Himal Press 
KATHMANDU: The Supreme Court has ordered the release of industrialist Shekhar Golchha on bail or personal guarantee.
Hearing a habeas corpus petition filed by his wife, Seema, a division bench of Justices Mahesh Sharma Poudel and Shreekannta Poudel ordered that Golchha be kept in custody only if he is unable to provide the required bail or guarantee.
The Central Investigation Bureau (CIB) of Nepal Police arrested Golchha from Naxal on April 24 on the basis of a study conducted by the Securities Board of Nepal (Sebon).
“Since the investigating officer acted to seek and grant permission to keep the petitioner in custody for investigation without demanding bail or guarantee according to Section 104 (1) of the Securities Act, 2007, the orders dated April 24 and May 4 to keep the petitioner in custody are hereby quashed by a writ of certiorari,” the order states.
Article 104 (1) of the Act states: “If there are reasonable grounds to believe that a person against whom proceedings have been initiated for an offense under this Act may abscond or disappear, or if it appears that loss or damage has been caused to the principal amount, the investigating officer in a case under this Act may demand necessary cash bail or property guarantee, and if such bail or guarantee is not provided, may keep the person in custody.”
The bench also quashed the habeas corpus petition filed by Seema.
