Australia’s Takeovers Panel has declined to conduct proceedings on a review application lodged by Global Lithium Resources regarding alleged undisclosed associations among certain shareholders ahead of a shareholder meeting.

The lithium miner had sought a review of an earlier decision that rejected its claims of an unlawful association among investors holding between 30% and 40% of its shares, including director Dr Dianmin Chen. The allegations arose in the context of an AGM scheduled for February 13, where board composition changes will be voted on.

The Panel ruled that Global Lithium’s application was filed outside the statutory two-month period required under Section 657C(3)(a) of the Corporations Act. Citing precedent from Webcentral Group, the review panel determined that there were no sufficient grounds to extend the time limit and thus refused to initiate proceedings.

Global Lithium has been pressing the Australian government to intervene against what it describes as a covert takeover attempt by Chinese-linked shareholders seeking control over its flagship Manna lithium project in Western Australia.

Global Lithium has urged the Treasurer, advised by the Foreign Investment Review Board, to force the shareholders advocating for board changes to reduce their stakes. In a November ruling, the Western Australia Supreme Court acknowledged that the Treasurer had the authority to block the contested shareholders from voting in the upcoming meeting.

According to newswire Reuters, company filings suggest that Chen, alongside a consortium of China-linked investors, has been working to seize board control without launching a formal takeover bid. Executive chairperson Ron Mitchell has advised shareholders to reject Chen’s reappointment, oppose the appointment of additional Chinese-born directors, and vote against capping the board at three members.

Mitchell has also argued that the alleged shareholder association contravenes Australia’s takeover laws and the Foreign Acquisitions and Takeovers Act. He has raised concerns with the Australian Securities Exchange, the Western Australian Supreme Court, and the Treasury.