Vardhman - VARDHMAN SPECIAL STEELS LIMITED · 2020. 9. 2. · BSE National Stock of India Ltd,...

3
@) | Vardhman - VARDHMAN SPECIAL STEELS LIMITED Delivering Excellence. Since 1965. CHANDIGARH ROAD , LUDHIANA-141010, PUNJAB T: +91-161-2228943-48 F: +91-161-2601048, 2222616, 2601040 E: [email protected] Vardhman | Ref. VSSL:SCY:SEP:2020-21 Dated: 02-Sep-2020 BSE Limited, The National Stock Exchange of India Ltd, 1t Floor, New Trading Ring, Exchange Plaza, Bandra-Kurla Complex, Rotunda Building, P.J Towers, Bandra (East), Dalal Street, MUMBAI-400001. MUMBAI-400 051 Scrip Code: 534392 Scrip Code: VSSL Dear Sir/Madam, Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Newspaper Advertisement Pursuant to Regulation 47 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith copy of the Notice published in “Business Standard” and “Desh Sewak” regarding “Notice of 10h Annual General Meeting, Book Closure and e-Voting details”. This is for your information and records. Thanking you, Yours faithfully, For VARDHMAN SPECIAL STEELS LIMITED SONAM TANEJA COMPANY SECRETARY m 6 YARNS | FABRICS | THREADS | GARMENTS | FIBRES | STEELS PAN NO.: AADCV4812B CIN: L27100PB2010PLC033930 WWW.VARDHMANSTEEL.COM

Transcript of Vardhman - VARDHMAN SPECIAL STEELS LIMITED · 2020. 9. 2. · BSE National Stock of India Ltd,...

Page 1: Vardhman - VARDHMAN SPECIAL STEELS LIMITED · 2020. 9. 2. · BSE National Stock of India Ltd, Floor, ... sciences company specialising in clinical trials and contract manufacturing.

@) | Vardhman - VARDHMAN SPECIAL STEELS LIMITED Delivering Excellence. Since 1965. CHANDIGARH ROAD

, LUDHIANA-141010, PUNJAB

T: +91-161-2228943-48

F: +91-161-2601048, 2222616, 2601040

E: [email protected]

Vardhman |

Ref. VSSL:SCY:SEP:2020-21 Dated: 02-Sep-2020

BSE Limited, The National Stock Exchange of India Ltd,

1t Floor, New Trading Ring, Exchange Plaza, Bandra-Kurla Complex,

Rotunda Building, P.J Towers, Bandra (East),

Dalal Street, MUMBAI-400001. MUMBAI-400 051

Scrip Code: 534392 Scrip Code: VSSL

Dear Sir/Madam,

Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015 - Newspaper Advertisement

Pursuant to Regulation 47 and other applicable provisions of the SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015, please find enclosed herewith copy of the Notice

published in “Business Standard” and “Desh Sewak” regarding “Notice of 10h Annual General

Meeting, Book Closure and e-Voting details”.

This is for your information and records.

Thanking you,

Yours faithfully,

For VARDHMAN SPECIAL STEELS LIMITED

SONAM TANEJA

COMPANY SECRETARY m

6

YARNS | FABRICS | THREADS | GARMENTS | FIBRES | STEELS

PAN NO.: AADCV4812B CIN: L27100PB2010PLC033930

WWW.VARDHMANSTEEL.COM

Page 2: Vardhman - VARDHMAN SPECIAL STEELS LIMITED · 2020. 9. 2. · BSE National Stock of India Ltd, Floor, ... sciences company specialising in clinical trials and contract manufacturing.

Business Standard NEW DELHI | WEDNESDAY, 2 SEPTEMBER 2020

GVK's descent path . How the group's big bet on infrastructure in the early 2000s finally cost it its prized asset, Mumbai airport

ANEESH PHADNIS & AMRITHA PILLAY

Mumbai, 1September

GV Krishna Reddy as he celebrated 50 years of his business enterprise.

A year earlier Reddy, who began his career as an irrigation works contractor in his native Andhra Pradesh, acquired an additional 14 per cent stake in Bangalore airport, making him the largest shareholder with a 43 per cent stake. The same year he took another bold bet, buying three coal mines in Australia in a $1.26-billion deal. Though there were a few black clouds such as the disruption of gas supplies to its pow- er plants, the mood in the GVK group was optimistic as it scouted for investors and partners.

Eight years later, the group was forced to sell its crown jewel, Mumbai International Airport Ltd (MIAL), to the

rising star of Indian business, Gautam Adani. That leaves it with a clutch of doubtful projects in coal, gas and power and missed loan repayments. To top it all, Reddy senior and his son Sanjay are being probed for corruption and money laundering. Last month, PwC, the auditor of the group’s listed arm GVK Power and Infrastructure Limited, resigned citing non co-operation.

The airport business has been crucial to the GVK group. MIAL, the operating company for Mumbai airport and which is developing Navi Mumbai airport, is a profitable venture. Given its potential, Adani group had been vying for an entry in MIAL since last year. Last October, GVK group signed a deal to sell MIAL to a consortium of Abu Dhabi Investment Authority, National Investment and Infrastructure Fund and Canada’s PSP Investments to ward off the Adanis and

2° was a special year for

DIM OUTLOOK GVK Power & Infra

Net worth -297

(Consolidated figures in €crore)

-841

FY17 FY18 FY19 FY20#

Net sales 3,516 3,863 4.098 3,178

PBT Fe -376 -307 -334

# As per unaudited results filing (net worth and debt as on Sep 2019); data for nine months Source: Capitaline Compiled by BS Research

clear debt but the deal remained stuck and was finally terminated.

“The GVK group has done a fantastic job at Mumbai airport and has managed the airport extremely well despite its challenges. But unlike the GMR group it has not been able to develop a portfolio of airport assets. GMR group has been far more successful at that and has helped it in value creation,” said an avi- ation expert.

In July, for instance, the GMR group sold 49 per cent stake in its airport busi- ness to Group ADP of France for %9,720 crore and retained majority control.

Meanwhile, the GVK group exited the Bangalore airport three years ago selling its entire 43 per cent stake to Fairfax for %3,492 crore in a two-step transaction. This ended a seven year-old saga in which the GVK group had raised loans from banks for the Bangalore airport deal, and pledged shares for the pur- chase. After the stake sale to Fairfax, a portion of the loan was paid.

But it was the foray into coal, power and road that proved the backbreaker. “The opening up of the economy made it possible for me to think big,” Reddy told an interviewer in 2011. Power sector reforms in the early 1990s enabled Reddy to set up India’s first independent power plant at Jegurupadu in Andhra Pradesh, even as suc- cesses in irrigation contracts helped him diversify into real estate and hospitality in the earlier years. The Reddy fam- ily owns luxury hotels in Hyderabad, Chandigarh, Chennai and Mumbai in partnership with the Tata group’s Indian Hotels Company and also runs a bio- sciences company specialising in clinical trials and contract manufacturing.

But between 2012 and 2018, each of GVK’s non-airport business took a mas- sive knock owing to a series of bad busi- ness bets, aggressive bidding and a

‘There is no closure in this case’ Following the order of the Supreme Court of

India on the adjusted gross revenue (AGR) dues case, ABHISHEK SINGHVI, third-term

sitting member of Parliament and eminent

jurist who represented Airtel, explains to

Sudipto Dey why the issue is yet to reach legal

closure. Edited excerpts:

Should we nowexpectalegalclosureon

theissue after the Supreme Court order?

