The Panel, Peter Hay, Vickki McFadden and Mark Paganin (sitting President), declined to make a declaration of unacceptable circumstances in relation to the affairs of Bowen. The Panel was not satisfied on the information provided that unacceptable circumstances existed in relation to the expert's report. The Panel was also not satisfied that there was sufficient evidence to conclude that the independent directors of Bowen were not independent such as to constitute unacceptable circumstances. Lastly the Panel was not satisfied that there was material information in relation to Bowen's assets that had not been disclosed to the market or that there was enough evidence to infer that Bhushan and Savni are associates.