65-year-old Roy had earlier submitted that the apex court's order for detaining him for not paying Rs 20,000 of investors' money with SEBI was illegal and unconstitutional and sought quashing of the order.
A group of senior advocates headed by Ram Jethmalani, who had appeared for Roy and the company, had told the bench that its approach was "biased" and it should not hear the petition challenging the order.
The counsel had said it was unconstitutional to send a man behind bars for not paying the money and also questioned the order putting a condition of paying Rs 10,000 crore for getting interim bail.
SEBI, however, had opposed the stand taken by Roy's counsel, saying that his petition was not maintainable.
