The decision was made at the second round of meetings of the Interior Ministry's immigration committee yesterday, newspapers quoted sources as saying today.
A secret ballot was held on the issue of revoking Seghal's permanent residency status and five members of the committee voted for it while two others opposed it and two more abstained, the media reports said.
The committee had decided on February 11 that there was not enough evidence to deport 70-year-old Sehgal, who has lived in Thailand for 65 years but still holds an Indian passport.
If the move is approved by CMPO, Sehgal can approach the court to oppose the decision.
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However, Seghal said he had not yet received anything in writing or been informed of any allegation of wrongdoing.
"I am innocent, I did not do anything wrong. I have not been investigated by police or any officials," said Sehgal, who has a publishing business.
He said he only knew what the media had reported, adding the matter was now being handled by his lawyers.
Sehgal has been accused of harming national security by leading protesters to besiege government offices, including the Department of Civil Aviation.
The businessman earlier served as an advisor to several ministers, including those in the administration run by former premier Thaksin Shinawatra.