The single bench of Justice H C Mishra rejected the bail petition.
The CBI counsel objected to the bail petition, contending the probe into the scam was at a crucial stage and granting bail to him would hamper the investigation.
Sahi, who had surrendered before a special CBI court on August 6 last year and has been in judicial custody since then, is facing charges in purchase of medicine, equipment to the tune of Rs 130 crore.