At one level, itbrings a quietus onsuchan important commercial matter. However, I don’t think this is permanentoreven longterm. It is very likely that one or more of the entities involved inthe matter will file review petitions. Different companies may have different reasons to seek review. Forexample, thetreatmentof Spectrum Usage Charges (SUC) as AGR duesis an errorandastrong ground forseeking review.

Some ofus had argued that ae SUCisa totally different charge, ~r conceptually and in nature. Ihad also pointed out that SUC amounts were not part ofthe AGR calculations bythe governmentina

¥

+

ABHISHEK SINGHVI Member of Parliament

and jurist

— ey z.

chart handed over by the Solicitor General of India to the apex court during the course of hearing. The calculation of SUC may involve formulae referring to AGR but that does not make SUC an intrinsic component of AGR. These significant conceptual points have not been considered.

Equally, the ten-year period reduction may lead toa review, given the huge economic downturn, the present

and long-term effects of

DECODED

Covid-9 and thesectoral distress.

Any possibility of the government

seekingareview?

The government may well file a review. It was the government’s idea to seek 20 years for repayment of dues. The governmentalone could take into consideration the larger picture given the current economic scenario, amega all-India perspective and the need for supportto the sector so that long-term distress is avoided.

Theissue of whetherspectrum canbe

traded under Insolvency and

Bankruptcy Code has been left

unresolved. Your comments.

Paucity of time in view of the impending retirement of the presiding judge made that inevitable. Since it's a much larger issue, with very wide ramifications, the

Bench has referred it to the Tribunal but it is inevitable that it will make

its way to the Supreme Court in the not too distant future. Hence, there is no closure inthis case; instead there is the beginning of new offshoots!

Why Sebi’s new margin pledge norms have rattled brokerages SAMIE MODAK

Mumbai, 1 September

ost brokerages are rattled by M market regulator Securities and

Exchange Board of India’s (Sebi’s) new margin pledging norms. Here is why Sebi introduced this new sys- tem and why it is worrying the broking community:

What has triggered the move by Sebi?

Under the earlier system, as part of the account opening form, several brokers obtained a power of attorney (POA) from

their clients to access their account. This was required to provide higher margins for trading. A POA allowed a broker to move client securities from their demate- rialised (demat) account to a collateral

account, which could be accessed by both the broker as well as a client. Several brokers were seen misusing the POAs, prompting Sebi to rework its entire sys- tem of pledging.

How did brokers misuse the POA?

Several brokers used shares of dormant

or inactive clients to provide margins for other more active clients. Some brokers

even raised money by pledging shares in the collateral account to fund other busi-

nesses. They also siphoned off dividends of inactive clients. Sebi has taken action

against several brokers for misusing their client securities.

How will the new pledging system work?

Now that Sebi has done away with the system of creating POAs, brokers will not have direct access to client securit- ies. Instead, clients will be able to pledge and re-pledge their holdings

with brokers for generating margins. Depository firms CDSL and NSDL have developed a software for pledging and repledging demat holdings directly by clients. Whenever clients have to gener- ate margins, they will now be directed to the webpage of the depository. After OTP authentication, clients will be able to see their holdings, which can be pledged or unpledged with the broker to generate margins for trading.

When does the pledging system

come into effect?

The new system has become effective from September 1, 2020. It was sup- posed to come into effect from August 1. However, due to under-preparedness of brokers and depository firms, Sebi delayed the implementation by a month. The market regulator allowed the earlier and the new systems to work in parallel in the interim. As a result, many brokers, especially the tech- savvy ones, have already moved to the new system. Some traditional brokers are still not prepared. They had approached the market regulator seek- ing more time. However, Sebi has turned the request down following assurances by depositories that the new

system was ready.

Will the new system impact the

stock markets?

Many are expecting the trading volumes to come down in the cash segment. This has less to do with the new pledging sys- tem and more to do with the new margin norms. Under the new margin norms, Sebi has virtually put an end to excessive leverage trades. The regulator has direct- ed brokers to collect higher margins from their client. The margins differ for individual stocks based on their VAR and ELM readings (value at risk and

extreme loss margin). Failing to do so, Sebi will impose heavy penalties. Also, clients will have to wait for the settle- ment cycle (T+2) to complete to use the

proceeds of their sales or to pledge share they have newly bought. Earlier, brokers allowed clients to use profits from their trades or allowed newly bought shares to be pledged even before the settlement cycle completed. Some expect cash mar- ket volumes to drop by 25 per cent. Also, some attributed Monday’s selloff due to unwinding of positions required to move to the new system.

What changes for stock market investors?

Clients who are not into intra-day and ultra-short-term trading may not be impacted much. However, those who are active traders will have to provide higher margins, which will technically increase their trading costs. It could also take time for traders to get a han- dle on the new system. Further, there could be delays in getting shares pled- ged and unpledged in case depository systems are not able to take the load and generate OTPs on time.

GVK's second bet — in gas-based power plants — was also entangled in controversies with the Centre, initially over gas supply and pricing and vanishing demand

»

Supreme Court order. Industry watchers agree that the

group’s $1.26 billion investment in coal mines in Australia turned into a mill- stone around its neck. While the invest-

ment added to the group’s indebtedness, a near halving of coal prices made mining an unviable business. “Mining is highly regulat- ed and success depends on factors such as mine yield and exchange rates,” said a consultant.

“GVK Coal has not been able to achieve

financial closure resulting in delays in commencement of mine development activity .... delays in entering into defin- itive agreements for port and rail devel- opment and agreement for sale of coal. Further, certain lenders of GVK Coal have classified the loan as non-performing,” GVK Power and Infrastructure Limited

TAKE TWO 9

said in its notes to accounts in Q3 FY 20

results (GVK Coal is categorised as an

associate of GVKPIL). The company has not announced fourth-quarter or full- year results for FY20. The group did not reply to email queries.

GVK’s second bet — in gas-based power plants — was also entangled in controversies with the Centre, initially over gas supply and pricing and vanish- ing demand. Then in November 2014, the Supreme Court abruptly cancelled the licences for 218 coal blocks allocated to various metal and power companies. GVK lost its Tokisud block, which was to supply coal to its Goindwal Sahib power plant.

The roads business suffered for dif- ferent reasons. GVK’s current trans- portation portfolio consists of one oper- ational project, which started operations in 2005 and is a 20-year contract for six- lane road between Jaipur and Kishangarh.

In 2010-11, GVK was eager to partici-

pate in the public-private partnership model for road development. However, the company had to terminate one proj- ect owing to aggressive bidding and delay in clearances. Since then, the company has terminated a couple of other road contracts for various reasons.

“This is another story of a conglom- erate that focused on infrastructure, which became unviable due to high debt, constantly changing government policies. The company also made the mistake of stretching itself beyond its means, driven by general sentiments in the market that time,” said Harish HV, managing partner at ECube Investment Advisors.

He added, “Like all other companies that invested in infrastructure in the post-2005 period, nobody thought any- thing could go wrong, they could keep borrowing and can keep growing. I think they got carried away and did not limit ambitions in line with the resources available.”

