rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Vanishing firms: Sunny hopes to clear his name

Vanishing firms: Sunny hopes to clear his name

July 16, 2004 17:21 IST

Former Indian captain Sunil Gavaskar is taking appropriate steps to clear his name from the unsavoury controversy which has broken out back home about his alleged involvement in a case of financial irregularity.

"My people back home are trying to establish the facts before taking measures to deal with it," said the legendary opener who is here as a television commentator for the Asia Cup tournament.

The Registrar of Companies in Ahmedabad has filed a complaint with the local police against Gavaskar and four other directors for having raised Rs 4.6 crore (Rs 46 million) out of a public issue for a clothes and shoe company, but failed to issue dividends to subscribers.

Gavaskar, looking cool and unperturbed, said he had resigned from his post as a director at least a decade back in the 90s.

"During my brief association with it, I hardly attended any meeting of this company. The thing to remember is that I wasn't an executive director who are involved in the day-to-day running of a company."

"I am absolutely unsure if a public issue was released at the time when I was still a director with the company. I hope not, for I don't know anything about this public issue business."

Gavaskar clarified there were two other matters which had come out of this misadventure and he had been absolved of it.

"There was an employees' provident fund matter and another one involving a loan by Punjab National Bank to this company which I took up and subsequently got absolved of."   

Gavaskar said he agreed to join the company at the request of a certain H Murthy whom he had met through a contact he trusted.

"I did so absolutely in good faith before resigning from not only this but three other companies where I had been holding a director's portfolio."

Gavaskar said there was probably a lesson to be learnt from it for the present cricketers who could be drawn into similar projects.

Ashish Shukla in Dambulla (Sri Lanka)
© Copyright 2018 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.