The Australian Securities and Investments Commission (ASIC) has secured travel restriction orders against current and former Mansa Group directors Krishnakumar Sitaram Agrawal and Shashikumari Krishnakumar Agrawal.
The orders include restrictions on Mr and Mrs Agrawal from leaving or attempting to leave Australia until 31 August 2024 or until further order. Both Mr. and Mrs. Agrawal consented to the orders.
ASIC is currently investigating Mr and Mrs Agrawal for their roles in the collapse of the Mansa Group of companies in July 2023. ASIC has applied for travel restriction orders due to concerns that Mr and Mrs Agrawal may leave the country while continuing her research.
The final travel restriction orders were issued following ASIC’s successful application for temporary travel restriction orders at a hearing held without notice to Mr and Mrs Agrawal on 14 March 2024.
ASIC’s investigation into Mr and Mrs Agrawal and the Mansa group of companies is ongoing.
Mr. and Mrs. Agrawal are current and former directors of the 27 companies collectively known as the Mansa Group. Mansa Group companies were used to finance, acquire and develop properties in Sydney’s west.
Between 30 June and 4 August 2023, 16 Mansa Group companies were placed into voluntary administration or liquidation by either Mr Agrawal or company creditors. 151 investors in Mansa Sons Pty Ltd, the Mansa Group’s asset management company, reported losing almost $34.5 million in the collapse.
The liquidators, Michael Billingsley and Mohammad Mansoor of Olvera Advisors, are appointed to Mansa Sons Pty Ltd, Dawn Enterprise Pty Ltd, Tvesa Investments Pty Ltd, Siddhi Services Pty Ltd and Patidar Group Pty Ltd.
Liquidators Shumit Banerjee and Rajiv Ghedia of Westburn Advisory are appointed to Pramukham Enterprises Pty Ltd, SK Homes Aus Pty Ltd, SKTM Capital Pty Ltd, SKTM Capital Pty Ltd, TKA Investments Pty Ltd and SK Capital Pty Ltd.
The liquidators, Martin Walsh of ‘Walsh & Associates’, are appointed to SK Homes Pty Ltd.
Samarpan Investments, Sahyog Developers Pty Ltd and United Capital Australia Pty Ltd are appointed liquidators, Simon Cathro and Declan Lane of ‘Cathro & Partners’.
The interim and final orders were issued by Judge Lee following hearings in the Federal Court.