[NSE Phone Tapping] Delhi’s Special CBI Court Denies Bail to Former NSE Head Chitra Ramkrishna

Aug 29, 2022 #CBI #CBI Court #Chitra Ramkrishna #NSE

Priya Gour

Published on: August 29, 2022 at 21:07 IST

The bail of former National Stock Exchange (NSE) head Chitra Ramkrishna was recently rejected by Special CBI Court Judge Sunena Sharma. The case of money laundering against her was registered by the Enforcement Directorate (ED).

Arguments on the bail application of accused/applicant Chitra Ramkrishna on behalf of the Enforcement Directorate have been heard.”

About the Case: Chitra Ramkrishna vs. ED

Allegations were made against the former NSE head of illegal phone taping of NSE employees. Ramkrishna, charged by both the CBI and ED, has been alleged of misuse of position by frequently revising the designation and compensation of a former NSE employee, Anand Subramanian.

The 2011 order of SEBI declared her as:

“Being involved in financial misdeeds relating to fixation and frequent revision of Subramanian’s compensation in a disproportionate manner, in cahoots with someone whom she claimed to be a ‘Siddha Purusha’”

Also, another accused, former Mumbai Police Commissioner Sanjay Pandey, was denied bail in the case earlier. He was charged by the ED and CBI for illegal tapping of phones of NSE employees by iSec Services Private Ltd. (founded by him).

He was also alleged of violating SEBI guidelines in conducting NSE’s system audit. The illegal tapping of MTNL phones was against the Telegraph Act. As a result, the Rs. 4.54 crore paid for it will be considered criminal proceeds.

Ramkrishna submitted that her position as Managing Director authorised her to determine the salary of any consultant and emoluments that fell within the position’s bandwidth.

She was represented by Senior Advocate Rebecca M Jothel, Advocates Shivam Batra, Rony O John, Akhil Ranganathan, Arshdeep Singh and Aadya.

While ED was represented by Special Counsel Zoheb Hossain, special public prosecutor Naveen Kumar Matta, and Advocates Siddharth Kaushik, Vivek Gurnani, and Shoaib Alvi.

Thereby, the special court denied her bail. A detailed order in this regard is yet to come.

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