Rajat Gupta, former director of Goldman Sachs and Mckinsey, has resigned from the board of the Hyderabad-based Emergency Management Research Institute (EMRI), a public-private-partnership initiative being run by the GVK group.
A McKinsey veteran, Gupta has decided to take "leave of absence" from management of $1.4-billion PE fund New Silk Route, which he co-founded five years ago.
Showing lenience and also appreciation for his humanitarian work, Judge Jed S Rakoff of the Federal District Court in Manhattan handed a two-year prison term to Rajat Gupta, former head of McKinsey and Co and also a former director of Goldman Sachs and Proctor and Gamble for leaking insider information.
The $130-million world class premier Indian School of Business in Hyderabad, a brain child of Rajat Gupta, was nurtured by him and his other colleagues in McKinsey through the nineties and the last decade.
According to the Notice of Appeal filed by his lawyer Gary Naftalis in US District Court Southern District of New York, Gupta's "appeal concerns conviction only."
The 15-page judgment is amazingly lucid, elegant and balanced.
No one knows what Rajat Gupta gained from leaking insider information to Raj Rajaratnam. The irony is that he did not make any money.
The prosecution and defense presented their closing arguments in the high-profile insider trading trial of Gupta in Manhattan federal court on Wednesday.
The defence on Monday presented in Manhattan federal court character witnesses, who testified about Gupta's honesty and integrity, before it prepares to wrap its case by Wednesday.
The trial of Gupta, one of the most high profile Wall Street executives to be charged with insider trading, began in US District Court, Southern District of New York on Monday amid intense media glare.
The SEC however added that "dismissing these proceedings will not prevent the Commission from filing an action against Gupta in United States District Court."
Indian-American Rajat Gupta, former board member of Goldman Sachs and Proctor and Gamble, has rubbished charges of insider trading against him as "baseless" with his lawyer asserting that his conduct and integrity were "beyond reproach".
Olympus Capital, UTI's PE arm to fund Rs 400 crore.
When important people are involved in insider trading, only quick and firm action against them sends a powerful message.
Will Judge Jed Rakoff be swayed by the former Goldman director's influential well-wishers or will he deliver stiffer punishment?
Testifying for the government on the eighth day of 63-year-old Gupta's insider trading trial yesterday, former marketing executive at Sri Lankan native Rajaratnam's Galleon hedge fund Ayad Alhadi disclosed that Gupta had been secretly serving as a Galleon executive.
Rajat Gupta, an important man with exemplary personal qualities, falls to disaster because of a combination of a personal failing and circumstances with which he cannot deal.
Rajat Gupta, one of the most successful Indian Americans on the Wall Street, was on Friday found guilty of passing confidential market information to Galleon hedge fund founder Raj Rajaratnam, in one of America's biggest insider trading cases.
A US court has agreed to hear next week a bid by India-born former Goldman Sachs Director Rajat Gupta to delay his surrender to federal prison and remain free on bail while he challenges his conviction on insider-trading charges.
Former Goldman Director Rajat Gupta, the poster boy of Indians at the Wall Street, was on Friday found guilty of illegally tipping off his friend Raj Rajaratnam of confidential market information, in one of America's biggest insider trading cases.
A support group for Gupta, known as 'Friends of Rajat', has urged his 'friends and well-wishers' to submit letters of support, in which they should write about Gupta's life and work.
Gupta's lawyer Gary Naftalis submitted in a Manhattan court on Tuesday his list of 10 witnesses he would 'most want to depose on behalf of Gupta.'
From a man used to rubbing shoulders with the most powerful businessmen in the world, Rajat Gupta is now staring at a lengthy prison sentence.
Former managing director of McKinsey & Co, Rajat Gupta, has stepped down as chairperson of the Public Health Foundation of India (PHFI). Gupta's resignation comes days before the PHFI executive was to discuss his exit.
Sixty-five-year-old Gupta will serve his jail term at a minimum security satellite camp of the Federal Medical Center-Devens in Ayer, Massachusetts.
Rajat Gupta was convicted in 2012 of passing illegal tips about Goldman Sachs to Galleon Group founder Raj Rajaratnam.
Rajat Gupta was convicted in 2012 of passing confidential boardroom information to now jailed hedge fund founder Raj Rajaratnam.
According to the email, Kumar said, "When with Mukesh on portfolio question. . . 2 things to explore: A) Raj wants to know if they will get into the solar biz aggressively and when (there are implications for supplier companies etc)."
India-born former Goldman Sachs director Rajat Gupta has asked a US court for a new trial to reverse his conviction on insider trading charges, arguing that the district judge had committed "serious evidentiary errors" that tipped the scales decisively in the case.
Bajaj added that doing something like insider trading was height of stupidity.
Gupta, 63, read from a prepared statement for six minutes before being sentenced.
The US government has asked a court in New York to slap a maximum penalty of $15 million on India-born fallen Wall Street titan Rajat Gupta and permanently bar him from serving as director of any publicly-traded firm for his "terrible breach of trust" by indulging in insider trading.
The Silicon Valley people, who knew former McKinsey chief Rajat Gupta, reacting to the two-year jail term imposed on him for insider trading, said what happened is a tragedy, horrible and sad, but also feels Gupta will be back.
Rajat Gupta was freed from Federal Medical Centre Devens, a federal correctional facility in Ayer, Massachusetts, on January 5.
Gupta, who has not been indicted in the criminal trial of Galleon Group founder Raj Rajaratnam, faces civil charges from the Securities and Exchange Commission for allegedly passing confidential information about Goldman Sachs to the defendant.
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