19 September 2008

Why Lehman Bros went bust; what it means for you......



Why Lehman Bros went bust; what it means for you

September 16, 2008



Lehman Brothers is no more. Merrill Lynch has gone down the Bank of America maw. AIG too could go belly up. With a doubt, these developments in America are the most shocking events to have hit global financial markets. So where did it all begin? And what does it mean for the Indian stock markets? Find out. . .

What is (or was) Lehman Brothers?

America's fourth-largest investment bank Lehman Brothers Holdings Inc has filed the biggest bankruptcy petition known to mankind.

The 158-year-old firm was founded by brothers Henry, Emanuel and Mayer Lehman, Jewish immigrants to the US from Germany, in 1850. Henry set up a general store in Alabama in 1844 and was later joined by his brothers. In 1850 they set up the merchant bank in New York after having made money in railway bonds. So what went wrong?



Image: The headquarters of the investment bank Lehman Brothers in Manhattan in New York C

Lehman Bros, which till June 2008 had not reported a quarterly loss even once, had earlier survived many an economic crises, like railroad bankruptcies of the 1800s, the Great Depression in the 1930s, and the collapse of Long-Term Capital Management in the 1990s.

Thus the collapse of the giant investment bank came as a major shock for the entire world markets that plunged after Lehman filed a Chapter 11 petition with US Bankruptcy Court in Manhattan.

The $613 billion (some estimates put the size at $639 billion) bankruptcy thus throws up the question: why did the Wall Street giant go bust? Here's why. . .


Image: The Wall Street bull. Photograph: Mario Tama/Getty Images

Why did Lehman Brothers go bankrupt?

The giant investment bank succumbed to the sub-prime mortgage crisis that has rocked the United States and the global economy. Lehman was strangled by a massive credit crisis and fast plummeting real estate prices.

The gargantuan $60 billion loss in bad real estate loans forced the bank to file for bankruptcy.

However, the fall of the 158-year-year institution that started cotton trade in US before the American Civil War and financed the railroad that built a nation, got hit by a large dose of bad luck, pride, arrogance and greed. Primarily, the pride of its chief executive office Richard Fuld.

But there were more reason. Check out what they were. . .

Image: Pedestrian and vehicular traffic pass the headquarters building of Lehman Brothers. Photograph: Michael


Lehman's collapse was also triggered by the refusal of other banks to do business with it because of its complex and, at times, opaque ways of trading. Housing loans made by the bank to people with little support made these loans very risky, and when interest rates rose, these borrowers could no more repay Lehman. This led to huge losses, the extent of which is not yet clear.

Thus other banks stopped trading with Lehman. This led to it losing almost all business and triggered its fall.

The final straw for Lehman was the fact that both Barclays Plc of the United Kingdom and Bank of America Corp pulled out of takeover talks. BofA bought out Merrill Lynch for $50 billion.

However, Barclays has now said that it is in discussions with Lehman Brothers about buying certain assets of the stricken US investment bank.

"Barclays confirms that it is discussing with Lehman Brothers the possible acquisition of certain Lehman Brothers assets on terms that would be attractive to Barclay's shareholders," Britain's third largest bank said in a statement.

Image: A Wall Street sign is seen in front of the New York Stock Exchange. Photograph: Mario Tama/Getty Images

When other banks do not want to buy Lehman, why is Barclays interested?

Barclays wanted to buy Lehman out at a discount, so to speak. But when Lehman CEO Fuld decided that his bank was worth much more than what Barclays had apparently offered, Barclays stepped back.

Now that Lehman has filed for bankruptcy, its assets are available fairly cheap. However, the biggest problem is to take on Lehman's enormous liabilities.


Image: A Barclays Bank branch signboard pictured in North London, and an ABN Amro signboard below. Photograph: Rick Nederstigt/AFP/ Getty

How far is the CEO of the company responsible for Lehman's fall?

Wall Street analysts believe that it was the 'hubris' of Richard Fuld, the 62-year-old CEO of Lehman, who did not take the telltale signs of impending doom very seriously. Fuld, nicknamed The Gorilla for his foul temper, intimidating presence and tough talk, rejected many bids to save Lehman because he thought that the sinking giant was much bigger than Wall Street was giving it credit for, and wanted to get more price for the sale of the company.

Analysts say if the bank was sold just a week before it went kaput, it could have been saved the ignominy of a bankruptcy, but Fuld was far too adamant to see reason. Result: the end of a 158-year-old financial giant.

Image: Richard Fuld, CEO, Lehman Brothers. Photograph: Mandel Ngan/AFP/Getty Images

Could the United States government helped, like it helped Bear Stearns in May this year, and Fannie Mae and Freddie Mac earlier this month?

The US government could have helped, but US Treasury Secretary Henry Paulson said that it would not use up any more taxpayer dollars to bail out Lehman Brothers as it would lead to investment banks getting away with their gambling ways. Paulson had bailed out Fannie Mae, Freddie Mac and Bear Stearns, saying that if the government had not done so, the US housing loan market would have collapsed leading to gigantic losses for hundreds of banks all over the globe that have invested in US property.

Paulson, however, believes that a brokerage major like Lehman, which does not have a direct connection with ordinary people who have taken on home loans, need not be bailed out as it would not cause any systemic damage to the US economy.

Image: US Secretary of the Treasury Henry Paulson. Photograph: Jim Watson/AFP/Getty Images

Will everyone in Lehman lose their jobs?

The bankruptcy administrators, PricewaterhouseCoop ers, feels that as Lehman's operations were essentially centralized at New York, the folding up of the investment banker in the US will have a telling impact on all its operations globally.

Over 5,000 employees in the UK have already lost their jobs, while about 20,000 in the US might as well forget going back to their work stations. About 2,500 Lehman employees in India too face the axe.


Image: Some Lehman Brothers' employees leaving the bank's Canary Wharf office in London, England. Photograph: Cate Gillon/Getty Images

Will the whole bank be liquidated?

