The Delhi court, which dimissed the anticipatory bail plea of National Stock Exchanges's (NSE) former Managing Director and CEO Chitra Ramkrishna in the fraud case, termed the scam as a "dark period" in the bourse's history.
The Rouse Avenue Court's order, accessed by IANS, shows that the court was not happy with the conduct of Ramkrishna as NSE chief.
"Being in pole position in the NSE earlier, there are strong chances that she may influence and tamper with the evidence, as she was Joint MD as well as MD & CEO of the NSE, the role of which is under investigation under the present co-location scam," the court had said.
It has noted that Ramakrishna had introduced a non-existing person to mislead the investigating agency which may also prima facie shows her connivance in the matter.
"The very appointment of Anand Subramanian without following due process at very exorbitant salary, prima facie, shows that all of them may have been acting in tandem with each other in carrying out or in furtherance of the objectives of the co-location scam," the court said.
It said that co-location swindle could not have been possible without the knowledge and active connivance of all the functional heads of the NSE, such as Ramkrishna.
"This period can be considered as dark period in the history of the NSE," the court added.
The CBI, in its documents accessed by IANS, has said that certain documentary evidences were recovered into the allegations related to the co-location facilities at the NSE, which demonstrated that Ramkrishna had shared confidential information of NSE regarding organisational structure, dividend scenario, financial results, human resources policy and related issues, response to the regulator, future projects with the "Himalaya-based yogi" by addressing her correspondence from email IDs email@example.com and firstname.lastname@example.org to unknown email 'email@example.com' during the period 2013 to 2016.
The CBI has arrested Subramanian, the former Group Operating Official. He is currently in police remand.