Press Esc to close
Friday 27 February 2015
News updated at 5:03 PM IST
Weather
Max: 31.7°C
Min : 16.9°C
In Bengaluru
clear sky

US court agrees to hear Gupta's plea to stay surrender date

New York, Nov 29, 2012, (PTI) :
File Photo

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.

The Court of Appeals for the Second Circuit here said arguments on the motion filed by Gupta for a stay of his January 8 surrender date and for release on bail pending appeal would be heard on December 4.

Gupta, 63, was sentenced to two years in prison by US District Judge Jed Rakoff on insider trading charges and was scheduled to begin his prison term on January 8.

Federal prosecutors have asked the appeals court to deny Gupta's request to delay his surrender date and to remain free on bail, saying the India-born Wall Street executive is a "flight risk" since he has strong personal and financial ties to his native country.

Rakoff had also denied Gupta's bid to remain free on bail pending appeal when he had sentenced the former McKinsey head last month but had said Gupta was not a risk of flight.

Rakoff said he would recommend the federal prison in Otisville, New York for Gupta to the Federal Bureau of Prisons.

Gupta was convicted in June of passing confidential boardroom information about Goldman Sachs to his friend and business associate Raj Rajaratnam.

Gupta was charged in October 2011 and has been free on a 10 million bail since then.
Rajaratnam, whose bid to remain free on bail was denied, is currently serving an 11 year prison term on insider trading charges.

In court papers, Gupta's lawyers have argued that their client should be granted bail pending appeal, saying the challenge to his conviction would raise several "substantial questions of law," including that the district court was wrong in allowing wiretaps of Rajaratnam to be played at Gupta's trial.


Go to Top

Photo Gallery
Students march and light flares during the second day of student strike in Madrid, Spain...

Students march and light flares during the second day of student strike in Madrid, Spain...

Indian Weightlifter Kailash Sarma and Modhusmrita Baruah displaying their gold medals...

Indian Weightlifter Kailash Sarma and Modhusmrita Baruah displaying their gold medals...

Bollywood actor Shatrughan Sinha and singer Sonu Nigam during the success party of the later's album

Bollywood actor Shatrughan Sinha and singer Sonu Nigam during the success party of the later's album

Church attack at Ullal, Mangalore...

Church attack at Ullal, Mangalore...

The Solar Impulse 2, a solar-powered plane, flies over the Sheikh Zayed Grand Mosque in Abu Dhabi...

The Solar Impulse 2, a solar-powered plane, flies over the Sheikh Zayed Grand Mosque in Abu Dhabi...

Abihimanyu Mithun during a Ranji Trophy Semi-final match at KSCA in Bengaluru...

Abihimanyu Mithun during a Ranji Trophy Semi-final match at KSCA in Bengaluru...

An Indian ragpicker waits for a train to pass by as he tries to cross railway tracks in New Delhi...

An Indian ragpicker waits for a train to pass by as he tries to cross railway tracks in New Delhi...

People travel at the doorway of a crowded local train on the outskirts of Kolkata, India...

People travel at the doorway of a crowded local train on the outskirts of Kolkata, India...

An Indian passenger sits on the lap of another man as he travels in a crowded local train...

An Indian passenger sits on the lap of another man as he travels in a crowded local train...

.Indian passengers hang from the doors of the coaches of a crowded local train...

.Indian passengers hang from the doors of the coaches of a crowded local train...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523