The order was passed by district judge V V Bambarde after hearing the submissions by the applicants' counsel and special public prosecutor Raja Thakre this evening.
Hanumant Jagdale and Najeeb Mulla of NCP, Vikrant Chavan of Congress and independent corporator Sudhakar Chavan are currently in judicial custody after arrest on the charge of abetment of suicide.
Parmar, head of Cosmos construction group, committed suicide on October 7, citing harassment by a nexus of corporators and civic officials who allegedly blocked his projects. He named the four corporators in his suicide letter, which led to their arrests.
Defence lawyers contended that the arrest was an attempt to settle political scores.