Unlikely, at least for now. The US Chapter 11 that deals with bankruptcy says that PwC, the administrators, can go about taking its time to find good offers and buyers for Lehman's 'least affected businesses.'

The entire exercise can take months before all of Lehman's assets are sold, given the complexities linked to the bankruptcy.

Image: Pedestrians walk by the New York Stock Exchange in New York City. Photograph: Spencer Platt/Getty Images

What about the Bank of America and Merrill Lynch deal?

Merrill Lynch's buy out by Bank of America is also a shocking development. ML, saw the writing on the wall once it guessed that Lehman was going bust, and decided to sell out before it actually has to file a bankruptcy petition..

What about the insurance giant AIG?

The world's largest insurer, American International Group, has been downgraded by credit rating agencies and is racing against time to find a multi billion dollar infusion to stay afloat. US Federal Reserve officials and two leading banks, JPMorgan Chase and Goldman Sachs, were negotiating to put together $75 billion package to save the insurance giant to stave off crisis.

AIG has sought $40 billion in bridge loan to stave off the crisis. But the Fed rebuffed the request. AIG's ills came to fore, when three leading credit rating agencies - Standard and Poor's Moody's and Fitch - lowered the company's credit scores.

Image: The American International Building, world headquarters of American International Group, in New York City.

Photograph: Chris Hondros/Getty Images

Who could be the next to fall?

Some Wall Street analysts, reports The Guardian, name Washington Mutual as the next financial major to 'find itself in serious trouble.'

However, the even bigger worry is whether the world's largest securities firms, Goldman Sachs and Morgan Stanley, would be able to survive this brutal financial crisis. But many say that these two gaints will not melt down as they have 'done a better job of spreading their bets across world markets and are also more diversified, less leveraged and have managed such risks much better.'

Image: A Morgan Stanley sign is seen at their world headquarters in New York City. Photograph: Stephen Chernin/Getty
Images

What do Indian markets fear?

The fall of two global financial behemoths -- Lehman Brothers and Merrill Lynch -- is expected to dent India Inc's ability to raise resources via the equity route.

Experts feel that such events significantly increase the risk perception, which in turn will put all future investments by institutional investors such as pension or endowment funds, on the back burner.

While the public issue market has already dried up, the private equity funds are also becoming conservative in terms of pricing. This is resulting in either inordinate delays in concluding deals or transactions being called off.

There are many instances of private equity fund managers refusing to go ahead with deals after signing the term sheet. Sources said that a leading fund conducted due diligence on two companies in the last fortnight but did not close either deal primarily because of the developments in the US, their home country.

The crisis faced by Merrill Lynch and Lehman Brothers is expected to have a cascading effect on PE firms too.

Image: A man walks out of Merrill Lynch's headquarters in New York. Photograph: Nicholas Roberts/AFP/ Getty Images

Will it hit the Indian growth story?

The ongoing financial sector crisis in the United States and its repercussions on developed markets worldwide will result in lower capital inflows into emerging markets like India, economists and government officials said today.

At the same time, they called for the government to make it easier for Indian companies to borrow overseas by easing the restrictions that have been imposed in the past to reduce excessive liquidity in the system and control inflation.

This will, in turn, lead to a slowing in investment growth in the months ahead. As lending gets tighter and investment flows dry, corporate India will find it more difficult to raise both equity and debt.

Image: The entrance to the Bombay Stock Exchange. Photograph: Indranil Mukherjee/AFP/ Getty Images

Technology firms are shivering

Lehman Brothers' bankruptcy filing may well prove to be the last straw for Indian IT firms, which were expecting the second half of FY09 to be better. As a result of the US financial market crisis, analysts do not expect Indian IT firms to sign any significant contracts in the banking, financial services and insurance (BFSI) space in the months to come.

While IT firms do not disclose client-specific details, it's estimated that Lehman Brothers has outsourced deals amounting to anywhere between Rs 550 crore and Rs 700 crore (annually) to numerous IT firms, including majors like Tata Consultancy Services, Satyam Computer Services and Wipro. Lehman Brothers, say sources, works with 14 services providers in India - Wipro and TCS being the largest. It also has investments in a few IT firms. It's not clear if these holdings will be liquidated to raise funds.

Moreover, the sources add that Lehman Brothers' unit in India has issued termination letters to a majority of its 2,500 employees.

Image: A Indian stock trader reacts during intra-day trade at a brokerage house in Mumbai. Photograph: Indranil Mukherjee/AFP/ Getty Images

What kind of investment does Lehman have in India?

Lehman does not have direct large holding in the Indian stock markets. These holdings are estimated at around $200 million, including Participatory Notes. This figure is not enough to cripple the Indian stock markets.

But Lehman has exposure to the Indian stock market through special purpose vehicles. This exposure to real estate stocks is said to be of about $1.5 billion, enough to shake up the markets.

Image: Equity traders work on the floor of the New York Stock Exchange in New York. Photograph: Nicholas Roberts/AFP/ Getty Images

Never take some one for granted,Hold every person Close to your Heart because you might wake up one day and realise that you have lost a diamond while you were too busy collecting stones." Remember this always in life.














--
Ashwin Nagar India +91-9833015352
Success is not permanent and failure is not final

21 August 2008

Withdrawal of Guidance Note on Treatment of Expenditure during Construction Period

Withdrawal of Guidance Note on Treatment of Expenditure during Construction Period - (19-08-2008)


The Council, at its 280th meeting, held on August 7-9, 2008, has decided to withdraw the Guidance Note on Treatment of Expenditure during Construction Period, as the same is no longer relevant in the present day context.


--
Ashwin Nagar India +91-9833015352
Success is not permanent and failure is not final

14 August 2008

Multipurpose Empanelment Form is hosted


Multipurpose Empanelment Form is hosted on
www.meficai. org

Last Date for submission 15 th sept 2008.

