ASIC disqualifies Shashikumari Agrawal, wife of convicted Mansa Group director, from managing corporations for 5 years

[Newsroom](https://www.asic.gov.au/newsroom) PrintShare - [X Opens in new window](https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.asic.gov.au%2Fabout-asic%2Fnews-centre%2Ffind-a-media-release%2F2026-releases%2F26-118mr-asic-disqualifies-shashikumari-agrawal-wife-of-convicted-mansa-group-director-from-managing-corporations-for-5-years%2F&text=ASIC%20disqualifies%20Shashikumari%20Agrawal%2C%20wife%20of%20convicted%20Mansa%20Group%20director%2C%20from%20managing%20corporations%20for%205%20years) - [Facebook Opens in new window](https://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.asic.gov.au%2Fabout-asic%2Fnews-centre%2Ffind-a-media-release%2F2026-releases%2F26-118mr-asic-disqualifies-shashikumari-agrawal-wife-of-convicted-mansa-group-director-from-managing-corporations-for-5-years%2F) - [LinkedIn Opens in new window](https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.asic.gov.au%2Fabout-asic%2Fnews-centre%2Ffind-a-media-release%2F2026-releases%2F26-118mr-asic-disqualifies-shashikumari-agrawal-wife-of-convicted-mansa-group-director-from-managing-corporations-for-5-years%2F) - [Email Opens in new window](mailto:?subject=ASIC%20disqualifies%20Shashikumari%20Agrawal%2C%20wife%20of%20convicted%20Mansa%20Group%20director%2C%20from%20managing%20corporations%20for%205%20years&body=An%20article%20from%20ASIC%3A%0D%0A%0D%0AASIC%20disqualifies%20Shashikumari%20Agrawal%2C%20wife%20of%20convicted%20Mansa%20Group%20director%2C%20from%20managing%20corporations%20for%205%20years%0D%0A%0D%0Ahttps%3A%2F%2Fwww.asic.gov.au%2Fabout-asic%2Fnews-centre%2Ffind-a-media-release%2F2026-releases%2F26-118mr-asic-disqualifies-shashikumari-agrawal-wife-of-convicted-mansa-group-director-from-managing-corporations-for-5-years%2F) ASIC has disqualified Mrs Shashikumari Agrawal of Sydney NSW from managing corporations for the maximum period of five years due to her involvement in the failure of eight companies that formed part of the Mansa Group which collapsed in 2023. Following an ASIC investigation into the collapse of the Mansa Group, Mrs Agrawal’s husband Mr Krishnakumar Agrawal was sentenced on 7 November 2025 to a total term of three years and three months imprisonment for contraventions of the _Corporation Act 2001_(Cth) and _Crimes Act 1900_ (NSW). For his part in the collapse, Mr Agrawal is not eligible for parole before 6 February 2029 ( [25-270MR](https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-270mr-mansa-group-director-sentenced-to-imprisonment-for-more-than-four-years-for-forgery-and-dishonesty-offences/ "25-270MR Mansa Group director sentenced to imprisonment for more than four years for forgery and dishonesty offences")). Whilst ASIC agreed in the matter of Mr Agrawal that he was the controlling mind of the Mansa Group, nevertheless, Mrs Agrawal showed a disregard for the law and proper management of the 8 failed companies for which she was a director which currently owe at least $76,866,569.71 to at least 272 unsecured creditors. Mrs Agrawal was director of the following eight failed companies of the Mansa Group between 2010 and 2023: - United Capital Australia Pty Ltd ACN 141 369 851 - Mansa Sons Pty Ltd ACN 623 522 869 - Dawn Enterprise Pty Ltd ACN 169 927 888 - Patidar Group Pty Ltd ACN 600 349 406 - SKTM Investments Pty Ltd ACN 657 291 962 - SKTM Capital Pty Ltd ACN 657 292 441 - TKA Investments Pty Ltd ACN 664 027 276, and - TVESA Investments Pty Ltd ACN 637 901 145. In disqualifying Mrs Agrawal, ASIC relied on supplementary reports lodged by liquidator Simon Cathro of Cathro & Partners. Mrs Agrawal is disqualified from managing corporations until 9 June 2031. Mrs Agrawal has the right to seek a review of ASIC’s decision by the Administrative Review Tribunal. ## Background Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for a maximum period of five years if, within a seven year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about each of the company’s inability to pay its debts. ASIC also maintains a [banned and disqualified persons register](https://www.asic.gov.au/online-services/search-asic-registers/banned-and-disqualified-registers/ "Banned and disqualified registers") that provides information about people who have been disqualified from: - involvement in the management of a corporation - auditing self-managed superannuation funds (SMSFs), or - practicing in the financial services or credit industry. ASIC media releases are point-in-time statements. Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters. ## Topics [bannings and alerts](https://www.asic.gov.au/newsroom/search/?tag=bannings%20and%20alerts) [companies](https://www.asic.gov.au/newsroom/search/?tag=companies)