File photo of Sahara chief Subrata Roy
The Supreme Court will today hear Sahara Chief Subrata Roy's petition that he has been "illegally detained by court."
Mr Roy and two Sahara directors have been in Delhi's Tihar jail since March 4.
The 65-year-old Sahara chief was arrested on February 28 after he failed to convince judges that he is serious about repaying nearly 20,000 crores for two Sahara bond schemes that were declared illegal in 2012.
Sahara's petition against their detention argues that they were not held guilty of contempt, so they should be released.
On Monday, the Supreme Court adjourned the case without fixing the next day.
The court had last week rejected Sahara's proposal to repay thousands of crores to small investors as "dishonest."
Mr Roy's lawyers argued for his release, saying he is needed to participate in negotiations to raise the money needed for the refund. "You have been in jail for two days...for one and a half years, you were out," the judges retorted.
Sahara's lawyers had offered to deposit 2,500 crores within three days with the Securities and Exchange Board of India (SEBI); they said the balance would be paid in installments every three months.
Sahara had earlier proposed that SEBI begin selling its properties until it comes up with the bank guarantee. SEBI has argued that it does not have the needed paperwork for some of those properties and says Sahara has greatly exaggerated their worth.
SEBI had brought contempt proceedings against Mr Roy and Sahara for failure to comply with the 2012 Supreme Court order to repay crores. Sahara has said it repaid most investors and that its remaining liability is less than the 5,000 crores it has deposited with SEBI.