The Supreme Court on Thursday rejected Sahara chief Subrata Roy's bail plea on grounds that his company is yet to submit a proposal on how it intends to repay money due to investors.
It fixed the next date of the hearing of the case for March 25.
Roy had yesterday moved the Supreme Court, challenging his detention order. He called it illegal and unconstitutional and demanded his release.
The Sahara Group's lawyers failed to get any immediate relief with a bench headed by Chief Justice P Sathasivam, as it referred the habeas corpus matter to a two-member bench of the apex court, comprising of Justices K.S. Radhakrishnan and J.S. Khehar.
On March 4, the two-judge bench had sent Roy and two of company's directors to Tihar Jail in connection with the case relating to the non-refund of Rs.20,000 crores to its investors. Roy had even offered to sell his property to pay his dues, but the apex court refused.
The order to arrest Roy was issued on February 26 after he had failed to appear in connection with a case in which his company was directed to return Rs. 20,000 crores to investors. (ANI)