Additional district and sessions judge K M Vin rejected the bail plea after prosecution opposed it on the grounds that there was evidence of his involvement in extortion.
Dilip Rajaram Palsekar was arrested in Mumbai by a Surat Police team on Thursday night.
Surat district and sessions court judge K M Vin granted bail to Surendra on condition that he should cooperate with the investigations.
Shetty also withdrew his bail application after the Gujarat high court expressed its mind to reject his plea.
The Gujarat high court on Tuesday rejected the anticipatory bail application of Surendra Shetty, father of Bollywood actress Shilpa Shetty, in a case of alleged extortion.
Father of actress Shilpa Shetty, he has been accused of extortion.
Surendra Shetty has been charged with hiring a gangster to recover Rs 80 lakh payable to his daughter by the owners of Praful Sarees for modelling in an ad film.
She was granted bail on a surety of Rs 40,000 in an extortion case.
A Surat court also deferred Sunanda's hearing after she said she was undergoing treatment in a hospital in Mumbai.
The father of actor Shilpa Shetty is embroiled in a case of alleged extortion.
The Bombay high court on Friday noted that passing a blanket gag order on the media against reporting anything against Bollywood actor Shilpa Shetty, wife of arrested businessman Raj Kundra, shall have a "chilling effect on the freedom of press" and said there is a judicial limit on what can be construed as good or bad journalism.
Just a few years ago, actress Shilpa Shetty was the face of Rajasthan Royals.
Inside the opulent Udaipur wedding of UK-based billionaire Sanjay Hinduja and Anu Mahatani.
The Bombay High Court, on Tuesday, said the Indian Premier League has made people familiar with phrases like "betting and fixing" and in view of the alleged violations of foreign exchange rules it is time to see if the tournament is in interest of the game of cricket.
Turkey and Rumi: What a holiday for the Lipstick In A Burkha actress.
At the start of 2016, HDFC Bank, Infosys, ICICI Bank, L&T and Axis Bank were the top five picks of fund managers
Amid chants of 'Om' and recitation of 'Mantras' for universal peace, millions across the globe today joined in spectacular celebrations to mark the inaugural International Day of Yoga, in a tribute to the ancient Indian spiritual and exercise discipline known to balance mind, body and spirit.
Shilpa Shetty, Anurag Basu and Geeta Kapoor back in action with dance reality show Super Dancer 3.
What your favourite celebrities are saying on social media.
Prakash Bhandari chalks the journey of Lalit Modi from his troubled adolescent days to his mid-life crisis, from his grand success at the India Premier League to his dramatic exit from it
India needs to build its Grand Narrative, and its cultural power, which conquered all of ASEAN (then known as Indo-China), needs to be forcefully projected while simultaneously hard economic and military power are also emphasised, says Rajeev Srinivasan.
The IPL has produced more controversies in its short lifespan than any other sporting league in history.
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