NSE Co-location scam: Special Court reserves order on bail plea of Chitra Ramkrishna, Anand Subramaniam

Former National Stock Exchange (NSE) head Chitra Ramkrishna, accused of frequently revising the designation and compensation of another former NSE employee Anand Subramanian, told a Special CBI Court that the decision was a collective one of NSE board which included former Supreme Court judge Justice B N Srikrishna, and not her individual decision [CBI v. Sanjay Gupta and Ors]..The Special Court was hearing a plea for bail by Ramkrishna arrested by the Central Bureau of Investigation (CBI), for allegedly sharing confidential information relating to the NSE.Subramanian had been appointed Chief Strategic Advisor (CSA) and later re-designated as Group Operating Officer (GOO) and Advisor to MD during Ramkrishna's tenure. Senior Counsel N Hariharan appearing for Ramkrishna also brought to the notice of Special CBI Judge Sanjeev Aggarwal a board resolution to demonstrate that it had always been kept in the loop on the decision making..The Court took on record the medical report of Ramakrishna and reserved its verdict in the bail plea. The order is expected to be pronounced on May 9. “Arguments heard at length on the bail application under Section 439 CrPC moved on behalf of accused Chitra Ramkrishna and concluded. Further arguments also heard at length on the second bail application under Section 437/439 CrPC moved on behalf of applicant/accused Anand Subramanian and concluded. Put up for orders on both the above bail application(s) on May 9, 2022,” the Court said..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 whom she claimed to be a “Siddha Purusha”.To contest this claim, it was contended that Ramkrishna being the managing director, had the bandwidth to determine the salary of any consultant and such emoluments were within such a bandwidth on the basis the experience he brought to the table..The other allegation against Ramkrishna was of being touch through e-mails with the Himalayan Yogi who the CBI later claimed to be no one else but Subramaniam.The senior counsel questioned if it was Subramaniam, then where was the breach in confidentiality.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..Aside 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.CBI was represented by Advocate V K Pathak..[Read Order]