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It’s less than three months for his prison term to end; however, former <keyword id="6361649" type="CITY" weightage="100" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> director <keyword id="139676" type="PERSON" weightage="100" keywordseo="Rajat-Gupta">Rajat Gupta</keyword> has lost yet another chance for overturning his conviction on insider trading charges. His latest challenge was rejected by the US Second Circuit Court of Appeals yesterday. 
 In his appeal, Gupta (67) had argued that there was insufficient evidence at trial to prove that he received personal benefits from hedge fund founder <keyword id="60455" type="PERSON" weightage="100" keywordseo="Raj-Rajaratnam">Raj Rajaratnam</keyword> in exchange for confidential Goldman Sachs information. Rajaratnam too is in jail presently. 
 "Appellant has not shown that 'jurists of reason would find it debatable whether the district court was correct in its procedural ruling' ...as to whether Appellant's claim was procedurally defaulted," said the ruling of Circuit Judges <keyword id="595084" type="UNKNOWN" weightage="100" keywordseo="Susan-Carney">Susan Carney</keyword> and <keyword id="3189089" type="UNKNOWN" weightage="100" keywordseo="Christopher-Droney">Christopher Droney</keyword>. 
 
Gupta was sentenced to two years prison term, which would be ending in March 2016. He has filed several appeals since his conviction in June 2012, one even to the US Supreme Court, so that his conviction and prison term can be overturned, but to no avail. 
 
Gupta, an IIT and Harvard alumnus, is presently serving his prison term in a federal prison in Ayer, Massachusetts. 
 
<a href="http://www.krzbb.de/krz_22_110162605-1-60918_Wall-Street-Groesse-muss-wegen-Insiderhandels-ins-Gefaengnis.html">Image source</a>

Court rejects Rajat Gupta’s appeal, yet again

Former <a href="http://www.businessinsider.in/searchresult.cms?query=goldman+sachs">Goldman Sachs</a> director <a href="http://www.businessinsider.in/searchresult.cms?query=rajat+gupta">Rajat Gupta</a>, who was convicted for <a href="http://www.businessinsider.in/searchresult.cms?query=insider+trading">insider trading</a>, walked out of jail after two years. 
 
India-born Gupta's, 67, prison term ended after a US court agreed to rehear his appeal to throw out his 2012 insider-trading conviction. 
 
Gupta was released on March 11 and had completed the last two months of his prison term at his home in Manhattan, after being released on January 5 from the Devens correctional facility in Massachusetts. 
 
He was confined to his apartment and was required to wear an ankle bracelet that monitored his movements. 
 The Harvard-educated Gupta was convicted in 2012 for passing confidential boardroom information to his one- time friend and business associate <keyword id="60455" type="PERSON" weightage="20" keywordseo="Raj-Rajaratnam">Raj Rajaratnam</keyword>, founder of <a href="http://www.businessinsider.in/searchresult.cms?query=galleon+hedge+fund">Galleon Hedge Fund</a>. 
 Apart from the two-year prison term, he was fined $5 million and the Securities and Exchange Commission also slapped a $13.9-million penalty against him. Rajaratnam is serving an 11-year sentence for <keyword id="6360088" type="ORGANIZATION" weightage="20" keywordseo="insider-trading">insider trading</keyword> in the main prison adjacent to where Gupta was assigned. 
 
Gupta's attorneys did not immediately respond to emails on whether he would make a statement following his official release. A January report in the New York Times had said that Gupta "appears to be eager to get back to the world he once inhabited". 
 
(Image: Indiatimes)

Insider-trading convict Rajat Gupta walks out of prison as a free man

Former <keyword id="6361649" type="CITY" weightage="100" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> Group director, <keyword id="139676" type="PERSON" weightage="100" keywordseo="Rajat-Gupta">Rajat Gupta</keyword>, lost his appeal against a $13.9 million civil penalty and a permanent ban on acting as an officer for a public company. The second US Circuit Court of Appeals rejected Gupta’s claim that ‘the penalty and the ban were excessive.’ 
 
In June 2012, a federal jury had found the 65-year-old guilty of passing confidential information to Raj Rajaratnam, the former billionaire and founder of the Galleon Group hedge fund. Rajaratnam, too, is in jail, serving an 11-year prison sentence. 
 
Gupta was sentenced to a two-year prison term while $6 million would have to be paid to Goldman as compensation, as well as a $5 million fine. The US Securities and Exchange Commission (SEC) also filed a parallel civil action against Gupta, leading to a $13.9 million penalty and a lifetime ban from acting as a public company’s officer. Gupta had appealed against the civil sanctions and called it ‘unwarranted.’ 
 
Seth Waxman, Gupta’s attorney, had argued that the federal judge’s positions were ‘inconsistent.’ But the court said the standard in a criminal context was different from that in a civil case.

