Hyderabad, October 14: The Andhra Pradesh High Court today stayed all further proceedings in the Nagarjuna Finance Limited (NFL) case, including the arrest of Mumbai-based investment banker Nimesh Kumar Kampani, accused of alleged misappropriation of fixed deposits in the company.
Justice K C Bhanu stayed all further proceedings pursuant to a notice issued by the city police against Kampani, who was a non-executive director on board of Nagarjuna Finance and stepped down in 1999.
The judge passed the order while allowing an application moved by Kampani complaining that only one board member Srivalli had filed a complaint against him to police, who without looking into the veracity of allegations had straight away issued a look out notice causing lot of embarrassment to him.
–Agencies