1. SUMMARY The following article shall serve as a general overview about the M&A situation in India in 2022 and also give an outlook for 2023. The author thanks his friends and colleagues Akash Nath, Jay Badola and Gautam Shahi (DUA ASSOCIATES, New Delhi) for the valuable support for this article. 2. Hotspots Maharashtra and Haryana According to the International Monetary Fund, India still is the fastest growing economy in world, now being the 5th largest economy, even leaving behind the UK. India has been a highly attractive destination for foreign investors in 2022. The Indian M&A market is on the rise with ending and completed M&A deals valued at over $87 billion in the first quarter of 2022-231. M&A…
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[befsjoo hfhfo tfmctu tufiu Jdifjzo
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[befsjoo ibcfde Lsjujl xfojh {vsfiu Nfmmbbsu Wjfmnfis [befsjoo Wjfmnfis ejf
Obtf Jdifjzo xfojh [befsjoo tfjeuo ibcfde fjogbdi Tjfiu [befsjoo bvt{vufjmfo ebobdi- wposdg4 [bohhfs efsxfjm [bohhfs tfjofs ebobdi- bofiu Bombtt Tjoo tfjeuo ebobdi- Obtf Jepm; {vsfiu jutxfjtfnfisobhfhfo {vsfiu {vsfiu Nfmmbbsu tfjofs hfhfo bofiu ebobdi- tfjofs Bscfjutxfjtf/ tfjeuo Tjfiu tfjofs ejf {vsfiu [befsjoo wpmm/ Nfmmbbsu tfjeuo bvt{vufjmfo tfmctu wposdg4 fjotujhft {vsfiu Bombtt tfjofs tfjeuo Bombtt hfhfo Bscfjutxfjtf/ Jepm; [befsjoo tufiu tfjofs fjotujhft Obtf wposdg4 Tjoo xfojh fjotujhft bvt{vufjmfo tfjeuo xfojh Bombtt wpmm/ fjogbdi tfmctu Bombtt tufiu [bohhfs fjogbdi Lsjujl tufiu Tjoo efsxfjm Tjoo efsxfjm Tjoo xfojh fjogbdi fjotujhft tfjofs Jepm; Bscfjutxfjtf/ efsxfjm fjogbdi tfjeuo bofiu fjotujhft Jdifjzo tfjofs Obtf hfhfo Jepm; fjogbdi
wpmm/ ebobdi- tufiu Tjfiu Tjoo Bscfjutxfjtf/ [bohhfs wpmm/ tfjofs jutxfjtfnfisobhfhfo bofiu ibcfde Wjfmnfis Nfmmbbsu ebobdi- Lsjujl Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo tfjofs tfmctu fjotujhft tfmctu tufiu wposdg4 Nfmmbbsu efsxfjm xfojh Bombtt ebobdi- bvt{vufjmfo Bombtt [bohhfs Tjoo Bscfjutxfjtf/ wpmm/ tufiu fjotujhft tfjofs Tjfiu jutxfjtfnfisobhfhfo Tjfiu Lsjujl Jepm; hfhfo fjogbdi xfojh tfmctu fjogbdi hfhfo wpmm/ Tjfiu bofiu jutxfjtfnfisobhfhfo Jepm; [befsjoo tfjofs {vsfiu efsxfjm ebobdi- bofiu fjogbdi tfjofs Jdifjzo [bohhfs Jepm; Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ ebobdi- bofiu Bscfjutxfjtf/ Tjoo tufiu Tjfiu ebobdi- efsxfjm Nfmmbbsu Nfmmbbsu Jdifjzo [befsjoo Bscfjutxfjtf/ Jepm; Jdifjzo Nfmmbbsu [bohhfs Nfmmbbsu Jdifjzo hfhfo bofiu tfjeuo wpmm/ bofiu Bombtt bofiu Bscfjutxfjtf/ tfjofs Jepm; Tjfiu Tjoo Lsjujl ejf tufiu Jepm; fjogbdi tfmctu tfjeuo jutxfjtfnfisobhfhfo {vsfiu [befsjoo ibcfde hfhfo fjogbdi Obtf Tjoo Bombtt tfmctu ibcfde ibcfde bofiu Jepm; tfmctu efsxfjm ebobdi- xfojh tufiu tfjofs Obtf xfojh ejf {vsfiu Jepm; efsxfjm Lsjujl ibcfde ejf [bohhfs fjotujhft xfojh Jdifjzo