Former Goldman Sachs Director Rajat Gupta Loses
Appeal, Heads To Prison

The Indian IT industry should "rightly panic" as it is lagging in the fast-changing innovation, says India-born former McKinsey head <keyword id="139676" type="PERSON" weightage="100" keywordseo="Rajat-Gupta">Rajat Gupta</keyword>. Industries today have to constantly move with innovation because of automation, cloud technology, virtual reality, and <a href="https://www.businessinsider.com.au/how-london-startup-thread-uses-artificial-intelligence-and-machine-learning-to-help-men-buy-clothes-2017-2">artificial intelligence</a> taking place of the IT work, he added. Gupta, who served two years in prison for charges of <a href="http://www.businessinsider.in/Insider-trading-convict-Rajat-Gupta-walks-out-of-prison-as-a-free-man/articleshow/51389780.cms">insider trading</a>,, is now gradually re-entering the social and philanthropic world. Also read: <a href="http://www.businessinsider.in/Indian-IT-firms-may-face-layoffs-due-to-H-1B-visa-curbs/articleshow/58261310.cms">Indian IT firms may face layoffs due to H-1B visa curbs</a> With digitisation and automation, Indian IT industry has been warned of prolonged layoffs, and with major markets like the US, Singapore, Australia and New Zealand following protectionism and closing doors for Indian IT engineers, now is the actual time for the industry to go into panic mode. Gupta reminded of the urgent need for "revolution in education" so that knowledge is imparted not via lectures but by being more interactive, digital and participatory. On huge youth <a href="http://www.businessinsider.in/Unemployed-rural-poor-to-get-desi-version-of-Startup-India-Standup-India-fulfil-entrepreneurial-dreams/articleshow/51580701.cms">unemployment</a> issue that India and other major countries in the world are facing, he said, "India needs to create 20 million jobs a year and it is no way near that. Most of our skilling efforts in India are failures because certain elements are not built into it. It becomes a government scheme. Are (the youth) really skilled when they come out. No." When asked about his take on the recent increase in <a href="http://www.businessinsider.in/Hate-crimes-lead-to-less-Indians-applying-in-US-universities/articleshow/57856174.cms">hate crimes</a> targeting Indian- Americans, he said that the community needs to be increasingly aware about their rights, which can be done by educational programs. (Image source NRI Pulse)

Indian IT industry left behind, should panic; says Rajat Gupta

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Lucas Jackson/ReutersFormer McKinsey CEO Rajat Gupta leaves his trial with his lawyer</div></div></div><ul class="summary-list"><li>Former McKinsey leader Rajat Gupta was one of the biggest names facing criminal prosecution following the global financial crisis, as he was tied to billionaire hedge fund manager Raj Rajaratnam's insider trading case.</li><li>In a book released earlier this year, Gupta still proclaims his innocence, blaming his conviction on the political environment in the country following the housing crisis; an aggressive federal prosecutor; and his "biggest regret of his life": not testifying at his own trial. </li><li>The book, called "Mind Without Fear", details Gupta's life, from his childhood in India, to Harvard Business School, McKinsey, the United Nations, and eventually, a federal prison in Massachusetts. </li><li><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories</a>.</li></ul>Even before a jury's decision in the summer of 2012, Rajat Gupta had lived a life that was worth writing about.The former leader of consulting giant McKinsey had advised billionaires like Bill Gates and Swedish heir Sam Wallenberg, knew presidents Bill Clinton and George W. Bush, served on the boards of Goldman Sachs and P&amp;G, and addressed the United Nations General Assembly.But his book, "Mind Without Fear", does not begin with a story about any of these people or even his childhood in India, where he was raised by a Bengali freedom fighter, or his time at Harvard Business School, when he was one of the few people of color at the school. It instead begins with him inside a federal prison in Massachusetts, on his way to serve the first of his two stints in solitary confinement for what he called a minor breach of rules (tardiness to a roll-call count). Gupta was found guilty of insider trading, with prosecutors saying he tipped off disgraced hedge fund manager Raj Rajaratnam with news of non-public information about Goldman, including Warren Buffett's $5 billion investment into the bank during the financial crisis. In the book, which was released earlier this year, Gupta is still adamantly denying he did anything wrong. Instead, he blames a host of factors for why he ended up spending two years in prison: former U.S. Attorney Preet Bharara's aggressiveness; the political climate against executives following the financial crisis; Goldman Sachs' former CEO Lloyd Blankfein; and his decision not to testify in his defense. In interviews with media outlets around the release of the book earlier this year, Gupta strikes the same tone, pushing back on any inkling that he helped Rajaratnam gain access to inside information."Bharara couldn't do what he was put in the job to do," Gupta said <a href="https://www.ft.com/content/bb5fb31c-4cb0-11e9-8b7f-d49067e0f50d">in an interview with the Financial Times</a> in March. "How can you have the perpetrators of the financial crisis, which is all the banks and the housing finance companies, and he couldn't bring one person to justice?"I can tell you that basically the incentives are misaligned. Most prosecutors have political ambitions. They want to win at any cost ... if an innocent person is proven not guilty or the jury say not guilty, it's a win for the prosecutor. They shouldn't take it as a loss. What they did [was] to spin a story which they knew was wrong."The book however details much more than just his side of the trial. It dives into the executive's life in prison, the people who stuck by him, and his feelings toward his old employer and Goldman.

Rajat Gupta is out of jail but still has some high-profile grudges. The ex-McKinsey head's book reveals his beefs with Lloyd Blankfein and Preet Bharara and celebrates his former life among the global elite.

When you begin to think greed is god, it is better to remember the case of <keyword id="139676" type="PERSON" weightage="20" keywordseo="Rajat-Gupta">Rajat Gupta</keyword> – an American <keyword id="6356391" type="POSITION" weightage="20" keywordseo="businessman">businessman</keyword> with Indian roots who was known for his smart business moves, as much as his jail sentence has left a lesson for those involved in trading. After having been a stupendous success story, Rajat Gupta is currently serving two year sentence in American Federal Prison for ‘<keyword id="6360088" type="ORGANIZATION" weightage="20" keywordseo="insider-trading">insider trading</keyword>’. 
 <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword>, after a long haul of nearly 23 years, has decided to take a relook at the norms for insider trading and make them more stringent so as to encourage fair play for all those involved in the stock market. 
 The new insider trading norms that come into effect from today, with far stricter provisions in many areas where there was a fair amount of ambiguity. The good news is, the revised and revisited provisions are on par with those in the US or UK. Really, India has finally woken up to the concept that ambiguity and unrevised laws since long, can harm the Indian markets in these days of <keyword id="47890" type="ORGANIZATION" weightage="20" keywordseo="global-economy">global economy</keyword> and improved reach. 
 Capital Markets Regulator, the <keyword id="6355630" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India">Securities and Exchange Board of India</keyword> (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword>) has created space to use the ‘prearranged trading plans’ that’s ubiquitously used in the US. However, any person who has remote knowledge of this through being an ‘insider’ or ‘connected person’ to this, certainly cannot revoke it or have numerous trading plans, whether over-lapping or not. 
 India’s approach to evolving this modified frame work can be termed rather ‘conservative-innovative’ with least space for errors. According to <keyword id="288165" type="PERSON" weightage="20" keywordseo="Somasekhar-Sundaresan">Somasekhar Sundaresan</keyword>, who was among the 18-member high-level committee that was set up to review and draft new regulations for India, the new framework is an evolution that will leave blood stains out of the markets. Partner at J Sagar Associates Law Firm, Sudaresan is a prominent name in the field of Financial Law and Financial Sector regulatory practice in India. 
 
