Probably best to accept the BOD were hamstrung by their own...

Probably best to accept the BOD were hamstrung by their own failures and mistakes made. They couldn't answer the ASX candidly regarding what was requested without leaving themselves open to litigation from shareholders and possible criminal charges by ASIC.

They may have been advised by those involved to call the ASX bluff and see what happens.

If it gets delisted by the ASX then quickly moves into voluntary administration, the BOD may get out of being put under the spotlight any further, particularly if there's been other questionable deals that directors have done on the past they may then remain concealed from shareholders and the ASX.