Justices A R Dave and Kurian Joseph differed on the issue of entertaining the plea of Memon.
While Justice A R Dave dismissed Yakub Memon's plea, Justice Joseph Kurian stayed his death warrant.
The stay on Yakub's death warrant would be decided on Wednesday by the Chief Justice.
Memon, in his plea, had claimed he was suffering from schizophrenia since 1996 and has remained behind the bars for nearly 20 years, much more than a person serving life term has to spend in jail. He had sought commutation of death penalty, contending that a convict cannot be awarded life term and the death sentence for the same offence.
The apex court had on June 2, 2014 stayed the execution of Memon and referred his plea to a Constitution bench as to whether review petitions in death penalty cases be heard in an open court or in chambers.
Twelve coordinated blasts had rocked Bombay, as the city was then known, on March 12, 1993, leaving 257 dead and over 700 injured.
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