Subramanian had moved his bail plea to Sanjeev Aggarwal's court on Thursday. The court had asked for a reply from the CBI on this.
The CBI said that Subramanian did not deserve bail, and opposed the bail plea. It said that Subramanian should not be released on bail because it could affect the ongoing investigation.
He is an influential person. They think they will hide themselves after impersonating as the Himalayan Yogi, but we have caught them. They could hamper the investigation, the CBI said, while opposing the bail plea.
The court, after hearing the arguments of both sides, reserved its order.
Subramanian was arrested on February 24 by the CBI. He was taken into custody by the CBI until March 9 after which he was sent to judicial custody.
On March 6 the CBI arrested Chitra Ramkrishna, the former MD and CEO, in a case of bourse manipulation. She was brought before the court on Monday, March 7 and was remanded to seven days of police custody.
The matter is still being investigated by the CBI.