New Delhi: The Supreme Court on Thursday rejected Sahara chief Subrata Roy's bail plea saying that it can't release him as the company is yet to give proposal to repay investor's money.
The apex court will hear Sahara's debenture case on March 25.
The Beleaguered Sahara Chief had yesterday challenged before the Supreme Court his detention order passed by a two-member bench calling it "illegal and unconstitutional" and demanded his release.
"Declare the order dated 04.03.2014 as void, nullity and non-est in the eyes of law," said the petition on behalf of Roy.
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 non-refund of Rs 20,000 crore to its investors.
A writ of habeas corpus is used to bring a prisoner or other detainee before the court to determine if the person's imprisonment or detention is lawful.
On the last date of hearing on March 7, the apex court had asked the Sahara group to come out with "honourable proposal" for depositing Rs 20,000 crore of investors money and posted the hearing on March 11.
The matter was then posted for hearing on March 11 but the case got adjourned with no date of further hearing specified.
With PTI Inputs