Khushi Bajpai
Published on: 28th September, 2022 at 19:41 IST
In a case brought by the Central Bureau of Investigation (CBI) against them in connection with the NSE co-location scam [CBI v. Sanjay Gupta and Ors], the Delhi High Court on Wednesday granted statutory bail to former NSE CEO Chitra Ramkrishna and former NSE Group Operating Officer Anand Subramanian.
However, Justice Sudhir Kumar Jain made it clear that under Section 439 of the Code of Criminal Procedure, bail was given without regard to merit.
The Court ordered the CBI to read the ruling after the judgement was announced and stated that it would be beneficial for them in the future if they agreed with the legal stance. The court stated that the order is 110 pages long.
Ramkrishna, who is accused of constantly changing the title and pay of former NSE employee Anand Subramanian, appealed the decision of a special CBI court that had earlier in May 2022 granted her bail.
The case is the result of a Securities and Exchange Board of India (SEBI) order dated February 11 that found Ramakrishna had allegedly engaged in financial wrongdoing involving the fixation and frequent revision of compensation of another former NSE employee named Anand Subramanian in an excessive manner. This is what she is accused of doing.
According to the CBI, Subramanian engaged in criminal conspiracy with other co-accused and greatly benefited numerous trading members/brokers while carrying out his public responsibility to safeguard the interests of common investors, committing a significant economic offense.
Ramkrishna was also accused of communicating via email with a Himalayan Yogi who the CBI later claimed to be none other than Subramanian. This was revealed only after CBI officials seized possible evidence from Anand Subramanian’s residence.