ASIC secured travel restraint orders against current and former directors within the Mansa Group, Krishnakumar Sitaram Agrawal and Shashikumari Krishnakumar Agrawal.
The orders, issued on 18 March 2024, include restrictions on Mr and Mrs Agrawal from leaving or attempting to leave Australia until 31 August 2024 or until further order is made. Both Mr and Mrs Agrawal consented to the orders.
ASIC is currently investigating Mr and Mrs Agrawal over their roles in the collapse of the Mansa Group companies in July 2023. ASIC applied for the travel restraint orders over concerns that Mr and Mrs Agrawal may leave the country while it continues its investigation.
The final travel restraint orders were made after ASIC successfully applied for interim travel restraint orders at a hearing made 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.
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Background
Mr and Mrs Agrawal are current and former directors of the 27 companies which are collectively known as the Mansa Group. The Mansa Group companies were used for the funding, acquisition and development of property in Sydney’s west.
Between 30 June and 4 August 2023, 16 Mansa Group companies were placed into voluntary administration or liquidation either by Mr Agrawal or company creditors. 151 investors in Mansa Sons Pty Ltd, the Mansa Group treasury company, have reported losing almost $34.5 million in the collapse.
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.
Liquidators, Martin Walsh of ‘Walsh & Associates’, are appointed to SK Homes Pty Ltd.
Liquidators, Simon Cathro and Declan Lane of “Cathro & Partners’, are appointed to Samarpan Investments, Sahyog Developers Pty Ltd, and United Capital Australia Pty Ltd.
The interim and final orders were made by Justice Lee after hearings in the Federal Court.
Editor’s Note:
On 28 August 2024, orders were made by consent extending the travel restraint order against Mr Agrawal to 20 December 2024, or until further order is made. The travel restraint order against Mrs Agrawal was discharged.