The Apex Court, while hearing Roy's petition contending that their detention ordered was illegal, said, "We will consider your plea for bail only if you come up with some proposal on payment of money." The court has fixed March 25 as next date of hearing.

Roy, 65, was arrested on February 28 after he failed to convince the judges that he is serious about repaying funds for two Sahara bond schemes that were declared illegal in 2012.

According to SEBI, Sahara owes Rs 24,000 crore to more than three crore investors. SEBI said that Sahara had raised this amount illegally and thus violated rules.

(JPN)

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