NSE co-location case: Chitra Ramkrishna moves Delhi HC for bail

New Delhi , May 18: In National Stock Exchange (NSE) co-location case, Chitra Ramkrishna former managing director (MD) and chief executive officer (CEO), moved Delhi High Court seeking bail in the matter.

 The bench of Justice Talwant Singh on Wednesday recused to hear the matter.

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Chitra Ramkrishna has approached the Delhi High Court challenging the trial court order denying her bail in the matter.

On May 12, the trial court's Judge Sanjeev Aggarwal had refused to grant bail to Chitra Ramkrishna in the matter and said, considering the gravity as well as the seriousness, enormity, and magnitude of the allegations against the accused persons, as discussed above, no ground for their bail is made out at this stage.

The trial court also said that "it appears that accused Chitra Ramkrishna prima facie seems to have been running the affairs of NSE akin to that of a private club; singer writer, Nobel Laureate Bob Dylan once said 'money doesn't talk, it swears', which is a song of, 1964 song album "It's Alright Ma I'm Only Bleeding", means that money not only has influence, but it has great influence, even a perverse influence on people."

In the month of March, CBI arrested Chitra Ramkrishna- a former managing director and chief executive officer of the National Stock Exchange (NSE). Anand Subramanian as Group Operating Officer and Advisor to MD in connection with the NSE co-location case was arrested in the month of February.

CBI in its reply stated that the examination of other witnesses is underway to unearth the conspiracy related to the co-location set-up and the role played by the applicant Chitra Ramkrishna therein. She was looking into the day-to-day affairs and the entire Co-location setup that was implemented during her tenure at NSE. There are apprehensions that she may sway the witnesses if enlarged on bail.

In the National Stock Exchange Co-Location case, the Central Bureau of Investigation (CBI) said that the investigation states that accused Chitra Ramkrishna, by misusing her official position, re-designated the post of accused Anand Subramanian as Group Operating Officer and Advisor to MD from April 1, 2015, without bringing the same to the notice of NRC and the board.

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Earlier, the Securities and Exchange Board of India (SEBI) has penalized the National Stock Exchange and its former CEOs Chitra Ramakrishna and Ravi Narayan, and two other officials for lapses in recruitment at the senior level.

-PTC News