"We arrested him under Indian Penal Code Section 294, which deals with obscenity in public. Since it is a bailable offence, he was released on bail, " said Assistant Commissioner of Police (ACP), Arvind Mahabadhi.
During the LIFW early April, Akshay had unbuttoned his jeans, while walking the ramp, at the instance of his wife Twinkle Khanna.
The LIFW had attracted other celebrities like Shah Rukh Khan and Naomi Campbell, who had walked the ramp, promoting various designers.
Akshay's unbuttoning act had kicked up a storm with some private individuals lodging police complaints, accusing Akshay of immoral and indecent behaviour in public.
ACP Mahabadhi said that now the case would be further investigated and depending on the outcome, a charge-sheet would be filed against the star.