"PocketCorp" Volume 1, Issue 2

8/6/2019 "PocketCorp" Volume 1, Issue 2

1/18

PocketCorpAUGUST2011 VOLUME 1 ISSUE 2

.

Message from Editors

Hello readers! After the welcome response the first issue got from you,it brings us immense pleasure to bring forth the second issue of

PocketCorp first volume. In furtherance of our endeavors, this issue

contains interesting perspectives on some off-beat topics like Islamic

Finance and so on. We are confident that it shall serve to be an

interesting read.

We look forward to bringing out many more informative pieces in our

forthcoming issues.

Happy Reading!!!

In a Nutshell

The week that was...........................................................................................................................Page 2

Court Watch.....................................................................................Page 3

Is Islamic Finance the next BIG thing?............................................................................................Page 4

Sec 211, Sec 394 & ICAIWho is the Culprit?.............................................................................Page 9

Fees for Technical Service, Territorial Nexus, ExtraTerritorialityA need to read down?......Page 12

An Analysis of Information Technology (Intermediary Guideline) Rules, 2011............................Page 13

Say Fees The way a lawyer smiles.............................................................................................Page 17


2/18

The week that was..

A recap of all the action, fuss and drama over the last week in

corporate world and courts

Top Editorials

Our suggestion of must read

editorials.

Wake Up And Smell The

Company! By Shaili Chopra.

Economic Times, August 1st,

2011. Please follow thelinkto

read the complete article.

IMF Reforms 2010: Do They

Mirror Global Economic

Realities? By Arvind Virmani and

Michael Debabrata Patra. EPW

Vol. XLVI No. 30, July 23rd

,

2011. Please click on thelinkto

access the article.

Towards A Negative List Of

Services By Karthik Sundaram,

MyLaw. Net, August 8th

, 2011.

Please follow thelinkto read the

complete article.

The US Is Downgraded, Now

What? By Dylan Matthews,

Washington Post, August 8th

,

Please follow thelinkto read the

complete article

SEBI introduces a host of long awaited changesin its recent Board Meeting

The prominent changes includes the SEBI board accepting most of

the changes suggested by TRAC committee with respect to Takeover

Regs, Amendment to SEBI (Mutual Fund) Regulation, Introduction

of Infrastructure Debt Funds by insertion of Chapter VI B to SEBI(Mutual Fund) Regulation, 1996 and Amendment to SEBI insider

trading regulations. Please follow the linkhere.

Tightening of transfer and dilution ofownership in insurance Cos

The IRDA has come out with draft guidelines aiming to control

transfer and dilution of ownership in insurance companies. It has

proposed a series of measures including mandatory prior approval foranyone to raise stake beyond 5%, and anyone keen to buy 1% or

more should seek regulatory approval.

Government is all set to review tax treaty withMauritius.

In light of the recent structuring of transactions to avoid payment of

tax on sale of shares as capital gains, the Government has decided to

review the DoubleTaxation Avoidance Agreement with Mauritiusto eliminate such loopholes in the tax treaty.

Research Idea of the WeekShould all sectoral caps for

foreign equity participation below 49 percent be relaxed?

Like all great travelers, I have seen more than Iremember, and remember more than I have

