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The Delhi High Court on Thursday dismissed a petition filed by former National Stock Exchange (NSE) Managing Director and Chief Executive Officer Chitra Ramkrishna challenging the constitutional validity of the definitions of "public duty" and "public servant" under the Prevention of Corruption Act (PC Act), holding that the NSE performs functions of public importance and its top executive cannot be divorced from those functions.
A Division Bench of Justices Navin Chawla and Ravinder Dudeja held that the NSE discharges a public duty and that Ramkrishna, as its MD and CEO during the relevant period, cannot be wholly separated from the functions performed by the exchange in which the public at large has a significant interest. The Bench also rejected Ramkrishna's challenge to the sanction granted for her prosecution under the Prevention of Corruption Act. "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," the Court observed while pronouncing the order. Ramkrishna had approached the High Court contending that the definitions of "public duty" and "public servant" under the Prevention of Corruption Act were unconstitutional and overly broad, arguing that they improperly brought officials of private bodies such as the NSE within the ambit of the anti-corruption law. She had also questioned the validity of the prosecution sanction granted against her. The High Court, however, declined to accept these contentions, effectively clearing the way for the criminal proceedings against her to continue. The case arises out of the CBI's investigation into the alleged irregularities at the National Stock Exchange, including the co-location matter. The CBI has alleged that Ramkrishna abused her official position during her tenure as the head of the country's largest stock exchange. The Enforcement Directorate is also investigating the matter under the Prevention of Money Laundering Act based on the CBI case. Ramkrishna is presently on bail in both the CBI and Enforcement Directorate cases. Earlier, while hearing the matter, the High Court had reserved its judgment after considering Ramkrishna's challenge to the statutory provisions and the validity of the prosecution sanction. With Today's verdict, the Division Bench has upheld the applicability of the Prevention of Corruption Act to the facts of the case and dismissed all the pleas raised by the former NSE chief. (ANI)
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