Justice J B Pardiwala said their protection from arrest will continue till Friday when the court will next hear the matter. The high court had earlier extended their interim relief till today.
Their lawyer Mihir Thakore maintained that the case registered against them in Ahmedabad for alleged misappropriation of Rs 1.44 crore funds granted by the Union HRD Ministry between 2010 and 2013 was "completely false".
Arguing for their anticipatory bail, he said his clients have fully cooperated with the investigating agency by submitting all the relevant documents pertaining to the case.
Setalvad and Anand had moved the high court after a local court rejected their anticipatory bail plea in the case.
The apex court had earlier granted protection from arrest to them till May 31.
The sessions court had earlier rejected the pre-arrest bail of the couple saying that their conduct does not inspire confidence and that the FIR does not fall in the category of "exceptional case".
Opposing their pre-arrest bail plea in the sessions court, the city crime branch had said the investigation was at a sensitive stage and that the accused duo are capable of influencing evidences against them if not arrested.
According to the crime branch, the Sabrang Trust NGO of Setalvad and Anand misused the money granted by the Union Ministry of Human Resource Development between 2010 and 2013 for educational purposes, for their "personal and political cause".
The crime branch had said that the couple published literature and pamphlets that "spread communal hatred", which is dangerous for the "national unity".
In April, the Supreme Court had granted a temporary relief to Setalvad and Anand by extending their interim protection from arrest and transit anticipatory bail granted to them by the Bombay High Court from May 2 to May 31.
The apex court had said that they would not be arrested till May 31, but before that they would have to approach the competent court in Gujarat which will decide the matter on merits.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)