Bail on cooperation and limited role in alleged company fraud, where custody was not needed for investigation or prosecution.

An accused who cooperated with the investigating agency, regularly appeared before the trial court, and was never sought in custody during investigation was found entitled to bail despite allegations of company-related financial mismanagement. The Court noted that he was only said to have signed the financial statements as Company Secretary, with no active role clearly shown in the alleged fraud, and that similarly placed principal accused had already obtained interim bail. As custody was not shown to be necessary for investigation or prosecution and the allegations related to past transactions, bail was granted subject to furnishing bail and surety bonds to the trial court's satisfaction.

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Issues: Whether the petitioner, who had regularly appeared before the investigating agency and the trial court and had not been sought in custody during investigation, was entitled to bail and release from judicial custody.

Analysis: The petitioner was only alleged to have signed the financial statements in his capacity as Company Secretary and was not shown to have played an active role in the alleged financial mismanagement. He had joined the investigation, had appeared before the trial court on successive dates, and had remained on bail consideration for a substantial period without any request from the respondent for custody during investigation or thereafter. The order directing judicial custody was passed when the bail application was still pending and after prolonged court appearance by the petitioner. The Court also noted that similarly placed principal accused had already obtained interim bail, and that the allegations related to past transactions while the petitioner had cooperated throughout.

Conclusion: The petitioner was held entitled to bail, subject to furnishing bail and surety bonds to the satisfaction of the trial court.

Ratio Decidendi: Where an accused has cooperated with investigation, has consistently appeared before the court, and custody is not shown to be for the investigation or prosecution, bail may be granted despite allegations of involvement in a company-related fraud.

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