The arrest of Sudipta Sen, the Chairman and Managing Director of Saradha Group, a non-banking financial company, has been ordered by West Bengal government for defaulting on payments.
"Steps are being taken to arrest him. Probably Sudipta Sen is now in north India. You will come to know whenever he is arrested," Chief Minister Mamata Banerjee said here today.
With a huge default in repayments, the Saradha Group is virtually on the verge of collapse.
Pressure on its finances recently forced the group to wind up at least 10 media organizations, including newspapers and television channels it had launched or acquired since 2010-11.
Over 1200 employees, including journalists and technicians, have been rendered jobless in Kolkata following the biggest layoff in the media industry in eastern India.
The administration swung into action after a large number of its commission agents from across the state sought immediate intervention of the state government.
