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.
