Current Affairs – July, 2013

Latest Current Affairs July, 2013 with Current Affairs, news summary on current events of National and International importance of July, 2013 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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P Sathasivam is the Chief Justice of India

Screenshot_1Justice Palanisamy Sathasivam took over the post from Justice Altamas Kabir who served as the Chief Justice of India for over 9 months. Justice Sathasivam was elevated to the Supreme Court in August, 2007 and would renounce office on April 26, 2014.

Brief introduction about Justice Sathasivam:

Started off as an advocate at Madras. There after he was appointed as a permanent Judge of the Madras High Court in January, 1996. Later transferred to the Punjab and Haryana High Court in April, 2007.

Major Judgements by Justice Sathasivam :

  • A bench of Justice Sathasivam and Justice B S Chauhan had upheld the conviction of actor Sanjay Dutt and several others in the Mumbai blasts case.
  • The bench had castigated Pakistan and its intelligence agency ISI for training the perpetrators of the 1993 blasts and unable to discharge its obligation under international law to prevent terrorist attacks emanating from its territory.
  • Another Bench led by Justice Sathasivam had set aside the conviction of Pakistani scientist Mohammed Khalil Chisti.

Rajat Gupta fined $13.9 million for Insider Trading

Rajat Gupta fined $13.9 million for Insider Trading. The former Goldman Sachs Director Rajat Gupta has been fined a penalty of $13.9 million for one of the biggest insider trading case and has been eternally expelled from acting as an officer or director of a public company for leaking out boardroom secrets. He has been permanently barred from acting as an officer or director of a public company and from associating with any broker, dealer or investment adviser.
He is simultaneously appealing for his June, 2012, conviction in which he was given a two-year prison term and fined $5 million. The Securities and Exchange Commission (SEC) obtained $13.9 million penalty against Mr. Gupta for illegally spilling corporate secrets to his friend and former hedge fund manager Raj Rajaratnam.

The Securities and Exchange Commission earlier obtained a record $92.8 million penalty against Mr. Rajaratnam for prior insider trading charges. The SEC filed a complaint against Mr. Gupta in late 2011 for disclosing confidential information to Mr. Rajaratnam about Berkshire Hathaway Inc’s $5 billion investment in Goldman Sachs as well as non-public details about Goldman Sachs’ financial results for the second and fourth quarters of 2008. Mr. Gupta was sentenced on October 24, 2012, to a term of imprisonment of two years followed by one year of supervised release and ordered to pay a $5 million criminal fine. On December 26, 2012, the SEC obtained a final judgement ordering Mr. Rajaratnam to surrender his share of the profits gained and losses avoided as a result of the insider trading based on Mr. Gupta’s provided secrets and  prejudgement interest.