The metropolitan court on Tuesday cancelled the arrest warrant issued against Indian cricket legend Sunil Gavaskar in connection with a case pertaining to a bogus footwear company, and adjourned the matter till January 21.
Gavaskar on Tuesday appeared in person before the additional chief metropolitan magistrate, which had earlier issued an arrest warrant for him after he had failed to appear before the court in this regard.
Gujarat has largest number of vanishing firms
His name figured in the case filed by Registrar of Companies, Ahmedabad, as one of the six directors of the Vadodara-based Top Line Shoes Ltd, which disappeared after raising Rs 4.65 crore (Rs 46.5 million) through a public issue.
The Registrar of Companies, Ahmedabad had registered a case in this regard in a local court after the company vanished in 1995.
Vanishing firms: Police case against Gavaskar
Gavaskar on previous occasions had denied of being a part of the company. According to a lawyer representing Gavaskar, the cricketer had resigned from the board of the company in 1994 and was now not even a shareholder in the company.
Probe begins into Topline Shoes case
On June 11, 1992, Topline Shoes had set up its registered office in Vadodara and issued equity shares to raise money for manufacturing leather and sport shoes at its factory on Dabasa road, Padra about 40 kms from Vadodara.
The company had floated an IPO of 46.5 lakh (4.65 million) shares at the rate of Rs 10 each in 1992 and had stated that it had an installed capacity of manufacturing nine lakh pairs of shoes every year.
Some of the other directors named by the RoC are M M G Moorthy, HMB Moorthy and Vinod Mistry.