De ei Central Bank of india

www.centralbankofindia.co.in

Central Office: Chandermukhi, Nariman Point, Mumbai - 400 021

SALE OF NON PERFORMING FINANCIAL ASSETS

Central Bank of India proposes to sell NPA Loan account Mis. M S P Sponge Iron Ltd to eligible purchasers in terms of the guidelines issued by the Reserve Bank of India and the provisions of SARFAESI Act 2002.

For further details please visit our Website www.centralbankofindia.co.in (Under E-Auction).

Place : Mumbai Date : 02.09.2020

General Manager (SAM & Recovery)

ELDECO ELDECO HOUSING AND INDUSTRIES LIMITED

CIN: L45202UP1985PLC099376 Regd. Office: Eldeco Corporate Chamber-1, 2nd Floor, Vibhuti Khand

(Opp. Mandi Parishad), Gomti Nagar, Lucknow- 226010 Ph. No.: 0522-4039999 | Fax: 0522-4039900| Website: www.eldecogroup.com

NOTICE OF 35TH ANNUAL GENERAL MEETING

Notice is hereby given that the 35" Annual General Meeting (“AGM”) of the Members of Eldeco Housing and Industries Limited (“the Company”) will be held on 25" September, 2020 at 02.00 p.m. IST through Video Conferencing (“VC”)i Other Audio Visual Means (“OAVM”) without the physical presence of the members at a common venue, to transact the business as set forth in the Notice of the AGM.

In view of the massive outbreak of COVID-19 pandemic, Ministry of Corporate Affairs vide its circular No. 20/2020 dated 5" May, 2020, 14/2020

dated 8" April, 2020 and 17/2020 dated 13” April, 2020 and the Securities and Exchange Board of India vide Circular number SEBI/HO/CFD/CMD1/ CIR/P/2020/79 dated 12” May, 2020 (“the Circulars”) permitted the holding of AGM without the physical presence of the members at a common venue. In compliance with the provisions of Companies Act, 2013 (“the Act”) and rules framed thereunder and Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and the Circulars, the 35" AGM of the Company is being held through VC/OAVM.

In compliance with the Circulars, electronic copies of the Annual Report for the year 2019-2020 including the Notice of AGM setting out the businesses to be transacted thereat have been sent on September 1, 2020 to all the members electronically whose e-mail addresses are registered with the Company or Registrar and Share Transfer Agent i.e. Skyline Financial Services Private Limited ("RTA") or Depository Participant(s) (DP's). The same shall also be made available on the Company's website www.eldecogroup.com, and can also be accessed on the website of

Bombay Stock Exchange Limited at www.bseindia.com and on the website of Central Depository Services (India) Limited (CDSL) at www.evotingindia.com. In accordance with the abovementioned Circulars, the requirement of sending the physical copies of the Notice of AGM has been dispensed with.

Members holding shares in physical mode and who have not

registered/updated their email addresses with the Company are requested to furnish their email addresses by writing to the Company at [email protected] or Registrar and Share Transfer Agent of the Company at [email protected] or [email protected]. Members holding shares in dematerialized mode are requested to register / update their email addresses with the relevant DP's.

Pursuant to the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and Administration) Rules, 2014 and Regulation 44 of the SEBI Listing Regulations, your Company is pleased to provide to its

members with the facility to cast their vote on all the resolutions as set forth in the Notice of 35" AGM using electronic voting system (remote e-voting and e- voting during AGM) through a platform which shall be provided by Central Depository Services (India) Limited (CDSL). Detailed procedure is being provided in the Notice of 35" AGM.

The remote e-voting period begins on Tuesday, September 22, 2020 (9:00 A.M) and ends on Thursday, September 24, 2020 (5:00 P.M). During this period, members holding shares either in physical form or in dematerialised form as on the cut-off date i.e. Friday, September 18, 2020 may cast their votes electronically. The e-voting module shall be disabled by CDSL for voting thereafter.

The facility for e-voting will also be made available during the AGM and the Members present in the AGM through VC/OAVM who have not cast their vote on the Resolutions through remote e-voting and or otherwise not barred from doing so shall be eligible to vote through the e-voting system during the AGM. The Members who have cast their vote by remote e-voting may also attend

the AGM through VC/OAVM but shall not be entitled to cast their votes again.

Any person, who acquires shares of the Company and becomes a member of the Company after dispatch of the Notice of AGM and holds shares as on cut- off date i.e. Friday, September 18, 2020 can follow the process for generating User ID and Password for e-voting and for attending AGM through VC/OAVM or who have forgotten the user id and password may retrieve the same by following the remote e-voting instructions as provided in the Notice of the AGM. Such members may also obtain user id and password by sending a request at [email protected] or [email protected]. If the member is already registered with CDSL for e-voting, then he can use his/her existing user-id/password for casting their vote.

In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions (“FAQs”) and e-voting manual available at

www.evotingindia.com under help section or write an email to [email protected]. All grievances connected with the facility for voting by electronic means should be addressed to Mr. Rakesh Dalvi, Manager, CDSL at [email protected] or call on 022- 23058542/43 or our RTAat [email protected].

By the order of the Board For Eldeco Housing and Industries Limited

@ | Vardhman Verdhmiin Dellvering Excellence. Since 1965.

VARDHMAN SPECIAL STEELS LIMITED Registered Office: Vardhman Premises, Chandigarh Road,

Ludhiana-141 010 (Punjab), India Tel No: 0161-2228943-48, Fax: 0161- 2601048

PAN: AADCV4812B, CIN: L27100PB2010PLC033930 Email: [email protected]

Website: www.vardhman.com /www.vardhmansteel.com

NOTIGE OF AGM, BOOK CLOSURE AND E-VOTING DETAILS Notice is hereby given that the 10th Annual General Meeting (AGM) of the

Members of Vardhman Special Steels Limited is scheduled to be held on Friday, 25th September, 2020 at 10:30 a.m. through Video Conferencing (VC)/ Other Audio Visual Means (OAVM) in compliance with all the applicable provisions of the Companies Act, 2013 and the Rules made

thereunder and the Securities and Exchange Board of India (“SEBI”)

(Listing Obligations and Disclosure Requirements) Regulations, 2015, read with General Circular(s) No. 14/2020 dated April 8, 2020, 17/2020

dated April 13, 2020 and 20/2020 dated May 5, 2020, and other applicable circulars issued by the Ministry of Corporate Affairs (“MCA’) and SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 (collectively referred to as “relevant circulars”), to transact the business set out in the Notice calling the AGM. Participation of Members through VC / OAVM will be reckoned for the purpose of quorum for the AGM as per section 103 of the Companies Act, 2013.

Pursuant to the provisions of Section 91 of the Companies Act, 2013 and Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and the Share Transfer Books of the Company will remain closed from Tuesday, 15th September, 2020 to Friday, 25th September, 2020 (both days inclusive) as Annual Book Closure.

In compliance with the relevant circulars, the Notice of the AGM alongwith Annual Report for the FY. 2019-20, have been sent to all the Members

whose email addresses are registered with the Company / Depository Participant(s). The aforesaid documents are also available on the Company's website at www.vardhman.com /www.vardhmansteel.com.

and on the website of the Stock Exchanges, i.e., BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and

www. nseindia.com, respectively.

Further, pursuant to the provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014, Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and relevant circulars, the Company is

pleased to provide Members facility to exercise their right to vote at the

AGM by electronic means (“e-Voting”).

