This was stated by the Vadodara police commissioner Sudhir Kumar Sinha while talking to reporters after recording the statement of the Little Master in the case.
According to Sinha, Gavaskar said that he had not made any investment in the company nor got any share.
Gavaskar had made a brief halt in the city before returning to after attending a function in Halol town of neighbouring Panchmahals district.
J P Road police station inspector K B Jadeja had recorded Gavaskar's statement which ran into five pages.
At the request of TSL managing director H M G Murthy, Gavaskar had given his consent to be included in the board of directors of the company in goodwill gesture, Sinha said adding, "Gavaskar's intention was clear and he did not want to cheat anyone".
The city police commissioner, however, said that it was a mistake on part of Gavaskar for allowing TSL to use his name without enquiring about it.
The celebrities are supposed to take care before allowing use of their names in company having shady activities, Sinha observed.
TSL has not submitted its papers and resolutions of board meeting and accepting the resignation of Gavaskar from the company and it will have to do so, the commissioner added.
Murthy, however, had said that Gavaskar's resignation was accepted and it was orally conveyed to him.
After his appointment as Sheriff of Mumbai in 1994, Gavaskar had resigned from this company, Sinha said adding, the cricketer had said that he would send his resignation letter to the police soon.
After collecting Rs 4.65 crore through public issue, TSL had done a vanishing act and police will take action against Murthy, who is managing director of the company for his failure to submit annual balance sheet to the Registrar of the Company (RoC).
A case under section 403, 406, 414, 415, 418, 420 and 114 of IPC has been registered against the directors of TSL.