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Rejecting passionate arguments by Sahara Group chief Subrata Roy’s lawyers, the Supreme Court Thursday refused to yield on the bail plea of the controversial business tycoon, telling him that a favourable order could be considered only after his company comes up with a new proposal to refund Rs 20,000 crore to investors.

Also, the bench once again turned down Sahara’s offer to pay Rs 2,500 crore now and the rest in installments.

In a bid to move the special bench comprising Justices K S Radhakrishnan and J S Khehar, Roy’s counsel Ram Jethmalani pleaded for bail to allow him to be with his family for Holi and also meet his ill mother.

“We have repeatedly been saying what is your proposal. Tell us how much you can pay,” the bench asked. “The key is in your hands”.

“Prayer made by Ram Jethmalani, learned senior counsel for the petitioner, for bail cannot be considered at this juncture, since no written proposal for payment in compliance with the directions issued by this court has been made so far,” the bench said in its order.

Earlier, arguing for Roy who is in jail since March 4, Jethmalani said raising the amount would not be possible until Roy remains in jail as only he can arrange the money. “Bail is my right and don’t make things difficult for me,” Roy’s lawyer said.

However, the bench refused to grant relief, pointing out that it had given Roy enough time for the last one-and-half years and asked the SEBI counsel to argue on the maintainability of the petition.

Thursday’s hearing was in response to Roy’s petition challenging his detention on the ground that it was “illegal and unconstitutional”.

Responding to Jethmalani’s plea Wednesday that it could be embarrassing to argue before the same bench, the court observed, “We have gone through the petition and nothing is embarrassing in it. You can argue the case including on the issue of maintainability,” the bench said, and asked Jethmalani whether there is any new proposal on payment.

During the brief hearing Wednesday, Jethmalani had told the bench, “It is a little embarrassing to argue before you that your order needs rectification. 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.”

Opposing Roy’s plea against his detention, SEBI’s lawyer Arvind Datar said his petition was not maintainable and the incarceration order was valid and legal.

“What other order could be passed if the man behaves like this. The order is fully justified and it is a tool to force obedience of court’s order,” Datar submitted.

The next hearing was set for March 25.