Hello Balaji Shenbagavel,
Currently, it is not possible to hide the TimeBar's GroupControls and ItemControls. I have logged this in our Public Issue Tracking System, so you can track its status here
. Your Telerik points have been updated.
the Telerik team
Register for the Q2 2011 What's New Webinar Week. Mark your calendar for the week starting July 18th and book your seat for a walk through of all the exciting stuff we will ship with the new release!