The court of R K Choudhary, which reserved judgement on the petition after conclusion of arguments yesterday, rejected it today on the ground that granting him bail could affect the investigation.
On January 21, the court had dismissed Agarwal's plea of getting him discharged from the case and had fixed January 24 to frame charges against him.
The court, however, fixed a February 7 as the new date for framing charges against the accused.
The polls were later held afresh on May 3.
The CBI, which is also investigating the 2010 RS elections following allegations of horse trading, has raided the premises of several sitting and former MLAs and business men in connection with the two cases.