Members may cast their votes remotely, using the electronic voting system

of Central Depository Services (India) Limited (CDSL) on the dates mentioned hereinbelow (“remote e-Voting”).

Allthe Members are informed that:

i. The remote eVoting period shall commence from Tuesday, 22nd September, 2020 from 9:00 a.m. and shall end on Thursday, 24th September, 2020 at 5:00 p.m. The remote e-Voting module shall be disabled by CDSL after the aforesaid date and time for e-Voting and once the vote on a resolution is cast by the Member, the Member shall not be

allowed to change it subsequently;

ii. The cut-off date for determining the eligibility to vote by electronic means is Friday, 18th September, 2020;

iii, Any person, who acquires shares and become Member of the Company after dispatch of the Notice of AGM and holding shares as of the cut-off date i.e. Friday, 18th September, 2020, may obtain the login ID and password by sending a request at [email protected]. However, if a person is already registered with CDSL for e-Voting then existing user ID and password can be used for casting vote;

iv. Members may note that:

a) The manner of e-Voting by Members holding shares in dematerialized mode, physical mode and for Members who have not registered their email addresses is provided in the Notice of the AGM andis also available onthe website of the Company.

b) Members holding shares in physical mode and who have not registered/ updated their email address with the Company are requested to register/update the same by writing to the Company with details of folio number and attaching a self-attested copy of PAN card at [email protected] or to RTA at [email protected]

c) Members holding shares in dematerialised mode who have not registered/updated their email address with their Depository Participant(s) are requested to register/update their email addresses with the relevant Depository Participant.

d)} the voting rights of Members shall be in proportion to their shares of the paid up equity share capital ofthe Company as on the cut-off date;

e) the Members who have cast their vote by remote e-Voting prior to the AGM may attend the AGM but shall not be entitled to cast their vote again;

f) a person whose name is recorded in the register of Members or in the

register of beneficial owners maintained by the depositories as on the cut- off date shall be entitled to avail the facility of e-Voting;

g) The result of the resolution passed at the AGM will be declared within 48

working hours from the conclusion of AGM.

For any queries you may contact the following:-

Contact Person: Ms. Sonam Taneja

Designation: Company Secretary

Address: Registered Office, Vardhman Premises, Chandigarh Road,

Ludhiana-141010, Punjab

E-mail: [email protected]

Phone No.: 0161-2228943-48

By order of the Board of Directors Sdi- Sd/-

Date: 01/09/2020 Chandni Vij Place: Ludhiana (Sonam Taneja)

Place: Lucknow Company Secretary | | Date : 01.09.2020 Company Secretary

Page 3: Vardhman - VARDHMAN SPECIAL STEELS LIMITED · 2020. 9. 2. · BSE National Stock of India Ltd, Floor, ... sciences company specialising in clinical trials and contract manufacturing.

q@AWoO

Pep jenp OZ0Z-60-10 :LEHY PE pH Lene

-/42H OZOZ-60-10 “LEHI [IPH

ieRLP [Pb HEME (AB2E HLH) ve -/,2H P2P P28 Qk LPR HER ik

8b-EF687ZZ-T9TO : BY V2 Woo" UBWYPIeA®pnyj }euejaoes : SHA

Bibth ‘OTOTHT s2ikey® “22 SIPS ‘HHHIPN QiHNP> PFSA PIHHIP : LEN

PERH {oh : APH

: 2 BbH ep peny 3 [eeW>| Aka OP [HE {Ae [Pib2iH HD} | APE ib ePL Rie PieK{PA selem [Hohe

8p B 2P KER HKdBR BFS 1A SHRBP BP BLO Hin R>| Hed BR OR | 2 epua

{P2LH ne yt P2HEP A PRK S LEH) Qikte-2P 12 1A HEY [PPHD| [APP JuP2L [PS LP 1A SAih 22 iWkA F 12H Lh LP APH LP PLP BAL

HidHe 2 uA} in 2e {Pie Ip2l|ele 2HP} {P 2PIN & Kedbe 2 12H PRK “LP | APSE PhHEh 2B [Eh Pel [p=|pa}

Ne-2N 2 [ON wile BH F LEH) Sike-20 WP 1a PHN 22 1A wRK HK |BEzPw 2 Bhuke/ BP2HH|P

JEN SHIR itu 2 PAaLs e2tinpe SnRH PH wi L {eer F LH “R uHQL EPR [PS ZENH/P2HHIP SP PALES [PANS Shuke EN SHR 12Nuke 2 12H) Eke SP AD) NB SHARPS Pe VE iH] PRK PHB

| 2BiBee L2HHI|P £ WOO WUC|EOMCY RA} Ql2Pike ub WO UBWYPJEA® pn] elejaloes

BHH [uk PIAHS-nuk 1A SPib Oh Bk 22 A LQ ARIS RAJ

fene 28 bj 2 {fer $ 188 ‘2 ukapeee [Pe 2enk/P2HHIP RE| [one 1EN SHIR 12tuke 2 OH Ele OP PikH AS] NB PELE 2 OH PR PB “He

| & DRENS [= £ 2RHR® [A LeNP PR) Be sap] iMRLHPA ADI H2je 2 Hide elPF ip IPAlPIR {Re 2 ukbeR LSP [Po P2HBIP LEN SHIR 2

: QPP 22 PRK ‘+ 12 sABH Pe S22 [A SPAHN Eke S[Rike PEM

1BBH Dhue [AS 1P2|S |R Ele [AP D8 IPS PH) Huda DA iE 2 SPPHiIp P21> [A VE She SIM [P 12PIN [EweD| [RE “PEEL iAP Pe Ehuh SP2HN Le [S[aike PH P KE ORI £, WOD'elpUlspo®Bbuljors ysepdjey

LR LP ekH @ Lenk BP HB fk L ikem} 2B PRK LB AHuB £ 21H BES HAI 12 Hide wks [enw 2 OZOT PREH 81 ABP

KE LEH) Sikeb Ek OP BlPR PleH B [ehk 2 HH [epee [RPE | £ 42IP {BH} OZOZ PREH 81 BzPR LEH}

Sike-28 [R22 LPP FPNPY| FIP LA Hin 22 [PP Henk LE|Speal “Z [PSP {PS iKdPlike [A PEAR O 2> RIP Bh [PR CHEB Pikes

PRH Ske |UPEE {PS PP 1A VHih 2B LPP Heh|WH PP oeal Atak HH £ {FH} SeenG Ske uPPit iF A) PP AR RASIH Pal> | FENG Hal Wie QHHHLEIH [P24 2 AR (BE $ HH) OCOT PREK FZ PiBPLE She Ue2e BA S (B= 6 PEK) OZOT PREH TZ BiBBIPH wHH iB 122|2-[R 2HP} “T

: BL G [Pik {PA} [PipPib PR) OY PR Pik 122 BPH uh 22 shuke

3 un EH) {RHPA OP {Pip (1P2}>-12 ZHEJ,) HHH) IP2|> PY|>eeal ja (PHM SIH) S2IHR| (1H SA) HHE|PH [PANS] BPPH iS PIPE PHP] PRK

| @ {pe Pe Mah wp wa 2Bin 22 Druk B

JOR Shake RE} Hee Ha [Pie (P2122, HkehK PEPeal Lenb SPIE Bilt HEN G2 RBH ENRH Eke pr QHeIE A ‘STOT Queibe (2HPRL BY PHRPHE! Sie HOHIPL ARS I>) [RH “OT 2B A PLOT 2B (QHSHOH| eke 2k 2HEOH) Bone & HH) HIDE JHA SOT SHOK A E107 2bke Bene

