The poster, which ran into trouble had Balakrishna's image along with that of Gandhi, Bhagat Singh, Subhash Chandra Bose and other freedom fighters.
As soon as TV channels ran a news story about the controversial posters, the organisers suddenly removed it from the protest venue at Ramlila Maidan. The removal of posters came before Ramdev arrived at the dais.
"We regret this. I urge activists not to carry such posters. Attention should not be diverted from the core issue," Ramdev said.
Balakrishna is in CBI custody in connection with a fake document case.
Commenting on the poster, RLD MP Jayant Chaudhary said that such a depiction could raise questions as to what that person had done to deserve such an honour.
"As far as the question of freedom fighters is concerned, it can also be seen as a slight, if you add some person in the same series....What has been the contribution of this person and their history?" Chaudhary said.