The actor has been asked to report to the nearest police station every month. He has also been asked to surrender his passport, and he cannot leave the country.
Ahuja, chargesheeted for allegedly raping his 20-year-old maidservant, is in custody since June 15. Lower court had rejected his bail application.
Earlier on Wednesday, the prosecution argued that being an influential person Shiney may tamper with the evidence if given bail.
"The trial could be over in six months, as it is before a fast-track court," said additional public prosecutor Sangeeta Shinde.
Earlier, there was a debate on the meaning of the word 'atyachar' in Marathi. Shiney's lawyer, Advocate Shirish Gupte had pointed out on Tuesday that though the victim spoke explicitly about rape when police recorded her statement, in the statement before magistrate she only spoke of 'atyachar'.
Gupte said that it only means atrocity, not rape. Prosecutor, however, said that the word 'atyachar' may also mean "outrage" or a "cruel act".
The judge asked the prosecution about allegations that the victim had called on Shiney's landline number several times the previous night, and even after the alleged rape, she had spoken to someone on her cellphone.
Shinde said that these facts were not probed as they were revealed by defence only when the actor was brought to court for remand.
Shiney's lawyer had earlier argued that evidence only indicated a consensual intercourse, and not rape.