Mumbai: Industrialist Rahul Bajaj on Thursday welcomed the relatively lenient two-year jail term which a US court awarded to former McKinsey head Rajat Gupta for insider trading. "Under the American law, there was no way his request for community service without going to jail (would have been accepted). We knew he will go to jail...two years is a light sentence and we must thank the judge," the Bajaj Auto chairman said here, when asked for reaction.
Bajaj added that doing something like insider trading was "height of stupidity" which finished Gupta's career and hurt his family. The key message for businessmen, including the ones from India, was "don't make such mistakes, don't be greedy, don't be stupid," according to Bajaj.
"While the law is same for all, here (in India) sometimes the law is not implemented equally for the big and the small. Which big fish, after conviction, has gone to jail here?" Bajaj asked. Analjit Singh, a long-time friend of Gupta's and Max India chairman, said: "This is a part of the evolution, but it is very harsh on Rajat."
Indian-American Gupta, a one-time Wall Street tycoon, was on Thursday awarded two years term in prison and a fine of USD 5 million by a New York Federal judge who termed his offences as "disgusting" and "terrible breach of trust"....
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10:47 PM, Oct 25, 2012
New York: The sentencing on Wednesday of fallen Wall Street titan Rajat Gupta for insider trading could come down to whether a judge agrees that his lifetime of charity counts against sending him to prison. The former Goldman Sachs Group Inc (GS.N) board member was convicted in June of leaking boardroom secrets to hedge fund manager Raj Rajaratnam, his friend and former business associate, at the height of the financial...
12:10 PM, Oct 24, 2012
Former Goldman Sachs director Rajat Gupta will be sentenced in New York on Wednesday by a US judge on insider trading charges. ...
09:23 AM, Oct 24, 2012
New York: Former Goldman Sachs director Rajat Gupta will be sentenced in New York on Wednesday by a US judge on insider trading charges a year after the Indian-American Wall Street executive was charged with passing boardroom secrets to the now imprisoned hedge fund founder Raj Rajaratnam. The Prosecution has sought a prison term of 8-10 years for the 63-year-old Gupta who was convicted by a jury in June this...
07:52 PM, Oct 23, 2012
New York: The conviction on Friday of the one-time poster boy of Indian business in America, Rajat Gupta, on charges of securities fraud marks yet another phase in his roller coaster ride from an orphan to lofty board room to convicted felon. Ironically, Gupta's fall from grace was brought about by another Indian American, Preet Bharara, nicknamed the "Sherriff of Wall Street", for leading a wave of insider trading probes...
10:30 AM, Jun 18, 2012
New York: The jury, which convicted one of the most prominent Indian-Americans in the US Rajat Gupta of securities fraud, said it wanted him to walk a free man after the trial, but the evidence against him and his "need for greed" was just too "overwhelming". Former Goldman Sachs director Gupta, 63, sat expressionless, flanked by his lawyers, in Manhattan federal court as the jury read out its guilty verdict...
02:16 PM, Jun 16, 2012
New York: Barely a day went by at the insider-trading trial of multimillionaire hedge-fund founder Raj Rajaratnam a year ago without mention of Rajat Gupta, a boldface name in business and charity circles. On Monday in the same federal court in New York, it will be Gupta's turn to go on trial. The former Goldman Sachs Group Inc and Procter & Gamble board member is accused of leaking stock secrets...
08:27 PM, May 21, 2012
The former Goldman Sachs Director and McKinsey Chief Rajat Gupta pleaded not guilty to charges of insider trading. ...
10:22 PM, Oct 27, 2011
Hyderabad: Rajat Gupta, the former McKinsey & Co chief accused of insider trading in the US, has resigned from chairmanship of Indian School of Business, a Hyderabad-based B-School, on Monday. Putting an end to the speculation that loomed large over the issue of his resignation, the ISB confirmed his resignation and is on the lookout for a new chairman for the executive committee of the board. "Rajat Gupta has requested...
11:02 AM, Mar 21, 2011
Boston: Indian-American Rajat Gupta, the former McKinsey head accused of passing insider tips to Galleon Group's billionaire hedge fund manager Raj Rajaratnam, has resigned from three corporate boards, including American Airlines. In a filing to US market regulator Securities and Exchange Commission, AMR Corp, the parent company of American Airlines, on Monday said that 62-year old Gupta "voluntarily resigned from the boards of directors of AMR Corporation and its subsidiary,...
12:26 PM, Mar 08, 2011
McKinsey report finds out that the govt might find it difficult to raise $ 1.2 trillion funds. ...
12:24 PM, May 02, 2010
Lankan billionaire Rajaratnam's arrest brings skeletons tumbling out of closet. ...
12:56 PM, Oct 19, 2009
The scheme made more than $20 million in illegal profits over several years. ...
09:46 AM, Oct 17, 2009
"Not saddened about what happened at all. I got fined for telling the truth," said an upset Shane Warne. ...
12:02 PM, Jan 27, 2008
