The charge has been rejected by the BJP and Jay Shah, who has termed the report as "false, derogatory and defamatory".
"I do not believe in personal allegations, but when a report talks about his (Jay Shah's) role (corruption in business dealings), then a probe should be conducted against him," Mr Vaghela said.
The former Congress leader, who has joined a new outfit, the Jan Vikalp Party, was responding to reporters' queries on the controversy surrounding Jay Shah's company.
Jay Shah recently moved a court in Ahmedabad against 'The Wire', the news portal which published the report.
"Some members of the Kshatriya community met me today and said that Bhansali had tampered with history in his upcoming film. I have not seen the film, but Bhansali should refrain from tampering with history as that would amount to a cheap publicity stunt," Mr Vaghela said.
The septuagenarian leader reiterated that he was not going to contest the upcoming Gujarat Assembly polls.
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