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.
Kampani, against whom the Andhra Pradesh police had issued a search circular, was a non-executive director in Nagarjuna Group's non-banking financial company Nagarjuna Finance.
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.
