The trial, which opened at the London court last year, is aimed at laying out a prima facie case of fraud against Mallya, who has been in the UK since he left India in 2016.
Additional chief secretary M.K. Raut and OSD P.K. Janawade allegedly acquired $23,380 in the name of 23 persons most of whom didn't even travel with them.
For all their colonial underpinnings, postcards from Hyderabad also inadvertently preserve a trace of local memory: a glimpse of a street, a face, a forgotten name.
Indian toymakers are now exploring new markets, but they want govt to negotiate a trade deal with US soon, introduce incentives and subsidies to make the industry more competitive.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Now that both IAF and PAF have made formal claims of having shot down the other’s aircraft in the 87-hour war in May, we can ask a larger question: do such numbers really matter?
In my opinion, Gupta knew what he was doing. Contacting Rajaratnam on numerous occasions soon after attending corporate board meetings was not an aberration but a part of his overall strategy to climb the corporate ladder quickly. However, he has paid his dues by completing the punishment imposed by the very system in which he failed.
Secondly, I believe he got a very bad advice to fight the US DOJ, a mammoth organization with over 95% success rate. His high priced lawyer, Gary Naftalis, was mediocre at best, who could not even remember the names of the players involved in the massive fraud perpetuated by the likes of Rajaratnam, Anil Kumar etc. I just can’t comprehend who in the right mind would dispute a recorded phone call merely 23 seconds after the conclusion of a board meeting, and take on the US DOJ. Had Gupta received the proper legal advice, he would have struck a deal with the US Govt. and pretty much come out with a slap on the wrist?.
Lastly, I firmly believe Gupta’s professional career is completely over in the US, but he can still hobnob with the Indian elites who if put under scanner like Gupta in the US would be in lot deeper shit because most of them are truly crooks.
Gupta is just an agent of some firm.. never created wealth or employment for the world.. just moved it… and never invented anything… an employee who waited for his paycheck.
Why are we supposed to respect him? This article is good PR for him and most likely paid for.
Its shocking to believe that elite of Corporate believe he did a mistake. Ridiculous. After a board meeting you call up and inform some one about the meeting is blasphemy in investor parlance. Is it that Mr. Gupta is trying to build something in India by using PR tricks. I think next time you meet the so called IIT-Harvard or any other management degree holder: Beware.
I think this article started nicely but ended showing the softer side. End of the article could have been handled in a better way.
Please read portion from the book Outsiders by Thorndike:
“Ironically, in the early 1980s, the management consulting firm McKinsey advised the company to halt its buyback program. Graham followed McKinsey’s advice for a little over two years, before, with Buffett’s help, coming to her senses and resuming the repurchase program in 1984. Donald Graham reckons this high-priced McKinsey wisdom cost Post shareholders hundreds of millions of dollars of value, calling it the “most expensive consulting assignment ever!” (Katharine Graham – Washington Post)
More than Harvard/IIT, its the elitist, rich, entitled background that spoils character. Most trustworthy people generally come from a deprived childhood –who made it big. It may be that most people from the elite families do end up at those institutions anyway.
Judge had it right – truly good person who made a mistake. Wish Rajat and his wonderful family nothing but the best in new chapter
This is absolutely absurd. If a person steals RS. 10,000/- in India, he can go to jail for years while his case is still being heard in court. Whereas here, our man has committed millions of dollars worth of financial crimes and we’re saying “when you see his suffering, you understand karma”.
Have some shame. The author a was the editor of India Today. But this seems to be an experience that did not include any interaction with the real India. People are in jail for committing crimes because they were starving and poor. Here you are, using your expensive education to defend a guy who is still a multi millionaire for stealing money. Because he wanted to flaunt it to his friends.
Terrible journalism. If it can be called that.
The cause of his fall lies in this statement ‘hubris…However much you say that you will not fall into the trap of it, you do fall into the trap of it.” Ultimately we are just human. He was neither the first, nor will be the last. While in old times, and even now in many autocratic societies, the elite get away with far worse crimes. Not so in modern law driven societies, where a person who is even slightly on the wrong side of law, pays the price, many times a heavy price. The system shows no mercy. However, how should redemption take place? Is redemption a consequence of endorsements from loyal friends or one’s ability to re-network again? Ideally, for many crimes, and especially where the human tendency to “fall into the trap of it” is much more explicit and evident, the punishment should be manual community service. For example, it could be to carry out sewage drain repair work for 1-2 years in places like Dharavi or the slums of Rio. That’s where hubris will get destroyed…completely. Otherwise, it could just be homecoming.
