The Supreme Court today rejected a petition filed by investment banker Nimesh N Kampani seeking quashing of criminial proceedings initiated against him by the Andhra Pradesh government in the Nagarjuna Finance scam case.
An apex court bench headed by Justice Altamas Kabir, while dismissing J M Financial founder Kampani's petition, said that the court orders would not come in the way of his applying for a bail.
The apex court in an interim order on April 2 had stayed the arrest of Kampani till today as the Andhra government had initiated criminal proceedings against him and others in its efforts to recover the money that Nagarjuna Finance had allegedly not paid its depositors.
Kampani and other executives of the Hyderabad-based non-banking finance company (NBFC) are under investigation for the firm's alleged failure to return around Rs 98.3 crore collected from 85,160 depositors in 1997-98.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app