpg] lbgx¿df ;s]sf 5}gg\ . o; cWoogsf qmddf g]kfnL ;]o/ahf/df ;DalGwt gLltx¿ aGgsf] nflu ;xof]u k'Ug]5 . hnljB't sDkgLsf] ;]o/df Jofks lu/fj6 b]vf k/]sf] lyof] . o; lu/fj6sf] k|ToIf k|efj :yfgLo ;d'bfosf] lrlnd]af6 l;Sg'kg]{ s'/f ;Defljt k"FhLut nfedf kg{ ;S5 / o;n] ubf{ :yfgLo lrlnd] sDkgLsf] ;]o/ d"No ;]o/ ahf/df cToflws ;]o/k|ltsf] cfsif{0f 36\g ;S5 . hnljB't sDkgL ;]o/sf] ¿kdf a9]sf] b]v]/ :yfgLo tyf /fli6«o b'j} txsf hgtfdf ahf/ kl/kSs x'Fb} ubf{ :yfgLo ;]o/wgLx¿n] nufgLsf cGo hnljB't sDkgLsf] ;]o/df nufgL ug]{ pT;fx a9]sf] xf] . gfkmfd"ns ljsNkx¿ cfslif{t x'g ;S5g\ . lrlnd]n] cg's"n ;fj{hlgs vl/b b/ -kLkLP_ /]6 kfpg' tyf cg's"n ;dodf k"FhL ahf/df k|j]z kfpg' of] kl/of]hgfsf] k/Dk/fut tl/sfsf nfesf afF8kmfF8sf] dha'tLs/0f ;]o/ d"No j[l4sf] k|d'v sf/0fx¿ x'g\ . o;sf cnfjf g]kfnsf] ;+ljwfgn] :yfgLo ;]o/nfO{ ;d'bfosf] nufgLsf] :yfgLox¿sf] nflu ;]o/ vl/b ug{ plrt C0fsf] Joj:yf cj;/sf] ¿kdf JofVof u/]tf klg ;dfhdf clt ljkGg ldnfO{ kl/of]hgfn] cfkm\gf ;]o/wgLx¿nfO{ nfe ljt/0f ug{ tyf l;dfGts[t ju{nfO{ o; k|sf/sf] Joj:yfn] slt;Dd ;kmn x'g'df lrlnd]sf] ;lqmo Joj:yfkgn] k|d'v e"ldsf ;fdflhs, ;dfj]zL / ;fem]bf/L nfesf] dfWod agfpg v]n]sf] lyof] . ;lsG5 eGg] s'/f x]g{ afFsL g} 5 . pbfx/0fsf nflu ;]o/ ahf/sf] hfgsf/Lsf] af/]df kx'Fr /fVg] nufgLstf{n] w]/} ;]o/ ;§]afhsf] cfudg hf]lvd lng ;Sg] / :jefljs ¿kdf w]/} k|ltkmn k|fKt xfn g]kfnn] cfkm\gf] hnljB't Ifdtfsf] s]xL c+z dfq ug{ ;Sb5 . o;sf/0f :yfgLo ;]o/sf] dfdnfdf ;DkGg pkof]u u/]sf] cj:yf 5 . o;sf] cy{, g]kfnsf] k"FhL ahf/df ;d'bfon] ;]o/ ahf/sf] cj:yf cg';f/sf] lg0f{o lng;Sg] hnljB't sDkgLsf] ;]o/ ;Lldt dfqfdf dfq pknAw 5 . ePsf]n] cfkm\gf] ul/a ;dsIfL ;d"bfox¿ eGbf w]/} hf]lvd ha xhf/f}+ d]ufjf6sf kl/of]hgfx¿ aG5g\ / ;f]xL cg'kftdf lng;Sg] ePsfn] w]/} k|ltkmn kfpg] ;Defjgf /xG5 . ;]o/sf] cfk"lt{ a9\5 o;n] ;]o/sf] d"Nodf lu/fj6 cfpg xfnsf] hnljB't ljsf;sf] nflu :yfgLo ;/sf/x¿#%nfO{ ;S5 . kmn:j¿k :yfgLo ;d'bfon] :yflgo ;]o/nfO{ klg nufgLsf] ;fem]bf/sf] ¿kdf ;dfa]z ul/Psf] 5 . ;DklQsf]] ¿kdf x]g]{ / nufgL ug]{ rfxgfdf pNn]vlgo cGt/f{li6«o