NSE Co-location scam: Delhi HC grants bail to Chitra Ramakrishnan, Anand Subramanian
Sep 28, 2022
New Delhi [India], September 28 : The Delhi High Court on Wednesday granted bail to former National Stock Exchange (NSE) head Chitra Ramakrishnan and co-accused Anand Subramanian in the NSE co-location case.
A bench of Justice Sudhir Kumar Jain granted Statutory (default) bail to both the accused after noting that the complete charge sheet was not filed by the Central Bureau of Investigation (CBI) in the case against the petitioners.
The High Court granted bail to the accused persons on furnishing a personal bond of Rs. 5 lakh and one surety in the like amount by each accused.
The court said, "The bail applications under section 439 Cr. PC is dismissed but the statutory bail is allowed."
The bench also observed, "There is a legal force and supported by judicial decisions that the CBI has failed to complete the investigation in respect of all the offences as mentioned in the FIR and to file a final report within stipulated time i.e. 60 days from the date of arrest of the accused and filed an incomplete and piecemeal charge sheet before the concerned court on April 21, 2022 i.e. 46th day from the date of arrest."
While granting bail, the bench directed the accused persons that they will not leave the country without court's prior permission and they will surrender their passports within 7 days of release from the custody.
It is also directed that the accused persons shall co-operate and participate in the investigation as and when directed by the Investigation Officer. The petitioners shall not tamper with the evidence.
Special CBI at Rouse Avenue Court earlier had dismissed the bail pleas of Ramakrishnan and Subramanian.
The case against Subramanian is connected with a February 11 order of the Securities and Exchange Board of India (SEBI) that noted Ramakrishna was allegedly involved in financial misdeeds relating to fixation and frequent revision of Subramanian's compensation in a disproportionate manner, in cahoots with whom she claimed to be a "Siddha Purusha".
CBI has alleged that Subramanian while performing public duty to protect the interest of common investors, indulged in criminal conspiracy with other co-accused.
Subramaniam's counsels before the lower court had argued before that no criminality could be attributed to him, as he played no role in the daily affairs of NSE and was only an employee and not the decision maker.
The counsel had submitted that he was given clean chit by SEBI.
