A bench of Justices S J Mukhopadhaya and N V Ramana declined to entertain his plea, saying the allegations against him were very serious.
"We have been pursuaded well. It's a good case for dismissal," the bench said while dismissing the bail application.
During the hearing, the counsel for former minister argued that Kushwaha was undergoing incarceration since March 3, 2012.
"Charges have been framed. Let them examine witnesses," the bench said while allowing Kushwaha to move trial court for bail if trial does not commence within six months.
The case is being investigated by the CBI which had submitted charge sheet against the accused persons. The trial was going on in a CBI court at Ghaziabad.
