Vmoto (ASX:VMT) said the Australian government's takeovers panel has agreed to review the application filed by the Munro Family Super Fund regarding the company, according to a Wednesday filing with the Australian bourse.

On Monday, the panel declined to conduct proceedings on the application, which alleged shareholder oppression by Vmoto and improper transfer of 22.6% of shares to entities chosen by the board.

The Panel declined to order the postponement of VMT's general meeting scheduled on March 6, as requested by the applicant, the filing said.

A review panel has not yet been appointed related to the matter, the filing added.

Shares of Vmoto rose 8% at market close.