An analysis is presented of the various theories which describe the sharp Rayleigh wing line in the VH spectra of depolarized light scattered off liquids composed of molecules with anisotropic polarizabilities. Both the sharp, k-independent, Lorentzian component as well as the closely spaced, k-dependent « shear » doublet, are studied. Critical comparisons are made with experimental data in order to check the validity of the various theories. It is concluded thal the fluctuations in dielectric tensor are coupled directly to the molecular orientation density ; the molecular reorientation itself accounts for the sharp line and its coupling to the momentum density gives rise to the « shear » doublet