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Synopsis

The Central Bureau of Investigation (CBI) moved the Delhi High Court on Wednesday seeking cancellation of bail granted to National Stock Exchange (NSE) former Managing Director and CEO Chitra Ramakrishna in a case pertaining to illegal interception of phone calls of NSE employees.

The bench of Justice Jasmeet Singh issued notice to Ramkrishna in the plea and listed the matter for hearing on July 13.

Notably, Special Judge Sunena Sharma of the Rouse Avenue Court, Delhi in December 2022, granted bail to Ramakrishna the case

The special court had then noted, "All the offences other than predicate offences of the present FIR are available." 

The special court had granted bail in light of the fact that the High Court had already given bail to the co-accused Sanjay Pandey while referring to the observation made by the High Court regarding the lack of essential ingredients of the predicate offences.

The special court had further noted, "Considering the fact that the Hon’ble High Court has already granted bail to the co-accused, Sanjay Pandey, in the connected ED matter, which in the light of Section 45 PMLA embodies far more stringent conditions for grant of bail, I find no reason to decline bail to the applicant in the present case".

It has been alleged in the FIR lodged in the matter that the top officials of NSE including Ramakrishna conspired with M/s iSec to cheat the NSE and its employees and in furtherance of this criminal conspiracy, iSec was hired for illegal interception of the phone calls of NSE employees.

Allegedly, the transcripts of these calls were provided by M/s iSec and received by the officials of NSE at the top level, which resulted in the breach of confidentiality and privacy of the employees of NSE and caused wrongful gain of Rs. 4.54 crores to iSec as payment for this task and corresponding wrongful loss to NSE.

Additionally, the allegation is that Ramakrishnan was directly connected with the illegal recording of telephone calls of NSE employees because the approvals for giving contract of Periodic Study of Cyber Vulnerabilities under the guise of which illegal tapping of phone calls of NSE Employees was done which was processed/granted by Ramakrishnan in her capacity as Deputy Managing Director/Joint Managing Director/Managing Director of NSE during the period of offense between 2009-2017.

Case Title: Central Bureau of Investigation v. Chitra Ramkrishna