last bid to avoid jail U
INSIDE
Rajat has been accused of passing illegal tips to billionaire Galleon Group co-founder Raj Rajaratnam
MIDWEST EDITION FRIDAY, JUNE 20, 2014
Rajat Gupta loses I last bid to avoid jail IANS, WASHINGTON
ndia-born former Goldman Sachs director Rajat Gupta, scheduled to begin his twoyear prison sentence on June 18, told a U.S. court that he should not be required to pay a heavy $13.9 million in civil penalties since he already has to pay over $11 million in criminal fines. Gupta’s lawyer Seth Waxman argued his case during a hearing before a three-judge panel of the 2nd US Circuit Court of Appeals here on June 16. Gupta, 65, was not present for the hearing, during which Waxman argued that his client personally did not make any money from the trades done by Galleon hedge fund founder Raj Rajratnam and “nor had any expectation of making any money.” Waxman said that Gupta should not be permanently barred from serving as a director on a board of a public company or taking up the role of investment adviser. The appeals court judge asked Securities and Exchange Commission’s lawyer David Lisitza that does not the civil penalty of nearly $14 million “seem high” since Gupta already has to pay $five million fine in the criminal case and
S based rights group “Sikhs for Justice” has challenged U.S. government’s suggestion to a Washington court to grant immunity to former Indian prime minister Manmohan Singh in a human rights violation case. The U.S. Department of Justice in a May 2 submission asked the Washington federal court “to recognize Prime Minister Singh’s immunity from this suit while in office” as determined by the US government. The determination was “in consideration of the relevant principles of customary international law, and in the implementation of its foreign policy and in the conduct of its international relations,” it said. However, “The United States expresses no view on the merits of Plaintiffs’ claims against Prime Minister Singh”, the submission added. Challenging the submission, SFJ on June 16 asked the court to take a “judicial notice” of the fact that Dr. Manmohan Singh is no longer the Prime Minister of India and therefore does not enjoy immunity as “head of a foreign government”. The Foreign Sovereign Immunity Act (FSIA) also does not cover acts committed by the foreign officials in their “official capacity,” it said. In April, deputy principal legal
$80 million in 2008. Lisitza said “if not Gupta then who” should pay the fine since Gupta breached the trust of his company and board when he disclosed Goldman’s confidential information to Rajaratnam. Gupta’s lawyers have said he did not accrue any “direct financial benefit” from the insider trading offenses and yet he has been ordered to pay a “heavy price” of two years in prison, a $ 5 million fine and a separate $6 million in restitution to Goldman Sachs. In addition to the $13.9 million civil penalties, the district court issued three permanent injunctions which effectively prohibit Gupta from ever serving as an officer or director on a board of a pub-
NOTHING ‘PREITY’ ABOUT ‘NESS’ AFFAIR
Rajat Gupta
The IIT and Harvard alumnus is expected to serve about 85 percent of his two year term and will be back home by 2015 end. $6.2 million as restitution to Goldman Sachs. The judge said Gupta was “convicted for two trades” on which Rajaratnam made money. He asked if it is “reasonable” for Gupta to pay $24 million in total out of his alleged net worth of more than
lic company or accepting employment that involves associating with brokers, dealers, or investment advisors. Gupta will pay more than $25 million in fines, restitution, and penalties as a result of the criminal and civil proceedings against him.
Dr. Manmohan Singh
advisor of the US State Department had asked the Department of Justice to submit “Suggestion of Immunity” to the court and take necessary steps for dismissal of case against former prime minister Dr. Singh. A Federal Court in Washington had issued summons to the former Indian prime minister Manmohan Singh on charges of “funding several counter insurgency operations in state of Punjab during the 1990s resulting in more than hundred thousand Sikhs being killed extra-judicially by the security forces”. The case against Manmohan Singh was filed during his September 2013 visit under the Alien Tort Claims Act (ATCA) and Torture Victim Protection Act (TVPA).
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S President Barack Obama plans to appoint a Madras University graduate and alumnus of the Indian Institute of Technology (IIT) as a member of the National Science Board of National Science Foundation. The proposed appointment of Dr. Sethuraman Panchanathan, Senior Vice President of the Office of Knowledge Enterprise Development at Arizona State University (ASU), was announced by the White House on June 13 along with 15 other key administration posts. “Our nation will be greatly served by the talent and expertise these individuals bring to their new roles. I am grateful they have agreed to serve in this Administration, and I look forward to working with them in the months and years ahead,” Obama said. Panchanathan, who has held his current position at ASU since
Sethuraman Panchanathan
2011, previously worked as a Data Communication Engineer for International Software India Limited in Chennai, India in 1986. Panchanathan has held a number of positions at Arizona State University since 1998 and has been a foundation chair professor in Computing and Informatics since 2009 and a founding Director of the Centre for Cognitive Ubiquitous Computing since 2001.
NEW YORK: An Indian-origin woman in the U.S. has been conferred an Indian diaspora organization’s 2014 Service Award. Meena Kumari, associate professor of anatomy and physiology at Kansas State University College of VetMeena Kumari erinary Medicine, has received the 2014 Service Award of the Association of Scientists of Indian Origin in America, a university statement issued on June 17 said. “It is very humbling to be chosen for this award,” Kumari said. “Being at Kansas State University College of Veterinary Medicine has taught me what it means to serve with dedication and, above all, enthusiasm,” she said. Kumari has a doctorate in Andrology and master’s in Neuroendocrinology from the University of Delhi.
ARUN KUMAR, WASHINGTON
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ew Delhi b o r n Pratishth a Khanna, who came to the U.S. illegally at the age of ten, is one of ten local ‘Champions of Change’ honored by the White House for their exemplary leadership in their communities. All the ten honored on June 17 were what are called Deferred Action for Childhood Arrival (DACA) recipients under a programme initiated by President Barack Obama through a memo signed on June 15, 2012. The program requires the U.S. immigration authorities to defer removal action for certain undocumented young people who came to the U.S. as children and have pursued education or military service here. They are also often referred to as “DREAMers” as most of them meet the general require-
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ments of the Development, Relief, and Education for Alien Minors (DREAM) Act. “These DACA recipients serve as success stories and role models in their academic and professional spheres,” the White House said. Khanna from Laurel, Maryland for one, is currently a senior at the University of Maryland, Baltimore County (UMBC) and will graduate in May with a BS in Biology. She is an active member of the API Youth Convening-DACA Collaborative planning committee and the Maryland Dream Youth Committee (MDYC). She is also a member of Dreamers for DREAMers student organization at UMBC. After graduation, Khanna will be working (thanks to DACA) as an Emergency room medical scribe and will pursue a Certified Nursing Assistant Programme at Howard Community College. She hopes to attend medical school in Fall 2017.
Grandfinale riddle
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Is it too much risk giving new comers a chance to close a fashion show? Or is a grand finale not about fashion in the first place? Actors Deepika Padukone and Shah Rukh Khan at Manish Malhotra show at the Delhi Couture Week in New Delhi, August 2013.
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