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SC dismisses Kampani petition

business Updated: Apr 13, 2009 23:35 IST
HT Correspondent
HT Correspondent
Hindustan Times
SC dismisses Kampani petition

The Supreme Court on Monday quashed a petition filed by well-known investment banker and JMFinancial Chairman Nimesh Kampani to stop criminal proceedings against him in the Nagarjuna Finance scam case.

The bench headed by Justice Altamas Kabir, however, allowed Kampani to seek anticipatory bail.

Nagarjuna Finance is being investigated for allegedly failing to return money collected from about 85,000 depositors.

Earlier on April 2, the apex court had granted him interim protection from arrest.

Kampani is believed to be living in Dubai to avoid arrest following allegations that Nagarjuna Finance, a Hyderabad-based company, defaulted on payments worth Rs 100 crore.

Last month, the Andhra Pradesh High Court had refused to grant anticipatory bail to Kampani, who has been charged for his association with the company as an independent director between 1998 and 1999. The Andhra Pradesh police had also issued a “look-out notice” for Kampani.

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

When contacted JM Financial refused to comment on the matter.

Kampani’s lawyers have argued that NFL has been charged for defaulting payments during the period 1999-2008 much after Kampani had resigned from Board.

Kampani is credited with several innovative fund-raising plans of top corporate houses like the Tatas and the Ambanis. He was also involved in several merger and takeover deals and share issues by Indian companies.