Arguments closed, Rajat Gupta’s case nears climax
Former Goldman Sachs director Rajat Gupta’s fate is now in the hands of a Manhattan jury, which would break for deliberations after closing arguments on Wednesday. Yashwant Raj reports.business Updated: Jun 13, 2012 23:21 IST
Former Goldman Sachs director Rajat Gupta’s fate is now in the hands of a Manhattan jury, which would break for deliberations after closing arguments on Wednesday.
His defence team rested its case on Tuesday after two days of testimony intended to establish Gupta's integrity and also put a distance between him and Galleon boss Raj Rajaratnam.
Gupta is accused of leaking to Rajaratnam confidential corporate information about Goldman Sachs and P&G, which he had accessed as a member of their boards.
He has pleaded not guilty to conspiracy and securities fraud. He also didn’t take the court stand as had been indicated earlier by his defence team.
Rajaratnam was sentenced last year to 11 years in jail.
Gupta's lawyers have said he lost $10 million he had invested with Rajaratnam.
The case against Gupta is based overwhelmingly on circumstantial evidence. There are no smoking guns.
Indian corporates bat for Gupta
Friends and former business associates of Rajat Gupta including corporate heavyweights such as Mukesh Ambani, Adi Godrej and Pramod Bhasin have come out in support of Gupta and have written testimonies about the real Rajat Gupta they have known for years on the portal www.friendsofrajat.com .
“I have known Rajat now for over 20 years. He always talked about the things he wanted to do for India and never about himself,” Ambani wrote on the website.
First Published: Jun 13, 2012 23:19 IST