The stay was granted by Justice P Ubaid on a petition filed by Karat and others seeking to quash the criminal proceedings initiated by the Thiruvananthapuram Chief Judicial First Class Magistrate (JFCM) Court against them.
CPI(M) had also organised a meeting in front of the Raj Bhavan.
The proceedings against the Marxist leaders was initiated on the basis of a complaint filed by Advocate P Nagaraj of Thiruvananthapuram in a lower court.
Based on the complaint, the magistrate had initiated criminal proceedings and issued summons to them.
Vaikom Viswan, P K Sreemathi, Anathalavattam Anandan, M Vijayakumar, Kadakampalli Surendran, V Sivankutty, C Jayan Babu, V Surendran Pillai and economist Prabat Patnaik are also respondents in the case.
According to the petitioners, offences alleged against them are not made out in the complaint.