US court to hear Rajat Gupta's appeal on expedited basis

NEW YORK: India-born former Goldman Sachs director Rajat Gupta's appeal against his conviction on insider trading charges will be taken up on an "expedited" basis by a US court, which said it will hear arguments in the case as early as April next year.

The US Court of Appeals for the Second Circuit here said that briefs by Gupta on his appeal should be filed by January 18 next year while the government's motion should be submitted in court by March 15.

Gupta, 64, would then have time till March 29 to reply to the government's motion after which a two-judge panel of Jose Cabranes and Reena Raggi in the appeals court would hear oral arguments in the case "on or after the week of April 1".

"On a review of the record, it is hereby ordered that the conditions of release established by the District Court shall remain in full force and effect during the pendency of this appeal and the appeal will be expedited," the court's order said.

It said pending ruling on Gupta's appeal, any questions regarding bond and conditions of release should be referred to the two-judge panel.

Gupta was set to begin his two-year prison term on January 8 after being convicted this summer of passing confidential boardroom information in 2008 about Goldman Sachs to his friend and business associate, Sri Lankan hedge fund founder Raj Rajaratnam.

However, earlier this week, the former McKinsey head won a major reprieve after the appeals court granted his request to stay his surrender to prison and remain free on a USD 10 million-bond while he fights his conviction.