Lumpini police station is threatening to issue arrest warrants for Suthichai Yoon and Sermsin Samalapa, two executives of SET-listed Nation Multimedia Group Plc (NMG), after they did not show up to hear their charges Monday.
A group of NMG's small shareholders led by Sirithat Rojanapruek sued the two for banning them from attending the shareholders meeting on April 29.
NMG has been in a dispute with MAI-listed News Network Corporation Plc, formerly Solution Corner (1998), for almost a year, and NMG was afraid the latter would intervene in its management and editorial policies after buying a 12% stake in the former late last year.
Its executives blocked more than half the shareholders from attending the April 29 meeting, as they were worried many were News Network proxies intending to make changes to the board.
Some 60 NMG shareholders gathered at the station to confront the two executives.
News Network director Watanya Wongopasi said the company took legal action against NMG executives for defamation and violation of its rights regarding the April meeting.
The minority shareholder group also sent a complaint letter to the Securities and Exchange Commission (SEC), asking the watchdog for clear penalties for the NMG executives for blocking them from attending the meeting.
The group also questioned the SEC's probe, claiming senior SEC officials had connections with the NMG board, which had affected the investigation. They requested the SEC appoint a new probe team by Oct 19.
The group said they had lost a lot of money due to the board's poor governance led by Mr Sermsin, who is president. Mr Suthichai is co-founder of NMG.
Pariya Techamuanvivit, the SEC's director for corporate affairs, said the securities watchdog was considering the documents and evidence carefully. The SEC deals with complaints via a panel rather than any one person in order to be fair and neutral.
Earlier, he said the Commerce Ministry suggested NMG had violated the Public Limited Companies Act of 1992 and requested clarification from NMG chairman Nitimon Hastindra na Ayudhya as a defendant. The securities watchdog is also investigating NMG's claim that News Network's share purchase was an attempted takeover.
NMG shares closed Monday on the SET at 1.52 baht, unchanged, in light trade worth 385,000 baht.
NEWS shares closed on the MAI at 27 satang, unchanged, in trade worth 1.24 million baht.