Vmoto (ASX:VMT) said the Australian government's takeovers panel declined to conduct proceedings on the application filed by the Munro Family Super Fund regarding the company, according to a Friday filing with the Australian bourse.

The application alleged shareholder oppression by Vmoto and improper transfer of 22.6% of shares to entities chosen by the board, the filing said.

The Panel determined that there was insufficient material to justify further investigation, ruling there was no reasonable prospect of declaring unacceptable circumstances, the filing added.

Shares of the company fell past 2% in recent Monday trade.