The Supreme Court has issued an order to release Shekhar Golchha, the former President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), on bail. A joint bench of Justices Mahesh Sharma Paudel and Shrikant Paudel ruled on Monday that Golchha should be held in custody for investigation only if he is unable to provide the necessary bail or guarantee.
The court referenced Section 104(1) of the Securities Act, 2063, which allows investigating officers to demand bail if there is a reasonable risk of the accused absconding or if significant financial loss is involved. The bench noted that the authorities had sought detention without first offering the option of bail, leading the court to nullify the previous detention extensions granted by the Kathmandu District Court on April 23 and May 3.
According to the Supreme Court's mandamus order, the investigation into the securities-related charges must continue by first seeking bail or a guarantee. The court clarified that detention is only permissible if the applicant fails to meet those conditions. Following this directive, the habeas corpus petition filed on Golchha's behalf was dismissed as the primary grievance regarding detention was addressed through the bail order.
