The Supreme Court today stayed the arrest of J M Financial founder and investment banker Nimesh Kampani in the Nagarjuna Finance scam case.

A J M Financial spokesperson had said yesterday that Kampani would move the Supreme Court soon on the case.

The finance company had collected deposits from the public but failed to meet its commitments to depositors following adverse market reaction towards the company after a setback to its hire purchase business.

The Andhra Pradesh Police had arrested company Chairman K S Raju in December 2008.

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