The accused petitioner has moved this application under Section 498 of the Code of Criminal Procedure for being released on bail during the pendency of the trial. The petitioner has been accused of offences inter alia under Ss. 409 and 467 of the Indian Penal Code which are punishable with imprisonment for life, together with offences under Ss. 420, 477A and 120-B of the Indian Penal Code for the alleged embezzelment of a sum of about two crores rupees in foreign exchange out of the funds belonging to a corporate body named Jayanti Shipping Company Limited of which the petitioner had been a permanent Chairman. It appears that in early 1966, the Government of India on receipt of complaints directed an inquiry into the affairs of the said company and the petitioner who was in France paid a visit to India on 6th of May, 1966 but left the country four days thereafter. (The counsel for the petitioner has stated at the bar that the petitioner paid a short visit to this country in May June, 1966). But ultimately he found himself in the United States of America. The management of the aforesaid shipping company was, on 10th June, 1966, taken over by a Board of control appointed by the