Insider trading case: Rajat Gupta to stay free on bail pending appeal
64-year-old Rajat Gupta, who was to begin his two-year prison term on January 8, had filed an appeal in the US Second Circuit Court of Appeals seeking stay of his surrender to prison and to remain free on a 10-million-dollar bond while he challenges his conviction.
A two-judge panel ruled in Rajat Gupta's favour at a hearing yesterday, saying "it is hereby ordered that the conditions of release imposed by the district court will be continued.
"Motion is granted," US Circuit Judge Jose Cabranes said in the ruling, allowing Rajat Gupta's motion to stay his surrender date and remain free on bond.
The court is expected to hear Rajat Gupta's appeal around April next year and it could be a year before his request to overturn his conviction is ruled upon.
The bail conditions imposed by the district court since Rajat Gupta's arrest in October last year include the 10 million dollar-bond, surrender of his passports and travel restrictions.
The ruling comes as a major relief for Rajat Gupta, who is one of the most high-profile Wall Street executives to be charged with passing confidential boardroom information about Goldman Sachs to his friend and business associate, hedge fund founder Raj Rajaratnam, who prosecutors allege made millions of dollars in profit and avoided huge losses thanks to
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