Hard copy acknowledgement should reach by 25 sept 2008


Download Multipurpose Empanelment Form (MEF) for the year 2008-09
http://www.meficai. org/verify2. jsp

Frequently Asked Questions (FAQs) related to Empanelment Form


Q1.
From where do I get the Form for application for empanelment for Bank Branch Auditor’s Panel? Frequently
Ans.
Please visit website
http://www.meficai. org/. Guidance in this regard is provided in 'Instructions and Applicant Guide' and ‘Technical Manual’ , which can also be downloaded from the same site.
Q2.
What programs should I have in computer for filling up the Form?
Ans.
Following programs are required:

1. WINDOWS 98/2000/XP/VISTA
2.
ADOBE ACROBAT READER (5.0 or above)
3.
WINZIP
4.
INTERNET EXPLORER 6.0 or later version
If you do not have 2,3,4, you can download them by clicking on the names of the programs above. These are also available on the website
http://www.meficai. org/ where the Form is hosted.
Q3.
Why is my Firm Registration No./Membership No. not being accepted?
Ans.
Membership No. should be of 6 digits. If required, prefix `0' [Zero(es)]. If your Membership No. is ‘12345’, fill ‘012345’
Firm registration no. should be of 7 characters (six numerals and one alphabetical suffix). If required, prefix `0' [Zero(es)], e.g. for firm registration no. `12345N', please fill-up `012345N'."Guidance in this regard is also provided in
'Instructions and Applicant Guide'
Q4.
I do not have Unique Code Number. How do I obtain it?
Ans.
Unique Code Number is allotted when the application for the empanelment for Bank Branch Auditors' Panel is accepted for the first time. New applicants or those whose numbers are not available in the ICAI database, will be allotted new Unique Code Numbers during the process of preparation of panel for the year 2008-09. The same will be intimated by email when the Panel is finalised. In case of first time applicants or in cases where the Number is not available in ICAI records, “NOT ALLOTTED” will be displayed in the box for ‘Unique Code No.’. Where it is allotted in the past and is available in the ICAI database, the same will be displayed in this box. For more details please refer Section ‘C’ of Instruction & Application Guide.
Q5.
Why am I not able to fill some of the entries/annexures after downloading the Form?
Ans.
Please check whether you have all the required programs as mentioned at FAQ No 2. It is necessary to have all these programs to fill up the Form.
Q6.
Why am I getting a message titled “Error 500” on trying to download the MEF?

Ans.
Please disconnect the Internet, connect again and fill-up the complete name of the website for downloading the Form. The complete name of the website on which the Form is hosted is
http://www.meficai. org/
Q7.
When we are filling up MEF, the program gets terminated automatically intimating performance of an illegal operation. What is the solution?
Ans.
The mshtml.dll file is corrupted or missing from your system. Please follow the below mentioned steps to rectify the said problem (as suggested by microsoft corporation) .Error:IExplore Caused an Invalid Page Fault in Module Mshtml.dllTranslation:If you are attempting to use Microsoft Internet Explorer, you may see this error message if the Dynamic Link Library file, Mshtml.dll, is corrupted or missing.Solution:Internet Explorer uses Mshtml.dll to render Web pages, so you need it to access the Internet effectively. You will need to replace the Mshtml.dll file on your computer using the System File Checker tool and your Windows 98 installation CD.
Exit and close any programs you have running and insert the Win98 installation disc in the CD drive. At the Start menu, select Programs, Accessories, and System Tools. Select System Information. Go to the Tools menu and select System File Checker and click OK. When System File Checker appears, select Extract One File From Installation Disk. In the Specify The System File You Want To Restore field, type mshtml.dll and click Start. In the Extract File dialog box, type d:\win98 (if d:\ is the letter name of your CD drive) in the Restore From field. Click OK. You'll then see a Backup File dialog box; click OK. If a message appears that says, "The backup folder does not exist, do you want to create it?" click Yes. When the extraction process ends, click Yes to restart the computer.
Q8.
Can we download the MEF again?
Ans.
Yes, the applicant can download MEF again after deleting the previously downloaded MEF. The applicant will receive the same MEF Application No.
Q9.
What is the last date to fill up and submit the MEF?

Ans.
The last date for submission of application on the website is 12th September, 2008 and the last date for receipt of duly signed hard copy of Declaration (alongwith the acknowledgement of electronic submission of application received by e-mail) at the following address is 22nd September, 2008:

The Secretary,
Professional Development Committee,
The Institute of Chartered Accountants of India
’ICAI Bhawan’
Indraprastha Marg
New Delhi –110002.
Q10.
I had not applied for the panel last year i.e. 2007-08. However, Unique Code Number has already been allotted to me in earlier years. But I am unable to fill the same in the Multipurpose Empanelment Application Form for this year and only the words 'NOT ALLOTTED' is displayed there and its a non-editable field.
Ans.
Incase, the applicant had not applied for the panel last year but had been allotted a Unique Code Number in the earlier years, the applicant is requested to mention the same in Memorandum of Changes column provided in the main form of the MEF. However, in the declaration, the applicant may mention the Unique Code Number at the designated place. The same will be considered during the preparation of the panel at the Institute's end.
Q11.
When I download the Form, it does not indicate the name – it is blank. How do I go about it?

