Subrata Roy, the chief of the Sahara conglomerate, will remain in jail for at least another week because his lawyers say they are struggling to find the 10,000 crores needed for his bail.
On Wednesday, Supreme Court judges asked Sahara to deposit Rs. 5,000 crore with the court and furnish a bank guarantee of another Rs. 5,000 crore with market regulator SEBI or the Securities and Exchange Board of India.
Mr Roy, 65, was arrested on February 28 for failing to refund Rs. 20,000 crores raised by Sahara from small investors through two bond schemes that were declared illegal in 2012.
Mr Roy's case will next be heard on April 3 by the Supreme Court, granting him another week in Delhi's Tihar Jail.
Different proposals offered by Sahara since his arrest to refund investors in instalments have been turned down as inadequate by the Supreme Court.
(With agency inputs)