At 1:30 PM the special bench of justices Radhakrishnan and Khehar assembled but rejected the proposal after SEBI's counsel Pratap Venugopal strongly opposed the offer made by Sahara on the ground that the group was bound to pay Rs 34,000 crore and the proposal was only for Rs,17,400 crore.
He also pleaded that Sahara be not given a long time of 17 months to deposit the money.
The bench then accepted the plea of SEBI and rejected Sahara's proposal.
In the meantime, Sahara counsel submitted that Roy be sent to police custody as they would have better access to him.
The bench, however, said that it will hear that plea on March 11.
