So it's the weekend in jail for Subrata Roy. The Supreme Court on Friday rejected Sahara Group's proposal to return debenture money to the investors stating that the proposal is an insult to it. The company had proposed to deposit Rs 2,500 crore within three days and rest of the amount in instalments after every three months over one-and-half years.

SC permitted Sahara laywers to meet Subrata Roy in jail. 

Sahara Group had also pleaded today that Roy and other two directors be released from custody to raise the amount. The apex court will hear Roy's bail plea on Tuesday.

Agreeing to assemble the special bench today to hear Sahara's plea, the Supreme court, had said that the first instalment "looks attractive". However SEBI oppossed Sahara's proposal, saying the group intends to pay Rs 17,000 cr but the total due amount is Rs 37,000 cr.

The apex court had on March 04 asked the Sahara group to come up with a proposal to repay the money it owes to its investors.