"Our order will be meaningless. The entire exercise will end in futile," said a bench of justices B S Chauhan and Swatanter Kumar, pointing out that Ghandy's status will remain same as he is in Tihar Jail for the cases registered in the Capital against him.
The bench said Andhra Pradesh government's plea against the high court's order could be heard later if Ghandy is granted bail in cases registered by the Delhi Police.
"We will keep your appeal pending," the bench told senior advocate Mahabir Singh, who, appearing for the Andhra Pradesh government, sought cancellation of bail to Ghandy.
The apex court had on January 27 stayed the Andhra Pradesh High Court order, which had granted bail to Ghandy, accused of killing the erstwhile Deputy Assembly Speaker Narsi Reddy and eight others on August 15, 2005.
While staying the bail order, the apex court had issued notices to Ghandy who is at present lodged in Delhi's Tihar Jail.
The alleged Maoist leader, who has been in jail since 2009 after his arrest, is facing trial in around 20 criminal and terror cases in different parts of the country.
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Congress leader Chittem Narsi Reddy and 8 others were killed by Maoists in Narayanapet in Mahbubnagar district on August 15, 2005.
The high court had granted bail to Ghandy on August 10, 2011. The state government had claimed Ghandy had confessed to his role in a statement made after his arrest in Delhi in 2009.