Justice Ajit Bharihoke, after hearing detailed arguments on the bail applications of the accused, said the order on their pleas would be pronounced later.
Advocate Altaf Ahmed, appearing for Kanimozhi and Sharad Kumar, contended that the transaction of 200 crore rupees from DB Group to Kalaignar TV was a valid loan transaction and their was nothing dubious about it.
Senior advocate and Special Public Prosecutor U. U. Lalit opposed their bail pleas saying the accused have attempted to create smoke screen by projecting the bribe trail of 200 crores as a loan transaction.
Kanimozhi and Sharad Kumar had approached the High Court on May 23 after their bail applications were dismissed by a special CBI court on May 20.
Kanimozhi has been charged as a co-conspirator of former Telecom Minister A Raja in 2G scam.
Meanwhile, Cineyug Films Director Karim Morani, an accused in the 2G spectrum case, was arrested on Monday and taken into judicial custody after a Delhi court rejected his bail plea.
Special CBI Judge O P Saini refused the plea of Morani who is charged with facilitating the transaction of 200 crore rupees from DB Realty to Kalaignar TV, in which DMK MP Kanimozhi holds 20 per cent stake.
The CBI had alleged that Morani took six crore rupees for facilitating the 200 crore transaction.
The court did not accept the plea of the accused that he was entitled for bail as he was not arrested during the investigation of the case.
Morani had filed his regular bail plea on Tuesday after the court had denied anticipatory bail and directed him to appear before it.
CBI, in its second charge sheet in the 2G case, had alleged that Swan Telecom and Dynamix Realty Promoters Shahid Usman Balwa and Vinod Goenka channeled 200 crore to DMK-run Kalaignar TV through Kusegaon Fruits and Vegetables Pvt Ltd and Morani’s Cineyug Films Pvt Ltd.
The court had earlier dismissed Morani’s anticipatory bail plea on medical ground, saying that as per May 19 reports received from the department of Cardiology and Neurosurgery of Mumbai’s J J Hospital, his condition is stable and normal.