The Australian Securities & Investments Commission has disqualified Sydney director Shashikumari Agrawal from managing corporations for five years, the maximum period available under section 206F of the Corporations Act, over her involvement in the failure of eight companies in the Mansa Group, which collapsed in 2023. The ban runs until 9 June 2031. ASIC found that, although it had agreed in related proceedings against her husband Krishnakumar Agrawal that he was the controlling mind of the Mansa Group, Mrs Agrawal nonetheless showed disregard for the law and for the proper management of the eight companies for which she was a director between 2010 and 2023. Those companies currently owe at least AUD 76,866,569.71 to at least 272 unsecured creditors. The disqualification relied on supplementary reports lodged by liquidator Simon Cathro of Cathro & Partners, and Mrs Agrawal may seek a review of the decision by the Administrative Review Tribunal.
Australian Securities & Investments Commission2026-06-12
Australian Securities & Investments Commission bans Mansa Group director Shashikumari Agrawal for five years after eight company failures
ASIC has disqualified Shashikumari Agrawal from managing corporations until 9 June 2031 over her role in the failure of eight Mansa Group companies. The regulator said the companies owe at least AUD 76,866,569.71 to at least 272 unsecured creditors and found that she disregarded the law and proper corporate management.