SC quashes Kampani's petition

The Supreme Court on Monday quashed a petition filed by financial industry magnate Nimesh Kampani to stop proceeding initiated against him in the Nagarjuna Finance Corp case, thus clearing the way for his arrest.

The Supreme Court bench headed by Justice Altamas Kabir, however, allowed Kampani to seek anticipatory bail. The apex court had on April 2 stayed the arrest of
investment banker Kampani.

Kampani and other executives of the Hyderabad-based 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.