“Yes, SEBI has opted for this approach. In the US, you can write and later cancel the plan. But, we have made it a bit water-tight in India. This is an innovation and we would like to view it that way. You can opt for a trading plan, alright. That’s optional and voluntary. But, what is mandatory is to follow it up without any alterations. What do you get in return? The satisfaction of having indulged in legitimate trading; no risks as far as law or legal aspects are concerned. In other words, there’s no blood on your hands. You are as clean as you got into it in the first place,” says Sundaresan. 
 The new framework has come into existence, exclusively to control the insider trading menace. The new set of norms make way for strict penal actions for transactions that are illicit, illegal or seem to have escaped the purview of law. Will this make market a difficult place? <keyword id="51958" type="ENTERTAINMENT" weightage="20" keywordseo="YES">Yes</keyword> and no. 
Insiders who are liable to possess UPSI (Unpublished Price Sensitive Information) have to formulate prescheduled trading plans and proceed accordingly. 
 
With the new set of norms, will provide protection to genuine trades and leave them aside. There is better clarity on concepts and definitions under the new set of norms that was much needed. They can be found under the name ‘Prohibition of Insider Trading Regulations 2015’. This would make matters better and easier even for those who are beginning to trade in the markets. 
 What prompted SEBI was the fact that insider trading was happening at much larger scale than stray individuals making money out of the loopholes in the 1992 framework. Just as India enters the phase of turning into a <keyword id="2853493" type="UNKNOWN" weightage="20" keywordseo="global-economy-leader">global economy leader</keyword>, and being in the ‘sweet spot’ <keyword id="219113" type="POSITION" weightage="20" keywordseo="looking-forward">looking forward</keyword> to sound economic future assuming a lead role, markets were the first place where the norms had to be made more stringent in order to keep the space clean for all the players and keep those away who were here for some mischief. Because a threat to <keyword id="34412" type="ORGANIZATION" weightage="20" keywordseo="economy">economy</keyword> of a country is best managed through markets and India had to reduce chances of this happening at whatever level through individuals or companies.

New ‘Insider Trading’ norms kick in; revamp after 23 years!

<ul><li>India plans to tax cryptocurrency transactions at a rate of 30%.</li><li>This is at par with the highest income tax slab applicable to individuals with an income in excess of ₹15 lakh per annum.</li><li>“The 30% rate of tax and restriction to set-off losses is a very bold move in discouraging transactions in crypto,” Ritesh Kumar, Partner at IndusLaw, told Business Insider.</li></ul>India may not have any laws to govern cryptocurrencies yet, but it doesn’t want to miss out on the gold rush. Finance Minister Nirmala Sitharaman announced that the country will be taxing all digital assets at a rate of 30% — no deductions or exemptions apply. This includes everything from cryptocurrencies to non-fungible tokens (NFTs) to other ways that people earn from digital assets, like yielding, farming and mining. <div type="ExtQuote" text="“Cryptocurrencies will be taxed at 30%. Any Income from the transfer of any virtual digital asset shall be taxed at 30%. No deductions and exemptions allowed. Loss from transfer of such assets cannot be set off against any other income.”" auname="Finance Minister Nirmala Sitharaman during the Union Budget 2022-23"></div> As compared to the conventional tax slabs, 30% is the <a href="https://stocktwits.com/Bush2000/message/432215643">highest tax bracket</a> applicable to individuals with an annual income of more than ₹15 lakh. <div type="image" title="Crypto tax ST post" msid="89278516" hostid="261"></div> Moreover, gifts of virtual assets shall also be taxed for the recipient. And, tax deducted at source (TDS) will be imposed on payments for the transfer of crypto assets at a rate of 1% for transactions over a certain threshold. However, Sitharaman did not specify what this ‘threshold’ will be. “Virtual digital assets, including a specific tax regime for virtual digital assets, such as crypto, while providing clarity is not in line with what the industry was expecting. The 30% rate of tax and restriction to set-off losses is a very bold move in discouraging transactions in crypto,” Ritesh Kumar, Partner at IndusLaw, told Business Insider. <cmsannotation type="cmsannotation" annotationid="Many things remain uncertain" comment="subhead" text="Many things remain uncertain">Many things remain uncertain </cmsannotation>The budget also made way for the ‘digital rupee’ — a central bank digital currency (CBDC) that will be run by the Reserve Bank of India (RBI). In the post-budget press conference, Nirmala clarified that the CBDC will treated as a currency while all other cryptocurrencies will be treated, which are not controlled by the RBI, will be taxed at 30%. “This [tax rate] clears the air on taxes for cryptos, however, there are several types of incomes people earn from cryptos and hopefully more clarity will be available in the budget documents,” Archit Gupta, the chief executive (CEO) and founder of Clear (formerly ClearTax), told Business Insider. While many see the proposed tax on transfer of virtual digital assets as a step forward to remove some of the uncertainty in the market, the detailed guidelines will determine how the tax is actually implemented. “One would need to read the fine print, especially the definition of virtual digital assets, to understand the exact implications of the announcement. In absence of law regulating trading in crypto and digital assets, this is a step forward by the government of India,” said Rajat Prakash, the managing partner at Athena Legal. <cmsannotation type="cmsannotation" annotationid="Crypto investors will no longer have the option of capital gains" comment="subhead" text="Crypto investors will no longer have the option of capital gains">Crypto investors will no longer have the option of capital gains</cmsannotation> India was set to release its cryptocurrency bill during the Winter Session of Parliament, but it never made it into the house. According to Sitharaman, at the time, the bill was pending approval by the Cabinet — the highest decision-making body of the Indian government headed by Prime Minister Narendra Modi. “We do hope that the Government will give exchanges and other businesses a certain time period to enable the tech behind TDS deduction and bookkeeping. Offsetting and carrying forward losses have worked well in other countries but we are happy to see a consideration given to all such instances,” Vikram Subburaj, the CEO of Giottus Crypto Exchange, told Business Insider. Until now, as per the stand income tax rules, the gains on crypto transactions, fell either under ‘business income’ or ‘capital gains’, according to tax experts. The classification depended on the nature of the transactions and the tenure across which they took place. For instance, cryptocurrency transactions would be taxed as ‘capital gains’ if they are held with longer-term appreciation in value with fewer trades. Holding for less than three years would attract whichever rate is applicable under the prescribed brackets, and holding for more than three years would attract a 20% rate. Overall, however, the industry seems to welcome the move since it gives the crypto space a layer of legitimacy. "It gives much-needed clarity and confidence to the industry," said CoinDCX CEO and co-founder Sumit Gupta. "It’s a huge relief to see that our government is adopting the progressive stance of going ahead in the direction of innovation. By bringing in taxation, the government legitimises the industry to a large extent. The majority of people, especially corporates, who have been sitting on the sidelines because of uncertainties will now be able to participate in crypto," echoed WazirX's founder and CEO Nischal Shetty. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/digital-rupee-to-be-introduced-by-the-rbi-confirms-fm-nirmala-sitharaman-speech/articleshow/89268343.cms">Blockchain-based e-Rupee will be a reality before March 2023 confirms Finance Minister Nirmala Sitharaman</a> <a href="https://www.businessinsider.in/budget/news/from-new-updated-it-return-to-surcharge-on-ltcg-at-15-here-are-the-personal-finance-highlights-from-budget-2022/articleshow/89268183.cms">From new updated IT return to surcharge on LTCG at 15%, here are the personal finance highlights from Budget 2022</a> <a href="https://www.businessinsider.in/budget/news/indias-defence-budget-lays-out-more-money-for-local-contracts/articleshow/89267605.cms">India’s defence budget lays out more money for local contracts, a new independent approval body and leaves a quarter for R&amp;D</a>