seen- Benjamin Disraeli
http://blogs.economictimes.indiatimes.com/businessbirdie/entry/wake-up-and-smell-the-companyhttp://blogs.economictimes.indiatimes.com/businessbirdie/entry/wake-up-and-smell-the-companyhttp://blogs.economictimes.indiatimes.com/businessbirdie/entry/wake-up-and-smell-the-companyhttp://beta.epw.in/static_media/PDF/archives_pdf/2011/07/SA_XLVI_30_230711_Arvind_Virmani.pdfhttp://beta.epw.in/static_media/PDF/archives_pdf/2011/07/SA_XLVI_30_230711_Arvind_Virmani.pdfhttp://beta.epw.in/static_media/PDF/archives_pdf/2011/07/SA_XLVI_30_230711_Arvind_Virmani.pdfhttp://mylaw.net/Article/Towards_a_negative_list_of_services/http://mylaw.net/Article/Towards_a_negative_list_of_services/http://mylaw.net/Article/Towards_a_negative_list_of_services/http://www.washingtonpost.com/blogs/ezra-klein/post/what-would-happen-if-us-debt-gets-downgraded/2011/08/05/gIQAx4NKxI_blog.htmlhttp://www.washingtonpost.com/blogs/ezra-klein/post/what-would-happen-if-us-debt-gets-downgraded/2011/08/05/gIQAx4NKxI_blog.htmlhttp://www.washingtonpost.com/blogs/ezra-klein/post/what-would-happen-if-us-debt-gets-downgraded/2011/08/05/gIQAx4NKxI_blog.htmlhttp://www.sebi.gov.in/Index.jsp?contentDisp=SubSection&sec_id=25&sub_sec_id=25http://www.sebi.gov.in/Index.jsp?contentDisp=SubSection&sec_id=25&sub_sec_id=25http://www.washingtonpost.com/blogs/ezra-klein/post/what-would-happen-if-us-debt-gets-downgraded/2011/08/05/gIQAx4NKxI_blog.htmlhttp://mylaw.net/Article/Towards_a_negative_list_of_services/http://beta.epw.in/static_media/PDF/archives_pdf/2011/07/SA_XLVI_30_230711_Arvind_Virmani.pdfhttp://blogs.economictimes.indiatimes.com/businessbirdie/entry/wake-up-and-smell-the-company


3/18

COURT WATCH

Super Cassettes Industries Ltd v. MySpace Inc & Anr (Delhi High

Court) (July 29, 2011)

The Court gave its decision in the dispute between T-Series and

MySpace wherein T-Series had alleged infringement of its copyright by

MySpace. The present judgment has to an extent cleared the ambiguous

nature of the safe harbour provisions under Section 79 of the

Information Technology Amendment Act, 2008. The moot point was

interpreting s.79 and s.81 to hold intermediaries liable for copyright

infringement. The Court held that MySpace is liable for copyright

infringement u/s 51 of the Copyright Act, 1957.

T.N. Godavarman Thriumulpad v. Union of India (Supreme Court) (July 6, 2011)

In a recent judgment the Apex Court adjudicated upon the extent of judicial review in a situation where

environmental clearances with regard to mining process had already been granted and where questions are

subsequently raised with respect to the validity of the process? The Court lays down clearly that if a project

developer complies with the specified procedure for obtaining environmental clearances and there is

evidence on record that the entity granting the clearance had done so after due consideration, such

clearances would not be reversed to the prejudice of the project developer. Further the Court has gone ahead

and laid down a set of comprehensive guidelines for future projects that involve both forest and

environmental clearances. The Court in coming to this conclusion had applied the Margin of Appreciation

Doctrine and also observed thatDoctrine of Proportionality should apply to environmental matters.


4/18

Editorials

A collection of the choicest articles and writeups!

Special article* Is IslamicFinance the next BIG thing?

This article deals with the

concept of Islamic Finance

and it tells you why, it is fast

emerging into a favoured and

lucrative practice forInvestment banks and firms.

If you are planning to get into the finance and banking business youare probably thinking that you are going to largely survive on

charging an interest on various loans or investments that you give out.

Well, what if your country passed a law that prohibited you from

simply charging interest on loans or investments that you gave out?Now, before you come to the conclusion that this would shatter all

your dreams of making money, and begin to think your government

consists of a bunch of lunatics, read this article. As a matter of fact,

there does exist a couple of words that could still make you an

extremely rich, successful and satisfied banker or investor. These two

words happen to be Islamic Finance.

Islamic finance in essence is finance under Islamic law (or Shariah)

principles. The basic sources of Shariah are the Quran and the

Sunna, which are followed by the consensus of the jurists and

interpreters of Islamic law1. The Islamic Financial System, as stated

above, is primarily characterized by the absence of payment and

receipt of interest or riba which is expressly prohibited in the

Quran.

