New York: A federal appeals court here has denied a petition by India-born former Goldman Sachs director Rajat Gupta, currently serving a two-year prison term in the US, to rehear his insider trading conviction. A full panel of the 2nd US Circuit Court of Appeals yesterday denied Gupta's petition for panel rehearing, or, in the alternative, for rehearing en banc. The panel that determined the appeal has considered the request for panel rehearing, and the active members of the Court have considered the request for rehearing en banc. It is ordered that the petition is denied, the order said. The denial is a blow to the efforts by Gupta to have his conviction overturned and his insider trading case reheard. 65-year-old Gupta reported to the minimum security satellite camp at FMC Devens in Ayer, Massachusetts on June 17 to begin his two-year prison sentence. His prison is next to the medical centre where his one- time friend and business associate hedge fund founder Raj Rajaratnam is serving his 11-year prison sentence for running the massive insider trading scam. Gupta's petition for rehearing was pending before the appeals court when he reported to prison last month. He had said last month in court papers that he will seek review by a higher court if his rehearing petition is denied by the appeals court.