Chairman of the Bank of Rajasthan, Praveen Tayal, was arrested on Friday in connection with alleged irregularities in allotment of shares of a company of which he was a director.

A Kota court recently issued arrest warrants against Tayal, director of Tayal Krishna Capital Market Company under various sections of Indian Penal Code following which he was arrested from a five-star hotel on Friday morning, deputy inspector general of police, Jaipur range Ajit Singh, and his counterpart in Kota range Dalpat Singh Dankar told PTI.

Overseas Capital Market Company, which registered a police case against Tayal and five other directors of the his company in the year 2000 alleged that his company accepted Rs 32 lakh (Rs 3.2 million) but neither alloted the shares nor returned the money, Dinkar said.

The Kota police after investigating the case filed a chargesheet against Tayal and others in the lower court, which issued the arrest warrant, he said.

Tayal is being taken to Kota where he will be produced in the court, he said.

Efforts are also on to arrest the other five directors of the company against whom arrest warrants have been issued by the court, police said.