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Sa 570$r

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Sa 570$r

  1. 1. SA-570 (R) O;olk; dh Pkyw vo/kkj.kk iz”u% 01 pkyw O;olk; dh vo/kkj.kk ls vki D;k le>rs gSa rFkk blds lEcU/k esa vads{kd ds D;k nkf;Ro gSa mRrj% AS-1 ds vuqlkj pkyw O;olk; dh vo/kkj.kk 1 vk/kkjHkqr ys[kkadu ekU;rk gS blds vuqlkj ,d miØe lkekU;r% lqnh?kZdkyhu laLFkku ds :i esa ns[kk tkrk gS tks fd vkxs ds Hkfo’; esa yxkrkj pyrk jgrk gS ;g ekuk tkrk gS fd midze dk u rks bjknk gS vkSj u gh lekiu dh dksbZ vko”;drk gS vFkok u gh midze ds egRoiw.kZ O;olk; cUn fd, tk,xsA lkekU; mn~ns”; ds foRrh; fooj.k lqnhZ?kdkyhu laLFkku ds vk/kkj ij rS;kj fd, tkus gSA bldk vk”k; ;g gS fd tc rd izcU/k dk bjknk u gks rc rd midze dk u rks lekiu gksxk vFkok u gh mldk lapkyu cUn fd;k tk,xk vFkok ,slk djus dk u gh dksbZ okLrfod fodYi gS vkSj midze pyrk jgsxkA Hkkjr esa dEiuh vf/kfu;e 1956 dh /kkjk 217 (2AA) vU; ckrksa ds lkFk&lkFk ;g vko”;d djrh gS fd bl /kkjk ds vUrZxr funsZ”kd vius funsZ”kd mRrjnkf;Ro ds fooj.k esa ,d fof”k’V vfHkO;fDr ns fd funsZ”kdksa us lqnhZ?kZdkyhu laLFkku ds vk/kkj ij okf’kZd [kkrksa dks rS;kj fd;k gS vr% ;g izcU/k dk nkf;Ro gS fd og foRrh; fooj.kksa dks rS;kj ,oa izLrqr djrs le; lqnhZ?kZdkyhu laLFkku dh ekU;rk dks /;ku esa j[ksA SA-570(R) ds vuqlkj lqnh/kZdkyhu laLFkku ds lEcU/k esa vads{kd dk mn~ns”; gS fd og& A. izcU/k }kjk foRrh; fooj.kksa dh izLrqrh rFkk rS;kjh esa mi;ksx esa yk, x, lqnh?kZdkyhu laLFkku dh ekU;rk dh mi;qDrrk ds ckjs esa i;kZIr mi;qDr vads{k.k lk{; izkIr djsA B. izkIr fd, x, vads{k.k lk{;ksa ds vk/kkj ij ;g fu’d’kZ fudkys dh D;k ?kVukvksa rFkk ifjLFkfr;ksa ls lacaf/kr ,d egRoiw.kZ vfuf”prrk fo|eku gS tks midze dh lqnh?kZdkyhu laLFkku dh l{kerk ij egRoiw.kZ lans”k mRiUu dj ldrs gSA C. vads{kd dh fjiksZV ds fy, my>uksa dks lqfuf”pr djsA iz”u% 02 ,d vads{k.k ds nkSjku lqnh?kZdkyhu laLFkku ds lEcU/k esa dkSu ls pj.kks dk lekos”k gksrk gSa mRrj% pj.k&1 izcU/k ls iwNrkN%& vads{kd dks ;g lqfuf”pr dj ysuk pkfg, fd D;k izcU/k us midze dh l{kerk ds lEcU/k esa igys ls gh izkjafHkd fu/kkZj.k dk fu’iknu dj fy;k Fkk fd midze ,d lq&nh?kZdkyhu laLFkku gS rFkk ;fn izcU/k ,slh ?kVukvksa rFkk ifjLFkfr;ksa dks igpku ysrk gS fd tks O;fDrxr :i ;k lkewfgd :i ls midze dh lqnh?kZdkyhu laLFkku dh ekU;rk ij lansg mRiUu dj ldrh gS rks vads{kd us muds fy, D;k ;kstuk cukbZ gSaA ;fn izcU/k lq&nh?kZdkyhu laLFkku ds ckjs esa lqfuf”pr gS rks vads{kd dks izcU/k ds bl fu/kkZj.k dk ewY;kadu dj ysuk pkfg,A pj.k & 2 tc ,slh ?kVukvksa rFkk ifjLFkfr;ksa dks igpku fy;k tkrk gS tks midze dh lqnh?kZdkyhu ekU;rk dh ;ksX;rk ij egRoiw.kZ lansg mRiUu dj ldrs gS %& bl n”kk esa vads{kd dks ;g lqfuf”pr djus ds fy, i;kZIr mi;qDr vads{k.k lk{; izkIr dj ysus pkfg, fd D;k vfrfjDr vads{k.k izfof/k;ksa ds fu’iknu ds }kjk ,d egRoiw.kZ vfuf”prrk fo|eku gS vFkok ugha bl izfØ;k esa “kkfey gS & (A) vads{kd dks izca/k ls lqnh?kZdkyhu laLFkku ds ckjs esa fu/kkZj.k djus ds fy, izkFkZuk djuk pkfg, (B) vads{kd dks lqnh?kZdkyhu laLFkku ds fu/kkZj.k ds lEcU/k esa Hkfo’; dh xfrfof/k;ksa ds fy, izcU/k ds fu;kstu dk ewY;kadu djuk pkfg, fd D;k bu ;kstukvksa ds ifj.kkeLo:i fLFkfr;ksa esa lq/kkj gqvk gS rFkk D;k vads{kd ds fu;kstu mu ifjLFkfr;ksa