The Supreme Court on Thursday rejected Sahara chief Subrata Roy's petition to be released from custody.
The SC bench said that without a fresh refund proposal from Sahara, it can not consider Subrata Roy's interim bail plea.
The SC said it has not yet punished Roy for the contempt of court charge which is pending.
The SC bench also said it has ordered Subrata Roy's detention as a tool to enforce compliance of its August 31, 2012 judgment directing refund of Rs 24000 crore illegally collected from 3.3 crore investors.
Beleaguered Sahara Chief Subrata Roy had on Wednesday 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 24000 crore to its investors.
The same bench briefly heard the matter in the Wednesday afternoon when senior advocate Ram Jethmalani made a strong plea for "rectification of mistake" in the March 4 order.
"It is a little embarrassing to argue before you that your order needs rectification," the counsel said adding "It is a deep embarrassment for me but if the lordship is willing to hear then I would make my lordships quite satisfied with my arguments".
However, the bench said it would go through the petition and hear the matter on Thursday and then can express its view.
"We will go through the pleadings then we will say whether we are embarrassed or not," Justice Khehar shot back.
Source: Latest News in Hindi
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