In a complaint registered with J P Nagar police station, by assistant RoC P G Meena, it is alleged that Gavaskar and five others raised Rs 4.65 crore through public issue to float a company for manufacturing footwear and other leather goods but defrauded the investors by not paying them any dividend since then.
Many shareholders lodged complaint against the company with RoC in Ahmedabad on the grounds that Securities and Exchange Board of India (SEBI) has declared the company named "Top Line Shoe" as "vanished", police said.
The issue of 46.50 lakh shares of Rs 10 each was opened on July 10, 1992 and closed on July 20, thus raising Rs 4.65 crores and the amount was never refunded to investors, police said.
The allotment of shares was made by the ''vanished'' company on September 7, 1992, police said.
All the six, including Gavaskar were the directors in the company, which had its office in Bihari apartment in Alkapuri area of the city, police said.
Gavaskar was not available for comments on the complaints.
The complaint has been registered under various sections of Indian Penal Code (IPC).
Others who have been booked are Vinod Mistry, Dulapsinh HMB Moorthy Mangappa, MMG Moorthy and Arun Kapa.