[BREAKING] Delhi court denies bail to Chitra Ramkrishna in NSE co-location scam case

Former Managing Director (MD) of National Stock Exchange (NSE), Chitra Ramkrishna, accused of frequently revising the designation and compensation of another former NSE employee Anand Subramanian, was on Thursday denied bail by a Special CBI Court in the NSE co-location scam case [CBI v. Sanjay Gupta and Ors]..Special Judge Sanjeev Aggarwal dismissed the bail pleas filed by Ramkrishna and Subramanian after hearing their arguments. A detailed order is expected later in the day..The case stems from a February 11 order of the Securities and Exchange Board of India (SEBI) that found Ramakrishna allegedly 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”.To contest this claim, it was contended by Ramkrishna that being the managing director, she had the bandwidth to determine the salary of any consultant and such emoluments were within such bandwidth on the basis the experience Subramanian brought to the table..The other allegation against Ramkrishna was that she in touch through e-mails with the Himalayan Yogi who the CBI later claimed to be none other than Subramanian.Ramkrishna's counsel then asked how there could have been a breach in confidentiality if the Yogi was Subramanian himself. The defense counsel also pointed out that the investigation agency had filed a chargesheet and Ramkrishna had spent almost two months in custody..The CBI said that Subramanian while performing public duty to protect the interest of common investors, indulged in criminal conspiracy with other co-accused and caused huge advantage to various trading members/brokers and thus committed a serious economic offence.Ramkrishna, however, stated that she had no connection with brokers and as per the investigation none of them had been arrested..Apart from Senior Advocate N Hariharan, advocates Shivam Batra, Rony Oommen John, Akhil Ranganathan, Arshdeep Singh, Punya Rekha Angara, Prateek Bhalla, Priya S and Subir Sarkar, represented Ramkrishna.Advocates Arshdeep Singh, Aakashi Lodha and Aditya Chopra appeared for Anand Subramanian.