The three-judge bench of the Supreme Court had yesterday upheld the death warrant issued by a TADA court against Memon on April 30 for his execution today.
The bench had also held that a Supreme Court bench's rejection of his curative petition against his conviction and sentencing did not suffer from infirmities.
During today's early morning proceedings, Memon's senior counsels Anand Grover and Yug Chowdhury contended the authorities were "hell bent" on executing him without giving him the right to challenge the rejection of his mercy petition by the President, insisting right to life of a condemned prisoner lasts till his last breath.
Grover said a death row convict is entitled to 14 days reprieve after rejection of mercy plea for various purposes.
Opposing Memon's plea, Attorney General Mukul Rohtagi said his fresh petition amounted to "abusing" the system.
Rohatgi said the whole exercise was an attempt to prolong Memon's stay in jail and get the sentence commuted. "A death warrant upheld just 10 hours ago by three judges cannot be quashed," he said.
"Stay of death warrant would be a travesty of justice. The plea is dismissed," said Justice Dipak Misra, writing the judgement for the bench.
The bench was in agreement with Rohatgi, with Justice Mishra saying the convict had "ample opportunity" after his first mercy plea was rejected by the President on April 11, 2014 which was communicated to him on May 26, 2014.
He said the rejection could have then been challenged before the Supreme Court.
"As a consequence, if we have to stay the death warrant it would be a travesty of justice," the bench said, adding "we do not find any merit in the writ petition".
Reacting to the verdict, Grover said it was a "tragic mistake" and a "wrong decision".
The Supreme Court had described Memom as the "driving spirit" behind the 1993 Mumbai blsts that left 257 dead and 713 wounded.
His brother, Tiger Memon, and underworld don Dawood Ibrahim, who masterminded the blasts, are absconding.The special TADA court had awarded him death penalty on September 12, 2006.
The blasts had followed the communal riots on 1992-93 in the aftermath of the Babri Masjid demolition.