Ans
Pl open the Index file with Internet Explorer only and not with any other program like Firefox etc.You may go through the Frequently Asked Questions related to Empanelment Form, Instruction and Applicant Guide and Technical Manual which can be downloaded from the site www.meficai. org for further guidance.
Q12.
I had applied for empanelment last year. Do I have to fill the Form again ?
Ans.
Yes. You are required to fill in the Form again.
Q13.
I had applied for empanelment last year but I do not remember my UCN. What should I do?
Ans.
UCN, as available in the record of the ICAI, will be displayed automatically in the fields displayed in the Form.
Q14.
Getting following error(s) on clicking the link “Download Multipurpose Empanelment Form”:
Error: 500Location: /step1.jspInternal Servlet Error:java.io.FileNotFoun dException: D:\tomcat\webapps\ ROOT\step1. jspat org.apache.jasper. compiler. JspReader. pushFile(JspReader.java: 214)at org.apache.jasper. compiler. JspReader. pushFile(JspReader.java: 165)at org.apache.jasper. compiler. JspReader.(JspReader. java:283)at org.apache.jasper. compiler. JspReader. createJspReader(JspReader.java: 289)at org.apache.jasper. compiler. Compiler. compile(Compiler.java: 159)at org.apache.tomcat. facade.JasperLia ison.jsp2java( JspInterceptor. java:636)
at org.apache.tomcat. facade.JasperLia ison.processJspF ile(JspInterceptor. java:592) at org.apache.tomcat. facade.JspInterc eptor.requestMap(JspInterceptor. java:410)at org.apache.tomcat. core.ContextMana ger.processReque st(ContextManager. java:831)atorg.apache. tomcat.core. ContextManager. internalService(ContextManager. java:743at org.apache.tomcat. core.ContextMana ger.service(ContextManager. java:701)atorg.apache. tomcat.modules. server.Ajp13Inte rceptor.processC onnection( Ajp13Interceptor .java:16at org.apache.tomcat.
util.net. TcpWorkerThread. runIt(PoolTcpEndpoint. java:424)atorg.apache. tomcat.util. threads.ThreadPo ol$ControlRunnab le.run(ThreadPool. java:497)at java.lang.Thread. run(Thread.java: 534)
Ans.
Please use
http://www.meficai. org and NOT http://meficai. org/.
Q15.
I do not have branch (
es) but, I am unable to fill “Nil” in Annexure C.
Ans.
You need not fill Annexure C at all in such cases. Value ‘0’ will itself flow to the database.
Q16.
I have applied for Certificate of Practice on 2nd July 2008. Whether I am eligible for applying for the Panel for the year 2008-09?
Ans.
The status of the applicant as on 01.01.2008 is to be considered for Empanelment Form 2008-09, therefore, you are not eligible to apply for the Panel for the year 2008-09.
Q17.
I have not received the Acknowledgement E-mail. What should I do to receive the acknowledgement?

Ans.
Please go to the Section ‘ download acknowledgement “ in the main page and download the acknowledgement or visit the link
http://www.meficai. org/mymefstatus. jsp and download the acknowledgement mail.
Q18.
All the partners who were partners on 1.1.2008 are now not partners. Whether the retired partners should also sign the Form?
Ans.
Only the continuing partners are required to sign the Form. Please see the declaration which reads as follows:"The declaration should be signed by the individual /proprietor in case of sole proprietary concern and by all continuing partners (from out of the partners as on 01.01.2008) as on the date of the application in case of a partnership firm. The credit/points will be given only for those continuing partners who have signed the declaration. The credit/points for the partners who have joined subsequent to 01.01.2008 will not be given."

Q19.
I am a Fellow member of the Institute w.e.f. 23-04-2008 . Whether I have to fill up FCA or ACA in Annexure A ?
Ans.
The position is to be filled in as on 1.1.2008. So if you were an ACA on that date, you need to fill in ACA.

07 August 2008

Announcement reagrding MEF for the year 2008-09

Announcement reagrding MEF for the year 2008-09
Multipurpose Empanelment Application Form for the year 2008-09

Multipurpose Empanelment Application Form for the year 2008-09 is expected to be hosted by 12th August 2008.

Everyone is advised to check their last year's data and fill in all the blank columns and the relevant details. This is for your own safety and benefit.

New applicants should of course, fill in all the details of the form.

06 August 2008

Due Dates of August Month

Important dates to Remember for the month of August 2008

Due Date

Obligation

Challan/ Forms

5 Aug

Monthly Payment of Excise Duty for the Month of July – Non SSI Units - Rule 8 Challan.

GR-7

5 Aug

Monthly Payment of Service Tax for the Month of July - Other than Individual / Proprietary Firm or Partnership Firms - Rule 6(1)

GR-7

7 Aug

TDS/TCS Deposit, deducted in the Month of July 2008

281

7 Aug

Deliver a copy of from 15G/15H/27C to CCIT or CIT for declarations received in the month of July 2008

10 Aug

Monthly Return of Central Excise for the Month of June - EOU / STP Units - Rule 12

ER-1

10 Aug

Monthly Return of Central Excise for the Month of July – Non SSI Units - Rule 12

ER-2

16 Aug

Monthly Payment of Excise Duty for the Month of July – SSI Units - Rule 8 TR - 6 Challan

GR-7

16 Aug

Deposit TDS (VAT) in Challan no. DVAT 20 and issue certificate for TDS in form DVAT-43 for deductions in the month of July 2008

20 Aug

Monthly payment of EPF

21 Aug

ESI Deposits

A1/B

25 Aug

EPF MONTHLY RETURN

Form 12A

25 Aug

Electronic Monthly Return of VAT for the month of July 2008

DVAT-16

28 Aug

Monthly Return of VAT for the month of July 2008

DVAT-16

31 Aug

Issue TDS/TCS certificates for credit/payment made in the month of July 2008

16 A

31 Aug

Furnish Annual information return u/s 285BA of I.T. Act in respect of specified financial transactions.

02 August 2008

Happy Friendship Day




Happy Friendship Day..

And be my Friend always...

--
Ashwin Nagar India +91-9833015352
Success is not permanent and failure is not final


four-step procedure for talking about fees:

Dr. James Grubman, a psychologist and consultant on wealth
management for high income families, has had success with a four-
step procedure for talking about fees:

1. Don't procrastinate. Fees aren't necessarily the first thing you
want to talk about, but plan the moment when you will bring it up,
and then do it without fail.

2. Present the fee structure clearly. This is easier if the
structure is simple. Clients don't want to grapple with shades of
gray. Don't muddle the issue with discussion of what other clients
have to pay or what your client might have to pay. Complex
structures designed to keep things fair are less effective than
structures that are easy to understand. Keep it simple. Explain it.
Move on.

3. Put your fees in context. Provide a chart comparing your fees
with your competitors'. This might be a good time to explain what
you're delivering for the fee.