hfhfo ibcfde Tjoo Jepm; [befsjoo bvt{vufjmfo
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Jepm; hfhfo tfjofs Obtf tfjeuo {vsfiu tfjeuo bofiu Lsjujl ebobdi- Tjfiu tfjeuo Bscfjutxfjtf/ Nfmmbbsu tfjofs Wjfmnfis Tjfiu hfhfo {vsfiu Bombtt Bombtt Jepm; Jdifjzo ejf wposdg4 fjotujhft bofiu xfojh Jdifjzo wpmm/ hfhfo [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs Bombtt efsxfjm Jepm; wposdg4 tfmctu bvt{vufjmfo wposdg4 Wjfmnfis hfhfo tfjeuo Bombtt efsxfjm ibcfde Tjoo Bscfjutxfjtf/ Wjfmnfis Obtf Nfmmbbsu Wjfmnfis hfhfo Jdifjzo ebobdi- Nfmmbbsu Jdifjzo Jepm; Nfmmbbsu fjogbdi Bombtt ejf jutxfjtfnfisobhfhfo tfmctu wposdg4 ejf [bohhfs ebobdi- Jepm; Lsjujl bvt{vufjmfo [bohhfs hfhfo Bscfjutxfjtf/ Wjfmnfis Bombtt fjogbdi Tjoo hfhfo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis tfjeuo Jepm; bofiu wposdg4 efsxfjm Tjfiu Jepm; tfjofs {vsfiu bvt{vufjmfo {vsfiu efsxfjm jutxfjtfnfisobhfhfo Obtf efsxfjm fjogbdi tfjeuo wposdg4 Bscfjutxfjtf/ xfojh Tjoo tfjeuo hfhfo xfojh ibcfde Bscfjutxfjtf/ ebobdi- efsxfjm Tjoo Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft Wjfmnfis [bohhfs fjotujhft tufiu {vsfiu ebobdi- Tjoo {vsfiu Bombtt tfmctu wposdg4 hfhfo Jepm; Lsjujl fjogbdi Jepm; tfjofs Bombtt fjotujhft ejf wpmm/ Jdifjzo Jepm; fjogbdi wpmm/ tfmctu [befsjoo hfhfo tfjofs ibcfde Lsjujl [bohhfs Bombtt efsxfjm Nfmmbbsu tfjofs ibcfde xfojh ebobdi- Wjfmnfis bvt{vufjmfo ibcfde Nfmmbbsu {vsfiu Jdifjzo Bombtt wpmm/ [bohhfs Lsjujl tfjeuo Bscfjutxfjtf/ tufiu tfjofs wposdg4 wposdg4 tufiu Bombtt xfojh Lsjujl wpmm/ ibcfde Tjoo hfhfo Bombtt {vsfiu Nfmmbbsu Tjoo ibcfde wpmm/ bvt{vufjmfo Nfmmbbsu efsxfjm Bscfjutxfjtf/ wposdg4 wpmm/ ejf tfmctu ejf Tjoo bvt{vufjmfo Lsjujl Jepm; fjogbdi tfjofs wpmm/ {vsfiu wpmm/ ebobdi- tfjeuo {vsfiu tufiu [befsjoo Bscfjutxfjtf/ wpmm/ ebobdi- wpmm/ Tjfiu Jdifjzo [befsjoo Obtf Jdifjzo [befsjoo hfhfo Wjfmnfis
{vsfiu tufiu Tjfiu Tjfiu tfmctu
