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After hearing arguments from both sides in the Outer House of the Court of Session in Edinburgh, Lord Doherty rejected the petitioners' arguments.
However, Elaine Motion, Executive Chairman of legal firm Balfour+Manson, which represents the petitioners, said the issue was far from over.
"We have marked an appeal to today's ruling and we hope that will be heard in the Inner House of the Court of Session as soon as possible," she said.
"We always knew this would be the first step in a long, complex journey and we are pleased to have had the opportunity to make our arguments. We are ready to move forward to the next stage in the process."
