Justice Ingrid Simler at the Royal Courts of Justice in London concluded the hearing and said as the matter of "some importance", she would take some time to consider it and hand down her ruling on June 12.
The prisons department last week shared information with the state Home department about the status of the Arthur Road prison and facilities that can be provided there, in case Modi is to be lodged in the barrack.
The UK's Crown Prosecution Service (CPS) said that the hearing of Modi's bail plea will take place at the Royal Courts of Justice in London on June 11.
He was produced before Judge Arbuthnot for the first case management hearing in the case. The judge remanded him till June 27.
He is set to be produced from custody before Judge Arbuthnot for the first case management hearing in the case, during which a broad timeline is expected for his extradition trial.
Dressed in a light blue shirt and trousers, the 48-year-old appeared before Westminster Magistrates Court Chief Magistrate Emma Arbuthnot and sat behind a glass enclosure as the hearing got underway.
The 48-year-old, who has been behind bars at Wandsworth prison in south-west London since his two previous bail applications were rejected following his arrest on March 19.
Barrister Nick Hearn from Furnival Chambers will represent the CPS at the bail hearing, while Modi will be represented by Clare Montgomery of Matrix Chambers.
Meanwhile, a dozen luxury cars belonging to Nirav Modi and Mehul Choksi have been auctioned, fetching the government exchequer Rs 3.29 crore
The 48-year-old, who has been behind bars at Wandsworth prison in south-west London since his arrest last month, is set to be produced before a judge at Westminster Magistrates' Court via videolink from the jail.
Mehul Choksi, the promoter of company, is currently on the run.
Choksi and his nephew diamantaire Nirav Modi are absconding after the biggest financial fraud came to light in February 2018 and are facing extradition from Antigua and Britain, respectively
The Union Finance Ministry issued an order April 16 after getting sanction from the Appointments Committee of the Cabinet and subsequently the ED headquarters in Delhi issued the orders relieving Agarwal from the post of special director of the agency in Mumbai, the officials said.
The three businessmen mentioned by Gandhi, are wanted in India for fraud and money laundering.
A two-member bench of VP Singh and Ravikumar Duraisamy, allowing more time, fixed the matter for further hearing to April 25.
Nirav Modi had the directors’ passports taken away and phones smashed after flying them to Dubai and Cairo.
Modi could be charged with violations in the Racketeer Influenced and Corrupt Organisations (RICO) Act.
The diamond merchant, who has been behind bars at HMP Wandsworth in south-west London ever since his first bail application was rejected on March 20, can apply for a High Court bail appeal at any time until his next remand hearing on April 26.
"Do we know which part of India he (Modi) is being sought in," the judge asked, to try and establish which jail Modi is likely to be held in.
The 48-year-old diamond merchant is wanted in India for alleged "high value and sophisticated" fraud and money laundering amounting to $2 billion.
Nirav was denied bail on grounds of the high value of funds embezzled and high access of escape
'Given the nature and seriousness of charges and the resources available to him… there will be an overwhelming desire to flee the jurisdiction and interfere with the administration of justice,' said Cadman.
As soon as the news came out, sources said, ED Director Sanjay Kumar Mishra cancelled the order in Delhi and restored the charge to Kumar.
The 48-year-old diamond merchant was denied bail by District Judge Marie Mallon at his first hearing soon after his arrest by Scotland Yard officers from a central London bank branch as he tried to open a new bank account and has been in custody at the HMP Wandsworth prison in south-west London since last Wednesday.
A Joint Director-level officer has been deputed to leave for London Wednesday with necessary documents, they said.