Kampani seeks bail yet again; hearing on Thursday

Nimesh Kampani, chairman of JM Financial, has once again sought anticipatory bail in the Andhra Pradesh High Court.

A Supreme Court bench had dismissed his bail plea on May 4. The case had come up for hearing on Tuesday, and it has been posted for Thursday.

Kampani has been named as one of the accused in the multi-crore Nagarjuna Finance (NFL) case.

He was an independent director on the board of NFL till 1998, after which the company had landed in major asset-liability mismatch.

NFL had failed to return the deposits it had collected from thousands of depositors amounting to about Rs 100 crore.

After a prolonged investigation involving various agencies, including the Company Law Board, the Andhra Pradesh police had acted on it and arrested Nagarjuna group chairman K S Raju and the then director of NFL P K Madhav.

Madhav was the chief executive officer  of Maytas Infrastructure on the day of his arrest in December 2008.

Along with the duo, the Andhra police had also named Kampani as an accused.
However, they could not arrest him as he had allegedly left India much before the sleuths reached him.

Reports say Kampani is operating out of Dubai, though DNA could not verify this. The Andhra police had also issued a lookout notice to ensure the investment banker cannot evade an arrest the moment he steps back on Indian soil.