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The Supreme Court has granted a stay on the arrest of JM Financial chairman Nimesh Kampani on charges of his alleged involvement in default by Nagarjuna Finance in repaying public deposits worth Rs 100 crore. A bench, headed by Chief Justice of India K G Balakrishnan, granted the stay. Mr Kampani has filed a petition in the apex court seeking permission to appeal against the Andhra Pradesh HC order which rejected his prayer for anticipatory bail. Mr Kampani's counsel Harish Salve told the apex court that charges against his clients were baseless. They were meant for harassing his client who resigned from Nagarjuna Finance 10 years ago, Mr Salve said. Andhra Pradesh police has filed a case against the ace investment banker in December last year for his alleged involvement in default by Nagarjuna Finance.

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