'Don't forget Rajat Gupta philanthropy'

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Agencies: New York, Jun 04 2012, 17:01 IST

As the high-profile insider trading trial of former Goldman Sachs director Rajat Gupta enters its third week, the Indian-American's prominent friends feel he has been portrayed in an "unfair and one-sided" manner and his philanthropic work in India should not be forgotten.

63-year-old Gupta's trial, which began in Manhattan federal court on May 21, will resume today after a weekend break with his protege and former McKinsey executive Anil Kumar returning to the witness stand to testify against him.

Last week, Kumar had told jurors he had worked closely with Gupta in 1997 to set up the Indian School of Business (ISB) in Hyderabad.

Gupta, in March last year, had resigned as chairman of ISB's executive board after the Securities and Exchange Commission initiated an administrative action against him on insider trading charges.

As Gupta fights the charges of securities fraud in a closely watched trial, ISB Dean Ajit Rangnekar has voiced support for the prestigious school's co-founder saying it has been "very difficult" for those who have known Gupta to "understand" and come to terms with the charges and allegations against him.

Rangnekar's name is among a list of 20 witnesses, who could testify for him in the trial, submitted in court by Gupta's defence team.

"Here is a man who has done incredibly amazing things for India, completely selflessly without wanting anything for it when he could have spent that same time making a lot of money for himself," Rangnekar said.

The ISB dean said several of Gupta's friends feel that a "very one-sided and

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Reader's Comments (2)| Post a Comment

'Don't forget Rajat Gupta philanthropy'

shekhar | 06-Jun-2012Reply | Forward

There is no doubt Gupta achieved what many of us only dream of - that too in the proverbial wild dreams; however you marvel at some of the chaps supporting him and their double standards. I remember in vivid detail a case when I worked in a company where one of these worthies was the chairman - of course by virtue of being the progeny of the founder. A junior executive was alleged to have passed on information to a vendor; the deal size was piddly. The vendor himself said he had not paid anything to the employee and after detailed investigations we concluded that it was plain stupidity that made the employee do what he did. But guess what - when the matter reached the "beloved chairman", he summoned the entire HR department, sundry department heads and all others who could be stuffed into his football field size "chamber" and gave them the dressing down of their lives for abetting "crime" and encouraging criminals - these had no place in his pristine empire. Makes you wonder - what??

Rajat Gupta's philanthropy

Gurinder | 04-Jun-2012Reply | Forward

Who would not wish that Rajat comes out clean from this case. Why would Rajat betray a country that gave him citizenship & life? We in India know fully well how the corruption hurts average people. USA & European countries provide god send relief to millions of Indians who have talent and want to live clean life.Rajat has hurt prospects of many IIMs,IITs and other people who wish to live & work in USA. People who support Rajat may have acceptability for corruption in public life.