Ig bRen® 42 £, WOO'RIPUISSU MMM Eke WOD'BIPUISSG’ MMM

Bj B 2RHRE {P BAH ke Di2H ROHS Ele L2IHR| [RHKAR f “2)HRE [PB BBHPH: 12H he WOD'}2d}SUBLUYPJEA’ MMM/LUOD URL YPJeA MMM

2|HR2 lA Lenk KHaeHA SEND |2P Ae Sa) bE F ‘ep

w2i@H [A OZ-6TOT SH [Al Eke H2IO vA Hehe SP|S PRB SHH

| P2P|P AR BS Pi gp 1B P12 PE (BHH ukeLEH 2A) OZOT PREH ST LEH] PiBPPH £ OZOZ

PREH CT LPH) PiA@IPH SAl PR PSH\P2 PkkH B |One Ske P2HHIP B PRH EDIE Th SH@IPE A ‘CTOT SUBIR (2HEAL MEP) PROKHS] Sir HOHIPL RRS IP2JHO) [RH 2ke sHIBHS ida 16 SHH B E1OT ‘2bk Ben

| {IP@ib [ele [22 SPH A 19elP [aw Heidbe [Pele] [A PRM Gi 2@ IPB [PP HEAERS/|H|> SP|S COT LHOH A ETOT “20K Ben | OH 1H [FLO [PiHPBS [A PIRPIP BHPA RE} HAO B Hedhe FPS [RuBPP SPS (2 wkdP} PO} P2BPH, eOORl BRI) OZOT LAK ZT LEH} BL 10Z02/d/a19/LGQW9/GS0/OH/IGAS LBL PRbex {Pub SB sPikeD {BH Eke

(QIHHHe,) SuPEH @HUH ZENE’ PP Ske OZOT {RK SO LEH} ZOZOZ/07 Bie O70 SAke ET LEK} OZOZ/LT ‘OZOT Ake BO LEH} OZOT/PT BRE PRBPH

Hake [Pi Pike (2IHHH) SPE BHuH 2ene.p $ HE) ‘STOT SH@Ibe (2HPRLHeBP] PRRPHS| Sie HOHIPIRRS IP2IN|) ({RH,) 1H] Bike SPR BPH Lie B2SPH Eke Hine) SPE HA) Eke HIPS HA €TOT “2 Bion [Pie (HEd RRS) HHH PHA > SLSite PR/([H[>) IPHIPSO po ALel> B> O€:01T BEH Y OZOT PREH ST PiBPLH (He Ha) IP2IIH RPO 19.9

{20T {2 PRK 2 S2}H2) Bled PENH SiKnP> bP} 2 ipib PAL Hale Pal

4PP2 iA W2ZJaIR2 Ske PHee PE ‘Hae 1a Hkyba

Wod"}e9}SUELUYPIeAMMAy Woo" UEWIYpJeA AMM Wod"URWYPJeAM pny jeuejaioas : siz

O£GEEODTAOLOZAAOOLZZ1 :NID ‘AZLSPADOVY : 2h QPOLO9Z -LOLO: noe ‘Bt EPERZZZ-LGLO 2 ve

22.8 “(Riktn) OTOTHT s2ikeny se

‘2p BIppee ‘HHHIPN PESA SPH IP

L2|KQ) PRIPH BENH iHne>

uewupren | ©

nh. ©

P2~elai8 Qik SPR HED ik

|2pe PENH £ TrILE€TZ-TLI-16+ ah woo woound@sroppoyareys 4H TLOO9T- {iby eps

Hieabie kia BkdpoHeal “8 He ‘T6-[R § (BEPH-PHOK bal.PH) BaeCH BHE Hee Lk {22 BBEEH [NRH IP2|> [2 | SRS RUSK IPaja1z Eke (Ljz He) HOHE SPHiHe [22 HBP

[A@ JPR DRENG RAJ HPL NSE A WO PIPUIBUNOAT MMM 2[RR> [Ae [PDE Hof

[20 AGH @ unajH JA 2a QiPA 2H Bk 121312 2020) PB OP HEA Rd P2HHIP B POD SkdH|S\OR/P2HHP A PRK B LEH) Site-20 12 A 2H} PRH| WIPEE {PE bP 1A BAN 22 wks § 08 Een LP Aw L PH ADL AUK PB PAY uN 22 wPhuke [P wVOjn {Pub IP2JE1R & 4OH) PRH 2 {PP A NAIL {A Dun 22 {Pw PY|dpweal {> La Huda |ONw

[year [pe SENG HH Be [HY Sens SHiwal {A leZlala 2HO}1— wAPH PP Eruh SBN & [SLA PH w2huke PRIFA HAPS) MAL A PT 2 22 B HIS PH OP PkeH B Lone § [FH Sike-2e

2b HH) Ske 2 ukde] 2B PRK A Lene Akuk £ Qi SHE HAC 1A HudHe H Le bel [RP | 22 BPH un 22 [Pil HenLH PEPSPRA) PH LP Pe @ Lene B NS SH AKP2H S 1H LEIS 0707 PREH 77 BK) BLSH) Dike 20 20 1H) PRK PA SikeYJPA HH HAJ {PSH PAR (BE S

HuH) OZO7 PREH 87 [EH Ske eee BA § (b= 6 PEK) OZOT PREH ST LSH{ 1L2|= | 2PHE} |B .Be| wpe

sHe{BLPR Shee ELH LEE [AHH PH iH [SUS [PPM [A PiRPLO BPA RA! Kells S LEH) 4B HEAHS [oie HOME {2 AOS Ele HEIPH IPRA 2HE] 4 uf BPP Pp Wah Nall {A gep SEHR) PEA 22 Shake [Ue HunLH pepdweal $ PRK Shike {ene See pr Hele a

SH@IPP IPH) Se Bibb Hen BE HM SPIE HRI S HH) BOT SHOH @ E107 20k Bone IL hRen® Pe UI0S'RIPUTSUTJOAD ALLAN 2IRMR> [A (HBA [Qi> 2eizew ak aeR H2HH}

W2IAIR GPA Seda Ske Ale LA WP1ALR 2HO)) Ped S|H HLS WA H¥dHa! LP HREhH £ UWIOS'PIPUTOSG’ MALL 2{QuHRS 42 “HRY {BHR 2 # BBHR He Ri2lH “W10d UIOSUN AAA AA

2|RLURE {A Len ZENG} iAH {A OT-6TOT BM Eke HAAS wa HALE B) LPP 2° PRK [eee pH &

wos wosuNd@)s1oppoyoreys Lk SHEE wos }ryuepe@)deurer SHIR (Luk KIBHE-hike [a

SPib Pifike) Pinuke “(Luk KIBHE Nuke 1A SPi~ Lh) LN “nub LA 2H22H wFiR L2/SR2|HOV

4H B2RLH 2aL@e ‘Ho “(SAMI + LELRKENLS [PRK OT - Reed Sly 4H LeLake JPHAEISLOR JPRKe OT - QUEM) 1BPB WA LAR 2H BB VP Piet B, NB 2S Be {LH} PREZ