esa mfpr gSA (C) tc ,d miØe ,d jksdM+ izokg ds iwokZuqeku rS;kj fd, gS rks ,slh fLFkfr esa vads{kd dks izca/kd dks Hkkoh ;kstukvksa ds laca/k esa fo”ys’k.k djrs gq, ns[kuk gksxk fd D;k muds bls vuqeku mfpr gSA (i) ml varZfughr (Underlying) MkVk dh fo”oluh;rk dk ewY;kadu djuk ftUgsa vuqekuksa dks rS;kj ds gsrq mRiUu fd;k x;k gSA (ii) ;g lqfuf”pr djuk fd D;k vuqeku esa “kkfey ekU;rkvksa ds fy;s ;g ,d i;kZIr leFkZu gSA (D) bl ckr dk /;ku j[kuk fd D;k ml MkVk ds fy;s dksbZ vU; vfrfjDr rF; rFkk lwpuk,W miyC/k gks ldrh gSa ftu ij izca/k us viuh ekU;rk,W yh gSaA
  2. 2. (E) izca/k vFkok tgkW mfpr gks ogkW izca/k ds fy;s izHkkfjr O;fDr;ksa ls Hkfo’; dh xfrfof/k;ksa ds fy;s mudh ;kstukvksa rFkk mu ;kstukvksa dh mfprrk ds laca/k esa fyf[kr fooj.k dh izkFkZuk djukA pj.k & 3 vads{k.k fu’d’kZ rFkk izfrosnu %& Case – 1 lqnh?kZdkyhu laLFkku dh ekU;rk dk iz;ksx mfpr fdarq ,d lkjoku vfuf”prrk dh fo|ekurk %& bl n”kk esa vads{kd dks ,slh vfUf”prrk dk foRrh; fooj.kksa esa mfpr izdVhdj.k djuk pkfg;sA foRrh; fooj.k izdVhdj.k dh i;kZIrrk dks lqfuf”pr djus esa ;g fuf”pr djuk “kkfey gks ldrk gS fd D;k lwpuk;sa i<+us okys ds /;ku dks fuf”pr :i ls bl vksj ykrh gS fd bl ckr dh laHkkouk gS fd ,d midze lkekU; O;olk; dh izfØ;k esa viuh laifRr;ksa dks olwy djus rFkk vius nkf;Roksa dk Hkqxrku djus esa vlQy gSaA ;fn bl izdkj dk izdVhdj.k fd;k tkrk gS rks vads{kd ,d xSj&e;kZfnr jk; nsxk ijarq mlds fy;s ;g vko”;d gS fd og fo’k; dks blds vfrfjDr nwljh rjQ ;fn mijksDr vko”;drkuqlkj lkjoku vfuf”prrk dk izdVhdj.k vi;kZIr gSa] vads{kd viuh fjiksZV dks e;kZfnr djsxk ;fn mfpr gks rks ,d foijhr jk; Hkh nh tk ldrh gSA Case – 2 lqnh?kZdkyhu laLFkku dh ekU;rk dk iz;ksx vuqfpr %& ;fn foRrh; fooj.kksa dks ,d lqnh?kZdkyhu laLFkku dh ekU;rk ds vk/kkj ij rS;kj fd;k x;k gS fdarq] vads{kd dh jk; esa izca/k dk foRrh; fooj.kksa esa lqnh?kZdkyhu laLFkku dh ekU;rk dk mi;ksx vuqfpr gS rks vads{kd ,d foijhr fopkj vfHkO;Dr djsxk] fcuk bl ckr dk [;ky j[ks fd D;k foRrh; fooj.k izca/k dh lqnhZ?kZdkyhu laLFkku dh ekU;rk ds iz;ksx dh vuqmfprrk dks “kkfey djrk gS vFkok ughaA ijarq ;fn izca/k bl rF; dks vfHkO;Dr djrk gS rFkk foRrh; fooj.k lekiu (Liquidation) ds vk/kkj ij rS;kj fd;s tkrs gSa ¼lHkh laifRr;ksa rFkk nkf;Roksa dks muds olwyh ewY; ij ykdj½ rks vads{kd mu foRrh; fooj.kksa ij ,d xSj&e;kZfnr fopkj O;Dr djus esa l{ke gks ldrk gS c”krsZ mlesa i;kZIr izdVhdj.k gksaA ;k og ;g Hkh dj ldrk gS fd fcuk fjiksZV dk e;kZfnr djs ml ekeysa dks viuh fjiksZV esa Li’V dj nsaA pj.k & 4 izca/k ds fy, izHkkfjr O;fDr;ksa ds lkFk laizs’k.k %& tc izca/k ds fy;s izHkkfjr O;fDr] midze ds izca/k ds izca/k esa “kkfey gSa vads{kd dks mu ?kVukvksa rFkk ifjLFkfr;ksa ds ckjs esa izca/k ds fy;s izHkkfjr O;fDr;ksa ds lkFk laizs’k.k djuk pkfg;s tks midze dh lqnh?kZdkyhu laLFkku dh ekU;rk dh ;ksX;rk ds izfr egRoiw.kZ lansg mRiUu dj ldrs gSA izca/k ds fy;s izHkkfjr O;fDr;ksa ds lkFk laizs’k.k esa fuEu dk lekos”k gksrk gS %& (a) D;k ?kVuk;sa vFkok ifjfLFkfr;kW ,d egRoiw.kZ vfuf”prrk dks LFkkfir djrh gSa (b) D;k foRrh; fooj.kksa dh rS;kjh rFkk izLrqrhdj.k esa lqnh?kZdkyhu laLFkku dh ekU;rk dk iz;ksx mfpr gSa (c) foRrh; fooj.kksa esa lacaf/kr izdVhdj.k dh i;kZIrrkA

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