The Delhi High Court has dismissed a petition filed by Chitra Ramkrishna, the former CEO of the National Stock Exchange (NSE), contesting the definitions of ‘public duty’ and ‘public servant’ as outlined in the Prevention of Corruption Act (PC Act). The ruling was delivered by a Division Bench comprising Justices Navin Chawla and Ravinder Dudeja.
The court concluded that the NSE indeed performs a public duty, and as its Managing Director and CEO, Ramkrishna cannot be entirely detached from the public functions performed by the NSE. Therefore, the court rejected her argument against the definition of ‘public servant’ under the PC Act.
Additionally, Ramkrishna’s contention that the sanction for her prosecution under the PC Act was invalid did not stand up in court. “We have rejected your submission on the sanction order. We do not find any merit in the present petition. The same, along with applications, is accordingly dismissed,” stated the justices.
Ramkrishna had raised objections against Sections 2(b) and 2(c)(viii) of the PC Act. Section 2(b) defines public duty as a responsibility in which the state, public, or community at large has an interest. Section 2(c)(viii) includes within the definition of a public servant any person who holds an office by virtue of which they are authorized or required to perform any public duty.
Ramkrishna’s legal troubles are connected to the alleged NSE co-location scam case. She has been implicated in the frequent revision of the designation and compensation of Anand Subramanian, a former NSE employee. These actions are part of the allegations of financial misconduct highlighted in a February 11 order by the Securities and Exchange Board of India (SEBI). The order accused her of disproportionately altering Subramanian’s compensation in concert with an alleged ‘Siddha Purusha’.
The Central Bureau of Investigation (CBI) has alleged that Subramanian, while performing duties meant to protect the interests of common investors, engaged in a criminal conspiracy with co-accused parties, thereby benefiting certain trading members and brokers significantly. The CBI has described these actions as severe economic offenses.
Moreover, it is alleged that Ramkrishna maintained email communications with a ‘Himalayan Yogi’, who the CBI has identified as Subramanian.
Representing Chitra Ramkrishna were Senior Advocate N Hariharan and a team of advocates including Rony John, Shivam Batra, Arshdeep Singh, Arpita Bhardwaj, Abhishek Bhushan, Mohd Ibrahim, Amaan Shreyas, Punya Rekha Angara, Aman Akhtar, Vasundhara N, Sana Singh, Vasundhara Raj Tyagi, Arjan Singh Mandla, Prateek Bhalla, and Mallika Chadha.
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The Union of India was represented by Additional Solicitor General Chetan Sharma, Central Government Standing Counsel Amit Tiwari, and advocates Chetanya Puri, Ayushi Srivastava, Arpan Narwal, Kushagra Malik, and Ujjwal Tyagi. The CBI’s representation included Special Public Prosecutor Anupam S Sharrma and advocates Harpreet Kalsi, Vashisht Rao, Amisha P Dash, Abhiyant Singh, Mayank Tyagi, Pragati Ojha, and Pragya Nath.
