The court quashed charges against them under the Prevention of Corruption Act.
The CBI had appealed against quashing of a charge sheet against three Hinduja brothers.
A vacation bench of the Supreme Court also allowed all the three brothers to go at the same time as against the condition that one of the brothers has to remain in India at all points of time that was stipulated in their bail.
Solicitor General Kirit Raval argued the judgment in the Vineet Narain case entrusting superintendence of CBI functioning to the CVC should not be equated that of the CBI seeking prior approval of the CVC before filing any charge sheet.
London-based non-resident Indian steel magnate Lakshmi Mittal more than doubled his fortune in the past year to £3.5 billion and is set to top a list of Britain's wealthiest Asians.
The NRI, who flies around 560,000 km a year in his private jet to pursue deals, increased his fortune by almost £2 billion to £3.1 billion in the last one year, The Mail on Sunday said.
The CBI had moved the trial court seeking permission for further probe in the matter saying it had come across fresh material and evidence.
Their lawyers said there was no evidence to suggest that they had entered into a criminal conspiracy with former prime minister Rajiv Gandhi to get the Rs 14.37 billion contract awarded to Bofors.
This sum, said the CBI, provided for 8.24 per cent commission to accused Hinduja brothers, Win Chadha and Ottavio Quattrocchi.
Ambani is also the year's biggest gainer, adding USD 9.3 billion to his wealth amid the continuing success of his Reliance Jio broadband telco service.
In the Forbes rich list Mukesh Ambani is ranked 39th.
Micky Jagtiani, owner of Landmark, the unlisted Dubai-based retail chain, has entered the list of 10 richest Indians compiled by Bloomberg.
Some of the world's wealthiest Indian billionaires, such steel magnate Lakshmi Mittal and mining and metals tycoon Anil Agarwal, are based in London.
Top 100 billionaires see their wealth rise 10%; top 20 account for half of total wealth of top 100.
Hinduja Group expanding in defence sector in big way: Gopi
Ram Jethmalani passed away a few days before his 96th birthday on September 14.
Flipkart's co-founders Sachin and Binni Bansal made their debut at 86th position with a net worth of $1.3 billion each.
Forbes said Prime Minister Narendra Modi's "economic experiments" barely affected India's billionaires while none gained more than oil-and-gas tycoon Mukesh Ambani, who cemented his decade-long hold on the top slot by adding a staggering USD 15.3 billion (67 per cent) to his last year's wealth to become one of Asia's top five richest.
The Hinduja Group, in partnership with a Spanish industrial company, has acquired UK's iconic Old War Office building that was once occupied by the country's war-time Prime Minister Winston Churchill.
Top ten billionaires in India.
Malala Yousafzai, the Pakistani teenager shot in the head by the Taliban for campaigning for girls' education, has been named as Britain's most influential Asian by a weekly publication in London.
The combined networth of India's 100 wealthiest is $381 billion (nearly Rs 25.5 lakh crore), a rise of 10 per cent from $ 345 billion in 2015
Brijmohan Lall Munjal was a perfectionist, who empathised with people who worked for him.
Hinduja brothers have been ranked as Britain's richest Asians in 2014 with a total worth of 13.5 billion pounds, an increase of one billion pounds over the previous year.
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