The Supreme Court on Monday quashed JM Financial chairman Nimesh Kampani's petition on Nagarjuna Finance fraud case paving the way for his arrest.
A Supreme Court Bench headed by Justice Altamas Kabir on Monday dismissed the bail plea of investment banker 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.
The order given by Justice K C Bhanu also covers the lookout notice served on him and proceedings in various lower courts.
The Andhra Pradesh police have issued an "international lookout notice" against JM Financial chairman Nimesh Kampani and 17 others in a case involving Nagarjuna Finance, the non-banking finance company of the Nagarjuna group.
The Nagarjuna group incorporated NFL as an NBFI and accepted fixed deposits with a minimum amount of Rs 5,000 for periods of 12, 24, 36 and 54 months by promising an interest rate of 14, 14.25, 15.5 and 18.5 per cent respectively. It collected deposits of Rs 98.3 crore from 85,160 depositors for the year 1997-98. Deposits of 16,122 depositors amounting to Rs 23.02 crore matured on December 31, 1999. But the company defaulted on repayment of the matured deposits.
More than 500 independent directors have resigned since January 1 this year.
One of the Rajus, chairman of non-banking finance company Nagarjuna Finance, K S Raju, was arrested for defaulting on repayments of public deposits worth around Rs 100 crore (Rs 1 billion).
Can an independent director face criminal charges for the actions of a company well after he has quit?
B Teja Raju, the elder son of Saytam Computer chief B Ramalinga Raju, on Saturday took over additional charge of chief executive officer of Maytas Infra in place of P K Madhav, who was arrested on December 16, 2008 in connection with the Nagarjuna Finance depositors' case.
Wedding planner WedMeGood estimates that the average wedding budget has surged to Rs 36.5 lakh this year, with destination weddings averaging Rs 51 lakh.
Under the RFQ, companies had to initially participate in technical bids based on certain minimum criteria such as net worth, experience and so on. Only five or six companies that scored the highest on this basis were then permitted to put in financial bids.
Vishal Kampani said one of the important lessons he learnt from his father was to be humble.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The derivative contracts in the underlying Essar Oil, IFCI, Rajesh Exports, Adlabs Film, Arvind Mills, Nagarjuna Fertilisers and Bongaigoan Refinery are currently in the ban period, a NSE circular said on Wednesday.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Manu Kumar Jain, India head, Xiaomi, tells Sangeeta Tanwar how the Chinese smartphone maker won over the Indian market.