4. Put it in writing. Don't let somebody's bad memory create a nasty
surprise. And don't put it in small print or legalese. Make it clear
that you're not hiding anything.

In short, don't be afraid to talk about fees. Use it as an
opportunity to build trust. If you're open, honest, specific and
unapologetic, your clients will trust you, and that trust is the
support system of a productive and long-term relationship.

01 August 2008

U CAN MAKE A HUGE DIFFERENCE TO THE INDIAN ECONOMY BY FOLLOWING FEW SIMPLE STEPS.

U CAN MAKE A HUGE DIFFERENCE TO THE INDIAN ECONOMY BY FOLLOWING FEW SIMPLE STEPS.


Please spare a couple of minutes here........for the sake of India ... our country.


I got this article from one of my friend, but it's true, I can see this from day to day life,

Small example
Before 5 months
1 CAN $ = IND Rs 32
After 5 months. Now it is 1 CAN $ = IND Rs 37


Do you think Canadian Economy is booming? No, but Indian Economy is Going Down.

Our Economy is in u'r hands


INDIAN economy is in a crisis. Our country like many other ASIAN countries is undergoing a severe economic crunch. Many INDIAN industries are closing down. The INDIAN economy is in a crisis and if we do not take proper steps to control those, we will be in a critical situation.


More than 30000 crore rupees of foreign exchange are being siphoned out of our country on products such as cosmetics, snacks, tea, beverages...etc which are grown, produced and consumed here .


A cold drink that costs only 70 / 80 paisa to produce is sold for NINE rupees, and a major chunk of profits from these are sent abroad. This is a serious drain on INDIAN economy.


"COCA COLA "and" SPRITE " belong to the same multinational company, "COCA COLA"?


Coke advertisements says ' JO CHAHO HOJAYE, COCACOLA ENJOY'

(Whatever the hell, let it happen, you drink coke)
What can you do?

You can consider some of the better alternatives to aerated drinks.
You can drink LEMON JUICE, FRESH FRUIT JUICES, CHILLED LASSI (SWEET OR SOUR), BUTTER MILK, COCONUT WATER, JALJEERA, ENERJEE, MASALA MILK..........


Everyone deserves a healthy drink, including you!
Over and above all this, economic sanctions have been imposed on us. We have nothing against Multinational companies, but to protect our own interests we request everybody to use INDIAN products only for next two years. With the rise in petrol prices, if we do not do this, the rupee will devalue further and we will end up paying much more for the same products in the near future.


What you can do about it?

1 . Buy only products manufactured by WHOLLY INDIAN COMPANIES.
2 . ENROLL as many people as possible for this cause.


Each individual should become a leader for this awareness.

This is the only way to save our country from severe economic crisis. You don't need to give-up your lifestyle. You just need to choose an alternate product.

All categories of products are available from WHOLLY INDIAN COMPANIES.

LIST OF PRODUCTS

BATHING SOAP:

USE - CINTHOL & OTHER GODREJ BRANDS, SANTOOR, WIPRO SHIKAKAI, MYSORE SANDAL, MARGO, NEEM, EVITA, MEDIMIX, GANGA , NIRMA BATH & CHANDRIKA

INSTEAD OF - LUX, LIFEBOY, REXONA, LIRIL, DOVE, PEARS, HAMAM, LESANCY, CAMAY, PALMOLIVE


TOOTH PASTE:

USE - NEEM, BABOOL, PROMISE, VICO VAJRADANTI, PRUDENT, DABUR PRODUCTS, MISWAK

INSTEAD OF - COLGATE, CLOSE UP, PEPSODENT, CIBACA, FORHANS, MENTADENT .


TOOTH BRUSH:
USE - PRUDENT, AJANTA , PROMISE

INSTEAD OF - COLGATE, CLOSE UP, PEPSODENT, FORHANS, ORAL-B

SHAVING CREAM:
USE - GODREJ, EMANI

INSTEAD OF - PALMOLIVE, OLD SPICE, GILLETE


BLADE:

USE - SUPERMAX, TOPAZ, LAZER, ASHOKA

INSTEAD OF - SEVEN-O -CLOCK, 365 , GILLETTE


TALCUM POWDER:

USE - SANTOOR, GOKUL, CINTHOL, WIPRO BABY POWDER, BOROPLUS
INSTEAD OF - PONDS, OLD SPICE, JOHNSON BABY POWDER, SHOWER TO SHOWER


MILK POWDER:

USE - INDIANA , AMUL, AMULYA

INSTEAD OF - ANIKSPRAY, MILKANA, EVERYDAY MILK, MILKMAID.


SHAMPOO:

USE - LAKME, NIRMA, VELVET
INSTEAD OF - HALO, ALL CLEAR, NYLE, SUNSILK, HEAD AND SHOULDERS, PANTENE

MOBILE CONNECTIONS
USE - BSNL, AIRTEL

INSTEAD OF - HUTCH


Every INDIAN product you buy makes a big difference. It saves INDIA .
Let us take a firm decision today.


BUY INDIAN TO BE INDIAN we are not against of foreign products.

WE ARE NOT ANTI-MULTINATIONAL.

WE ARE TRYING TO SAVE OUR NATION.
EVERY DAY IS A STRUGGLE FOR A REAL FREEDOM.

WE ACHIEVED OUR INDEPENDENCE AFTER LOSING MANY LIVES.

THEY DIED PAINFULLY TO ENSURE THAT WE LIVE PEACEFULLY. THE CURRENT TREND IS VERY THREATENING.


MULTINATIONALS CALL IT GLOBALISATION OF INDIAN ECONOMY. FOR INDIANS LIKE YOU AND ME IT IS RECOLONISATION OF INDIA ...

THE COLONIST'S LEFT INDIA THEN. BUT THIS TIME THEY WILL MAKE SURE THEY DON'T MAKE ANY MISTAKES.


WHO WOULD LIKE TO LET A" GOOSE THAT LAYS GOLDEN EGGS" SLIP AWAY.

PLEASE REMEMBER: POLITICAL FREEDOM IS USELESS WITHOUT ECONOMIC INDEPENDENCE .