Islamic Finance has had its foundations laid in the latter half of the

20th

Century with one of the First Islamic Banks coming up in Egypt

in 1963. The growth and development of Islamic Finance has been

further propelled by Saudi investors. In 1975, the Islamic

Development Bank (IDB) was established to foster the economic

*This Article has been

contributed by Abishek Jebraj

(V BSL LLB)


5/18

development and social progress of member countries and Muslim communities. Slowly countries such as

Sudan, Iran and Malaysia began to adopt Islamic banking practices, with the former two even bringing in a100 percent Islamic Financial System. In 1991, the Accounting and Auditing Organization for Islamic

Financial Institutions (AAOIFI) was established while the Islamic Financial Services Board (IFSB) that sets

industry standards was set up in Malaysia in 2002. It has been said that as of the year 2007, total Islamic asset

aggregates were up to USD 300 billion, and had grown at the rate of 10-15% over the past 10 Years.

Bedrock Principles of Islamic Finance - The main principles that govern Islamic Finance can be summed up

as follows:

Theprohibition of taking or receiving interest (Riba);

Employment of profit sharing and fee-based financing approaches; and

Capitalto have a social and ethical purpose beyond pure, unfettered return;

The following approaches are expressly prohibited: -

Riba which is the taking or giving of interest.

Gharar, which is uncertainty about the terms of contract or the subject matter, e.g. prohibits selling

something which one does not have a title over.

Masir, which is involvement in speculative and gambling transactions

Investment in businesses dealing in alcohol, drugs, gambling, armaments, etc. which are consideredunlawful or undesirable


6/18

ILLUSTRATIVE TABLE OF IMPORTANT INSTRUMENTS IN ISLAMIC FINANCE

PRODUCT NAME CATEGORY/NATURE CHARACTERISTICS

MURABAHA Asset based

Cost plus financing

Bank purchases the commodity and resells it at a higher price

to the capital user, disclosing the profit of margin in the sales

price

In case of default the client is liable only for the contracted

sales price

MUDARABA Asset based

Liability based

Profit Sharing

UnderMudaraba, one party provides 100% capital and the

other party manages the investment project

Profits are shared in a pre-agreed ratio whereas losses accrued

are borne by the provider of capital only.

Mudaraba is often used for investment funds, where investor

provides money to the Islamic bank, which the bank investscharging a management fee

IJARA /

IJARA-WA-IKTANA

Asset based

Leasing

The bank buys and leases out the asset for a rental fee, which

includes the capital cost of the equipment plus a profit margin

The ownership of the equipment remains with the lessor bank

and in case of a finance lease, is transferred on pre-determined

terms available under both operating lease and finance lease

(ijara-wa-iktana) widely used in house and aircraft financing


7/18

SUKUKIslamic Bond

Sukuks are similar to conventional bonds with the

difference that these are asset backed and represent

proportionate beneficial ownership in the underlying

asset

Sukuk holders are entitled to a share in the revenues

generated and in the proceeds of the realization of

the Sukuk assets

TAKAFUL Islamic Insurance Takaful is insurance based on mutual co-operation,responsibility, protection and assistance between groups

of participants. It is akin to a cooperative insurance

wherein members contribute a specific sum of money to

a common pool. Every policyholder pays his

subscription to help those that need assistance

Losses are divided and liabilities spread according to

the community pooling system

ISLAMIC FINANCE DISTINGUISHED FROM CONVENTIONAL FINANCE: -

Some of the ways in which, apart from the prohibition of giving or taking of interest, Islamic Financial

Transactions differ from conventional financial Transactions are:

a) The Lender, in almost all financial transactions, at some stage or the other is the owner of the goodsfinanced. This means that the element of risk and other ownership liabilities that the lender undertakes

is much greater than in conventional finance. There are however ways to bring down or to protect the

lenders risk and liabilities (such as the borrower insuring the lender).