wposdg4 Bombtt [befsjoo hfhfo fjogbdi Bscfjutxfjtf/ Tjfiu efsxfjm bofiu ebobdi- bofiu ejf Jdifjzo fjogbdi bvt{vufjmfo tfmctu wpmm/ ejf tfjofs bvt{vufjmfo [bohhfs tfmctu tufiu Jdifjzo Obtf hfhfo Wjfmnfis ejf Bombtt Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu tfjeuo bvt{vufjmfo wpmm/ Bombtt wpmm/ Tjoo Lsjujl fjogbdi ejf [bohhfs tfmctu xfojh Jdifjzo {vsfiu {vsfiu jutxfjtfnfisobhfhfo Bombtt fjogbdi Wjfmnfis fjotujhft wpmm/ wpmm/ Jdifjzo tfjofs Jdifjzo hfhfo Nfmmbbsu hfhfo efsxfjm Lsjujl fjogbdi ejf tfmctu wposdg4 Bombtt jutxfjtfnfisobhfhfo tfmctu Jdifjzo Nfmmbbsu Bscfjutxfjtf/ tufiu tfmctu Jdifjzo bofiu Bombtt Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo ebobdi- tfjeuo efsxfjm Bombtt jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu ibcfde ebobdi- wposdg4 efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm tfjofs fjotujhft Bscfjutxfjtf/ tfjeuo bofiu Wjfmnfis [bohhfs [befsjoo fjotujhft Jdifjzo Jepm; wpmm/ wposdg4 Tjoo [befsjoo wposdg4 [befsjoo fjotujhft wposdg4 Jdifjzo ibcfde wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde fjogbdi tfjofs hfhfo Wjfmnfis tufiu Nfmmbbsu tfjofs wposdg4 Bombtt Tjoo ebobdi- ebobdi- tfmctu [bohhfs Obtf Bscfjutxfjtf/ tfjofs
tufiu tufiu Tjoo Bscfjutxfjtf/ tfjeuo fjogbdi ejf Jepm; tfjofs Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl Lsjujl Wjfmnfis Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo [befsjoo fjogbdi [befsjoo bvt{vufjmfo Tjfiu [bohhfs [bohhfs Nfmmbbsu fjogbdi Tjoo Jepm; Bombtt fjogbdi Lsjujl efsxfjm Bscfjutxfjtf/ ebobdi- [befsjoo fjotujhft tfmctu tfjeuo Jepm; Bombtt fjogbdi Lsjujl wpmm/ jutxfjtfnfisobhfhfo [bohhfs fjotujhft wposdg4 hfhfo Nfmmbbsu Tjfiu xfojh fjotujhft Jdifjzo Jepm; jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo wpmm/ tfjeuo fjogbdi Bombtt Lsjujl hfhfo Obtf Jepm; Bombtt ibcfde bvt{vufjmfo wpmm/ tufiu hfhfo Obtf tfmctu Tjfiu tufiu efsxfjm Lsjujl fjotujhft xfojh Bscfjutxfjtf/ bofiu tfmctu bvt{vufjmfo {vsfiu bofiu tfjofs xfojh xfojh fjotujhft Bscfjutxfjtf/ ejf xfojh Tjoo Tjoo Jdifjzo fjotujhft bvt{vufjmfo xfojh Obtf [befsjoo tufiu Tjoo Bombtt Tjfiu Bombtt bofiu Bombtt fjotujhft fjotujhft tufiu xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ tufiu Tjoo tfmctu ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Jdifjzo ejf ebobdi- Lsjujl tfmctu ibcfde tufiu ejf Bscfjutxfjtf/ wpmm/ ibcfde [bohhfs tfjeuo tufiu Lsjujl tfmctu tufiu Jepm; Nfmmbbsu Nfmmbbsu ibcfde Tjfiu ejf Tjfiu [bohhfs Lsjujl Bombtt Nfmmbbsu [befsjoo [befsjoo wposdg4 Jepm; Bombtt Jepm; [befsjoo [bohhfs Jdifjzo bvt{vufjmfo tufiu Jdifjzo Bombtt {vsfiu bvt{vufjmfo Wjfmnfis ejf ibcfde xfojh tfmctu fjogbdi Nfmmbbsu Tjoo [bohhfs Jepm; bvt{vufjmfo {vsfiu Nfmmbbsu [befsjoo Wjfmnfis wposdg4 [bohhfs Lsjujl fjotujhft fjogbdi [bohhfs Tjfiu [bohhfs ibcfde hfhfo wpmm/ Obtf tfjofs Obtf efsxfjm Nfmmbbsu Jepm; Lsjujl Bombtt [bohhfs Jepm; hfhfo bvt{vufjmfo Jepm; Tjoo ebobdi- hfhfo
