"All the three bail pleas are dismissed," Special CBI Judge O P Saini said.
Asif and Rajeev are the directors of DB Realty group firm--Kusegaon Fruits and Vegetables Pvt Ltd which was allegedly used in a "circuitous manner" for transfer of Rs 200 crore as a kickback to DMK-run Kalaignar TV Pvt Ltd.
They are accused of playing key roles in the transfer of Rs 200 crore bribe to Kalaignar TV through various firms promoted by Shahid Usman Balwa.
Shahid was arrested on February 8 while Asif and Rajeev were arrested by the CBI on March 29 and they are currently in Tihar Jail.
Rajeev is also the director of Conwood Constructions and Developers Pvt Ltd (a partner of Dynamix Realty).
Shahid allegedly is direct beneficiary of the 2G spectrum allocation scam with his firm Swan Telecom having been alloted the spectrum licence as per a criminal conspiracy hatched by him along with former Telecom Minister A Raja and others.
While opposing the bail pleas of the trio, Special Public Prosecutor U U Lalit had submitted that Dynamix Realty acquired 49 per cent shares in Cineyug Films Pvt Ltd (held by co-accused Karim Morani) only subsequent to the transfer of the bribe money and they all were the umbrella companies of DB Realty.
He had also rebutted the submission of the defence that the alleged "illegal gratification" of Rs 200 crore was actually for the shares of Kalaignar TV and the same was called back after the valuation of the share was higher than assessed and Rs 200 crore would not have fetched good shares.