HYDERABAD: Downfalls more dramatic than Rajat Gupta’s are rare indeed. His story is as tragic as The Mayor of Casterbridge. From nothing, he made his way to be a celebrated corporate consulting czar, only to be reduced to a convicted felon. Gupta’s career graph was nothing less than a rocket ride (serving on high-profile boards) until it nosedived at break-neck speed, landing him in a US federal prison for 19 months. As fortunes changed, he too did.
Having given countless speeches including at the United Nations, Gupta, in his own words, was a persuasive speaker, never needed speech writers and disliked others giving him directions. But faced with grave charges, he put his fate and faith in his legal team, even renting an office for mock trials. Perhaps, what Gupta needed was to be himself in front of A Few Good Men to ‘handle the truth’, but in the end, he obliged his lawyer’s request not to testify, a decision he regrets.
“The toughest part was not when I lost the case, but when I was charged,” recalls Gupta. That’s when his consulting career, which made him imperial in his power, crumbled, while the perceived gulf between truth and falsehood — prosecutors say Gupta owns 15 per cent stake in Raj Rajarathnam’s Galleon Group, which he denies — crushed his credibility to bits.
Given the anger and disappointment, is there a special loathing reserved for federal prosecutor Preeth Bharara or Rajarathnam? “Will forgive him (Bharara) if we run into each other,” Gupta says, sounding less aggrieved and vindictive than you’d imagine. While in prison, Gupta had already spent considerable time with Rajarathnam eating breakfast, playing scrabble or doing small talk.
“The legal fight is over. I’m just exhausted. You can read (his memoir Mind Without Fear) and decide for yourself whether I’m guilty or innocent. It doesn’t matter so much to me. Actually, the book isn’t to redeem my reputation, but there are lessons to be learnt,” he observes, squarely resting his case in the court of public opinion.
Throughout his career, people queued up to listen to him, but now he wants to hear from us. That is the impression he gives as we sit down for an interview at the ISB he helped build. “What did you think of the book?” Gupta is all ears. “It’s unputdownable,” I reply. Gupta breaks into a two-second cheerful laugh. But why was it priced so low at `80? He’s candid, “Not trying to make money.”
Select parts of his memoir make the US prison life look somewhat cool. Definitely better than what you watch on Netflix. Even during multiple media interviews, Gupta seldom seemed tired talking about it. “There’s a whole world out there, which you probably never explored,” explains Gupta, but quickly adds that it would be an overstatement to term the overall experience good. Gupta has moved on and found his next task: reform the US criminal justice system. “What was quite hard and unreasonable was the solitary confinement. They use it too much. It’s sort of unchecked power,” he opines.
From owning priceless items prior to his imprisonment, Gupta’s prized possessions probably is now the Bhagavad Gita, which he read cover to cover. “I lost weight but have become much fitter. I used to walk ten miles a day and exercise,” he says in between the conversation .Having seen a catastrophic loss of influence, Gupta rules out professional or commercial assignments, though he did consult while in prison.
“Somebody getting out wanted to know about business plans. But those weren’t in my experience...starting a bakery, a dry cleaning shop...overall it was interesting,” chuckles Gupta. Gupta’s story may read like The Mayor of Casterbridge, but after meeting him, it’s obvious that he has found solace and meaning in philosophy. Not a downfall at all.