A division bench of Justices P V Hardas and Revati Mohite Dere also relied on a confessional statement which spoke about Asrani's involvement in the case.
Asrani's counsel Adhik Shirodkar had pleaded that there was no evidence against his client and that it was a fit case for discharge.
The High Court, however, after perusing the material submitted by the prosecution, held that there was prima facie evidence against Asrani.
Additional public prosecutor Ajey Gadkari had argued that Asrani was the one who had shown Dey to co-accused and assailant Satish Kalia.
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Asrani is accused of calling Dey to a suburban hotel and identifying him to members of Chhota Rajan gang who allegedly shot the journalist dead in suburban Powai on June 11, 2011.
A month after Dey was shot dead, Asrani was arrested under stringent Maharashtra Control of Organised Crime Act (MCOCA).