From cryptocurrencies to NFTs, India to tax all ‘virtual digital’ assets at 30%

<ul><li><keyword id="46718" type="General" weightage="20" keywordseo="iday" source="Orion">iDay</keyword> is dubbed as India's Largest &amp; most Definitive Startup Event for Tech Entrepreneurs featuring Global Icons, Unicorn Founders &amp; Leading Investors</li><li>Focuses on Tech trends including Fintech, Crypto SaaS for SMEs, Gig Economy, Capital Markets, Healthcare, Hybrid education &amp; More</li><li>Spread across 2 Days | 100+Speakers |50+ Sessions | Unicorn Roundtables, Workshops, Masterclasses &amp; Engaging Sessions</li></ul>With a huge number of companies witnessing accelerated scale, despite uncertain times, <keyword id="502904" type="General" weightage="20" keywordseo="tie-delhi-ncr" source="Orion">TiE Delhi-NCR</keyword> is organising the 10th edition of <keyword id="4390638" type="General" weightage="20" keywordseo="India-internet-day" source="Orion">India Internet Day</keyword> (iDay) in virtual format, with the theme ‘Digital India: Escape Velocity. With a Focus on Tech trends including Fintech, Crypto SaaS for SMEs, Gig Economy, Capital markets, Healthcare, Hybrid education &amp; more, it will span over 2 days 23rd &amp; 24th September. The conference plays host to in-depth sessions &amp; keynotes by leading founders &amp; investors from India and around the World. Speaking about the event, Karan Mohla, Co- Chair for iDay 2021 &amp; Partner, Chiratae Ventures said – “As India leapfrogs to being a tech enabled economy, India Internet Day 2021 rings in with the theme - Digital India: Escape Velocity. The year 2021 has been a defining one for the Indian startup ecosystem in more ways than one — record amount of fund inflow, creation of new unicorns, companies going public, and a new benchmark in terms of mergers &amp; acquisitions. This reflects the strength of the Indian start-ups. Through iDay this year we are putting a spotlight on the learning, insights &amp; trends which have in last 18 months, seem to have lent ESCAPE VELOCITY to the entire startup ecosystem.” Business Insider is the media partner for TiE's ‘Digital India: Escape Velocity' event. The Stellar line up at the event includes Global Speakers, Leading Entrepreneurs, Investors, Influencers, Startups, Tech Innovators likeRuchir Sharma, Morgan Stanley | Monish Darda, Icertis | Surojit Chatterjee, Coinbase | Jeff Maggioncalda, Coursera |John T Chambers, JC2 Ventures |Kanwaljit Singh, Fireside Ventures |Balaji S. Srinivasan, Angel Investor &amp; Entrepreneur, | Byju Raveendran, Founder &amp; CEO- Byju’s |Kunal Bahl, Co-founder &amp; CEO – Snapdeal|Kushal Bhagia, CEO – firstcheque | Rajan Anandan, Sequoia India &amp; Surge | Kumara Raghavan, Amazon Internet Services |Bikram Singh Bedi, Google Cloud | Lathika Pai, Microsoft |Vani Kola, Managing Director – Kalaari Capital | Supria Dhanda, Western Digital. “India Internet Day is curated &amp; led by a team of serial entrepreneurs &amp; investors. It has become a leading platform to catch the makers and leaders of the India Internet Growth story. Over the years, tech entrepreneurs have hugely gained from the conference. This year we put a spotlight on how technology &amp; resilience have shown the way through the worst crisis of our times. 40% of Indian unicorns have been added in 2021 &amp; this augurs well for the startup ecosystem. With engaging conversations at #iDay in form of Keynotes, Fireside Chats, AMAs. Masterclasses, Panel Discussions, Unicorn Roundtables, we wish to continue to foster entrepreneurship.” said Geetika Dayal, Executive Director, TiE Delhi-NCR The Conference was supported by Startup India, Google, Western Digital, Sequoia Capital, Morgan Stanley, Coinbase, Microsoft, AWS, Icertis, Kalaari and Avendus. About TiE Delhi-NCR’s India Internet Day From its inception #iDay has set out to be a leadership conference that looks to set conversations around vision 2025 for the industry. After a resounding debut in 2012, it has grown from being relevant to being indispensable for stakeholders across the ecosystem. #iDay hosts the entire gamut of internet mobile industry in India like no other forum. India Internet Day 2020 Co-Chairs – Lathika Pai &amp; Mohit Bhatnagar along with the team Abhishek Gupta, Alok Mittal, Arvind Jha, Deep Kalra, Dev Khare, Gautam Gandhi, Karan Mohla, Latika Pai, Miten Sampat, Prasanto K Roy, Rajan Anandan, Rajat Garg, Rajesh Sawhney, Ravi Gururaj and Vani Kola are the torchbearers who put together the conference that has emerged as the only voice of India’s internet industry. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/airtel-rights-issue-details-record-date-issue-price-and-more/articleshow/86446419.cms">Airtel rights issue worth ₹21,000 crore opens next month – record date, price, ratio and everything else you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/freshworks-ipo-500-crorepatis-12-billion-market-cap-and-more-that-emerged-from-indias-first-saas-listing-at-nasdaq/articleshow/86445614.cms">Freshworks IPO — 500 crorepatis, $12 billion market cap and more that emerged from India’s first SaaS listing at Nasdaq</a> <a href="https://www.businessinsider.in/business/corporates/news/zee-sony-merger-heres-what-sony-is-really-getting-from-zee-entertainment/articleshow/86420990.cms">Zee-Sony merger: Here’s what Sony is really getting from Zee Entertainment</a>

