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Nimesh Kampani's bail plea rejected

Written by: Staff

New Delhi, May 4: The Investment Banker Nimesh Kampani's bail plea in relation to the Nagarjuna Finance scam case was dismissed by the a Supreme Court bench by Justice Altamas Kabir on Monday, May 4.

The supreme court has refused to give immediate relief to the banker seeking anticipatory bail in the case.

Kampani along with other executives of Hyderabad-based Nagarjuna Finance (NFL), a non-banking financial company, are under investigation for the firm's alleged failure to return around Rs 98.3 crore collected from 85,160 depositors in 1997-98.

When Kamapni challenged Andhra Pradesh High Court judgement that dismissed his anticipatory bail petition on Feb 25. It also refused to subjugate the criminal proceedings initiated against him under Andhra Pradesh Protection of Depositors of Financial Establishment Act, 1999.

In his petition, Kampani submitted that he had resigned as an independent director on Apr 28, 1999, much before the alleged defaults were reported.

OneIndia News

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