"It is well settled that at pre-conviction stage, there is presumption of innocence. The object of keeping a person in custody is to ensure his availability to face trial and to receive the sentence that may be passed. The detention is not supposed to be punitive or preventive," the apex court said.
"Seriousness of the allegation or the availability of material in support thereof are not the only considerations for declining bail. Delay in commencement and conclusion of trial is a factor to be taken into account and the accused cannot be kept in custody for indefinite period if trial is not likely to be concluded within reasonable time," a bench comprising justices T S Thakur and Adarsh Kumar Goel said.
Bhandari, who is charged with forgery, cheating,violation of IT Act and criminal conspiracy, was arrested on January 30 last year by the Madhya Pradesh Special Task Force.
The apex court, which disposed the bail application, said "it is certainly a matter of serious concern that the appellant has been in custody for about one year and there is no prospect of immediate trial."
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