NEW DELHI: A Special CBI court on Thursday denied bail to former managing director of National Stock Exchange, Chitra Ramkrishna and group operating officer Anand Subramanian in the co-location scam case. Special Judge Sanjeev Aggarwal dismissed the bail applications of the duo, saying there was no sufficient ground to grant relief.
The CBI had opposed the bail applications of Ramkrishna and Subramanian saying they could influence the witnesses and tamper with the evidence. The nature and gravity of the offence committed by the duo was “quite severe and had far-reaching repercussions on the financial stability,” the agency argued.
The Securities and Exchange Board of India (SEBI), in an order on February 11, had said Ramakrishna was involved in financial misdeeds relating to fixation and frequent revision of Subramanian’s compensation in a disproportionate manner, in cahoots with someone who she claimed to be a “Siddha Purusha”. An FIR in this matter was registered in May 2018, amid revelations about irregularities at the country’s largest stock exchange.