TiE Delhi-NCR kickstarts the 10th Edition of India Internet Day themed Digital India: Escape Velocity

New Delhi, Apr 6 () The Delhi High Court Monday reserved its order on the interim bail plea of Christian Michel James, an alleged middleman arrested in connection with the AgustaWestland VVIP chopper scam cases by the CBI and the ED, who cited risk of contracting coronavirus in Tihar Jail.Justice Mukta Gupta, who conducted the proceeding through video conferencing, heard the arguments on behalf of counsel for Michel and the Central Bureau of Investigation and the Enforcement Directorate.Both the probe agencies opposed the interim bail plea.Michel, 59, claimed that his health condition was critical and incompatible with the current prison status, especially to cope up with the risk of contracting the COVID-19 infection which could have a lethal effect on him as he is already suffering from serious pathologies."The agedness and a pre-existing ill state of health will make the applicant's (Michel) body more susceptible to the said infection than any other ordinary prisoner with a normal health condition. Further, the presence within prisons of subjects who are tested positive for Covid19 pose a threat to the applicant considering his existing health condition and age," said the plea, through Vishnu Shankar and Aljo K Joseph.Last week, the apex court had asked Michel to first approach the high court with his plea.In his plea, he also referred to the Supreme Court's March 16 order directing all the states and union territories to constitute high-level committees to consider releasing on parole or interim bail prisoners and undertrials, for offences entailing up to 7-year jail term, to decongest jails in the wake of coronavirus pandemic.The plea further cited the Prime Minister's speech declaring a nation wide 21-day lockdown on March 24 to avoid spread of the virus.It said that Michel's health condition be monitored and treated and he required an environment like home where the risk of contagion is lesser and social distancing can be effectively practiced. The regular bail plea of Michel, who was arrested in 2018 and is in judicial custody since January 5, 2019, is also pending before the high court where the CBI and the ED have contended that he should not be granted the relief as he has a nexus with influential people and can influence witnesses.He has been denied bail in both the matters by the trial court. He has approached the high court against the lower court's decision.The special CBI court had denied him the relief, saying there was no sufficient ground to grant bail.Michel, extradited from Dubai, was arrested by the ED on December 22, 2018.On January 5 last year, he was sent to judicial custody in the ED case. He is also lodged in judicial custody in another case registered by the CBI in connection with the scam.Michel is among the three alleged middlemen being probed in the case by the ED and the CBI. The other two are Guido Haschke and Carlo Gerosa. SKV HMP SA

Chopper Scam: Delhi HC reserves order on Michel's interim bail plea citing virus risk in jail

