However, a bench headed by Justice H L Dattu said his bail plea would be considered if the trial in the case is not completed expeditiously.
Reddy had moved the apex court in 2013 challenging the High Court's decision to reject his bail petition.
He is facing several criminal cases and is now lodged in a jail in Andhra Pradesh. He was arrested in 2011.
Janardhan Reddy and his brother-in-law B V Srinivas Reddy, Managing Director of OMC, were arrested by CBI on September 5, 2011 from Bellary in adjoining Karnataka and brought to Hyderabad.
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