The sloka you have shared is a well-known verse from Hindu scriptures Bhaja Govindam that emphasizes the importance of spiritual company and its impact on achieving liberation or moksha. It can be translated as:
"In the company of the noble, one becomes free from attachment;
From non-attachment comes freedom from delusion;
With freedom from delusion, one feels the steady abiding in the self;
And from this abiding in the self arises liberation in this life."
This sloka highlights the significance of being in the company of spiritual and virtuous individuals who can guide and inspire us towards the path of liberation. Through association with such individuals, we can learn to detach ourselves from materialistic desires and worldly attachments, which can free us from delusions and lead us to self-realization.
There is a story associated with this sloka. Once, there was a man who was very unhappy with his life and was looking for a way to find true happiness and peace. He sought the advice of a wise sage who told him to spend time in the company of saints and spiritual leaders. The man followed the sage's advice and spent time with such individuals, listening to their teachings and imbibing their wisdom. Over time, he developed a detachment towards worldly desires and attachments and realized the true nature of his self. Through this, he achieved liberation or moksha and experienced true happiness and peace.
The story emphasizes the importance of spiritual company and how it can transform our lives and lead us towards enlightenment.