Home / Companies / News /  HC grants statutory bail to two former NSE executives

MUMBAI : The Delhi High Court on Wednesday granted statutory bail to Chitra Ramkrishna, former managing director and chief executive officer, and Anand Subramanian, former group operating officer at the National Stock Exchange (NSE) in the co-location case.

A statutory bail is granted when a probe agency—the CBI in this case—fails to complete an investigation within a specified period.

A bench led by Justice Sudhir Kumar Jain allowed the bail application to Ramkrishna and Subramanian on a personal bond of 5 lakh each along with certain conditions laid down by the court.

“CBI has failed to complete investigation in respect of all the offences as mentioned in First Information Report and to file a Final Report under section 173 of the Code within stipulated time i.e. sixty days from the date of the arrest of the accused," Jain said.

“The concerned (CBI) Special Court can take cognisance only in respect of some of offences for which charge sheet was filed on 21 April but cannot take cognizance in respect of offence for which investigation is still pending and charge sheet is not filed. It is not permissible within mandate of legal provisions as contained in sections 173(2) and 167(2) to take cognizance in piecemeal or in parts. It would amount to negation of indefeasible right given to the accused under section 167(2) of the Code", the court said.

On 21 April, the investigating agency filed a chargesheet that was confined to the investigation related to alleged illegal appointment of Anand Subramanian and subsequent re-designation. This, Jain said, is not related to their role in the alleged abuse of server architecture.

Subramanium was arrested on 24 February and Ramkrishna on 6 March for their alleged involvement in the co-location scam, following which a chargesheet was filed in April by CBI.


Priyanka Gawande

Priyanka Gawande is a senior legal correspondent at Mint. She has worked as legal reporter for four years with both television and digital mediums. Based in Mumbai, she reports on disputes across sectors including banking, corporates and finance. This also includes insolvency and bankruptcy cases and intellectual property rights (IPR) litigation. Her focus also comprises tracking capital markets and disputes relating to securities law. Previously, Priyanka worked with Informist Media for 2.5 years covering major insolvency and bankruptcy cases and corporate developments. She started her career in journalism with Business Television India (BTVi) where she reported on primary markets, banking, finance and insurance companies.
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