Wednesday 16 May 2007 LAWFUEL – The Law Newswire – The Australian Securities and Investments Commission (ASIC) has disqualified four directors from managing corporations during April following their involvement in failed companies. Mr Tedwin Arthur Stewart ASIC has banned retail food outlet operator and finance broker, Mr Tedwin Arthur Stewart, of Maryborough, Queensland, from managing companies for three years. Mr Stewart’s banning follows an ASIC investigation into his involvement in two failed companies; Stewart Services Pty Ltd and S.O.S. Seminars Pty Ltd.
ASIC found that Mr Stewart breached his duty as a director by using S.O.S Seminars funds to pay personal expenses. ASIC also found that Mr Stewart failed to maintain adequate books and records in relation to both companies. Mr Inderjit Pal Singh Jaiswal ASIC has banned restaurateur, Mr Inderjit Pal Singh Jaiswal, of Robina, Queensland, from managing companies for five years. Mr Jaiswal’s banning follows an ASIC investigation into his involvement in four failed companies; Vysag Pty Ltd, Boonooroo Investments Pty Ltd, Fuscia Investments Pty Ltd and Nusag Pty Ltd. ASIC found that all four companies failed to pay statutory debts to the Australian Taxation Office (ATO).
In addition, ASIC also found the ATO had issued administrative penalties following revelations Mr Jaiswal had provided false and misleading information in BAS statements concerning Nusag Pty Ltd and had failed to assist the ATO with its enquiries. ASIC also found that Mr Jaiswal failed to keep adequate books and records in relation to all four companies. Mr Hugh Gilchrist ASIC has banned builder, Mr Hugh Gilchrist of Ringwood, Victoria, from managing companies for 18 months. Mr Gilchrist’s banning follows an ASIC investigation into his involvement in three failed companies; Barrett & Gilchrist Builders Pty Ltd, Pearl Kitchens Pty Ltd and Trade Investors Pty Ltd.