Delhi High Court Upholds Corruption Act's Validity in NSE Case

The Delhi High Court dismissed Chitra Ramkrishna's petition challenging the Prevention of Corruption Act, asserting that the National Stock Exchange performs public duties. The ruling enables criminal proceedings to continue against the former NSE head, who is under investigation for alleged irregularities during her tenure.

The Delhi High Court on Thursday rejected a petition by Chitra Ramkrishna, former Managing Director and CEO of the National Stock Exchange (NSE), challenging the definitions of "public duty" and "public servant" under the Prevention of Corruption Act. The court affirmed that the NSE undertakes functions of public importance and its top executive cannot be disengaged from these responsibilities.

A Division Bench of Justices Navin Chawla and Ravinder Dudeja emphasized that the NSE holds a public duty and dismissed Ramkrishna's challenge to the prosecution sanction under the Corruption Act, stating there was no merit in her petition. Consequently, her appeal and related applications were dismissed.

Ramkrishna argued that the PC Act's definitions were unconstitutional, overly broad, and unfairly extended the law's reach to officials of private organizations like the NSE. However, the High Court rejected these assertions, allowing the criminal proceedings against her to proceed, as initiated by the CBI's investigation into alleged irregularities at the NSE.

During her tenure as NSE head, the CBI alleges that Ramkrishna abused her position, and the Enforcement Directorate is scrutinizing the matter under money laundering statutes. The high-stakes legal battle unfolds as Ramkrishna remains on bail amid ongoing investigations.

The High Court had earlier reserved its judgment after examining her challenges to the statutory definitions and prosecution's validity. With Thursday's verdict, the Division Bench has reaffirmed the Corruption Act's relevance to this case, upholding all legal provisions against the former NSE chief's contestations. (ANI)