SUV driver Irfan Abdul Rahim Bilakiya was arrested soon after and was charged with culpable homicide not amounting to murder.
He was denied bail on Saturday by additional sessions judge V S Gaike, though details of the order have not been made available.
Earlier, a metropolitan magistrate court in Dadar too had rejected his bail plea.
Bilakiya had sought bail from the magistrate court claiming the accident was a result of system failure and an outcome of contributory negligence on part of the government authorities who failed to take appropriate safety measures after a mishap that took place at the site some time earlier.
Bilakiya, who has a construction business, was returning home from Jogeshwari when he allegedly rammed his SUV into three stationary cars and an ambulance on the bridge.
Five persons were killed while eight others were injured in the accident.