"Justice P K Jaiswal refused to grant the relief to the duo on the ground that they are being tried in the CBI Special Court in Indore," senior Public Prosecutor Hemant Shukla said.
The high court has posted the matter for further hearing on December 29.
"In view of the serious nature of the crime and Saba being a co-accused along with the prime accused Zahida, it is not appropriate to release them on bail," Jaiswal said.
Sunil Srivastava who represented Saba in the court pleaded for her release, saying she was suffering from a spleen disorder and the prosecution witnesses produced in the trial court could not prove any charge against her.
Zahida's counsels Ajay Bagaria and Zahid Khan argued that she be granted bail under section 437 of CrPC since she is a woman and has two minor girls to look after.
However, the court turned down the applications.
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Saba and Zahida's bail pleas were earlier rejected by the Special CBI Court judge Anupam Srivastava on the same grounds cited by high court today.
Shehla had been shot dead near her residence in Bhopal's Koh-e-Fiza locality on August 16 last year allegedly by Saqib Danger, hired by Zahida.
Zahida, along with four other accused, namely, Saba Farooqui, Tabish, Saqib Danger and Irfan are presently lodged in Indore jail.