Here is an extract from a media article from Business Spectator. It's a bit old but it does make specific mention about calling for an inquiry by ASIC.
"An effort by a bloc of shareholders to seize control of troubled explorer Paynes Find Gold became further complicated yesterday when millions of votes in favour of the rogue effort to elect new directors were alleged to be invalid, according to a report by The Australian.
The head of the shareholders seeking to gain control of the board, Perth businessman Carl Popal, was informed by officials from the Advanced Share Registry that some 39.5 million of his 40 million proxy votes were deemed invalid because forms had allegedly not been filled out correctly, the report said.
Mr Popal, along with allies Doug Taylor and Ray Muskett had been seeking to join the board, but the ruling to reject votes would make their efforts invalid.
Mr Popal has threatened legal action and said the existing board was resisting efforts to allow access to the company's books.
Major shareholder Steve Zielinski, an ally of Mr Popal, joined numerous shareholders in calling for an investigation by the Australian Securities & Investments Commission (ASIC), amid reports the miner spent more money on directors' salaries last year than on gold exploration, according to The Australian.".
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