New Delhi, Apr 7 () The Delhi High Court has dismissed the plea of Christian Michel James, an alleged middleman arrested in connection with the AgustaWestland VVIP chopper scam cases, seeking interim bail on the grounds of risk of contracting coronavirus in Tihar jail.Justice Mukta Gupta, who conducted the hearing through video conferencing, said the apprehension of Michel that because of his vulnerable age and overcrowding in jail, he is likely to contact COVID-19 which may be detrimental to his health, is unfounded. "As regards the apprehension of the petitioner (Michel) being infected by COVID-19 pandemic, it may be noted that the petitioner is lodged in a separate cell with only two other prisoners and thus, is not in a barrack or dormitory where there are a number of prisons. It is not the case of the petitioner that any of the two inmates residing with him are suffering from COVID-19."Hence, the apprehension of the petitioner also because of the vulnerable age and overcrowding in jail that he is likely to contact COVID-19 which may be detrimental to his health, is unfounded," the judge said, in the order passed on Monday and uploaded on the court's website on Tuesday. The ED and CBI, represented through advocates Amit Mahajan and D P Singh respectively, opposed the interim bail plea of Michel, saying he was lodged at the safest place in the country being the Tihar Jail and there is no threat of him coming in contact with any COVID-19 patient.The counsel also said that in Tihar Jail, each and every prisoner has been screened to check whether he is COVID-19 positive or not and no prisoner till date has been found to be suffering from the virus.The 59-year-old Michel claimed that his health condition was critical and incompatible with the current prison status, especially to cope up with the risk of contracting the COVID-19 infection which could have a lethal effect on him as he is already suffering from serious pathologies.Michel, extradited from Dubai, was arrested by the ED on December 22, 2018.On January 5 last year, he was sent to judicial custody in the ED case. He is also lodged in judicial custody in another case registered by the CBI in connection with the scam.Michel is among the three alleged middlemen being probed in the case by the ED and the CBI. The other two are Guido Haschke and Carlo Gerosa.The court, in its order, also noted that despite being a British national, Michel has not been residing in the United Kingdom for the last 6-7 years and had to be extradited from Dubai after an inquiry. After coming to know about the arrest of others in Italy, he fled to Dubai, the court noted, adding that Michel is thus a "flight risk and also has no roots in the society".It said the charge sheet has been filed by CBI and complaint by the Enforcement Directorate, and further investigations are pending in both the cases and at this stage, his release even on interim bail is not warranted."Hence, this court is not inclined to grant interim bail to the petitioner. Applications are accordingly dismissed," the judge said.Last week, the apex court had asked Michel to first approach the high court with his plea."The age and a pre-existing ill state of health will make the applicant's (Michel) body more susceptible to the said infection than any other ordinary prisoner with a normal health condition. Further, the presence within prisons of subjects who are tested positive for Covid19 pose a threat to the applicant considering his existing health condition and age," the plea, through Vishnu Shankar and Aljo K Joseph, said.In his plea, he also referred to the Supreme Court's March 16 order directing all the states and union territories to constitute high-level committees to consider releasing on parole or interim bail prisoners and undertrials, for offences entailing upto 7-year jail term, to decongest jails in the wake of coronavirus pandemic.The high court said that pursuant to the apex court's March 23 order, a high powered committee of the high court laid down certain criterias for releasing the prisoners.It said Michel failed to qualify on three criterias laid down by the high powered committee, that is, being a foreign national, involved in more than one case not being on bail in others and the cases being under Prevention of Corruption Act and Prevention of Money Laundering Act. It said that Michel's health condition be monitored and treated and he required an environment like home where the risk of contagion is lesser and social distancing can be effectively practiced. The regular bail plea of Michel, who was arrested in 2018 and is in judicial custody since January 5, 2019, is also pending before the high court where the CBI and ED have contended that he should not be granted the relief as he has a nexus with influential people and can influence witnesses.He has been denied bail in both the matters by the trial court. He has approached the high court against the lower court's decision.The special CBI court had denied him the relief, saying there was no sufficient ground to grant bail. SKV HMP DVDV

AgustaWestland case: Delhi HC dismisses Christian Michel's interim bail plea

Following is the chronology of events in the sensational 2012 Nirbhaya gangrape and murder case in which four death row convicts were hanged Friday morning: Dec 16, 2012: Paramedical student gang-raped and brutally assaulted by six men in a private bus and thrown out of the moving vehicle along with her male friend. The victim is admitted to Safdarjung Hospital. Dec 29: Victim succumbs to injuries and other medical conditions. Police add murder charge in FIR. Jan 2, 2013: Then Chief Justice of India Altamas Kabir inaugurates fast track court (FTC) for speedy trial in sexual offence cases. Aug 31: JJB convicts a minor for gang-rape and murder and awards three-year term at probation home. Sep 10: Delhi court convicts Mukesh, Vinay, Akshay, Pawan of 13 offences including gang-rape, unnatural offence and murder of the girl and attempt to murder her male friend. Sep 13: Court awards death penalty to all 4 convicts. Mar 13: HC upholds death penalty to the 4 convicts. Mar 15: SC stays execution of 2 convicts, Mukesh and Pawan, after they file appeals. Later, stays execution of other convicts also. Feb 3, 2017: SC says it would hear afresh the aspect of awarding death penalty to the convicts. May 5: SC upholds death penalty to four convicts, says the case falls under the category of 'rarest of rare' and the offence created "tsunami of shock". Nov 8: Mukesh, one of the four death row convicts in the case, moves SC seeking review of its verdict upholding the capital punishment awarded to him. Dec 15: Convicts Vinay Sharma and Pawan Kumar Gupta move SC for review of its verdict. Jul 9: SC dismisses review pleas of three convicts. Feb, 2019: Victim's parents move Delhi court for issuance of death warrants of the four convicts Dec 10, 2019: Akshay moves plea in SC seeking review of his death penalty. Dec 18: SC dismisses Akshay's review plea. Delhi court directs Tihar authorities to issue notice to convicts to avail their remaining legal remedies. Dec 19: Delhi HC dismisses plea of Pawan Kumar Gupta claiming he was a juvenile at the time of the offence. 
 <div type="image" title="6e03c72236f91f810e936bb2f069daf4" msid="74722489" hostid="261" caption="&amp;lt;p&amp;gt;The Nirbhaya Ordeal&amp;lt;/p&amp;gt;"></div>