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b) The charging of additional interest on default payment is not possible in Islamic financial transactionsand hence other methods, such as payment of late fee, have to be employed.

c) The usage of complex documentation in Islamic finance to maintain compliance of the Shariahprinciples.

ISLAMIC FINANCE INTO MAINSTREAM MOTION: If you are asking yourself the question why

Islamic Finance rest assure that Islamic finance is not only growing but has now officially moved into the

mainstream financial markets. Islamic Finance appeals greatly even to non-Islamic people because of the fact

that elements of Islamic finance can be combined with Conventional financial techniques and export credit

agency support to yield great benefits as well as the attraction it holds to a lot of Islamic investors who are

particular about complying with Shariah principles. Islamic finance, in spite of its documentational

complexity, not only provides us with diversely structured products but has also contributed enormously in

the areas of real estate, aircraft financing, shipping and trade, and importantly, project finance. Global brandssuch as HSBC and Dubais prided airline Emirates are examples of companies that have employed Islamic

financial techniques and instruments to achieve great gain. Current global Islamic banking assets and assets

under management are estimated at around USD 1 Trillion1, and with its value set to hit well over USD 1

Trillion in the next 5 years1, mainstream banks are being given a run for their money.

***


9/18

Let us 1st

have a look at the exemptions u/s 211 of Companies Act, 1956

Section 211(3):

Sec 211(3) gives the Government the power to exempt by issue of notification any class of companies from

complying with the requirements in schedule VI if it deems it necessary for public interests. Such exemptions

maybe either conditional or unconditional.

The requirements under Sec 211 (3A onwards) simply state that every profit and loss account and balance

sheet of a company shall comply with accounting standards and if they do not then it shall disclose particulars

such as

the deviation from following the standards laid down, reasons for such deviation and financial effect of such deviations.

The standards being referred to in this section are the Accounting Standards (AS) recommended by the

Institute of Chartered Accountants of India (ICAI). However, not all accounting standards are necessarily to

be followed under this section but only those which are prescribed by the government. The Central

government reserves the power to allow any one company to modify the particulars to be mentioned in its

Balance Sheet or Profit and Loss Account.

The above provisions clearly list the Central government as the sole authority for permission regarding

deviance from ICAI Accounting Standards. In fact the Central government itself prescribed the usage and

subsequent mandate of application of Accounting Standards to all companies governed under the Act.

An isolated reading of Sec 211(3B) would lead to an erroneous inference as stated earlier. The clause is to be

read along with clause (4) that gives the Central government the power to accept or reject the reasons offered

by the Company for any deviation from the AS prescribed.

Now an important point to note here is that with relation to the exemption under Sec 211 no authority other

than the Central government has been mentioned so it wouldnt be too farfetched to infer that the Central

government is the sole body capable of granting said exemption under this section coupled with the fact that

*SEC 211, SEC 394 & ICAIWHO IS THE CULPRIT?

A research note about conflicts between of Secs 211, 391 & 394 of Companies Act, Accounting Standard 14.


10/18

it was the same body on whose mandate the compulsion of following the AS provisions came into force.

Now coming to the alleged point of Conflict between the Accounting Standards and Section 394 of

Companies Act

Sec 394 deals with the procedure for amalgamation and the sanction that Companies require by the High

Court to carry forward the amalgamation. Under Sec 394, the sole authority for permitting the sanction is the

HC and therefore any exemptions to be granted with respect to amalgamation of companies should rest with

the Courts. However, a closer examination of Sec 394 leads us to the following conundrum:

Since section 394 nowhere states that the Court order will override accounting standards prescribed u/s 211 of

Companies Act. Usually any section which has overriding powers usually starts with the wordsnotwithstanding any other provision of this Act But neither Section 391 nor Sec 394 contain any such

words. So, where is the power given to Courts to override accounting standards prescribed by ICAI?

Is it a myth? The answer is NO and this takes us to the real culprit ICAI and its Accounting Standard 14 Accounting for Amalgamations.

