The other corporate accused whose bail plea were rejected included D B Realty promoter Vinod Goenka and Reliance officials Hari Nair and Surendra Pipara, who are in jail since April 20.
"All the five bail applications are baseless," Justice Ajit Bharihoke said in his terse oral order.
The judge did not read out the operative portions of his order.
All the corporate accused had challenged the special CBI court`s order declining their bail pleas and directing their arrest on April 20.
Senior advocate U U Lalit, the Supreme Court-appointed CBI prosecutor had opposed the bail pleas, saying the corporate bodies and individuals were direct beneficiaries of the spectrum deal and they were involved in a conspiracy along with former Telecom Minister A Raja to obtain benefits.
Besides the five corporate leaders, CBI has named nine persons including Raja and DMK MP Kanimozhi and three companies as accused in the case.
Other accused in the case are Swan Telecom Promoter Shahid Usman Balwa, former Telecom Secretary Siddhartha Behura, Raja`s personal Secretary R K Chandolia, Directors of Kusegaon Fruits and Vegetables Pvt Ltd Asif Balwa and Rajeev Agarwal.
Director of Cineyug Films Pvt Ltd Karim Morani and Kalaignar TV Pvt Ltd MD Sharad Kumar are also accused in the case.
The companies, which have been named as accused in the case, are Reliance Communications, Swan Telecom and Unitech Wireless.