The bail pleas of Hitesh Solanki, Akhil Shirin Khan alias Bobby and Vinayak Shinde were rejected by a bench of Justices P V Hardas and Anuja Prabhudessai.
Their appeals against conviction were admitted last year. However, their bail pleas were decided today.
Another convict, Shailendra Pandey, whose bail plea was also heard today, has jumped parole. His lawyer today withdrew the bail petition saying his client would apply afresh after he surrenders.
Lakhan Bhaiya was considered to be underworld don Chhota Rajan's close aide. Four days after his killing, his brother moved the Bombay High Court alleging that Bhaiya was killed in cold blood by the Mumbai Police.
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The inquiry in this case had found that the bullet that killed Lakhan Bhaiya was hit from point-blank range.
In another development, another convict in the same case, Janardhan Bhange was granted bail by the same bench which opined that evidence against him was "weak" as witnesses had turned hostile. Bhange too was convicted by the trial court on charges of giving contract money to kill Lakhan Bhaiya. His appeal was also admitted earlier.