A reading of the AS14 dealing with Treatment of Reserves under a Scheme of Amalgamation shows us that

the sanctioning authority (in this case the HC) has the power to allow any deviance from following the

accounting standards prescribed.

To put this into perspective:

The AS14 prescribed by the ICAI which has derived its mandate from an insertion by the Central Government

(in Sec 211 3A-3C), contains in itself a provision that empowers the sanctioning authority (in this case the

HC) to override the powers of the very authority that has mandated the usage of such AS, which is a set

standard for all Companies incorporated under the Companies Act.

So, it is widely believed, the problem is not with the High Courts. The crux of the issue lies in AS14, which has

allowed the Court to override the powers given to ICAI u/s 211 of Companies Act. Interestingly, the Income

Tax Department of late have objected to many schemes of amalgamations on the ground that the motive

behind these schemes is tax evasion. Significantly, Gujarat HC in the case of Vodafone Essar, accepted the


11/18

IT Department argument and struck down the scheme. The Delhi HC has gone a step ahead and held in the

case of scheme of amalgamation of Spice Communications and Idea Cellular that Courts can always stipulate that scheme, which will come into effect only when all the requisite statutory and contractual

permissions and licenses have been obtained from the concerned authorities required under any separatestatues or laws or license.

This clearly means that the High Court orders sanctioning the schemes us/ 391 to 394 DO NOT have

overriding powers. So, why are we blaming the High Courts for all the murky accounting treatment when it is

the ICAI which has created this ambiguity via AS14?

***

*This article has been contributed by Mr. Arun Giri (Cofounder Tax Sutra) and Oscar Abraham ( IV BSL

LLB)


12/18

The principle of territorial nexus has played an important role in bridging the gap between the powers of the

Parliament to make laws under Article 245 of the Indian Constitution and the extra-territorial operation of suchlaws with regard to Section 9 of the Income Tax Act, 1961. This section contains the categories of incomes

which are deemed to accrue or arise in India. Clause (vii) of Sub-Section (1) contains provisions for income by

way of fees for technical services paid by the Government or a resident to a non-resident. It also covers cases

where such amounts are paid by non-residents. As regards taxability of payments made by a resident, exception

is made where services for which the payment is made is utilized by such person in his business or profession

outside India or when the payment is made in order to make or earn income from a source outside India.

Payments made for technical services by non-residents are taxable in India only when such payments are madefor services utilized in the business or profession of such non-resident in India or when such payment is made

in order to make or earn income from a source in India.

It is thus clear that the test for taxability of fees for technical services is not the person making the payment, butthe nexus such income has with India. When such nexus exists, payments made by non residents are brought to

tax and when there is absence of such nexus, even the payments made by residents are immune from tax

liability. The Apex Court has also applied this principle in two of its landmark judgments on the issue.

The Supreme Court in the ECIL case [(1990) 183 ITR 43 (SC], upholding the constitutional validity of Section

9(1) (vii), held that Article 245(1) of the Constitution gives power to the Parliament to make laws for any part

or the whole of the territory of India, and that according to Sub-Section (2), such laws shall not be invalid on

the ground that they have extra-territorial operation. It is, however, necessary that such law must have some

relationship within India, failing which, in the words of Honble Justice Pathak, the then Chief Justice of India

it is inconceivable for Parliament to make such laws.

In an equally landmark case G. V. K. Industries Ltd. v. Income Tax Officer [(1997) 228 ITR 564 (AP)] where

the question was regarding the taxability of success fees paid to a non-resident company for raising of finances

of the Indian company, the High Court held that such financial services fell within the purview of Section 9(1)

(vii)(b) in the form to technical services and hence were taxable in India. On appeal, the Apex Court laid down

that although Clause 2 of Article 245 was an exception to Clause 1, the operation of laws with extra-territorial

aspects without having any nexus with India was beyond the powers of the Legislature.

Hence, it is essential to read down this provision to include those aspects which have a territorial nexus with

India.