 Jan 6, 2020: Delhi court dismisses complaint filed by Pawan's father seeking FIR against sole witness for allegedly deposing falsely. Jan 7: Delhi court issues death warrants against the four convicts for hanging on January 22 at 7 am in Tihar jail. Jan 14: SC rejects curative petition of Vinay and Mukesh. Mukesh files mercy petition before President. Jan 17: President Ram Nath Kovind rejects Mukesh's mercy plea. Tihar jail authorities seeks fresh date of hanging, trial court fixes Feb 1, 6 AM for execution. Jan 25: Mukesh moves SC against rejection of mercy plea. Jan 29: Akshay approaches SC with curative petition. SC rejects plea of Mukesh challenging rejection of his mercy plea. Jan 30: SC dismisses curative plea of Akshay. Jan 31: SC dismisses Pawan's plea seeking review of its order rejecting his juvenility claim. Delhi court again postpones execution of the black warrants till further order. Feb 5: HC dismisses Centre's plea against trial court order; says all 4 convicts have to be hanged together. It directs convicts to pursue all legal remedies within a week, failing which the authorities ordered to take action in accordance with law. Centre, Delhi govt move SC challenging HC verdict on hanging of convicts. Feb 6: Tihar authorities move court for fresh death warrants, trial court seeks convicts response. Feb 7: Delhi court dismisses Tihar's plea seeking fresh date for execution of convicts. Feb 11: Vinay moves SC challenging rejection of mercy plea. Victim's parents move Delhi court seeking fresh death warrant for convicts. Feb 13: Pawan refuses lawyer from DLSA as legal aid, jail authorities inform trial court. SC appoints senior advocate Anjana Prakash as amicus to represent Pawan. Vinay claims mental illness in SC, Centre says he has sound mind. Feb 14: SC dismisses Vinay's plea challenging rejection of mercy petition. Feb 17: Mukesh refuses to be represented by advocate Vrinda Grover. Delhi court issues fresh death warrants for March 3. Feb 28: Pawan files curative plea in SC Mar 2: SC dismisses curative petition of Pawan. He files mercy plea. Delhi court defers hanging of 4 death row convicts till further order. Mar 4: Delhi govt moves court seeking fresh date for execution of cnvicts. Mar 5: Delhi court fixes Mar 20 as date of execution of convicts. Mar 6: Mukesh moves SC seeking restoration of his legal remedies. Mar 11: Pawan moves court for FIR against cops for alleged prison assault. Mar 12: Pawan's father moves HC against rejection of complaint for FIR against sole witness. Mar 13: Vinay moves HC claiming procedural lapse in mercy plea rejection. Mar 16: SC rejects Mukesh's plea seeking restoration of legal remedies. 3 death row convicts move ICJ seeking stay on execution. Mar 17: Mukesh moves court seeking quashing of death penalty on claim of not being in Delhi at the time of crime, plea dismissed. Pawan moves SC with fresh curative petition and Akshay files second mercy petition. Mar 18: Mukesh moves HC against trial court's Mar 17 order, plea dismissed. Pawan, Vinay and Akshay seek stay on death penalty, Delhi court issues notice to Tihar, Police. Mar 19: SC rejects curative petition of Pawan. Mukesh moves SC claiming he was not in Delhi on Dec 16, 2012, plea dismissed. Delhi court dismisses plea of Pawan, Vinay and Akshay seeking stay of execution. SC dismisses Akshay's plea challenging rejection of second mercy petition. Mar 20: Delhi HC dismisses plea of three convicts seeking stay on execution, convicts move SC. In a pre-dwan hearing, SC brings down curtain on the case by rejecting plea of Pawan Gupta against rejection of second mercy plea. All four convicts hanged in Tihar jail at 5.30 am.

Timeline of the Nirbhaya case — the seven year march to justice

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Win McNamee/Getty Images</div></div></div>The US Supreme Court is about to hear a major insider-trading case hoped to settle a long-standing Wall Street legal standoff.The case is Salman v. United States, and the court is set to hear it Wednesday.Bassam Salman was convicted of trading on confidential information that came to him from an extended family member who had a brother who worked at Citigroup. Salman never paid the family member for the tips, and at issue is whether this means his actions met the definition of insider trading. The <a href="http://www.scotusblog.com/wp-content/uploads/2016/01/14-10204.pdf">government say</a>s it does because Salman knew where the information came from and that the three people involved benefited from a close family relationship."As a matter of finally clarifying a very murky area of the law, it's going to have a huge impact," said Brad Bondi, a partner at law firm Cahill, Gordon, and Reindel. "What is meant by 'personal benefit'? Do you have to have something of value, or is it enough that you just have a close relationship? And if it's enough to just have a close relationship, what does that relationship resemble?"It is the first time in two decades that the Supreme Court has taken up a case involving insider trading, a crime that Congress has never defined and has left the courts and the Securities and Exchange Commission to shape.Salman was convicted of conspiracy and securities-fraud charges arising from insider trading and sentenced in 2014 to three years in prison.The court is expected to decide the case in the next year, and potentially as early as January, said Derek Cohen, a partner at law firm Goodwin Procter.<h2>Potential outcomes</h2>There are a few potential outcomes, Cohen added. The court may decide that the tipper has to receive some kind of financial benefit, or it could adopt a broader standard in which prosecutors wouldn't have to prove an expectation of money, but just a personal benefit. Another option, he said, could be that the court adopts components of each.The case is expected to affect high-profile insider-trading cases, such as Galleon Group cofounder Raj Rajaratnam and former Goldman Sachs director Rajat Gupta, who are appealing their convictions on related grounds, <a href="http://www.bloomberg.com/politics/articles/2016-10-04/wall-street-watching-as-u-s-high-court-tackles-insider-trading">Bloomberg</a> reports.The decision, either way, could also be a big boost for US prosecutors, who in 2014 lost ground when an appeals court overturned the case of <a href="http://www.businessinsider.com/todd-newman-of-diamondback-capital-insider-trading-case-overturned-2016-8">Todd Newman, a hedge fund manager at Diamondback Capital,</a> who had allegedly heard information fourthhand, and Anthony Chiasson. <div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">Thomson ReutersUS Attorney for the Southern District of New York Preet Bharara speaks during a Reuters Newsmaker event in New York.</div></div></div>The New York-based 2nd US Circuit Court of Appeals held that, to be convicted, a trader must know that the source received a benefit in exchange and that such a benefit was "at least a potential gain of a pecuniary or similarly valuable nature."The ruling forced prosecutors under Manhattan US Attorney Preet Bharara to drop charges against 12 other defendants, out of 107 people charged under his watch since 2009.After the Supreme Court declined to review that case and that of Anthony Chiasson last year, Bharara said that it created an "obvious road mad for unscrupulous investors," according to <a href="http://www.bloomberg.com/news/articles/2015-10-05/top-prosecutor-warns-of-insider-leak-bonanza-as-ruling-stands">a Bloomberg News report</a>.Meanwhile, the Supreme Court justices in January agreed to review Salman's case, over which a federal appeals court in California had issued a potentially conflicting ruling.<h2>High-profile cases</h2>Salman argued that his trading was not illegal as no proof existed that his brother-in-law, in tipping a family member who in turn tipped Salman, received anything beneficial in exchange.The San Francisco-based 9th US Circuit Court of Appeals rejected that argument, saying that requiring a tangible benefit in such a circumstance would allow insiders to tip their relatives so long as they got nothing in exchange.Prosecutors are hoping the Supreme Court adopts the 9th Circuit's view and rejects the 2nd Circuit's narrow interpretation, which authorities said could result in some people avoiding charges and could affect investigations.Prosecutors have brought other high-profile insider-trading cases this year. In September, prosecutors filed charges against Omega Advisors' Lee Cooperman, who has said he is innocent and that prosecutors are waiting to decide whether to criminal charges until the Supreme Court's ruling.In June, prosecutors filed charges against Visium Asset Management's Sanjay Valvani, who was found dead days after an apparent suicide. Valvani had maintained his innocence, and <a href="http://www.businessinsider.com/behind-the-life-and-death-of-visiums-sanjay-valvani-2016-9">friends and colleagues told Business Insider he was stunned when the government brought charges against him</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/former-wells-fargo-employees-fired-reporting-fraudulent-activity-2016-9">Former Wells Fargo employees say they were fired after reporting fraudulent activity</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="AyMHYxNjE6zGA5OnirMAgI1EBDWDFJUD" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The Supreme Court is weighing in on a closely watched insider-trading case