[eee pH & wos wosuNd@)s1oppoyoreys Lk 2HE £ Wd jyuepe@deurer BHR (Lnue BIBHE-hike [2

22.8 Pinihe) Punite “(nue RIAHE luke |A £Pue 2h) Sh “(Shy £ Ik) {rub LPH [a 2_/92/PH Pied “42 1B Pin Pelt “g 882 2} SH) Se [PSH CB LP Pe B NB PELs Be 2H} PRE” T

: 22b Pein [A BALAL yalatiea oP jae sep Bruh Bee A Wee jaw ieajala PEN} Lik [A OT- 610? SiH Eke BG.SPP LPULJE EN VHA sPhuke PG Wj L ELK FH L

taj 2Pe [PO HPA 2p [PrHns|/ {ene EN SHA wake 2 WRK PPE | 2a F Lone [Pot ja {PlRiKe @Hi2 [tule PRH IE SP A NE WEIS Pid POH | 2Beeb 2enu Sp PAaUPe [prHNLs 1EN SHR whuke PB 1 SP A NB 2He Phe Pe 4H Pow bj CESK F PRK | 2p ale BAY BE {PP Hid PYLP>E eal ‘22 BA 2e BAUBLES [peHinLe/jene EN SHA a Hy F

4PBH Bil {2H 2ENP| SH [A OT-6TOT BK Ske HAAS A HAHA SPIE iPR2HPH SENH |2P BeH 2 IRs

RA) MuHa DRIER WACO] A] SPIE FT g 28 A HOLY A Hida [BP HKd>AS/ [MP PRK | LESH [BPP {PP HH PRB/|HL> SEH) Heda 1A Lone ELIE CLOT ‘QHRIPE (KY SHSke) {BH Eke jHIBHE EDR sda CLOT ‘2bKe HONE Eke WERE AlMHHe 42 1L [Pe £8 a {PELP DEY [PPR B, Qi SH 2] {RB HEY 2 [RIP {SAY adele {A Heda Le HedeAB AB EDIE Sib ween Bie 0707 {RK TT LEH} 61/0Z02/d/alO/LOIND/GS0/OH/IGAS PRS

PRBPH JP Pike ([RH) Eke (2 wHeP} 20} PBPK, 1H2)R} RY) OZOZ BhHe ET LEH OZOZ/LT B

PRBPH Hike LHe OZOT “BAKe 8 LEH) OZOZ/PT & PRBPH Hike HH] OZOT JH S LH} 0Z0Z/0Z PEG PBN Hike [Pit Dike (-AIMMIe,) BE BHM 2ENELWD “ PHOBH @ [PiHPK 6T-22)0

[JP2PIP AR [Re HHYBR WE (BMH iHAEH) 2B) OZ0T PREH 67 (EH) £ 0707 PREH €7 EH) PR PSH 2 Pie @ [ON Eke P2HHIP B PRH ERIE Zh

SHEP A CHRIPP IP2IHR| Ske Hine! [Pie SAIS HA) Eke 16 QHPH A C1OT ‘20K BLN [YP2utt [ELE {a2 [PP.HPHE {A PREY HPA REI

HOJS 2 Hid [Cie (HERS) HLH RMS BLSiMe PE/ UME) IPHJP2AP LAS HE OO'TT PEH § OZOT PREH 67 RARIPH IP2IIH SPOH iiGIH JASE {A LON DW} PsA BAY Hl Pal

PIPOH RH Ke 721 BH

B2> 2oh pe

26 2 {pe L Pumk BBR Eke DHEA 122K Hd RE PE A By sh} 12PH L LOR {2B QHPIK [orike PibPH Bib & PP ke

iHBke PH 2 IPE

BURP 1 BR FP He iA Bult 19} 2 webs 1B Heike ste PP Pp

422 HHEIH FleRL PH ® hike Quake HH o

H2j sEPHe 2 wAib FAY PP HPA 1APN b 12

s2uPh SUPK BA Ipe

{22 AHH £ pee L2H PEP [eu Sh) Sie

PRH 2 {ABBE iH}

[Pike QiH}0| HEH PAD!

mH, S|2=ae ginh

2B 2apHe D2] hike

My Biktery [Bitte utto}

“OB mH] {PP enh Jee

iH} [BPE LH HALLE

9L9PODIDS L86Ldda0eceT a : BB

TLOOST ‘BBJ@R ‘PPO HeeaHHe ‘ukjOR MKP2HBAI ‘8 HE ‘T6-[R :

S2}H8}) BoHBISBHe BN IWQONNd ppaa ‘HID

sHdb} 28 [P HuEH>| +E 1P2if& {[PiePH Eke

ARIENHP |PiPH 12 OR

| QH PEND Ajike

Pp SLM ‘pp niavipie ‘pe Qneh| ‘bie paDle

‘BH NIASPHH “PH NAH “mi ke “mi uh Jop ¢h0 ‘me eL2eib ‘me Heth

22.6.ek: BH HA} LE 1ALPia 12 B.s PBR An pal

£, EH 2 HR ee Sit jae HQ) LP wAIP2? DA CHIH ike 2k 418 DH pb Pise

BA) wen R sR LIPS LHe 2} Pe} 2] 12 Bick 2upbe ah 2a} HOE ip [e {BR iH PP [He Of ie 2 my Heel eniehj I2P ARP BA) weALH LP QPP Pikih| G12 SPAB HHP

12 Q kd pPikela| & 22H 2 SEH PB Ek 2P app Pikenf £8R 2 SPR 1m

| 2H PHLP PRE |PRLHE Ajie She hs mH} PADIHHS

MH} KEEN PkidHe {SS ee MH) SEEK PaZH RK

JOH HR f ikelP] ukeR[>P

BE [PRIME PUaQ> Sie 2 12H MH) NB Bik BPR

1PiH 1B HR} & Hee} wkeRL BP BSE) £12 QSnHE BES

Hi@2] 12 PL> Hal [H BPHHKe

£ 2P2| PEA P|> PR EY SH

tHARIP 22 APE IPA Kd SP ake

Pf Pal & {H iKde} 2 Peleke Be HEN BH Ke w2PIN BiH {PB 18 HH [26 PH PAPlH ee mH £ke .@PjN Qik

{2a £ Bie: MH} BLYeek P2PPKH TT “iaiblaAzip

[pp 2 SBLH QiaPd jae JASEO [2aLHH Ba BH MH) AIA sik

WH2L.S0P B82) 12 [Pbw>! ROKK 22 EHH {PAR Like

{a@ HEY “P {APH h Bis £,

DED! ia PHKe [P2HiS Eke

BE 12 APRIE [Eh SPH) [ehuke

{2 Heal ia Hal 9 pe SBR £& £ iw A 29} [> PPR 2 2 2p A>) [PH £GR

HH ‘PC Jan Bis & BLPH [HS {KPH 2eP bi Pe} BH LP {Pe L {PE eelPH ppp Shp a 2ee ,a) p> plex wHH sikh} ke 2P PP ib