cEof;x¿n] klg o:tf lgsfox¿n] ljQLo nfe k|efj kfg{ ;S5 . :yfgLo :t/df k'¥ofpg 6]jf k'¥ofPsf] b]lvG5 . o;sf] nflu k|efljt ;d'bfox¿nfO{ kmfObf k'¥ofpg ;/sf/n] o:tf kl/kSj geO;s]sf] ahf/ ;+oGqnfO{ cem}+ alnof] agfpg] k|of; ug'{ h¿/L b]lvG5 . :yfgLo ;]o/ k|0ffnLsf] ;'¿jft ePsf] w]/} ;do ePsf] 5}g . o; ;dodf nueu b'O{ bh{g hnljB't sDkgLx¿n] u|fdL0f If]qdf cfonfO{ ;Gt'lnt agfpg] dfWod :yfgLo ;]o/ lgisf;g u/]sf 5g\ jf ug]{ qmddf 5g\ . of] cWoogn] nlIft ;d"x ;Dd k'Ug / pgLx¿sf] hnljB't kl/of]hgf tyf ;]o/ ahf/sf] ;Lldt a'emfOsf ;xeflutfnfO{ ;'lglZrt ug{ k|zf;gLs tyf Joj:yfklso afjh'b :yfgLo ;d'bfon] ;]o/ nufgLdf pT;fxhgs r'gf}tLx¿sf] klxrfg u/]sf] 5  . o; cWoogn] dlxnf#^ ;xeflutf hgfPsf 5g\ . g]kfnsf] ;]o/ ahf/df :yfgLo ;d"x h:tf] klxrfg ug{ ;lhnf] ;d"xx¿nfO{ ;]o/sf] ;]o/ sf/f]af/n] xfn} dfq k|j]z kfPsf] sf/0fn] nufgLstf{ :jfldTjn] / o;n] lbPsf] cfDbfgLsf] cj;/x¿n] o; #% pbfx/0fsf] nflu dflyNnf] lqz"nL # la n] /;'jf / g'jfsf]6 gu/kflnsfsf] nflu % k|ltzt ;]o/ 5'6o\ fPsf] 5 . #^ xfnsf] ;dodf k|z:q dfqfdf dlxnfx¿n] ;]o/sf] :jfldTj u|x0f u/]sf 5g\ lsgeg] ;]o/ afF8kmfF8sf] k|lqmof JolQmut cfj]bgdf cfwfl/t 5 / k|To]s cfj]bgsf] nflu lglZrt /sd 5'6o\ fOG5 . w]/} ;]o/ kfpg] ;Defjgf a9fpg w]/} h;f] 3/3'/Lx¿n] kl/jf/sf ;a} of]Uo ;b:odfkm{t cfj]bg u5{g\ . kl/df0f:j¿k, dlxnfx¿n] o; k|lqmofdf efu lng] ;dfg cj;/ ] df ePsf] kx'r kfPsf 5g\ . dlxnfx¿;Fu} ul/Psf] cGt{jftf{df cGodWo]]\ cfTdan a9]sf], ljQLo r]tgfdf ;'wf/ ePsf], cfDbfgLsf] cltl/Qm ;|ft F , h:tf cg'ej ug{ ;lsg] kmfObfx¿ { g u/]sf lyP . k|bz 19 k|sf/sf] l;dfGts[t ju{nfO{ kmfObf ePsf] b]vfPsf] 5  . :ynut e|d0f M e|d0f bnn] /;'jf, ;f]n'v'Da', bf]nvf / hnljB't sDkgL, g]kfn lwtf]kq af]8{ / g]kfn ;/sf/sf] ndh'ª lhNnfsf rf}w j6f 7fpFdf ljleGg ;d'bfo;+u ;d"xdf ;]o/af6 k|fKt x'g] cfonfO{ o; k|sf/sf] ;LdfGts[t cGtjf{tf{ lnOPsf] lyof] . cGtjftf{sf] nflu gd'gfsf] 5gf}6 ju{df s]Gb|Lt ug]{ k|of;n] tL ju{sf] ;DklQdf kx'Fr, ljQLo ubf{ ;Dej eP;Dd Jofks agfpg tLgj6f ljlzi6 dfkb08 ;fIf/tf, kfl/jfl/s :jf:Yo / lzIff h:tf If]qdf 7f]; k|of]u ul/Psf] lyof] . k|ltkmn lbg] k|r'/ ;Defjgf 5  . !