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New Delhi: The Supreme Court (SC) on Monday dismissed a petition filed by Nimesh Kampani, chairman of JM Financial Ltd who is facing charges of allegedly defrauding depositors of Nagarjuna Finance Ltd, urging the court to quash the complaints against him.

In deeper trouble: JM Financial Ltd chairman Nimesh Kampani. Ashesh Shah / Mint

On 1 April , Kampani 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.

On Monday, however, a Bench headed by justice Altamas Kabir dismissed his petition.

Since December, there have been 93 complaints against Kampani lodged with the Andhra Pardesh police for charges of criminal breach of trust and cheating under the Indian Penal Code, 1860, and Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999.

Kampani has been in Dubai since December because he is likely to be arrested as soon as he returns to India.

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