India's Supreme Court on Tuesday ordered the chief of Sahara conglomerate to remain in jail over his company's failure to refund investors in an outlawed bonds scheme.

The court also rejected Sahara's latest proposal to pay, in installments, the 100 billion rupees ($1.7 billion) bail the court has asked for to secure Chairman Subrata Roy's release. The court also asked Sahara to make a new proposal.

Roy has been in a Delhi jail since March 4 after failing to appear at a contempt hearing in a long-running legal battle between his group and the Indian capital markets regulator.

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