New Delhi:The Supreme Court has refused to accept Sahara chief Subrata Roy's plea to put on hold the auction process of the group's project Amby Valley in Pune district of Maharashtra. 

During the hearing, senior advocate Kapil Sibal, appearing for Mr Roy, said that the auction process should be put on hold till September so that his client could arrange 1,500 crore rupees to be deposited into SEBI-Sahara account.

The bench, however, said that it will pass orders at an appropriate time. Mr Roy had yesterday moved the apex court seeking to put on hold the auction process. 

The apex court had on July 25 asked the embattled Sahara chief to deposit 1,500 crore rupees in the SEBI-Sahara account by 7th of September and said that it might then deliberate upon his plea seeking 18 months more time for making complete repayment.