Though the prosecution had argued for them to be remanded in police custody, magistrate A.V. Shete said he was satisfied that there was no justification for that.
Pardesi, the alleged aide of gangster-turned-politician Arun Gawli, had allegedly been paid contract money by Jain to kill Bhandarkar.
Lawyers for Jain and Pardesi had moved a bail application in the court stating that the investigations were over and the statements of the accused had been recorded. The two had also been subjected to scientific tests.
Hence the plea for bail, they said. However, hearing on the bail plea was adjourned till Sep 26.
Jain, who was arrested Sep 10 and has been in police remand ever since, had reportedly confessed Wednesday to her involvement in the alleged plot during a polygraph or a lie detector test conducted on her in Bangalore.
Five people have been arrested in connection with the case.
The three others, who were arrested Tuesday, are Gufran Mohammed Ibrahim Shaikh - an alleged sharp shooter - Shivam Arjundas and Satish Mohite.
Police claim Pardesi allegedly hired Shivam, Mohite and Sameer to execute the plan to eliminate Bhandarkar.