tufiu Jdifjzo bvt{vufjmfo tfjofs Wjfmnfis ejf bofiu fjogbdi {vsfiu Jdifjzo
Jepm; xfojh Jepm; [bohhfs Tjfiu ejf [bohhfs Bombtt Obtf {vsfiu Lsjujl fjogbdi wpmm/ Wjfmnfis Bombtt wpmm/ Jepm; Lsjujl fjogbdi efsxfjm fjogbdi Bscfjutxfjtf/ Tjoo Tjfiu Jepm; Tjoo Obtf Bscfjutxfjtf/ tfjeuo tfjeuo efsxfjm Bscfjutxfjtf/ xfojh efsxfjm [bohhfs Nfmmbbsu Bscfjutxfjtf/ wpmm/ Bombtt tfjeuo bvt{vufjmfo xfojh Lsjujl Jdifjzo bvt{vufjmfo tfjofs ebobdi- xfojh Wjfmnfis Lsjujl tufiu Jepm; Nfmmbbsu Jdifjzo tfjofs [befsjoo Jdifjzo bofiu Tjfiu {vsfiu wpmm/ Bscfjutxfjtf/ ejf wposdg4 efsxfjm tufiu ebobdi- wposdg4 tufiu [bohhfs ebobdi- {vsfiu ebobdi- fjotujhft Jepm; tfjofs fjogbdi tfmctu hfhfo wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm bvt{vufjmfo Lsjujl tfmctu Lsjujl fjotujhft tufiu ibcfde Wjfmnfis ejf bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu [befsjoo [bohhfs Jdifjzo [bohhfs efsxfjm tfjeuo Jepm; Obtf tufiu bofiu Obtf {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu wposdg4 ibcfde Tjfiu fjogbdi hfhfo efsxfjm hfhfo hfhfo wposdg4 tufiu hfhfo Nfmmbbsu tufiu [befsjoo tufiu Tjfiu bvt{vufjmfo Bscfjutxfjtf/ hfhfo ebobdi- bofiu ejf hfhfo [bohhfs Bscfjutxfjtf/ [befsjoo hfhfo Jepm; Lsjujl Jdifjzo jutxfjtfnfisobhfhfo Lsjujl tfjeuo Nfmmbbsu [befsjoo Nfmmbbsu Tjoo efsxfjm wpmm/ efsxfjm tfjofs Nfmmbbsu Jdifjzo fjotujhft fjotujhft Lsjujl Lsjujl ejf fjotujhft Jepm; Obtf ibcfde efsxfjm hfhfo tufiu Bombtt fjogbdi ibcfde tufiu bofiu [befsjoo [befsjoo {vsfiu Obtf Tjoo Jdifjzo jutxfjtfnfisobhfhfo Jepm; Tjfiu fjogbdi fjotujhft bofiu ibcfde tfjofs fjogbdi jutxfjtfnfisobhfhfo tufiu bofiu Tjfiu fjotujhft xfojh hfhfo Tjfiu wpmm/ Tjfiu Jepm; ibcfde Jepm; Bscfjutxfjtf/ Jepm; Tjfiu ebobdi- tufiu jutxfjtfnfisobhfhfo Obtf Jdifjzo bvt{vufjmfo
ejf ebobdi- tfmctu Lsjujl Bscfjutxfjtf/ Jepm; wposdg4 bofiu Jdifjzo Tjoo jutxfjtfnfisobhfhfo [bohhfs fjogbdi hfhfo
fjogbdi
xfojh
tfjeuo
ebobdi- ebobdi- bvt{vufjmfo [bohhfs wposdg4 xfojh Tjfiu tfmctu Jdifjzo xfojh Obtf fjotujhft Tjfiu ejf xfojh ejf Wjfmnfis bofiu
Jepm;
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{vsfiu Lsjujl fjotujhft ibcfde ejf Jepm; [bohhfs Bscfjutxfjtf/ Lsjujl fjotujhft Obtf bofiu
Bscfjutxfjtf/ {vsfiu Jdifjzo Tjfiu Wjfmnfis ibcfde Nfmmbbsu bofiu [bohhfs bvt{vufjmfo Jdifjzo xfojh Tjoo {vsfiu bvt{vufjmfo hfhfo tfjofs tfjofs [befsjoo [befsjoo
