The Delhi High Court on Wednesday dismissed a plea filed by Central Bureau of Investigation challenging bail granted to former managing director and chief executive officer of the National Stock Exchange Chitra Ramkrishna in a case related to alleged illegal phone tapping of NSE employees.

Justice Madhu Jain dismissed CBI's plea challenging a trial court order passed on December 22, 2022, granting her bail in the case.

The Court also upheld the bail granted to former IPS officer Sanjay Pandey in the case. 

Justice Jain held that the CBI failed to demonstrate any perversity, illegality, non-application of mind or material irregularity in the orders granting them bail.

The Court observed that while proceedings conducted by the CBI and Enforcement Directorate are legally distinct, an earlier bail judgment passed in the connected PMLA proceedings could be considered by the Special Judge since both cases arose from the same FIR, the same NSE-iSEC arrangement and the same alleged criminal activity.

However, the Court clarified that such an earlier judgment could not be treated as binding or conclusive and could not substitute the Special Judge's independent satisfaction while deciding the bail applications.

The Court rejected the CBI's contention that the Special Judge had abdicated jurisdiction merely by taking note of the earlier PMLA bail judgment.

It held that the earlier judgment was relevant because it examined the very offences which formed the common factual foundation of the CBI and ED proceedings. However, the findings in that judgment were only prima facie and did not bind the Special Judge.

While granting her bail, the trial court had directed her to appear before the court as and when the hearing takes place and join the investigation whenever called by the investigating officer.

It had further directed the accused not to communicate with, or come into contact with any of the prosecution witnesses or tamper with the evidence of the case.

It had directed that she would not leave the country without the court's prior permission.

On February 9, 2023, she was granted bail by the high court in the money laundering case related to the alleged scam.

According to the CBI FIR, top officials of NSE including the applicant allegedly conspired with iSec Private Limited to cheat the NSE and its employees, and in furtherance of this criminal conspiracy, the company was hired for illegal interception of the phone calls of NSE employees.

Ramkrishna was appointed as Joint MD NSE in 2009 and remained in the position till March 31, 2013. She was elevated as MD and CEO on April 1, 2013. Her tenure at NSE ended in December 2016.

The FIR was registered under sections 120B, 409 and 420 of IPC, sections 69B, 72, 72A of Information Technology Act, 2000, sections 20, 21, 24 and 26 of the Indian Telegraph Act, sections 3 and 6 of the Indian Wireless Telegraphy Act and sections 13(2) and 13(1)(d) of the Prevention of Corruption Act, 1988.

Thereafter, the Enforcement Directorate (ED) registered an ECIR on the allegations of scheduled offences. The agency had alleged that the revenue of Rs. 4.54 crores generated by ISEC for providing the services constituted "proceeds of crime‟.

Title: CBI v. Chitra Ramakrishna & other connected matter

Citation: 2026 LiveLaw (Del) 893

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