NSE Co-Location Scam: Delhi High Court Grants Statutory Bail To Chitra Ramkrishna, Anand Subramanian In CBI Case

The Delhi High Court on Wednesday granted statutory bail to the former National Stock Exchange (NSE) CEO Chitra Ramkrishna and former Group Operating Officer Anand Subramanian in the co-location scam case being probed by the Central Bureau of Investigation (CBI).

Justice Sudhir Kumar Jain pronounced the order. The detailed order is awaited.

Senior Advocate N Hariharan appeared for Ramakrishna whereas Senior Advocate Vikas Pahwa appeared for Subramanian.

Both Ramkrishna and Subramanian were denied bail by Special Judge of Rouse Avenue Courts on May 12.

The FIR was registered in the year 2018 under Section 204 (destruction of document or electronic evidence) and 120B (conspiracy) of IPC and relevant offences under the Information Technology Act and Prevention of Corruption Act.

CBI is probing an alleged improper dissemination of information from the computer servers of the market exchange to the stockbrokers.

According to CBI, it was alleged that the probe revealed that Ramkrishna allegedly hired Subramanian as consultant in NSE without following the due procedure and also by coercing the HR Department.

Subramaniam, Ramakrishna and former CEO Ravi Narain were showcaused by the Security and Exchange Board of India (SEBI) for various corporate governance lapses.

CBI had thereafter arrested Ramakrishna and a Special Court had sent her to the custody.

SEBI had levied penalties on Ramakrishna and others for violating rules while appointing Subramaniam as Chief Strategic Advisor.

It was alleged by the probe agency that Chitra in conspiracy with Subramanian influenced the NSE officials to facilitate him in having access to important decision making processes.

Case Title: Chitra Ramakrishna v. CBI, Anand Subramaniam v. CBI