A Delhi court has denied presumptive bail for former NSE CEO Chitra Ramkrishna
New Delhi:
A Delhi court on Saturday denied anticipated bail for former National Stock Exchange (NSE) chief executive officer (CEO), Chitra Ramkrishna, in the NSE venue contract case and disapproved of “lack of conduct” experience” of the CBI, says that it appears no action has been taken against the main fraud beneficiaries in the past four years.
Special Judge Sanjeev Aggarwal while dismissing Ms Ramkrishna’s tentative bail commented that this type of co-location scam could not have been possible without the knowledge and active involvement of all. both the functional heads of the NSE at the time concerned and this period can be considered a dark period in the history of the NSE.
The judge noted that the defendant was facing serious charges and that the investigation was in its infancy. He also appealed to market regulator the Securities and Exchange Board of India (SEBI), saying it had been “too kind and gentle” with the defendant.
“It has to follow a path towards a journey that has just begun, and at the same time the conduct of the investigative agency i.e. the CBI is the most unjustified, to say the least, no action seems to be taken. carried out against the main beneficiaries of the present. co-location scammers, (the names of some of them are mentioned in the FIR itself) and others for almost four full years who seem to be happily benefiting at the expense of citizens general for the best known reasons,” the judge said.
Furthermore, even SEBI despite being the market watchdog is inherently too kind and gentle towards those charged in the current FIR/RC, the judge noted.
The court rejected the application for bail before the arrest, saying that the economic criminals had deep-seated conspiracies related to the loss of large public funds.
“Since in the present case, there could be a huge loss of public money, it should be taken seriously and considered as a serious crime affecting the country’s economy in general and henceforth. serious threat to the financial health of the country. ; “” And since economic crime constitutes a different class, it therefore needs to be looked at with a different approach in the issue of bail because economic crime(s) have deep-seated conspiracies involving in connection with a large loss of public funds,” the court said.
It said the possibility of the accused running away from justice was remote. However, given her key position in the previous NSE, it is more likely that she can influence and tamper with evidence, as she is the joint chief executive officer (MD) as well as the MD and CEO of the NSE, Her role is being investigated under the current co-location scam.
“There are many aspects of the investigation that must be excavated by the investigative body after removing the dust of time,” the judge said.
He said that the significance of the current case could be huge, because as a result of this financial scam a huge loss could have been caused to stockbrokers, institutional investors, investors. Foreign institutional investors and honest investors have faith in this leading financial institution, meaning the NSE may have been severely shaken and distorted.
“Considering all the facts and circumstances of the case and considering the serious and serious allegations against the applicant/defendant as above, there are no grounds for the expected bail to be brought. out at this stage. The same stands were disbanded,” the judge said.
CBI recently asked Ramkrishna about this. The Income Tax Department had earlier raided various premises linked to Chitra Ramkrishna in Mumbai and Chennai.
Ms. Ramkrishna was also on SEBI’s sights.
Recently, the CBI court sent Anand Subramanian, former Group CEO and advisor to Ramkrishna, to CBI’s custody.
He was arrested by CBI from Chennai in connection with the NSE case.
The arrest was made in a case involving a co-location scam, an FIR registered in May 2018, amid new revelations of irregularities at the country’s largest stock exchange.
The CBI is investigating allegations of improper dissemination of information from the computer servers of market exchanges to stockbrokers.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