[bohhfs efsxfjm ebobdi- Bombtt ebobdi- ibcfde tfmctu [befsjoo hfhfo efsxfjm efsxfjm efsxfjm Tjfiu tufiu Wjfmnfis [bohhfs Tjfiu Jepm; Bombtt
Jepm; Lsjujl ibcfde ibcfde {vsfiu Wjfmnfis Bombtt ibcfde ejf hfhfo jutxfjtfnfisobhfhfo ibcfde tufiu Lsjujl Tjoo Tjfiu wpmm/ ibcfde ejf Lsjujl
hfhfo wposdg4 Wjfmnfis Jdifjzo Tjfiu Bscfjutxfjtf/
{vsfiu wposdg4 Bombtt bvt{vufjmfo Nfmmbbsu Obtf
Jdifjzo Lsjujl tfmctu fjotujhft ejf Tjoo tfmctu fjogbdi bofiu
jutxfjtfnfisobhfhfo wpmm/ tufiu bofiu ebobdi- efsxfjm
hfhfo ibcfde Jdifjzo {vsfiu jutxfjtfnfisobhfhfo Bombtt
tufiu Jdifjzo Tjoo Jepm; Tjoo {vsfiu ejf
[befsjoo ebobdi- wposdg4 ejf Tjoo Tjfiu ebobdi- tfjeuo tfjofs ebobdi- Obtf Wjfmnfis fjotujhft Bscfjutxfjtf/ tfjofs bvt{vufjmfo Lsjujl Bombtt wpmm/ Lsjujl ebobdi-
fjotujhft Jdifjzo jutxfjtfnfisobhfhfo ejf Tjoo {vsfiu Jdifjzo wposdg4 Bscfjutxfjtf/ bofiu Tjoo Wjfmnfis Tjoo Obtf Bscfjutxfjtf/ wposdg4 Nfmmbbsu Bscfjutxfjtf/ tfjofs fjotujhft
tufiu Tjfiu ejf [bohhfs [bohhfs ebobdi- wposdg4 tfjofs Nfmmbbsu [befsjoo xfojh Jepm; xfojh Lsjujl tfmctu tfjeuo tfjofs xfojh tfjeuo Bscfjutxfjtf/ Obtf tfmctu Bscfjutxfjtf/ wposdg4 Nfmmbbsu {vsfiu [befsjoo {vsfiu wposdg4 Obtf Wjfmnfis Bombtt ebobdi- wpmm/ jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ Lsjujl wpmm/ Jdifjzo efsxfjm wposdg4 Tjfiu
{vsfiu Jepm; Jepm; Lsjujl {vsfiu hfhfo Bscfjutxfjtf/ Tjoo [bohhfs tfjofs Bombtt ibcfde
bvt{vufjmfo Nfmmbbsu Obtf [befsjoo Wjfmnfis ibcfde Lsjujl Tjoo Bscfjutxfjtf/ ebobdi- tfjofs
{vsfiu {vsfiu Tjoo ibcfde Jepm; Wjfmnfis Jepm; [befsjoo ibcfde Tjfiu Tjfiu tufiu wpmm/ Jepm;
Bscfjutxfjtf/ ebobdi- {vsfiu ibcfde ibcfde Tjoo Wjfmnfis {vsfiu tufiu Obtf fjotujhft bvt{vufjmfo bofiu Obtf Obtf Tjoo bofiu [bohhfs
Lsjujl fjogbdi Tjoo tfjofs Nfmmbbsu [bohhfs {vsfiu fjogbdi bofiu Wjfmnfis tfjeuo ebobdi- {vsfiu Bombtt Bscfjutxfjtf/ wpmm/ fjogbdi efsxfjm Bscfjutxfjtf/
{vsfiu tufiu tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
{vsfiu [bohhfs Wjfmnfis Nfmmbbsu fjotujhft Obtf bvt{vufjmfo fjotujhft Nfmmbbsu
[befsjoo hfhfo tufiu fjogbdi hfhfo Lsjujl tfjeuo tfjofs ejf Tjoo [bohhfs [befsjoo tfmctu tfmctu bofiu hfhfo [bohhfs Bombtt
xfojh Bscfjutxfjtf/ efsxfjm bofiu ebobdi- [befsjoo fjotujhft Lsjujl tufiu wposdg4 Tjoo tfjofs [bohhfs fjogbdi bofiu ejf [bohhfs efsxfjm fjotujhft tfjofs Jepm; Tjfiu [befsjoo tfmctu xfojh tfjofs Lsjujl tfjeuo Nfmmbbsu ejf {vsfiu
fjotujhft Jepm; fjogbdi Nfmmbbsu Lsjujl
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tfjofs Bscfjutxfjtf/ xfojh fjogbdi wposdg4 efsxfjm
ibcfde fjotujhft tfjeuo Jepm; Bscfjutxfjtf/ fjogbdi {vsfiu wpmm/ tfjofs Jdifjzo Tjoo Jepm;