222 2 {Pike bal Bal

P[PH A HA bal io Hi ‘OP PP PP iPRiPH BA! vem J2HRIK BHA BBR [A Sib

Be} Poe EPH) SE? [ae £eNS} BERD) PPP Bike PRB ‘eR ‘HbR PR Ee

£ 1ADIP 1u2|R PL 1a 2R2

4H{PiHR] [20 PPP PPAR HHH AY LEYS 2HNH 2 [Pike HDi

{H shale APPIR [eh SPH) tefuke 2 ee Hike PP RE Pe

£ BH EPH 2} Pe} ,oP6 IL

Pike] |A@ LEP Heal [P AD

bm @ H6 18 H6 REE 18a) {2 BPH wate BPE bL Bp! ‘{22 £PPB lA 2PHiPRM

Hi@2] PP BPP JOE JB iB ike PHB] ijPHS be 2Pib PS A WP -

(alalR [ues HB : WEPjH Yep & BCH} 2 appli {eh Sek) {enum we -

HK _

209|-208 {2 12 2B Bike S2AYbN 120 Bh H 1A HIPK JOH Hl PLE bI Pe {BA ‘Pp GiKeES

+P Hj-un HY {2 1 tee Hike 22 Ha) Bh “eP LP pp i 2p ia 2ee £ 2hike LE eM “2h Shue 2 BHke SPH) 1H SHE PA b RA HER DR 28 BJ se) |S LAE Sen

BH PP [22 PEIAR £ 19PKe § 1©@ 2 12k [PA PE eat {Ak-{Re £ PiePIN Like 2 BHe EPH) & HE “pape

{Ae b] PE Bal ‘LH WAH A LE ENHP LP BPP! PPik

£ 1PM Pi BP [Ae eH Pe [P 1@Hie BPH! BA} ‘2H LP Pip

S BH O.PA [PiHIPH 1@pp b} wee} 12H 12P Le Bin PIPE! PRIP AZ! ISH Pik BHHe

EPH] Pe Ble SP yk PP BP tRLRSHe [21 Eke ELH RAH 2iPe HH AB b| Ppl OH

Pek 2 Rae

{> BR Pe @NPa lpi |RIR BI IH A 2 PHB SHE Propalie

Ste 2 me} HePip eniHh) Ele RHE SHE P2PpPzLe aA @BH 2.K5H [Hue 1A PAS BR likelP] wkeRPH b Pe Bh B, HP SEH @> 22 QAl HEH 1A Pb iNPAIPIB

{Bik {pe Au {a mH} 2B [2iHdP| [ENP2EUP LRM Eke SHERPA A unb jas 2H

PRIRN [PEK PHd IH AR NP {2.6 : (228K mH} PAH P)

‘|as ifs PREH I

s

1kR LOCH 2P| HER iA Pp

@inPAIPIM JRIR P uP} An LOH uh PA! REM DEE PA

12 JHAYHE > B PiePH bl ie Sede SE se ee 4k 12 JHEL@R 2 12pm Qe MH]

BIBPHHe 1H PRE Sie PROK

grea He roy

B BB PL§b} Wea IEA} SP [Pe 2H2 1A aKdbu> Sh] wH PAG A

|p .A2R APN BH} Ph LAPS

Jpe Hea use HEIR BBL 128 PiPikeP le £ [oln> Bio He} BR) 2 {pe Pe [pine HuOH © BIA fake Heh {po BIB [RP [Pp 12 SOP BP Hip 1A Hip IPH HH Hal P| Rin

2B Bib SHH} Puoh|e [RSH Eke BibN {n {o 42 Bibh {PeH RA 2 PilOPH FPi6 [PH DIIP Pen IPH Pal £ pea PEN IPH BS® [PRK TZ 1B Sk eh

2 .peHije jane} B2| Ps BH 9 PREH € 1} ie} a 18 tH PPiH HAE stl OP} |=

& Haj uPaib ipLe SHPAR HE Phe Pm @ 12PH Ral

42 Sway S [NUP wk OH PeH £ iP} £ AB Le PAK

Bibl) £le 2 Pale RH Pit [A {pBun {A 12P8 £ LSP al BR {ole wkd OH Ginh {2ein

Voie mip) bau seayoe 2k PR 1212P ABH

B BBN © uePeib itd bs 2 RR Ue OAl He A {nile wH¢L2H LEH 4A Sin HELPP $2 PHBE Ele POPS [EiD>DIPike wile § PREH b 2d) weblA

1206 U0 2 [Pu AHH LEH fH HuR PlHHe Sin OPH .2i21Ph

12 421P {PPA OH IH sea) ec] SHeA) $ fee SEIN be L

1E{P 18H2 1 2128 PE [Ral 2B 12th Pal © &m [eLeee {BO Be PPP AR Hidike bal 22k) a HRA & FAKE £2 4H Ele PNG ise He PALE BH S SW OR [E.>>IPie RAN Bike BPHEPHB : (Wea

PH) PREH T ‘eRBPs}

[B21 .D.BP wala Rib 9 PREK {2 HX} 2.2 eh PRP BPH 1B

{HEH J @rule |PPH| A Sh] Hb} JPL} 2 1OpIIPAH [FAL PP IPE {Putten 42 BE | Ho} 2.2 qb SY Eke RAGA {> Hd} Bl Ne HEIPZH wWeaLIP? Nye {ae

{PB SY BF 163} SPH) B bl APR] 2 1A MH] 2P PE H BOPH RH) @ PARK) eR Lh eh

BAIZE.2Pb 2He Stuke & Poh {22 DAGIPS Se PR A Shy [ae 2Gin BE F [PHR) PKB] HA ALEbS Bink S woe 2 28 Ere IPE iH BLO [PP WON GaP shai Shy 12 Be AB Wo} Be weit sHeajIPe? Ne BA PHNHE| [A 2fy He 212 [SHOIM [> Hd bu SY Bk sHelBike Pitt} 9} sD} 2 HELE 5 Hei Hike Bie PP BIHOK

HELP SiH iF le HS Pl {2 B=! 2H 1H BA! Pm

2 H6 ZR [Pp SHA QENHD § HB 2 JABue Balithn sop~ 2PNF} 1B (EBS) = Hs} Bel Eke 2Hikk IPie [RR PESPpP 2H2 i2PP {> &h D> & Ne oPs 19 PhP He spp 22 Lf IPE] 2 PE BIHOH Hie

42 Hiddjale [be IPAUK Jor} Sue jdt £1y £ke skeBite & BABY

122 LH OM PHO) [PPE PE @ PINE |B 12PIo & sapien | He BiH EHH {ebis A Phe Hie Imi) PAIPIE “HqAPPC BS Hite ‘Hite Mi] PARE “8 “Hii Pasen|e MH NARESH HK LS He PR BIRCH HEH R&I EROS 1OR Sh Hee : (@2P Me} SunHH) PREK T ‘ek sReA}

Wau! IEA) 22 Jee (pen we Yue 2) uk DAC Ye YH

P2UK Jel» 9.9 sb QD] 2 KO KudeHl MH PABIRA Hip NAPE mH}

LPP} aH BL {22 wen @ jHELeA Bald?) JHA Ele P2p2 bp “A

1aHE IB eA} Pe APS PENA IP.6>| PPK) Qi> M> a SPH 2m 2m {2 .PABH LB ake JP

RIA Ke JOR 1A HePIPH 8ST

Ele BHM 418 & 8107 [peor BE Haj 1.2 {Fa} ee bes, 22 BPH Phe .£ WP PROF fone Eke 2 kde} we Ay un IPke PE OZOT PRHA TE HHI} PiRGF 12 HELA Ij RA

4218 Pe SIBHPN'PRHPL|R Pe

MH} SPH mH) SLBPHHE Le HK mH} SRK GEPiN AR Lk.

