The Delhi High Court on Wednesday granted bail to former National Stock Exchange (NSE) head Chitra Ramakrishnan and co-accused Anand Subramanian in the NSE co-location case.
A bench of Justice Sudhir Kumar Jain granted statutory (default) bail to both the accused after noting that the complete charge sheet was not filed by the Central Bureau of Investigation (CBI) in the case against the petitioners. The High Court granted bail to the accused persons on furnishing a personal bond of Rs. 5 lakh and one surety in the same amount by each accused.
The court said, “The bail applications under Section 439 Cr. PC are dismissed but the statutory bail is allowed.”
“There is a legal force, and it is supported by judicial decisions, that the CBI has failed to complete the investigation in respect of all the offences as mentioned in the FIR and to file a final report within the stipulated time, i.e., 60 days from the date of arrest of the accused, and filed an incomplete and piecemeal charge sheet before the concerned court on April 21, 2022, i.e., the 46th day from the date of arrest,” the bench added.
While granting bail, the bench directed the accused persons that they will not leave the country without the court’s prior permission and that they will surrender their passports within 7 days of release from custody.
It is also directed that the accused persons shall cooperate and participate in the investigation as and when directed by the Investigation Officer. The petitioners shall not tamper with the evidence.
The Special CBI at Rouse Avenue Court earlier dismissed the bail pleas of Ramakrishnan and Subramanian.
The case against Subramanian stems from a February 11 order by the Securities and Exchange Board of India (SEBI), which stated Ramakrishna was allegedly involved in financial misdeeds relating to the fixation and frequent revision of Subramanian’s compensation in a disproportionate manner, in collusion with whom she claimed to be a “Siddha Purusha.”
The CBI has alleged that Subramanian, while performing his public duty to protect the interests of common investors, indulged in criminal conspiracy with other co-accused.