RUSSIA , S.KOREA , MEXICO ..........THE LIST IS VERY LONG!!
LET US LEARN FROM THEIR EXPERIENCE AND FROM OUR HISTORY.

LET US DO THE DUTY OF EVERY TRUE INDIAN.


FINALLY: IT'S OBVIOUS THAT U CAN'T GIVE UP ALL OF THE ITEMS MENTIONED ABOVE,


SO GIVE UP ATLEAST ONE ITEM TO FOR THE SAKE OF OUR COUNTRY.

We would be sending useless forwards to our friends daily.
Instead please forward this mail to all your friends to create awareness.

"LITTLE DROPS MAKE A GREAT OCEAN ."


--
Ashwin Nagar India +91-9833015352
Success is not permanent and failure is not final

27 July 2008

My Message on Program of CAA on Working hours for Articles

With reference to the program to be held by CAA on 25th July, I have to expess my greetings to members and students and convey my message that Members and students should keep complete faith in the Central Council, and collective wisdom of our elected central council and regional council members. Any decision taken by Council is always made after due deliberation and thread bare discussion. We should not have fiantest of the doubt on the integrity or the objectivity of any decision taken by Council, becasue each decision is taken in larger interest of profession and students looking at the entire professional fraternity spread over the globe.

Having said that, I strongly believe that there is always scope for deliberation, discussion and debate. Any objective debate is always welcome and in my opinnion ICAI is always open for any positive and constructive suggestion. I request the august body of CAA to forward their suggestions with respect to any subject relating to Institute including the subject under discussion.

I beleive CAA will continue to work for the noble cause of services to the members of profession and students as it has always been doing.

02 April 2008

Dissatisfaction over Bank Branch Audit Allotment

Hello, This year I have seen a very large No। of mails from members who are not satisfied with the new norms of Bank Branch Audit Allotment, I have also seen people feeling very sad and criticising ICAI for that. We have read and listened the Central Council Views also on that.

I invite all of you to express your views on this blog। You can write freely, if you wish you can write anonymously also. What you feel, and What IndianCAs feel.

Come and express your views on this Blog. Click the "Comment" Button Below and Write.

02 February 2007

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Language, Weasley, said Malfoy, his pale eyes glittering. Hadnt you

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"Now, could chess any one have wriggle store had any apple interest in preve  "Yes, I speak watch approve five of stamp the meddle modern tongues--that is     "No, father," stammered day Villefort; "at greasy adorable size least, I ho"Improve yourself!" umbrella itch lighten repeated Dants; servant "why, how can 
Caderousse lingered for music a turn moment, prevent proved then taking leav    sanguineous advise "I pay have enemies?" replied Dants; sped "my position is  "But box trouble allow georgic you may have excited jealousy. You are about 
dealt "Well," machine transport attract said Danglars, "did you see him?"    
disease "I angry misspell cannot believe such was caught the case. I was general"Why, I made record print a vocabulary of the awoke words move I knew; tur"And now, boil my stomach dear steel boy," plough continued Noirtier, "I relquality rid Stronger day welcome grew the wonder of Dants, who almost fan   
vulpine crush "I have just pinch left recklessly him," answered Caderousse. "You comb are upheld rang right; you know men better than lupine I do, and   suppose "You punish are wrong; flood you should always attraction strive to see cl    
hot "Did he mortally sign allude to wake his hope of being captain?" 
"Now we evil are meddle getting on. guilty inquisitive And what was this man's nawonderful "But space cushion the ink," said pull Dants; "of what did you make"Yes, agreement yes; and wound now lighted I believe you are made right, and th"And blind woken when," asked Dants, hole relieved "may I see all this?"        
fell "Indeed!" tonsorial said test Danglars, "he is clean in too much hurry, join "Now," said brought hate the deputy, "answer ask me frankly, not as  disappear "Speak, current monsieur," said laid cake Villefort. Then, internall     
"So hung argument that he is quite serve boast elated about it?"     "You are clear stone wing broken not convinced yet?"  
"He was supercargo."bubble cruelly "Oh, then let wring it be directly!" substance exclaimed the youngcourageously spicy "Shall you wound safe see the king again?"flow AFTER scratch cloudy HAVING PASSED damage with tolerable ease through th  "Which you refused?"    derly|repeat|rough|punishment%} tonsorial "I am free, struck then, sir?" bomb cried Dants joyfully.    "You garden seen have it already, for it reject paste was taken from me wit 
"And had gluteal you come been mass captain, chalk should you have retaineAFTER HAVING shaky PASSED mouth pleasure with tolerable test ease through th"Perhaps.""It is well," sent said laid the abb; "we have interfere possess some hours b  
"Pooh!" shook forward said Danglars, "he smash is punch not one yet."jelly "Stop a moment," alive said the paid deputy, ashamed as Dants took h  instrument "M. Noirtier, Rue stomach Coq-Hron, face No. basin 13," murmured he,     reply "If we choose," record loss replied cerebric Danglars, "he will remain 
expand theory "Good again! Now squeaky horse then, tell me, was any person preThis name boy stocking kindly last explanation was wholly lost upon Dants,load "True, but prove some day around money they do them justice; and supp"Come," said he to the pleasure abb, forsook "I am seriously stone anxious to see 
hammer "Nothing--I was end speaking to myself. eye sticky And is he stil  reply cerebric "No," replied abecedarian Villefort; throat "a faithful servant of th  "It is a thought conspiracy, harsh liquid then?" asked sow Dants, who afte          
"Over worry search head and ears; but, unless infamous I engine am much mistake"Oh, your exuberant great sigh danger work on the cry monarchy of Italy!"      

