According to the bill, whoever insults Mahatma Gandhi or other icons of the freedom movement shall be punished with imprisonment for a term of seven years.
The Rampur MP held a meeting with SP leaders before announcing the protest on Monday.
The BJP was propped up by NCP's Ajit Pawar who revolted against his party headed by his uncle Sharad Pawar.
BSP Basti district president Sanjay Dhusia said that the leaders had been involved in anti-party activities for the past several months and had been given several warnings.
The case dates back in 2014 when Azam Khan was the state's urban development minister during the tenure of the Akhilesh Yadav-led SP government in the state.
Moody's had said that the outlook partly reflected government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden which is already at high levels.
He said the verdict would be remembered as 'historic' and hoped that everybody would maintain peace and none would hurt feelings of any community or create any tension.
BSP MP Shyam Singh Yadav, who coached the Indian shooting team for the Beijing Olympic Games 2008 and Melbourne Commonwealth Games 2006, arrived at a function organised by the Samajwadi Party.
Congress candidate Arshad Ali Khan got 4,182 votes while BSP's Zubair Masood Khan secured 3,441 votes.
The BJP hit back at the Samajwadi Party chief on Wednesday, saying he was more concerned about the sand mining mafia and caste arithmetic.
While the Congress has already termed the encounter as 'fake' and demanded a CBI probe into the same, Akhilesh Yadav will visit Jhansi to meet the family of the 28-year-old, who was killed.
Party president Akhilesh Yadav will be visiting victim's place in Jhansi tomorrow.
On Sunday, police pasted the notice, issued under Section 82 (proclamation for person absconding) of the CrPC, outside the SP MLA's house, Shamli SP Ajay Kumar said.
Welcoming him to the party fold, Akhilesh Yadav said his presence will strengthen the SP.
Participating in a party's programme on the occasion of Gandhi Jayanti, he said this is only a part of the saffron party's politics to hiding their wrong deeds.