New Delhi: ASupreme Court bench headed by justice Altamas Kabir dismissed on Monday the bail plea of investment banker and chairman of JM Financial LtdNimesh Kampani.
Earlier the Supreme Court had refused to give immediate relief to Kampani, who has sought anticipatory bail in the Nagarjuna Finance Ltd scam case.
No way out: Nimesh Kampani finds himself in deeper trouble after the apex court rejected his bail plea on Monday. Ashesh Shah / Mint
Kampani and some executives of Hyderabad-based Nagarjuna Finance, a non-banking financial company, are under investigation for the firm’s alleged failure to return around Rs98.3 crore collected from 85,160 depositors in 1997-98.
Kampani had challenged the Andhra Pradesh high court ruling that dismissed his anticipatory bail petition on 25 February, and also refused to quash criminal proceedings initiated against him under the Andhra Pradesh Protection of Depositors of Financial Establishment Act, 1999.
Kampani, in his petition, has submitted that he had resigned as an independent director on 28 April 1999, much before the alleged defaults took place.
The Supreme Court on 13 April had dismissed a petition by Kampani urging the court to quash the complaints against him.
On 1 April, Kampani had filed a petition in the Supreme Court, seeking permission to appeal against the high court order and asked the court to urgently hear the case to stay his arrest. On 2 April, the court granted a stay on his arrest.
(A staff writer contributed to this story.)