ASIC has banned two former directors from managing companies following an investigation which revealed they failed to meet their legal obligations.

ASIC Commissioner John Price said: ‘Directors who fail to play by the rules will be removed from the game.’

Neni Vijayant Tiwary has been banned for 3 years and Gargi Tripathi for 2.5 years. They were directors of green slip insurance businesses, Value Greenslips Pty Ltd (VGS) and ICRA Pty Ltd (ICRA), both which went into liquidation in 2012.

An ASIC investigation into the companies’ collapse found Mr Tiwary and Ms Tripathi:

• failed to comply with their obligations to keep adequate written records of the companies’ finances, and
• failed to exercise their duties as directors with care and diligence by not taking reasonable steps to monitor and control the companies’ financial affairs.

Mr Tiwary also failed to act in good faith and in the best interests of ICRA by authorising a payment to a related party on the same day the company went into voluntary administration in December 2011.