NEW DELHI: The anticipatory bail plea of former CEO of National Stock Exchange Chitra Ramkrishna was rejected by a Delhi court, which stressed that the veracity of her claim of non-involvement in the “co-location” scam could not be established and expressed the suspicion that she may have concocted the story of a ‘Siddha Yogi’ guiding her to conceal her involvement.
“At this stage it couldn’t be said prima facie that the role of the present accused was not under scanner. It further appears prima facie that the applicant had introduced a non-existing person to mislead the investigating agency, which may also prima facie show her connivance in the matter,” said special judge Sanjeev Aggarwal as he declined Ramkrishna’s bail plea.
Chitra Ramkrishna has claimed that she took instructions from a ‘Siddha Purush’ (Yogi) dwelling somewhere in the Himalayas but did not know his identity as they had never met in person and interacted only through email.
The court also came down hard on CBI for its lackadaisical approach and market regulator SEBI. It questioned the slow pace of the CBI’s investigation into the case, pointing out that the agency had not taken any action against the main beneficiaries of the co-location scam for almost four years. “Further even SEBI despite being capital market watchdog has been too kind and gentle to the accused persons in the present FIR,” said the special judge.
He said that there was a strong possibility of Ramkrishna, having been in the pole position in NSE earlier, influencing the investigation and tampering with evidence.
“The magnitude of the present case may be huge, as due to this financial skulduggery, huge loss may have been caused to adherent stockbrokers, institutional investors, foreign institutional investors and honest investors, whose faith in this premier financial institution (NSE) may have been severely shaken and dented,” the court said.
“Considering the overall facts and circumstances of the case and in view of the grave and serious allegations against the applicant, no ground for anticipatory bail is made out at this stage. The same stands dismissed,” the court said.


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