The Election Commission has accused Future Forward leader Thanathorn Juangroongruangkit of violating MP rules on media shareholding.

In a statement on Tuesday, the EC said after collecting evidence, it found Mr Thanathorn owned 675,000 shares in V-Luck Media Co Ltd. The MP law bans MPs from holding shares in media companies.

Mr Thanathorn owned V-Luck Media Co Ltd, publisher of the now-defunct WHO! people and lifestyle magazine. He said he had sold the shares on March 8 last year to his mother before applying to be MP and showed evidence of the transactions on his Facebook. However, some media outlets questioned whether the share sale took place after the March 24 poll, leading to the EC's investigation.

In its statement, the EC secretary-general will inform Mr Thanathorn of the accusation, examine evidence and hear witnesses. Mr Thanathorn has seven days after being informed to submit evidence against the accusation.

Deputy EC secretary-general Sawang Boonmee declined to say whether the former auto-parts tycoon would be banned from politics or his party would be dissolved, saying the decision rests with the EC commissioners.

The EC executive dismissed news reports the chairman of a subcomittee investing the case had quit because he was pressured to issue the orange card to ban Mr Thanathorn from politics.