Supreme Court stays arrest of Nimesh Kampani

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

Updated on: Apr 2, 2009, 14:05:29 IST

PTI | By HT Correspondent, New Delhi

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The Supreme Court on Thursday stayed the arrest of J M Financial founder and investment banker Nimesh Kampani in the Nagarjuna Finance scam case.J M Financial on Wednesday said Kampani would move the Supreme Court soon on the Nagarjuna Finance scam case.

“He (Kampani) would move the Supreme Court in the Nagarjuna Finance case,” a company spokesperson said today.
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.

Nagarjuna Finance 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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