Justice P P Bhatt granted Sharma a temporary bail on September 29 and 30 to attend 'shraddha' rituals of his late mother.
The Enforcement Directorate had opposed Sharma's bail plea, saying that he might tamper with the evidence if released.
The high court, however, granted him a two-day bail, and said he shall not leave Ahmedabad during this period and surrender to the police on October 1.
Earlier, the special court for Prevention of Money Laundering Act cases had rejected Sharma's application for temporary bail after which he moved the high court.
The agency alleged that he allotted government land to Welspun India Limited at a lower rate at Bhuj when he was the collector of Kutch district.
This caused a loss of Rs 1.2 crore to the exchequer, it said, alleging that against this favour to the company, Sharma received a gain to the tune of Rs 22 lakh in the name of his wife, Shyamal Sharma.