A bench of Acting Chief Justice A K Sikri and Justice Rajiv Sahai Endlaw also barred Kalmadi from leaving the country till July 27.
In its order, the bench said, "From the national point of view, we have decided the matter and he should not participate in the opening ceremony of the Olympics.
"His participation can cause embarrassment to the country," the bench said, adding, "National interest is the prime concern."
However, the bench left it to the International Association of Athletes Federation (IAAF) to decide his plea for attending its meeting after reading the court's order.
Kalmadi had made a plea that being the president of Asian Athletes Association (AAA) he was invited by the IAAF.
The court passed its order on a PIL filed by lawyer Rahul Mehra seeking to restrain Kalmadi from proceeding to London for the Olympics in view of the criminal cases pending against the Congress MP in connection with the 2010 Commonwealth Games. (MORE)