Two directors of a pair of compulsory third party insurance companies have been banned from managing companies.
ASIC banned Neni Vijayant Tiwary for three years and Gargi Tripathi for two-and-a-half years, after an investigation found they failed to meet their legal obligations.
Their green slip insurance business, Value Greenslips and ICRA, both went into liquidation in 2012.
ASIC’s investigation into the collapses found the pair had failed to keep adequate records and failed to properly monitor the companies’ financial affairs. ASIC also found Tiwary had failed to act in good faith by authoring a payment to a related party the day the company went into voluntary administration.
ASIC Commissioner John Price says: “Directors who fail to play by the rules will be removed from the game.”