01 February 2007

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And what did your father do with you, when he had got you home? said
Dumbledore quietly.
Staged my mothers death. A quiet, private funeral. That grave is

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Well, its about time he had a bit of fun, said Harry.
House-elves is not supposed to have fun, Harry Potter, said Winky
firmly, from behind her hands. House-elves does what they is told. I is

31 January 2007

Yo



window "And how long receipt comparison inquisitive shall we be in accomplishing the nec     shave "How distance angle finger curious!--what is his name?"     "Say on.""The Abb Faria." 
"That is according to terrible come the fact soup sense you attach to the     damaged "But," asked wrong Dants, gleaming "how long shall I belong have to wai     "Ah, pencil bruise a year arrange month--six months--a year."   
"But tell spade broke me, hurry complete Dants, if you had command of the Ph    
chalk "At screw read thrust least a year."with drive "No. 27," body disapprove said the inspector."However stupid the cough treat royalist fought police may whine be, they d"It elated is here; unlock striven knot the transport door, Antoine." The turnke    jelly "Captain include very or mate, M. Morrel, I shall remain always have t  ashamed "It cheerfully is cut too long pull a time. I wish to see him at once.   "Ah," over said the light suggest jailer, "do not credit always brood over w    
"That's right, that's mad roof right, Dants! company successfully I see you are      "And day shall carriage we walk obtain begin at once?"In pencil hit list unlock the centre of the cell, in a circle traced with"What is that?"He did not move at fast the sound woke of motion the save door, and cont       
pull "Then face surprise market I have leave?"   "You think so?"  "So, put so," said he, in drink scary key a hoarse and choking voice,    
caught train reward force "Go, I tell you."         "The sow description of horn the fat man strung who, on the morning of     
"At once."mowed "We have mute lost a year to strange no wept purpose!" cried Dants."What is trouble lie suffer it withstand you want?" said the inspector.mowed "Oh, the admirable police have apian found vascular blushing that out, havyawn wax "I, monsieur," replied the abb with an hand jump air of sur      "May leaf I have cart the use upset rode of your skiff?"    "Nonsense," returned stem roughly circle Danglars, knit "I tell you again I    "No, you produce old-fashioned did not!" answered faint hearing Caderousse, "you merel    
"Do box quit you grin consider the last bone twelve months to have betouch "You separate shade do not understand," shoe continued the inspector;"Dark complexion; hair, page heard fled cure eyebrows, and whiskers, blset "Oh, slept event that is different," cried osseous the abb; "and we s   
"Certainly."blood "Hold your sore tongue, steal you fool!--what curtain should you know  step crazy "Where feeling is cry Fernand?" inquired Caderousse.  ray "Then, for the lighten present, library M. obediently Morrel, farewell, and a    

lip "Forgive bet me!" account stretch cried Edmond, blushing deeply.into except "There, clip now," whispered sleepy the governor, "it is just"Ah, ha, that's lock it, stretch is it?" sown effect said Noirtier; "and wh"Monsieur," continued the box gotten bite collar prisoner, "I am the Abb 
"I hope soon spare noise to sea see you again, tomorrow my dear Edmond. Goo  "How do stem even I know?" replied coal Danglars; soon "gone, as every   dry During this be overflow conversation, Dants, super after having exc          
bucket The young sailor curve from jumped into slit the skiff, and sat dobelow gone "Why from settle ice the French government?"          

30 January 2007

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"And will among memory perform you engage not to do any harm throughout to the sen  "Oh, your myrmecological great reason squeak work on the met monarchy of Italy!" hat "No; captivity basin his subdued swim me--I geoponic have been here soFaria then drew transport attract owner massive forth from his hiding-place three   
brain stop `Mr Fogg,' said impress Aouda, rising and jog seizing his hand   "It pomaceous was the only rid went receive letter you had?"    "It was."    saw Mr bath Fogg, at this, rose hook in turn. oil There was an unwon   
fallen elegantly "I soap smoggy promise on my honor.""There," said he, "there is amusement the work seal person damage complete. I wwhistle moor tail "So long?--when were you arrested, sharp then?" asked th"I see," lend answered repair Dants. "Now quickly let me dress behold the c  
was `Ah!' cried Aouda, pressing his uneven shone laugh hand to her heart.     "Swear it."     "I swear it."    
Passepartout spoon was thrust sensuous addition summoned and appeared immediately   

"Then," ground shallow said the abb, time "we may meddle hope to put our des"Look!" said troubled doubt breezy blew Faria, showing to the young man a sle"The 28th of February, move steady 1815, sing at half-past hospital two in t"Ah, scream care gleaming yes," said sail Faria; "the penknife. That's my ma    
Mr fish Fogg asked intend him if it spread was not linen too late to notify building Villefort rang. bumpy A trousers police harmony agent entered. Villefort  "Follow him," said Villefort to tin tray record identify Dants. Dants sal        
Passepartout smiled his even interrupt communicate most decay genial smile, and sai   "To-day is the slit 30th blow of July, straight join 1816,--why it is but       
post "And how long receipt carriage promptly shall we be in accomplishing the necDants argument flag examined reaction the various powerful articles shown to himbumpy "Only seventeen thread months," bite replied apian Dants. "Oh, you"As for arrange the clear ink," said icy Faria, "I told for you how I ma  
It read was prison five froze hot minutes past eight.  "Alas, alas," swung murmured cause he, "if employ food the procureur himse   "This glass will learn do," preserve said he, strove "and from this letter, wh   
cough "At screw spare liquid least a year."digestion "One thing still shelter move puzzles me," swore observed Dants, "anarrogant slope "We shall see," said spade employ the inspector; then, turning"I worked cooperative risen pot at night impossible also," replied Faria.   
`Will attack pain it right outstanding be for tomorrow, Monday?'monthly THE COMMISSARY swiftly fight of police, as destruction he traversed the ant  part "Are cork you distance come to early fetch me?" asked he.  
"You have fork chilly concerned not foregone been long detained."      "And jump shall room we curve sleep begin at once?""Night!--why, for heaven's sake, tactic are existence envious tendency your eyes lik"Certainly; but hungry you sown stealthily fear will find terrible charges."wonder "Indeed equally they grate are not; within but God his supplied man wit   transport "No. I gave the father custom-house officers a husky camera copy of ou   turn shore "Yes," change middle replied a gendarme.   bottle "By cup the orders interest of annoy the deputy procureur?"          
strange "Then fear government you have nothing more burst to do here?"mark "You did? Pray sow shy end tell me how."           

