Rajat Gupta granted bail in insider trading case

Rajat Gupta, a former director of Goldman Sachs and Procter & Gamble, who was convicted of insider trading charges in the US, has been granted bail pending an appeal of his conviction by a federal appellate panel.

This means that the 64-yer-old Gupta will stay out of prison on furnishing a bond of $10 billion while he fights his conviction in the insider-trading case.

Besides the bond, Gupta will also have to surrender his passport.

A two-judge panel, which heard Gupta's motion on Tuesday, allowed Gupta to stay his surrender date and remain free on bond. ''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.

The bail comes as a major reprieve for India-born Gupta who was sentenced to a two-year prison term beginning 8 January.

The court will hear Gupta's appeal in April next year.