(Image source from: US court to rehear Rajat Gupta's appeal })

The US court will rehear the appeal to throw out, 2012 insider-trading conviction of Indian-Origin Rajat Gupta, former director of the Goldman Sachs. The US Second Circuit Court of Appeals in Manhattan decided to revisit the Court’s rejection of the appeal of 67 years old Rajat Gupta.

Gupta had filed several appeals to overturn his conviction and two year jail term, in the past years, but the Court rejected his appeals affirmed his prison term. He had also, filed appeals in the US Supreme court.

Gupta was found guilty of issuing illegal tips about the Goldman Sachs to Raj Rajaratnam, the founder of the Raj Rajaratnam, while working  on the Goldman board in 2012.

Rajaratnam was convicted of insider-trading in 2011 and serving his 11 year jail term. Rajaratnam and Gupta were the well known people who, rounded up in the US government’s crackdown on insider trading.

Gupta has begun to serve his jail term during June, 2014. He was freed from the Federal Medical Centre Devens on January 5 for receiving credit of the good behavior. He is serving his remaining jail term at home. The Federal Medical Centre Devens is a federal correctional facility situated in Ayer, Massachusetts.

Gupta was the first Indian CEO of the McKinsey, a consulting giant. Gupta along with his fellow McKinsey executive Anil Kumar were founded the prominent Indian School of Business.

Nandini