The move by the court allowed his continued arrest without a formal trial in a case relating to a property transaction that took place 34 years ago.

A two-member bench of the High Court, comprising Justice Sardar Ahmed Naeem and Justice Farooq Haider, took the decision after hearing the concluding arguments today, reports Geo News.

In Wednesday's hearing, MSR's advocate Amjad Pervez had completed his arguments for the allowance of bail, highlighting that, despite the flimsy and concocted nature of the case, Rahman had continued cooperating with the investigation and presents no risk due to which bail can be denied, reported the news channel.

Meanwhile, following the court order, the Supreme Court Bar Association and Pakistan Bar Council leaders condemned the dismissal of Rahman’s bail plea by the LHC.

In a joint statement, PBC Vice Chairman Abid Saqi and SCBA President Syed Qalbe Hasan called the move to turn down the bail plea ‘disappointing and painful’, reports Geo News.

Protests were held in Sargodha and Peshawar after bail was denied to the media baron.

The protesters demanded Rahman's release.

Mir Shakil-ur-Rahman was arrested on 12 March by the NAB in Pakistan in a case concerning a property transaction that dates back 34 years to 1986.