"The case for interim bail is not made out. Move for the regular bail at opportune time," Justice Ajit Bharihoke said.
Morani, 53, who is in Tihar Jail in connection with 2G scam, had moved the high court seeking interim bail for four weeks on the ground of his ill health.
He had pleaded that his confinement may have adverse impact on his health as doctors have advised him to "avoid stress". Citing the history of his heart ailment, he had sought interim bail to consult his doctors.
CBI had opposed his bail plea quoting from one of the status reports on his health conditions which had stated that Morani's blood pressure and pulse rate were normal and even his cardiac problems did not require his hospitalisation and there was no significant abnormality in his cardiovascular system.
The court, which had reserved its orders on July 14, rejected his plea today, saying he must approach the court for bail at appropriate stage of the case.
A special CBI court had ordered the arrest of Morani, who has been accused of facilitating the routing of Rs 200 crore of bribe from a firm promoted by Shahid Usman Balwa to DMK-run Kalaignar TV, after dismissing his bail plea on May 30.
CBI has accused Morani of taking Rs six crore for facilitating the transaction of illegal gratification to Kalaignar TV. Besides Morani, 13 persons, including DMK MP Kanimozhi who holds a stake in Kalaignar TV, have been arrested in the case.
Three companies, Swan Telecom, Unitech Wireless (Tamil Nadu) Ltd and Reliance Telecom Ltd, have also been named as accused in the case.