Fugitive businessman Nirav Modi has been denied bail by a UK court for a third time, in a hearing that was presided over by Chief Magistrate Emma Arbuthnot.

The 48-year-old businessman is facing extradition proceeding in the United Kingdom in connection with the multi-billion dollar Punjab National Bank (PNB) fraud and money laundering case.

 Modi will remain in jail till May 24, the next date of hearing.

"Mr Modi, you will be back for another short hearing via video link on May 24, with a full hearing in the case planned for May 30 when you will be produced in person," Judge Emma Arbuthnot said.

The May 24 hearing will be another procedural one, to meet the 28-day timeline for judicial custody in such cases in the UK. The case will then proceed to a full case management hearing, scheduled for May 30 so far, when Modi will be produced in person.