Divine wisdom on holy company from the Bhagavatam.

"Owing to my hankering after the life of the senses and without realizing that you are a knower of the Atman, I associated with you. Yet even that association at the sensual level will be a blessing to me."

"The association we seek in ignorance with worldly-minded men leads to bondage in Samsara. But the same association, if it is with holy men or women, leads to the development of non-attachment."

"If one's action in the world do not lead to a life according to Dharma, if one's observance of Dharma does not lead to dispassion, and if one's dispassion does not lead to the service of the Lord -- that person is equal to a dead man though living."

"I have, indeed, been deceived by the Lord's Maya! Woe unto me that having come to be associated with one capable of giving liberation from Samsara, I did not take advantage of the opportunity by being obedient to him or her." 

-- Srimad Bhagavatam, 3.23.54~7