_ :yfgLo ;]o/ k|:tfjsf ljz]iftfx¿ @_ :yflkt Ifdtfsf] bfo/f, / #_ kl/of]hgfdf nufgLsf k|sf/, k|ToIf j}b]lzs cGTodf :yfgLo ;]o/af6 ;d'bfon]] k"FhLut nfesf] nufgLsf] kl/of]hgf, g]kfn ljB't k|flws/0f;Fu ;DalGwt kmfObf sdfpg] df}sf kfPsf 5g\ eg] sDkgLx¿n] :yfgLo /÷cyjf o;sf ;xfos sDkgLx¿ / :jtGq pmhf{ :jfldTjsf sf/0fn] ubf{ kl/of]hgfn] :yfgLox¿sf] ;xof]u pTkfbsx¿ lyP . kfpg'sf] ;fy} lgdf{0f tyf ;~rfngsf] qmddf cfpg ;Sg] cj/f]wdf sdL ePsf] kfPsf 5g\  . b'j} kIfn] :yfgLo ;d"x 5nkmn / cw{–;+/lrt cGtjf{tf{x¿ M e|d0f bnn] s'n ;]o/nfO{ ;sf/fTds ;fem]bf/Lsf] ¿kdflnP;Dd of] cEof;n] @@ j6f ;d"xx¿;Fu 5nkmn u/]sf] lyof] / kl/of]hgf j/k/ ;dfhsf] a[xQ/ lxtdf ;xof]uL e"ldsf v]N5  . tyflk / lhNnf txdf ;d'bfosf ;b:o;Fu !!) j6f cw{{ ;+/lrt hnljB't ;]o/sf nflu g]kfnL k"FhL ahf/df clglZrttf cGtjf{tf{x¿ lnOPsf] lyof] . ;d"x 5nkmnnfO{ n}lËs / ePsf] / ;DejtM bf];|f] ahf/df o:tf ;]o/sf] clws cfk"lt{ hftLo ;Gbe{df pRrtd ;dfj];L agfpg pQd k|of; x'g;Sg] cj:yfn] ubf{ eljiodf o;sf] lbzf tyf :yfgLo ul/Psf] lyof] . cWoog bnsf Ps hgf dlxnfn] rf/ j6f ;d'bfodf :yfgLo ;]o/sf] k|efjaf/] c8\sn ug{ sl7g 5  . s]jn dlxnfx¿sf] ;d"x agfO{ 5nkmn ;+rfng u/]sf lyP . To;}n] o;sf ljleGg kIfx¿sf] xf]l;of/L k"j{s ljrf/ u/L ;]o/ wf/0f gu/]sf JolQmx¿sf] xsdf ;f] sf] sf/0f klxrfg o; cEof;sf] dfu{bz{g ug]{ cfjZos gLlt Nofpg cToGt} ug]{ k|of; ul/Psf] lyof] . h¿/L b]lvG5  . ljz]if JolQmx¿;Fusf] cGtjf{tf{ M e|d0f bnn] %) hgf ljz]if JolQmx¿;Fu g]kfndf :yfgLo ;]o/sf] cEof;sf] ;Gbe{df cWoog ljlw o;sf] pbo, :jLs[lt / x:tfGt/0f af/]df ax; rnfPsf] lyof] . pQ/bftfdf Joj;foLx¿, ;/sf/L cflwsf/Lx¿, k|fylds ;|f]tx¿ M of] cWoog k|fylds ;|f]taf6 pknAw g]kfn ljB't k|flws/0f / :jtGq pmhf{ pTkfbs / :yfgLo tYofÍdf cfwfl/t 5 . ;]o/ vl/bsf] nflu C0f lbg] ljQLo ;+:yfsf kbflwsf/L / k"FhL ahf/sf ljz]if1x¿ lyP . e|d0f bnn] /fhgLlts sfg'gL sfuhftx¿sf] ;dLIff / pknAw tYofÍ M of] cWoogdf bnsf k|ltlgwL / ;f+;b ;b:ox¿;+u klg cGt{jftf{ lnPsf] ;fGble{s gLltx¿ sfg'g nufot g]kfnsf] ;+ljwfg, ljB't lyof] hf] hnljB't ljsf;;+u a9L ;/f]sf/ /fVg]x¿ lyP . P]g / lgodfjnL, lwtf]kq P]g / lgodfjnL, sDkgL P]g / lgodfjnL nufot cGosf] Jofks ljZn]if0f ul/Psf] 5 . :ynut ljj/0fM cWoog 6f]nLn] /;'jf / Onfd lhNnfsf cGo k|d'v ljZn]if0f ul/Psf] sfuhftdf kl/of]hgf ljz]if :yfgLo ;d'bfo;Fu ljz]if u/]/ lrlnd] hnljB't sDkgL / sfuhftx¿ nufot pmhf{ ljsf; ;Demf}tf, jftfj/0fLo ;flgdfdfO{ hnljB't sDkgLdf nufgL u/]sf ;LdfGts[t k|efj d"NofÍg / sDkgLsf ljj/0fx¿ lyP . hnljB't ;d'bfo;Fu ;f]wk'5 u/]sf lyP . :yfgLo ;]o/ vl/bkl5 sDkgLsf] ahf/ k|bz{g cWoog ug{sf] nflu cfjZos :yfgLosf] cfly{s tyf ;fdflhs hLjgdf s]xL kl/jt{g eP tYofÍ ;/sf/L ;|f]t / ;"lrs[t sDkgLsf ljQLo ljj/0faf6 gePsf] a'em\g (& hgf :yfgLojf;L;Fu hfgsf/L lnOPsf] k|fKt ul/Psf] lyof] . lyof] . 20 ljz]if1x¿;Fusf] k/fdz{ M cWoog 6f]nLn] If]qut ljz]if1x¿ låtLo ;|f]tx¿ M e|d0f bnn] nfe ljt/0f, k"jf{wf/df ;]o/ ;d]tsf] rf/ sfo{zfnf uf]i7Lsf] cfof]hgf u/]sf] lyof] . nufgLsf /fli6«o / cGt/f{li6«o cEof;, :yfgLo ;]o/sf] k|yd uf]i7L :yfgLo ;]o/ ljt/0f k|0ffnLsf] j}slNks ljsNk nufotsf k|ltj]bgx¿sf] ;ldIff u¥of]{ . cGo d"NofÍg ;DalGw 5nkmndf s]lGb|t lyof] . bf];|f] sfo{zfnfdf ;|f]tdf ;fGble{s kqklqsfsf n]v, sDkgLsf sfuhft, :yfgLo ;]o/ of]Uotfsf] dfkb08sf] af/]df 5nkmn ul/of]] . j]a;fO6, kf]i6/, k':ts, jflif{s k|ltj]bg, g]kfnsf hnljB't t];|f] sfo{zfnf :yfgLo ;]o/ ljt/0fsf cEof; / To;df kl/of]hgf / g]kfn k"FhL ahf/ ;DalGw hfgsf/Lx¿ lyP . cfpg ;Sg] r'gf}tLdf s]lGb|t lyof] . rf}yf] sfo{zfnf kl/of]hgfsf] cjlw ;dflKtkl5 hnljB't sDkgLsf] ;]o/sf] cj:yfdf s]lGb|t lyof] . k/fdz{ Kofgn M cGt/f{li6«o ljQ lgudn] cWoogsf] k|ltlqmof / ;'emfjsf] nflu /fli6«o / cGt/f{li6«o ljz]if1x¿sf] Pp6f k/fdz{ Kofgn u7g u¥of]{ . cWoogsf ljleGg r/0fdf cWoog 6f]nLn] cfkm\gf] lgDg k|ltj]bgx¿ k/fdz{ Kofgn ;dIf k|:t't u¥of] . !_ :yfkgf kl5sf] cWoogsf] 9fFrf @_ :ynut e|d0fkl5sf] lgisz{ #_ cWoogsf] cGTodf ;'emfj ;lxtsf] k|:t'tLs/0f 21 22 ;dGjodf ;fem]bf/Ldf cGt/f{li6«o ljQ lgud ljZj a}+s ;d"x g]kfn sfof{no kf]i6 aS; &(* ofs P08 otL xf]6n kl/;/ b/af/dfu{, sf7df8f}+, g]kfn kmf]gM (&&–!–$@#^))) ˆofS;M (&&–!–$@@%!!@ www.ifc.org/hydroadvisory