SC refuses relief to Nimesh Kampani

The Supreme Court on Wednesday refused to give immediate relief to investment banker Nimesh Kampani, who has sought anticipatory bail in the Nagarjuna Finance case.

A Bench headed by Justice Arijit Pasayat refused to give relief, saying that the day Kampani surrenders, the Apex Court will consider his bail application on the same date.

However, the court directed the matter will be taken upon on May 4, the notified date of hearing.

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 has challenged the Andhra Pradesh High Court judgment that dismissed the anticipatory bail petitions filed by the directors of NFL, including that of Kampani and other non-executive directors.

Besides, the high court on February 25 this year also dismissed another petition filed by Kampani seeking quashing of the criminal proceedings initiated against him on 94 complaints filed by the investors under the Andhra Pradesh Protection of Depositors of Financial Establishment Act, 1999, and removal of his name from the list of accused.