Rajat Gupta to Stay Free as he Fights Conviction
Bangalore: Rajat Gupta can remain free on bail while he fights his conviction on insider-trading charges, said US Circuit Judge Jose Cabranes. He will stay out of prison on a $10 million bond till his appeal is heard, which might extend to one year.
A panel of two judges ruled in favour of Gupta at a hearing on Tuesday, saying “it is hereby ordered that the conditions of release imposed by the district court will be continued. “Motion is granted”, reports PTI.
Gupta’s wife along with his four daughters was present in the court and his wife Anita burst into tears after hearing the decision. The judgment came as a great relief for Gupta and family.
The district court has earlier imposed many conditions following Gupta’s arrest such as the 10 million dollar—bond, surrendering of his passports and travel restrictions.
Rajat, the former Indian-American director of Goldman Sachs Group has been convicted for insider trading, where he disclosed the earnings of his company (Goldman Sachs) to Rajaratnam(founder of Galleon Group). He was sentenced to two years in prison previous month, by a federal court in Mahattan. He was also ordered to pay an amount of $5 million, as fine.
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