Chairman of Industrial Development Bank of India, V P Shetty, was on Friday arrested for allegedly making casteist remarks against IDBI General Manager B W Ramteke.
He was later released on a bail of Rs 10,000, Deputy Commissioner of Police Naval Bajaj said.
Shetty was arrested following the Bombay high court order to take cognizance of the complaint filed by Ramteke.
A division bench of Justice R M S Khandeparkar and Justice P V Kakade ruled that the cognizance be taken under sections 7 (1) (D) Civil Rights Protection Act, 1955,which deals with the protection of civil rights of the citizen.
The high court, however, quashed the charge under section 3 (1) (10) of the SC/ST (Prevention of Atrocities Act, 1989)saying the alleged offence has taken place within the chairman's chamber and not in public view.The ruling came following an application filed by Shetty seeking quashing of an FIR filed against him with a police station in south Mumbai.