The Supreme Court today rejected Sahara chief Subrata Roy's bail plea saying that it can not release him as the company is yet to give proposal to repay investor's money.

Subrata Roy had yesterday challenged before the apex Court his detention order passed by a two-member bench calling it illegal and unconstitutional and demanded his release.

The bench had sent Roy and two of company's directors to Tihar jail in connection with the case relating to non-refund of 20,000 crore rupees to its investors.

The court has fixed next date of hearing of the case on 25th of this month.