***

*Fees for Technical Service, Territorial Nexus, ExtraTerritorialityA need to read down?

This article deals with principle of Territorial Nexus with regard to fee paid for Technical Services.

*This article has been contributed by Akhilesh Gupta (V BSL LLB). To read the detailed article, Please

follow thelink
http://taxsaaga.wordpress.com/http://taxsaaga.wordpress.com/http://taxsaaga.wordpress.com/http://taxsaaga.wordpress.com/


13/18

*An Analysis of Information Technology (Intermediary Guideline) Rules, 2011

A research note that seeks to classify the duties and obligations of Intermediary as envisaged under the said rules.

The meaning of Intermediary for the purposes of Information Technology Act, 2000 amended 2008 is found

in Section 2, subclause (w):

Intermediary, with respect to any particular electronic records, means any person who on behalf of

another person receives, stores or transmits that record or provides any service with respect to that record

and includes telecom service providers, network service providers, internet service providers, web hosting

service providers, search engines, online payment sites, onlineauction sites, onlinemarket places and

cybercafs.

The recently notified Information Technology (Intermediaries Guidelines) Rules, 2011 impose certain

obligations which are sine qua non for performing their operation(s).

SubClause 3 of the said Guidelines titled Due diligence to be observed by the intermediary spells out the

obligations that an intermediary must observe while discharging their functions.

The obligations of the intermediary are hereinafter listed in the order in which they appear in the said

guidelines

DOS

Intermediary shall publish a compilation of rules & regulations, privacy policy and user agreement foraccess or usage ofthe intermediarys computer resource by any person.

Such rules & regulations, terms and conditions or user agreement requires the users of theintermediarys computer resource NOT to host, display, upload, modify, publish, transmit, update or

share any information (These obligations enlist the dont on part of the users): -

1. information belonging to another person;2. is considered grossly (harmful, harassing, blasphemous, defamatory, obscene, pornographic,

pedophilic, libelous, invasive of anothers privacy , hateful, or racially, ethnicallyobjectionable, disparaging, relating or encouraging money laundering or gambling or

otherwise unlawful in any manner whatever);

3. causes harm to minors;


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4. infringes intellectual property rights of others;5. violates any other law in force;6. information capable of deceiving or misleading the addressee the true origin of such message7. information having the potential of being grossly (offensive or menacing in nature);8. indulges in impersonation of another;9. information contains (any software viruses, or other computer codes, program) which are

designed and capable ofdisrupting the smooth functioning or destroy, impede or severely limitthe functionality of any computer resource; and

10.the information threatens (the unity, integrity, defense, sovereignty of India, friendly relationwith foreign state, insults foreign nation, public order, incites commission of any punishable

offence and deters or prevents ongoing investigation)

Upon receiving knowledge in writing or by email from the affected person of any content that isabusive, intrusive or otherwise as listed above to infringe any persons right, the intermediary must

within a period of 36 Hours disable access to such infringing information, and shall preserve such

information for a period of 90 days for investigative purposes.

The intermediary should inform its users of non compliance (with rules & regulations, useragreement and privacy policy for access or usage of intermediarys computer resource) theintermediary has the right to terminate the access of usage right of such users

Utmost compliance of the provision of this Act and other laws in force is required of the intermediary.


15/18

The intermediary is required to provide information for the assistance of government agencies for thepurpose of investigative, protective and cyber security activity. The information or any otherassistance shall be provided for (verification of identity, prevention, investigation, prosecution, cyber

security incidents and other punishment of offences under any law in force) provided such a request is

clearly made in writing. It is also required to report cyber security incidents and share information

related to such incidents with Indian Computer Emergency Response Team.

