Court denies bail to ex-NSE chief Chitra Ramkrishna

There comes a time in the lifetime of an institution when it finds itself at a crossroads — to take the path to restore its glory rather than burying the skeletons, which may later turn into Frankenstein’s monsters, a trial court remarked while denying bail to former National Stock Exchange (NSE) chief Chitra Ramkrishna.

Special Judge Sanjeev Aggarwal made these observations while denying bail to Ramkrishna and former group operating officer of the NSE, Anand Subramaniam, in the co-location scam being probed by the Central Bureau of Investigation.

The court in its order, on May 12, said that the co-location scam has “shaken the financial conscious of every investor, whether retail, institutional or otherwise, which needs mending to restore the confidence of the public at large.”

While the court noted that the CBI’s chargesheet before it pertains to the role of Ramkrishna in the “illegal appointment” of Subramaniam, the investigation with respect to the co-location scam was yet to be worked out.

The special court went on to note that since both Ramkrishna and Subramaniam were at “pole positions” when the scam was allegedly perpetrated, the chances of them tampering with the evidence and influencing witnesses if enlarged on bail could not be ruled out.

Moreover, based on the chargesheet filed by the CBI in the case, the court noted that Ramkrishna appeared, prima facie, to have run the affairs of the NSE akin as that of “a private club.” 

It went on to quote from singer-songwriter Bob Dylan’s song “Money doesn’t talk, it swears” to highlight the “perverse influence” money can have on people.

“Therefore, considering the gravity as well as the seriousness, enormity and magnitude of the allegations against both the accused persons, as discussed above, no ground for their bail is made out at this stage,” the court ruled. 

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Printable version | Jun 29, 2022 1:49:47 am |