PRH {PHie ik} 2 BPH I{Peib (PA) Pee) [PSR [> [Re +HOMH {2uRH He JPER [>i BH 2 RES EHH SPP FHARHH |>Ps

B, sHPleh PARBH A 21H Rl OCA

sBHQIN SH IPH Y @ 2B BEN

POJRH 2 PRH OST 2 sky 2HC sWE Eke [PH iB A BPH S PREH CT Akak £ sejen Jenn

1H Efe 2i@h} BHP AA} &, oe Ba} Sik [Pp Iie 12Ppp we +P.8PH Ribh & Pao Fe B, bP BPH HEL@RKdb] ike OS 123A 1a 22 PRLE ELIE 2G.p

Lie 1PEP> = itike OP [Pik sPiROF ikl A .P~P> RB BIH 2 SH PeP> F. RIP

Ba} IPAUHIC [PP 1h2 IPS RP B>| ee S 1PP> HERA ARH 226 © 2HEISH SR Phike PiePH Ribth | iPb| 2 ap

{pied {Pp IPA 120 [p BP 22 Lpeinh fA Waseca mH KH £ke PIR 12>

MH PABIPP 1D kOe sh Hupleh ua 2a Pen IPH

2b Pp SHEAR HE R2| PRHAPIB {22 2HeK PH for

j2 B Eh Bib : ( LOBE ) eRe T ‘ehtaeib

12PP >| FPS ASK FBR IF

alee Pest sBe {Ha} PP yHH AB [Uke PH GbR {A Pe He|ze PP bj PP} BH 1L sPP} aH ukeain PEPYS § Rio &, {PiHR) M2) WA |PLARKH {2 ie2 Eh ‘e ype ne s2iHP 218 [P2IP| [A iHLPH s2PP BA P16 bj Pp] BH

LB akeRJP ue2]R 2 PH A

{2 BE) Re Eke 2 weap AH2LEH PPP BE) PE jkeOld 2 [PiHuPH EK PI PE] BH ILIPPH Pe ZH JA OR 1RHKe SPH) [2 if 122 Pe aPPLH

{eh SPH [enue Pe PPL pI 1B} 2 {PLE HEH [242 1R & 2BHH 5 Hike Hie sABOH PAHIP 12 uAJPP £1R@ IP 22 P2H HA 12 12a, Pip

IDBHH HP® 1Phike @ ELIS

£2 a HA 2A Pen & @Hie BPH) PRES BS PP AAI 42BH {A 4OR? PPP sWe2||PPke @ Poke 2k 2 BEBE

{2 22 RH PgR {Pe ja ees £ .9ep:( fe my NjBRH ) PREH T ‘2BHH

MOK ABM 29 8 BU 0 Oe 0m

PS BEA B ike iP PPike MH] B2°K Eke Pipe 8 0707/6/L LEH) 12 sf Le 12

BP 2 PilPH PPh Dib} Helle

£ wHEL@R HREM Bib ifL

+2PjN ££ RPE L OPH PP

21H ele ph & Her PB» A P63] Pik pep Bie? OTOT 20k P22 2 Dib SAS

ni sei mi R204 L@uB lain REE © ikl Qk ZENS? Sith wea BD no SPARK [ae ERB LR

2 BEEP BIKN bl LELe PK

‘apie Ginh SLHPHE Hip

PHARE LE (Pu Lele [pa £8 21H BS] DA PROF PELH 12 S WHEA@H Qi OPS OIA {PiePH pe’ |AiHe Ph LP Hh

BPR Bhs wee~ £ SLA ‘SdD

£ 2Pp|PPBNje 1A w2 2H HR 22 PHO P [PP ib [Fle Pe PuRGE iH [E26 VIPH PP Ph

2) uP} 2 MH} SuNRA Phe He “MH} SLHPP [PAH IPH Pee

PRBH 122 GPP HeMH RE]

Elt POPP |PO FHIAPR [> BP

Bz PPP 12 PN Z HER

BHER 2£2Hie 2PPK MH) PADIHE ‘PAs MH) PAD|2— LPHIo

PPP 10 PK HA) | {EUS [PuRPHaS QPF) WHA S|e [NPA] Pree & {E> Oe JHA PLOPH HPP [A Rib & PiPPH [AH [A PA ppp BEK HE 22N LE 21P {2A £ PP2A A (HiK){Rik¢dN|H LARK AkuB £ 1P2IK Be |uP2uH Se APH HE #an PRE SO £ BAK PREH FO ‘PReie PREH CO “Web LOHR) PREH 70 “B22 P@K PREH TO Bj ukHjA © Hd Ske [AUC [hk [A SP HP] PSA

IP2IIH | RIP @ PRK |2He 2S 21.2 [FPHHRPH 9120OH| MH) 2EPH

PeHiK Eke 12PPK MH} BiPIPE “IR2 PRK OHHe LPH 22 OPRAH

Mika} SPP Bl PHO SIHPIE BS] IP2UH “LRP IPPlIH LA JPHe PIF Of [poinh [A 20] MH) SHEA SPH Ral PE SA

2 (Hi) (Rukdn|H £ PE BH LA (2[M) Ski ein PABH ER API 2B Le 16H 2H) AP] SB : (HLRH) PREY T “22 PRK

[ARehud Sut) ele nea) come 2, © UD) BG a BH SORE BH Pa} BBik {Le HERA

IPWJPH 28k Fk 2eP2p 2 Ben BS} om 2 HR} Eke £ {ne>| JHEI@H Be A Rib Bi 1) OP HARP ie Peete Hija 29ip Be Biz pp BP S 2k 9107 BKK 2PR EN

S$ kepe Be 6 ak eLH SHH Qj Plo} 2 MH) ELBPE SHPHp ‘mHL PBSIB Qinh AS}

2 {Pe 2m wed BLe akdA 2PR WERBH PPHHP? P>| Bike {2 LPP .£ 4~e Pipe

{2m 2a wWPh F seen

{PuWPH B} 2 {APE 2H JH ELS dH PiPPH PR PPP i2>RP 1A

4H [2 Bike [Nn Ble BEEP Ribn BZ} ZENG] [A she emEPike MH} R22 Hun HA

Sake iP 4B HA) 12a BR PE wkd PBH OL $4HR 22/2ih £ skdPBH ST 2=b Bal HaSP 2A @R 2 2alah & [pGpe {ABN 2 Dib BAL eRe

[Pe BA 2A £2 D (std Qik 2entue2) ski ene 2aah £ 4B 1A 2h 2e 2 HePIK HRON

/ Beep Bibn £ ae Lee B>| Die SFip BH PR Eke

228 HER BS Sik [A i2Pp 2 WP S>| Pik @> PiPH

Buby 2} uP) 2 my BiB [Bute

HURL 2IP [Phe seAE] ST BE

/BEEP Bibh : (bibas

PH) PREH T ‘phepsl

P| MYj HAP : Bike] [AB [UG JA Pin Pit {22 DAs ie 2k 9107 Qk ohh

woo" |lewH6@yemasysapsmeau

O7Z0Z ‘PREH 7 ‘iuank ‘Pippen

qd AW)

St Be