New York: It's a fall from grace for a man who had built himself a reputation as a humanitarian. Fallen Wall Street tycoon Rajat Gupta was sentenced to two years in prison on Thursday and a five million dollar fine was imposed for securities fraud and insider trading, the judge, refusing to be lenient despite appeals from influential people like Bill Clinton, Bill Gates and Kofi Annan. In the end,...
06:38 PM, Oct 25, 2012
New York: US District Court Judge Jed Rakoff, who sentenced Rajat Gupta, the former Goldman Sachs and Procter & Gamble Co. board member once widely respected worldwide for his business smarts, to two years in prison and also ordered him to pay a $5 million fine, on multiple occasions gave Gupta credit for his life of philanthropic works. He said at the heart of Gupta's offences is his "egregious breach...
10:40 AM, Oct 25, 2012
Rajat Gupta, 63, of Westport, Conn., was sentenced by US District Court Judge Jed Rakoff, who also ordered him to pay a $5 million fine. ...
08:49 AM, Oct 25, 2012
A former Goldman Sachs and Procter & Gamble Co. board member once widely respected worldwide for his business smarts was sentenced on Wednesday to 2 years in prison for feeding inside information about board dealings with a billionaire hedge fund owner who was his friend. ...
08:41 AM, 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: Former Goldman Sachs Group Inc board member Rajat Gupta deserves to spend eight to 10 years in prison for his "shocking" insider-trading crimes, US prosecutors said in court papers on Wednesday. Gupta, who is also a former head of management consultancy McKinsey & Co, is set to be sentenced on October 24 in US District Court in Manhattan. He was found guilty in June of leaking Goldman boardroom...
09:06 AM, Oct 18, 2012
New York: Goldman Sachs' India-born former director Rajat Gupta is seeking a sentence of probation accompanied by "rigorous" community service, according to court documents submitted by his lawyer a week before a federal judge here sentences him on his conviction on insider trading charges. In a 99-page sentencing memorandum submitted in federal court on Wednesday, Gupta's lawyer Gary Naftalis requested that the "court impose a sentence of probation with the...
01:41 AM, Oct 18, 2012
New York: Bill Gates and Kofi Annan are among several prominent businessmen and humanitarians asking a US judge to show fairness when he sentences former Goldman Sachs Group Inc board member Rajat Gupta for his insider trading conviction later in October. Gupta, 63, the most influential and best-known corporate figure to be caught in a broad insider trading crackdown of the last four years, moved in elite business and philanthropic...
06:32 PM, Oct 13, 2012
Stockholm: IKEA, the world's largest furniture retailer, pushed ahead on Monday with a plan to open its first stores in India following the relaxation of rules on sourcing from local suppliers. India last month eased the heavily criticised rules, anxious not to scare off IKEA, one of the few big name firms that has unveiled plans to invest in the country, or any others willing to follow. The Swedish retailer...
12:39 AM, Oct 09, 2012
Mumbai: Market regulator SEBI has begun initial probe into the 'flash crash' of NSE index Nifty, which fell by nearly 900 points on Friday morning, halting the trade on the exchange for about 15 minutes. While the National Stock Exchange (NSE) blamed "abnormal" orders placed by stock broker Emkay Global in multiple trades of various stocks at low prices for the crash, sources said that regulator is looking into all...
02:34 PM, Oct 05, 2012
Mumbai: Trading in the National Stock Exchange's cash market resumed after it was briefly frozen following a 162-point plunge. The 50-share Nifty fell to an intra-day low of 5625 around 10 am, with stocks like Bharti Airtel, Cipla, SBI, Hindustan Unilever and Axis Bank tumbling between 8 to 11 per cent. Even as the NSE froze trading in the cash market, the 30-share Sensex fell around 290 points, but recovered...
10:35 AM, Oct 05, 2012
New York: Intel Corp's India-born former MD Rajiv Goel, who was charged with giving inside corporate information to Raj Rajaratnam, has been spared jail time as he turned government witness and helped nail the Galleon founder in America's biggest insider trading scandal. Goel, 54, apologised and said he was "deeply ashamed" before he was sentenced by US District Judge Barbara Jones in federal court in New York on Monday. The...
06:01 PM, Sep 25, 2012
New Delhi: The Cabinet has approved the proposal of the Department of Industrial Policy and Promotion for amendment of the existing policy on Foreign Direct Investment in Single-Brand Product Retail Trading. Here is the full text of the decision: Government had permitted FDI, up to 100 per cent, in single brand product retail trading, subject to specified conditions, including, interalia, the conditions that: (i) The foreign investor should be the...
07:01 PM, Sep 14, 2012
New York: A federal appeals court will hear oral arguments on October 25 in hedge fund founder Raj Rajaratnam's bid to overturn his insider trading conviction on grounds that the US government improperly won permission to record his phone conversations. One-time billionaire Rajaratnam, 55, is serving an 11-year prison sentence in what prosecutors called the biggest insider trading case of a generation. Rajaratnam was the principal defendant among dozens of...
03:48 AM, Sep 08, 2012
Chennai: A probe by the Central Bureau of Investigation (CBI) has unearthed irregularities in the Union government-run premier foreign trade behemoth, the Minerals and Metals Trading Corporation of India (MMTC), to the tune of Rs 18 crore. During the course of the probe, the investigating agency also seized 400 kg of gold from the premises of a private company alleged to have been favoured by MMTC officials. MMTC is Indias...
12:25 PM, Jul 24, 2012
Goldman Sachs has paid for the bulk of former board member Rajat Gupta's legal defence in an insider trading case that ended in his conviction, the New York Times reported, citing two people with direct knowledge of the matter. Gupta, a consummate business insider who also sat on the board of Procter & Gamble, was convicted on Friday of leaking secrets about Goldman at the height of the financial crisis,...
11:05 AM, Jun 19, 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
