NSE co-location case: Default bail pleas of Chitra Ramkrishna & Anand Subramanian rejected

Former National Stock Exchange (NSE) CEO and MD Chitra Ramkrishna and ex-NSE Group Operating office (GOO) Anand Subramanian's default bail applications were dismissed by Delhi's Rouse Avenue Court on Saturday in the NSE co-location case. 

Rakesh Kumar, Special CBI Judge, rejected both bail pleas moved by Ramakrishna and Subramanian. Currently, both accused and in judicial custody and had moved default bail on the ground that sanctions in the case are still awaited from the competent authority.

The court also directed the probing officer to hasten up the matter and file sanctions on or before the hearing date.

Ramkrishna, Subramanian's bail plea dismissed

Earlier, the trial court had dismissed Chitra Ramakrishna and Anand Subramanian's regular bail pleas. Ramkrishna also moved to the Delhi High Court challenging the trial court order of denying bail to her.

Trial Court while rejecting bail to former NSE CEO earlier said, "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."

"With regard to affairs of NSE at the relevant time, it would not be out of place to observe herein that there comes a time in a lifetime of an institution, where it finds itself at crossroads, then it should take a path which is a right path to restore its glory, rather than burying the skeletons, which may later turn into Frankenstein monsters," said the trial court judge.

NSE co-location Case

Chitra Ramkrishna was arrested in March while Anand Subramanian was arrested in February. The CBI said that accused Ramkrishna re-designated the post of Subramanian as GOO and advisor to MD by misusing her official position without bringing the same to NRC's notice and the board.

The Central Bureau of Investigation (CBI) is investigating the alleged improper dissemination of information from the computer servers of the market exchanges to the stockbrokers.