SC dismisses Nimesh Kampani's bail plea

Earlier the Supreme Court had refused to give immediate relief to Kampani, who has sought anticipatory bail in the Nagarjuna Finance scam case.

Kampani and 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 (Rs 983 million) collected from 85,160 depositors in 1997-98.

Kampani had challenged the Andhra Pradesh High Court judgment that dismissed his anticipatory bail petition on February 25 and also refused to quash criminal proceedings initiated against him under the Andhra Pradesh Protection of Depositors of Financial Establishment Act, 1999.

Kampani in its petition has submitted that he had resigned as an independent director on April 28, 1999, much before the alleged defaults took place.