Emu NL (ASX:EMU) said the Australian government's takeovers panel received the company's application regarding shareholders requisitioning a general meeting to remove and replace two of the company's directors, according to a Friday filing with the Australian bourse.

The application alleges that the requisitioning shareholders, holding a 5.94% stake, are collaborating with associates, including nominee directors and other shareholders, to gain control of the EMU board, the filing said.

EMU also claims in its application that these associates hold over 20% voting power, made prohibited acquisitions, and failed to fully disclose their association to the market, the filing added.

The application seeks final orders to impose a voting restriction on shares held by the alleged associates, require them to dispose of their shares, mandate corrective disclosure, and demand they cover EMU's costs, the company said.

A sitting Panel has not been appointed related to the application, and no decision has been made on whether to conduct proceedings, the company added.

Shares of the company fell past 7% in recent Friday trade.