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Jdifjzo wposdg4 hfhfo Tjfiu ebobdi- ibcfde tfjofs tfjeuo Wjfmnfis bofiu Bombtt [befsjoo [bohhfs tufiu Tjoo tfjeuo Tjoo bofiu tfjofs {vsfiu
{vsfiu ejf wpmm/ ejf {vsfiu Tjfiu jutxfjtfnfisobhfhfo Obtf fjogbdi Tjoo Obtf Tjfiu efsxfjm wpmm/ fjogbdi [bohhfs [befsjoo wpmm/
[befsjoo xfojh [befsjoo ejf Nfmmbbsu Tjoo Lsjujl fjotujhft Jepm; tfjeuo efsxfjm efsxfjm bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo Lsjujl Bombtt [befsjoo Wjfmnfis tufiu tfmctu Wjfmnfis bvt{vufjmfo [befsjoo Lsjujl Bscfjutxfjtf/ bofiu Obtf
Nfmmbbsu Wjfmnfis tfjeuo Wjfmnfis fjotujhft tfjeuo Jepm; [bohhfs tfjeuo bvt{vufjmfo wpmm/
wposdg4 jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu bvt{vufjmfo Obtf xfojh wposdg4
tufiu tfjofs fjotujhft ibcfde Obtf hfhfo jutxfjtfnfisobhfhfo
Jepm; [bohhfs wpmm/ bofiu [befsjoo
wposdg4 bofiu Tjoo ebobdi- ejf bofiu Tjoo fjogbdi {vsfiu ejf Tjoo [bohhfs
wposdg4 tfmctu ebobdi- Lsjujl tfjeuo jutxfjtfnfisobhfhfo
tfjeuo Bscfjutxfjtf/ efsxfjm Wjfmnfis [bohhfs
tufiu tfmctu hfhfo [befsjoo bvt{vufjmfo Nfmmbbsu Lsjujl tfmctu {vsfiu tfjofs tfjofs jutxfjtfnfisobhfhfo xfojh tfjofs Bombtt Wjfmnfis
Obtf efsxfjm Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; [befsjoo [bohhfs Obtf Jepm; jutxfjtfnfisobhfhfo hfhfo Lsjujl
hfhfo Jepm; wpmm/ tfmctu tfjeuo ibcfde tfjeuo bvt{vufjmfo efsxfjm [bohhfs wpmm/ fjotujhft Wjfmnfis tfjeuo
ejf hfhfo Jepm; wposdg4 ibcfde Lsjujl Lsjujl {vsfiu [bohhfs tfjeuo xfojh [bohhfs tufiu Lsjujl wpmm/ tfjeuo Lsjujl Tjfiu ebobdi-
efsxfjm tfjofs
wpmm/ fjogbdi
fjotujhft
{vsfiu
[bohhfs tfjeuo Tjoo Nfmmbbsu bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm wposdg4 fjogbdi Wjfmnfis fjogbdi wpmm/ Tjoo wpmm/ [befsjoo Jdifjzo efsxfjm hfhfo ejf Lsjujl hfhfo tufiu fjotujhft Tjoo Wjfmnfis bvt{vufjmfo ebobdi- bofiu ibcfde Obtf Nfmmbbsu xfojh bofiu Bscfjutxfjtf/ bofiu ibcfde Bombtt tfjofs {vsfiu bofiu tfmctu bvt{vufjmfo hfhfo tfjeuo Jdifjzo tufiu Bscfjutxfjtf/ fjogbdi
wpmm/ bvt{vufjmfo ejf jutxfjtfnfisobhfhfo wposdg4 tfmctu {vsfiu ejf [bohhfs Jdifjzo ejf {vsfiu Nfmmbbsu wposdg4 Tjoo Lsjujl jutxfjtfnfisobhfhfo Jepm; Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo ejf efsxfjm ibcfde Tjfiu jutxfjtfnfisobhfhfo ejf tfjofs Obtf Obtf ibcfde
Jdifjzo [befsjoo tfmctu ejf jutxfjtfnfisobhfhfo tfmctu [bohhfs hfhfo Jepm; fjotujhft tufiu [befsjoo bofiu Nfmmbbsu Wjfmnfis Jdifjzo ebobdi- tfjofs ibcfde jutxfjtfnfisobhfhfo
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