Rajat Gupta's bid to overturn his conviction on insider trading charges was rejected by a US court
A US court on Wednesday rejected a bid by Rajat Gupta, former director of Goldman Sachs, to overturn his conviction on insider trading charges and sentenced him to two years in prison.
The US Court of Appeals for the Second Circuit in its order rejected Gupta’s appeal against his conviction and said, “We have considered all of Gupta’s arguments on this appeal and have found them to be without merit. The judgement of the district court is affirmed,” the order said.
In June 2012, the 65-year-old Gupta was found guilty of securities fraud and conspiracy to commit securities fraud.
He was charged with passing confidential boardroom information about Goldman Sachs to now jailed hedge fund founder Raj Rajaratnam.
This information included information on Goldman’s financial results, as well as a crucial $5-billion investment by Warren Buffett’s Berkshire Hathaway Inc.
Earlier this week, US regulator Security and Exchange Commission (SEC) had asked the court to affirm a district court’s decision that Gupta pay a $13.9-million penalty and be banned for life from serving as director of a public corporation.
Gupta, the former head of McKinsey & Co, the global consulting firm, is the most prominent corporate executive convicted in the Government’s sweeping investigation into insider trading.
The case, which caps a wave of successful insider trading prosecutions over the past years, is a significant victory for the government, which has penetrated some of Wall Street’s most vaunted hedge funds and reached into America’s most prestigious corporate boardrooms.
Indian cyber security sleuths have alerted users of Android smartphone about malicious activities of a tricky virus called 'Dendroid' whose infection could completely compromise their mobile handsets
Computer Emergency Response Team of India (CERT-In) has issued an alert, warning Android smart phone users, about a potential threat from a malicious toolkit called Dendroid. According to the agency, Dendroid is being used to create trojanised applications that infects Android-based smart phones.
"The malware is created by modifying the required permissions by any clean APK (Android Application Package) with Dendroid RAT functionality that allows detailed management of the infected devices. Once activated, could change the command and control server of a user's personal Android phone and intercept private SMSes coming in or going out," CERT-In said in a release.
CERT-In is the nodal agency to combat hacking, phishing and to fortify security-related defences of the Indian Internet domain.
It said upon installation of this malicious application, a remote attacker could "completely compromise the affected Android-based smartphone and could control it remotely".
The virus can perform a number of malicious activities, CERT-In said, adding, "It can change the command and control server, delete call logs, open web pages, dial any number, record calls and audio, SMS interception, upload images and video to remote location and open an application".
It said the malware infected "is controlled by the attacker through Dendroid Toolkit. Dendroid is a HTTP RAT, having a sophisticated PHP administration panel and an application APK binder package.
What Android phone users can do?
• Do not download and install applications from untrusted sources. Install applications downloaded from reputed application market only.
• Run a full system scan on your handset/tab with mobile security solution or mobile antivirus solution. There are several reputed and free antivirus, like Avast (Mobile Security & Antivirus), Lookout (Security & antivirus Protection), Avira Antivirus as well apps from Norton, McAfee and Kaspersky are available on Google Play.
• Check for the permissions required by an application before installing. Exercise caution while visiting trusted/ untrusted sites before clicking links.
• Install Android updates and patches as and when available from device vendors
• Install and maintain updated mobile security/ antivirus solution
• Use device encryption or encrypting external SD card feature available with most of the android OS
• Keep an eye on data usage (application wise usage also) and unusual increase in mobile bills
• Keep an eye on device battery usage (application wise usage also)
• Avoid using unsecured, unknown Wi-Fi networks. There may be rogue Wi-Fi access points at public places used for distributing malicious applications.
• Make a practice of taking regular backup of your Android device
Being an election year, domestic revenues for Tata Consultancy Services are expected to decline in March quarter, thus impacting its overall growth, says SBI Cap Securities
Demand environment for Tata Consultancy Services (TCS) would remain as there is an improvement in discretionary spending. “Generally March is the strongest quarter for India business. However, being an election year, revenue from India is expected to decline quarter-on-quarter in Q4, impacting the overall growth,” says SBI Capital Securities in a note.
According to a research note, geographically, the US and UK are expected to grow close to the average of TCS, whereas Latin America would grow faster.
“For TCS, performance in March quarter is likely to be weaker than December quarter due to seasonal factors and softness in the India business, impacted by the general elections,” the report said.
SBI Cap Securities, in a research note, has lowered its estimates on TCS for Q4 to 2% in constant currency, down from its 3% estimates earlier. According to TCS management, closure and ramp-up of deals are on track. The company expects better FY15 compared with FY14.
In terms of profitability, TCS had maintained its long-term EBIT margin target of 27% and would look at reinvesting in domain capabilities, expanding its offerings and reach, and also being more aggressive in chasing deals, the research report said.
SBI Cap Securities, said, “Despite near-term revenue weakness, we believe TCS is best placed to capture any uptick in spending on the back of its diverse presence across verticals, markets and service lines. Over the last 1M/3M, TCS has corrected by 7%/2% and currently trades at 18.9x/17.0x F15e/F16e EPS. Considering its ability to retain and improve market share and recent stock price underperformance, the research analysts upgrade the rating to BUY from HOLD with a revised target price of Rs2,525 valuing company at 21x F16e earnings.”
The company’s financial summary is shown in table below: