The Australian Securities and Investments Commission (ASIC) has disqualified Mrs Shashikumari Agrawal 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.

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 eight 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
• Mansa Sons Pty Ltd
• Dawn Enterprise Pty Ltd
• Patidar Group Pty Ltd
• SKTM Investments Pty Ltd
• SKTM Capital Pty Ltd
• TKA Investments Pty Ltd, and
• TVESA Investments Pty Ltd.

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.