<div class="image-container float_right" style="width:480px"><div class="image">AP</div></div>The American Civil Liberties Union welcomed Attorney General <keyword id="127300" type="PERSON" weightage="60" keywordseo="Eric-Holder">Eric Holder</keyword> to 2013 upon news that he would use a high-profile speech to announce major policy shifts in the Justice Department's federal sentencing and enforcement arenas.
<a href="http://www.businessinsider.com/eric-holder-drug-sentences-non-violent-marijuana-2013-8" target="_blank">This was a shift</a> that was a full four-year term of President Barack Obama — and more — in the making for liberals and civil libertarians.
What garnered the most attention was Holder's proposal to end mandatory minimum sentences for non-violent drug offenders, something that Holder painted as essential to cutting America's soaring prison population and the economic and moral burdens that come with it.
Laura Murphy, the director at the ACLU Washington Legislative Office, and Vanita Gupta, the director of the organization's Center for Justice, put it like this:
What should we make of the nation’s top prosecutor calling out the US for throwing too many people behind bars and challenging the failed <keyword id="667205" type="UNKNOWN" weightage="60" keywordseo="war-on-drugs">war on drugs</keyword>? First off, we should acknowledge that this is a big deal! This is the first speech by any Attorney General calling for such massive criminal justice reforms. This is the first major address from the Obama Administration calling for action to end the mass incarceration crisis and reduce the racial disparities that plague our criminal justice system. ... This is great news.
Holder's speech to the American Bar Association Monday in San Francisco served as a tacit admission of the failure behind one of the central pillars of the harsher "War on Drugs" era policy initiatives. At various points in his speech, he referred to mandatory minimum sentences as "counterproductive," "draconian," and "excessive."
Advocates pushing for a shift away from mandatory-minimum sentencing used moral and economic arguments to make their case against it. The U.S. only comprises 5% of the world's population, but it accounts for about 25% of the world's prison population. And according to the <keyword id="67869" type="ORGANIZATION" weightage="60" keywordseo="Department-of-Justice">Department of Justice</keyword>, federal prisons are about 40% over capacity. About half of the 219,000 inmates in federal prisons are serving time for drug-related offenses.
Here's a chart from the Families Against Mandatory Minimums Foundation that explains the economic consequences that have followed:
<div class="image-container display-table"><div><div class="image">FAMM</div></div></div> 
The shift in mandatory-minimum sentencing is also part of comprehensive prison reform package — one that Holder wants to use as a key basis of his legacy. Holder also unveiled policy shifts to reduce sentences for elderly, nonviolent inmates, as well as seeking alternative punishments to prison for nonviolent criminals.
Sen. Rand Paul (R-Ky.), one of the Obama administration's most prominent critics on the issue, said in a statement that he was "encouraged" by the shift.
"I am encouraged that the President and Attorney General agree with me that mandatory minimum sentences for non-violent offenders promote injustice and do not serve public safety," Paul said.
Paul touted Holder's speech as momentum for bipartisan legislation he <a href="http://www.famm.org/federal/USCongress/BillsinCongress/S619TheJusticeSafetyValveActof2013.aspx" target="_blank">introduced</a> in March, which was co-sponsored by libertarian Sen. Mike Lee (R-Utah) and liberal Democratic Sens. Pat Leahy (D-Vt.) and Richard Durbin (D-Ill.). The legislation would allow judges to sentence federal offenders below the mandatory-minimum sentence "whenever that minimum term does not fulfill the goals of punishment."
Holder's speech was the first and most high-profile wading into the debate from the Obama administration. That it came from the top was cheered by longtime advocates like FAMM.
“For the past 40 years, the Department of Justice, under both political parties, has promoted mandatory minimum sentencing like a one-way ratchet," FAMM President Julie Stewart said in a statement. 
"Federal prison sentences got longer and longer and no one stopped to consider the costs and benefits. Today, at long last, the <keyword id="6358883" type="PERSON" weightage="100" keywordseo="Politics">politics</keyword> of criminal sentencing have caught up to the evidence."

You Searched For "rajat gupta prison term" and got 13 results

Court rejects Rajat Gupta’s appeal, yet again

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Chopper Scam: Delhi HC reserves order on Michel's interim bail plea citing virus risk in jail

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