A bench comprising Chief Justice AP Shah and Justice S Murlidhar dismissed the petition on Wednesday, Dec 16.
Mr Swamy sought High Court direction to the Election Commission to hold an inquiry against the Congress president.
"Proper inquiry has not been held in the case. It seems that the government is trying to hide something and the impression must go to the public that no one is above law," Mr Swamy argued.
Stressing that the Election Commission has already analysed the case and that there would be no further inquiry, the bench said, "We have to see that there is an element of merit in it. From this material, we find it difficult to agree with you. Even in differing opinion of election commissioners (on the issue) we find no merit in it," the bench said.