The intermediary is required to take all reasonable measures to secure its computer resource andinformation. It is required to follow reasonable security and practice procedures as prescribed under

Information Technology (Reasonable security practices and procedures and sensitive personal

information) Rules, 2011

Compliances required under reasonable security and practice procedures are listed below as follows1. A body corporate or person on its behalf is said to have complied with reasonable security

practices and procedures (if, they have implemented security practice standards and have a

comprehensive documented information security program and information security policies

that contain managerial, technical, operational and physical security control measures that are

appropriate with the information asset being protected with the nature of business)

2. In the event of information security breach, the body corporate or a person on its behalf isrequired to demonstrate to agency mandated under the law that they have implemented securitycontrol measures as per their documented security program and information security policies.

3. The standards that have been referred to in (1) and (2) are International Standard IS/ISO/IEC27001 on information Technology Security TechniquesInformation Security Management

SystemRequirements. The body corporate or a person on its behalf who have implemented

either IS/ISO/IEC 27001 standard or the codes of best practices for data protection as approved

and notified under subrule (3) shall be deemed to have complied with necessary standards

and practices provided the same has been certified and / or audited on a regular basis by an

independent auditor.


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4. Any industry association or an entity formed by such an association, whose members are selfregulating by following standard other than IS/ISO/IEC 27001 codes of best practices. Thesame shall get their codes for best practices duly approved by the Central Government.

The intermediary is required to publish the contact details of its grievance officer on its website. Thegrievance officer is to redress complaints within 1 month of it being brought to his notice.

DONTS

The intermediary must not knowingly (host, publish, initiate transmission, select the receiver oftransmission and select and / or modify the content of such transmission). Exception to these obligation are

1. If the intermediary happens to be (temporary, transient or immediate storage of informationautomatically within the computer resource as an intrinsic feature of such computer resource)

and involving no human editorial control (for onward transmission).

2. Removal of any information, data, or communication link if its brought immediately to theknowledge of the intermediary to be bad in law.

The intermediary must not knowingly (deploy, install, modify the technical configuration of computerresource) which can thereby aid in circumvention of law in force.

Exception to the aboveif the intermediary may develop, produce, distribute or employ

technological means for the sole purpose of performing the acts of securing computer resource and

information.

***

*Article by the Editorial Board


17/18

Say Fees- The way a lawyer smiles

October. This is one of the peculiarly dangerous monthsto speculate in stocks. The others are July, January,

September, April, November, May, March, June,December, August and February.

~ Mark Twain

Q: Why did God create stock analysts ?A: In order to make weather forecasters look good.

Q: Why are lawyers like nuclear weapons?A: When they land, they prevent anything from

functioning for the next hundred years.

You have the right to remain silent, anything you saywill be misquoted and used against you in court ~

Anonymous

Q. What's the difference between a lawyer and a vampire?A. A vampire only sucks blood at night.

Q: Whats wrong with lawyer jokes?A: Lawyers dont think they are funny and nobody else

thinks they are jokes.

SOURCE: - WASHINHTON POST, AHAJOKES [dot] COM


18/18

PocketCorp is the initiative of Corporate Law Cell of ILS Law College. PocketCorp is conceptualised, designed, and edited by: -

Editorial Oversight Committee

Lakshmi Krishnan (V BSL LLB)

Mrinali Kaul (V BSL LLB)

Reuben Perumal ( V BSL LLB)

Kirthi Srinivas G (IV BSL LLB)

News Editors

Ishita Luthra (IV BSL LLB)

Assistant Editors

Devahuti Phatak (II BSL LLB)

Disclaimer: The views and opinions expressed by the contributors are personal and do not in any way reflect or represent

the opinion and views of Corporate Law Cell of ILS Law College, Pune.

Please post your views and comments at corporate law cell blog (www.ilscorporatecell.blogspot.com)

For submission and enquiries regarding submission of articles, write to us at submissions [dot] pocketcorp (at)

gmail (dot) com

Logos, Trademarks, Copyrights are with their Respective Owners and Authors. 2011
http://www.ilscorporatecell.blogspot.com/http://www.ilscorporatecell.blogspot.com/http://www.ilscorporatecell.blogspot.com/

"PocketCorp" Volume 1, Issue 2

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