ACB judge Jaydev Dhadhal said the suspended officer will be released from jail for seven days on December 30.
The special Bhuj court had rejected his bail plea on October 10.
Sharma was arrested by ACB on Sep 30 in graft case in which he is alleged to have misused his official position.
ACB had arrested Sharma on September 30 after booking him under the Prevention of Corruption Act.
However, district prosecutor Kalpesh Goswami said that it was the government’s prerogative to take action against erring officers.
The ACB had arrested Sharma alleging the officer allotted land below market rate in 2004 when he was collector of Kutch district.
Sharma was arrested by ACB on Tuesday and a court in Bhuj had sent him to five-day police custody.
According to the FIR filed by ACB, Sharma’s wife Shyamal was made a 30 per cent partner in Value Packaging.
Sharma had filed his nomination on RPI ticket
All the five cases were registered in Kutch where he served as collector after the 2001 earthquake.
The bench made it clear that it was not expressing any opinion on the merits of the cases.
Fernandes contended that his arguments on surveillance were in pursuant to the SC-ordered probe into the Ishrat Jahan fake encounter case.
The bench made it clear that it is not concerned about personality and dispensation of government at the Centre.
The body of Pradeep Sharma was sent to India from Iran this week.
Court dismissed petition on the ground that Sharma had alternate remedy available to approach the concerned magisterial court to get his complaint registered.