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The Delhi High Court on Wednesday granted bail to the former National Stock Exchange (NSE) CEO Chitra Ramkrishna and former Group Operating Operating Officer Anand Subramanian in the main co-location scam case registered by the CBI. Ramkrishna and Subramanian, however, will remain behind the Tihar Jail since the duo were also booked in cases of illegal telephone tapping of NSE employees that are simultaneously being probed by the CBI and the Enforcement Directorate, said a lawyer representing their matters in courts.
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In his investigative book –the Market Mafia – Palak Shah chronicles the scandalous goings on at the exchange, and the rise of Chitra Ramkrishna and the controversial appointments she madeJustice Sudhir Kumar Jain gave "statutory bail" to the former NSE employees. The CBI has accused the former NSE CEO Ramkrishna of misusing her official position to appoint Subramanian to an underserving position and offering him a disproportionate salary package. Both the senior NSE employees have also been accused in a chargesheet of rigging the co-location facility at the stock exchange to benefit some traders.
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NSE Scam
Everything you need to know about the curious case of former NSE CEO Chitra Ramakrishna and the mysterious yogiThe chargesheet, filed before a Special CBI court at Rouse Avenue District Courts a couple of months ago, stated that Ramkrishna first brought Subramanian on board NSE as the chief strategic adviser and subsequently re-designated him as the GOO-cum-Adviser overlooking recruitment rules. The CBI also charged that ₹4 crore salary to Subramanian was also in contravention with the existing appointment rules.
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Scams that rocked the markets
From 1992 to now, tracking the many scams that resulted in market crashRamkrishna and Subramanian came to Delhi High Court after their bail was rejected by Special Judge of Rouse Avenue Courts on May 12. They are facing charges of destruction of evidence under Section 204 and for hatching criminal conspiracy under (120B) of Indian Penal Code and other offences under the Information Technology Act and Prevention of Corruption Act.
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CBI chargesheet in NSE co-location scam
The chargesheet was filed against Chitra Ramkrishna, Anand Subramanian in a special CBI court of the national capitalChitra Ramkrishna's lawyer, however, stated that another bail application in the telephone tapping case is pending before the Delhi High Court for final disposal.
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