The Print is an Indian online news portal. May I know how is this article relevant here? ISB & PHFI have nothing to do with the common man in India. I am a physician and very well know how much work PHFI actually does and I know of several colleagues who are settled in USA, who were disgusted with the workings of PHFI, when they wanted to join. As far as I know, there is not a single ground level clinician in India who works with PHFI.
In my opinion, Gupta knew what he was doing. Contacting Rajaratnam on numerous occasions soon after attending corporate board meetings was not an aberration but a part of his overall strategy to climb the corporate ladder quickly. However, he has paid his dues by completing the punishment imposed by the very system in which he failed.
Secondly, I believe he got a very bad advice to fight the US DOJ, a mammoth organization with over 95% success rate. His high priced lawyer, Gary Naftalis, was mediocre at best, who could not even remember the names of the players involved in the massive fraud perpetuated by the likes of Rajaratnam, Anil Kumar etc. I just can’t comprehend who in the right mind would dispute a recorded phone call merely 23 seconds after the conclusion of a board meeting, and take on the US DOJ. Had Gupta received the proper legal advice, he would have struck a deal with the US Govt. and pretty much come out with a slap on the wrist?.
Lastly, I firmly believe Gupta’s professional career is completely over in the US, but he can still hobnob with the Indian elites who if put under scanner like Gupta in the US would be in lot deeper shit because most of them are truly crooks.
Gupta is just an agent of some firm.. never created wealth or employment for the world.. just moved it… and never invented anything… an employee who waited for his paycheck.
Why are we supposed to respect him? This article is good PR for him and most likely paid for.
Go Home you Punk
Its shocking to believe that elite of Corporate believe he did a mistake. Ridiculous. After a board meeting you call up and inform some one about the meeting is blasphemy in investor parlance. Is it that Mr. Gupta is trying to build something in India by using PR tricks. I think next time you meet the so called IIT-Harvard or any other management degree holder: Beware.
I think this article started nicely but ended showing the softer side. End of the article could have been handled in a better way.
Please read portion from the book Outsiders by Thorndike:
“Ironically, in the early 1980s, the management consulting firm McKinsey advised the company to halt its buyback program. Graham followed McKinsey’s advice for a little over two years, before, with Buffett’s help, coming to her senses and resuming the repurchase program in 1984. Donald Graham reckons this high-priced McKinsey wisdom cost Post shareholders hundreds of millions of dollars of value, calling it the “most expensive consulting assignment ever!” (Katharine Graham – Washington Post)
Soft or hard–article is PR work and dishonest.
More than Harvard/IIT, its the elitist, rich, entitled background that spoils character. Most trustworthy people generally come from a deprived childhood –who made it big. It may be that most people from the elite families do end up at those institutions anyway.
Judge had it right – truly good person who made a mistake. Wish Rajat and his wonderful family nothing but the best in new chapter
This is absolutely absurd. If a person steals RS. 10,000/- in India, he can go to jail for years while his case is still being heard in court. Whereas here, our man has committed millions of dollars worth of financial crimes and we’re saying “when you see his suffering, you understand karma”.
Have some shame. The author a was the editor of India Today. But this seems to be an experience that did not include any interaction with the real India. People are in jail for committing crimes because they were starving and poor. Here you are, using your expensive education to defend a guy who is still a multi millionaire for stealing money. Because he wanted to flaunt it to his friends.
Terrible journalism. If it can be called that.
When an elephant falls , it is difficult to stand up 🙂 .
Well, giving someone a FINITE punishment is itself like giving the person a second chance. Every convict gets it, so why not him.
The cause of his fall lies in this statement ‘hubris…However much you say that you will not fall into the trap of it, you do fall into the trap of it.” Ultimately we are just human. He was neither the first, nor will be the last. While in old times, and even now in many autocratic societies, the elite get away with far worse crimes. Not so in modern law driven societies, where a person who is even slightly on the wrong side of law, pays the price, many times a heavy price. The system shows no mercy. However, how should redemption take place? Is redemption a consequence of endorsements from loyal friends or one’s ability to re-network again? Ideally, for many crimes, and especially where the human tendency to “fall into the trap of it” is much more explicit and evident, the punishment should be manual community service. For example, it could be to carry out sewage drain repair work for 1-2 years in places like Dharavi or the slums of Rio. That’s where hubris will get destroyed…completely. Otherwise, it could just be homecoming.
Everyone deserves a second chance.
The Print is an Indian online news portal. May I know how is this article relevant here? ISB & PHFI have nothing to do with the common man in India. I am a physician and very well know how much work PHFI actually does and I know of several colleagues who are settled in USA, who were disgusted with the workings of PHFI, when they wanted to join. As far as I know, there is not a single ground level clinician in India who works with PHFI.