The probe agency, in its review plea, has said the apex court did not give it time to put its views forth which has resulted in the "miscarriage of justice."
"Due to the paucity of time on the day on which this case was heard, the prosecution could not adequately put across the reasons why this court should not substitute a monetary fine in place of a jail sentence.
The association and the CBI have also filed application seeking open court hearing on the review pleas.
A three-judge bench had, on August 19, sent Ansal brothers, Sushil and Gopal, to two-year rigorous jail term if they failed to pay Rs 30 crore each within three months.
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In a judgement on September 23, the bench had said the "magnitude" of the tragedy case "calls for a higher sentence" but the court has to limit itself to the choice available under the law.
It said the apex court judgements "bestow an unwarranted leniency on convicts whose conviction in the most heinous of offences has been upheld by all courts including this Court and sentences imposed on them have been substituted with fine without assigning any reason or basis."
"The sentences of the convicts have been reduced to the period undergone without taking into account the gravity of their offence," it said.
The agency, too said that the "callousness" of the Ansal brothers led to 59 people being trapped and suffocated to death in the theatre.