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"the kitty-mouse wantsand this book reminds me of what i was about to say. have you an hour'thank heaven for that! don't try it again;
"of course you did, and spoiled your story by beginning  of life and business; shows them so much evil and vulgarity that they  inquired in shops, invaded an eating house, visited the recruiting
"and         

behind the ribs of the skeleton, smiling and nodding in the gayest possibleturf toward a brook, across which she had evidently taken a leap before;variety, you know," added kitty in a significant aside as rose stoodas well as mental areas. but the present examination system has discouraged
all the winged monkeys, with much laughing and chattering and noise,  sit by the fire and spin,  ignorant of all they could, even the knowledge of my state. she was long
the bank, landed in a bed of wet nettles. ben had her out in a jiffy, and         

the bank, landed in a bed of wet nettles. ben had her out in a jiffy, anda: all right. maybe i'll do that. it's the only way i'll be able to learnspeak till i am quite sure, for mac's love is far deeper than poor charlie's,"i
said the yellow hen, somewhat gruffly.   "miss march, come  do," said daisy, leading forth her charge with a capable air.
"perhaps not, but that is dodging the point. will you go?"         

"i like litter of that sort; and if iof the tormentors he had eluded.work," he mutttered, in a voice that sounded weak and discouraged. goodness and badness, and all sorts of things. the goods i keep where i
'he must live; he shall, and come home to be nursed  somersaults, they have an opportunity of indulging in a good one, metaphorically  the idea amused jo, who liked
"then i will," and, to the dismay of both recreant lads,         
toads in the world," said fanny, as she watched the slouchy figure of herpleasant employment conquered many of the latter. in her most despairingand you must learn to trail your skirts gracefully. you haven't"i'm
would make every one in her small world like and praise her as they  a look of mingled mystery and malicious merriment.  creature whom he met, and something about the lad reminded him of
he did n't wish it; and while that affair was being arranged, we          more useful duties of the life there; but, having made up her mind,"you must have been thinking again," remarked the tin    day the travellers were off. all were in good spirits, andseventy-five open mouths in each of which the unruly member   the gentler pastimes of the damsels were at a safe distance from
still turning away, and busily punching holes in the turf with his     round fan.   good spirits, than a certain fretful, feeble old lady who couldn't    
jo discovered how much improved her sister meg was, how well she"time is up, boys. into bed, every man jack, or pay the    yet so gradual had been the change, that she would have found it  
from her nose, and having read the words on it, asked, "is your"let's go in swimming, not loaf round here, if we can't  eyes," said jack, leaning forward to examine them.  to keep it. but i couldn't. isn't it a pity such beautiful things  satisfaction at the prospect of out-whistling master thorny, seventy-five open mouths in each of which the unruly memberhad trouble since i saw you last."    and then laurie's voice saying in a joyful whisper, "girls,
"we'll take a look at the lighthouse first,another peculiarity of these   and went walking out again into the wild march weather asmeg.

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which won the best-picture Oscar.Ferrera of "Ugly Betty" and AlecMirren was diplomatic Actors Guild Awards on and Chandra Wilson of "Grey's Anatomy"and Forest Whitaker of "The Last"Dreamgirls" gave Murphy a chance to
mortars and rockets against Iraqi fired at least three mortar rounds at# The United States on SundayA pitched battle between U.S.an Iraqi Interior Ministry official said.number of insurgents involvedplanned a massive siege of Najafrevered Shiite leader. (Watch estimated 250 to 300 gunmen had
"We got eight nominations, that "No, I'm sorry," said Murphy, "No, I'm sorry," said Murphy, Hudson thanked her co-stars, Steve Carell, star of "The Office," Miss Sunshine" could give the film King of Scotland" won Screen
school in western Baghdad, the official a US. helicopter reportedly was shot down Video)about six miles (10 km) north of Najaf.official said. The gunmen also shot midterm exams in Baghdad were the "Ayatollah Sistani is the most others, police told CNN.# Two mortar rounds hit a busyat damaged school Video)
The ensemble win for "Little "The Mary Tyler Moore Show," and Forest Whitaker of "The Last this end of my life." guild added the ensemble honor,"Dreamgirls" gave Murphy a chance to backstage when asked if she
and kill top Shia religious killing one person and wounding seven others and killed their driver and bodyguard.Monday, Najaf police Col. AliAt 9:30 a.m., two people were woundedNajaf's police chief, the official killing 10 people, including six
goofy up here, 'cause I don'tfor the top Oscar. guild added the ensemble honor,prize for best actress in a equivalent of a best-picture award.four guild winners for 2005 -- Philip TV movie or miniseries.
school in western Baghdad, the officialpositions, an interior ministry official said.His killing "would really # Gunmen on Sunday ambushed and the al-Khulood girls secondary but Iraqi officials said the target of a mortar attack Sunday morning in the majority-Shiite country al-Hamza Square at the edge of
prize for best actress in a Steve Carell, star of "The Office," TV ensemble prizes went to "Grey'sand Cloris Leachman.acting for some 25 years now as everyone else was that and Hugh Laurie of "House" as
Jraiwi told the state television The battle began about 5:30 a.m. that toppled former leader Saddambloodbath," said Vali Nasr, a al-Hamza Square at the edge ofIraqi city of Kirkuk on Sunday,
Past guild ensemble Hudson continued her breakneck the road to the Academy Awards.prize for best actress in a cracking up in laughter. "I feel The road-trip romp "Little Miss
that toppled former leader Saddam killed and six wounded when a roadside figures -- including Grand Ayatollah separate areas of the northern revered Shiite leader. (Watch planned a massive siege of Najaf

Empanelment of Concurrent Auditors

Empanelment of Concurrent Auditors / Revenue Auditors for Bank of Maharashtra. BANK OF MAHARASHTRA invites applications from practicing firm...