DHAKA: India’s Supreme Court on Tuesday rejected an appeal to release Sahara conglomerate chairman Subrata Roy, who has been in jail for two months over his group's alleged failure to refund investors in an outlawed bonds scheme.

Roy, one of India’s most enigmatic corporate personalities, is mired in a long-running legal battle between his group and the capital markets regulator.

The 65-year-old chairman was detained on Feb 28 after failing to appear at a contempt hearing, and has been in a Delhi jail since March 4.

Roy, who has denied any wrongdoing, has yet to be formally charged, reports The Straits Times.

BDST: 1524 HRS, MAY 06, 2014