Vice-chancellor Dr K C Sunny presided over the event.
According to Section 24A of the Act, an advocate can be disqualified while Section 35 pertains to punishment for misconduct.
He called the contempt of court jurisdiction "very dangerous" and said it should be abolished.
A three-judge bench headed by Justice Arun Mishra while reading out the verdict said, court's decisions can’t be influenced by publications or opinions in the media.
Pay Re 1 as fine by September 15 or face jail, bar on practising: SC announces token punishment for Prashant Bhushan
The court also said that the press conference by four apex court Judges in January 2018 was wrong and said, 'Judges are not supposed to hold press conference.'
The arguments and observations were made by Prashant Bhushan's lawyer Rajeev Dhawan, Attorney General KK Venugopal, and the Supreme Court.
When the advocates proceeded to place a wreath at the pedestal of Mahatma Gandhi statue on the Marina around noon with placards criticising the SC judgment, they were arrested.
The Supreme Court gave two days’ time to Prashant Bhushan to reconsider his statement on the contempt case against him.
Advocate and activist Prashant Bhushan defended his comments about the judiciary in the 2009 contempt case and has filed a written submission before the Supreme Court.