• 22 Mar 2013 at 2:05 PM

Convicted Felon Will Not Be Eased Out Of His Last Remaining Business Enterprise

By

Insider-trading scams can be hard on a friendship. For instance, we doubt that Rajat Gupta has many warm feelings left for his old buddy Raj Rajaratnam. Nor, it seems, is he feeling particularly kindly towards he and Raj’s partner in private equity firm New Silk Road Partners.

Even facing two years in prison, the former McKinsey & Co. chief does not care to be screwed on a business deal. Which is what he says is happening, re: New Silk Road and his old buddy Parag Saxena.

At issue is an India-focused private-equity firm called New Silk Route Partners Ltd. that Mr. Gupta founded with Parag Saxena in 2007. While facing charges of insider trading, Mr. Gupta at Mr. Saxena’s request distanced himself from the firm by giving up control of his voting shares, according to the suit, which was filed Thursday.

Mr. Gupta also gave up the title of chairman but retained the ability to appoint a member of the firm’s two-person board, the lawsuit says. The problem came when Mr. Saxena attempted to block Mr. Gupta’s nominee to the board in March in an effort to gain “unfettered control over” New Silk Route, the lawsuit says.

Mr. Saxena, who serves as chief executive at New Silk Route, declined to comment through a company spokesman. The spokesman said that while New Silk Route itself isn’t named as a defendant in the suit, it believes the lawsuit is without merit. He added that New Silk Route “remained committed to severing all ties with Mr. Gupta.”

Gupta Sues Business Partner Over Control of Investment Fund [WSJ]

Comments (13)

  1. 1
    Posted by Lowly Assistant | March 22, 2013 at 2:47 PM

    Rajat Gupta's heart is darker than a Mobb Deep track.

  2. 2
    Posted by NakedShort | March 22, 2013 at 3:06 PM

    I want Rajat Gupta to murder my vagina.

  3. 3
    Posted by Lowly Assistant | March 22, 2013 at 3:26 PM

    You would look so regal with that tattered vagina.

  4. 4
    Posted by Lowly Assistant | March 22, 2013 at 3:29 PM

    Apropos of nothing, but can't you go onto the backend of the tourney sheet and give me Ole' Miss and Hahhhhhvad?

    We've known each other for quite some time at this point. Be a pal and a confidant.

  5. 5
    Posted by NakedShort | March 22, 2013 at 3:34 PM

    The last thing I need at this point is some NCAA Bracket scandal where I get drug to DC and have to answer to Carl Levin.

  6. 6
    Posted by Maxine Waters | March 22, 2013 at 3:39 PM

    He's the least of your concerns, honey. Now what's an NCAA again?

  7. 7
    Posted by Guest | March 22, 2013 at 3:42 PM

    Huh, I always thought you were a dude. Not a big deal. Little of column A, little of column B.

  8. 8
    Posted by NakedShort | March 22, 2013 at 3:46 PM

    My vagina comment was an Amanda Bynes twitter reference gone horribly wrong. Ill show myself out.

  9. 9
    Posted by guest | March 22, 2013 at 3:48 PM

    WHO IS YOUR NCAA?????

  10. 10
    Posted by The more you know | March 22, 2013 at 3:49 PM

    There is a very high incidence of violence involved with interracial marriage.

  11. 11
    Posted by Doug Masters | March 22, 2013 at 3:59 PM

    Hey, we all have fallen into the Amanda Bynes murdered vagina trap before. It happens.

  12. 12
    Posted by Pakistani | March 23, 2013 at 2:01 AM

    Indians!

    Sigh…!

  13. 13
    Posted by Johnson | April 27, 2013 at 2:37 AM

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