Move Forward Party (MFP) leader Pita Limjaroenrat has reportedly sold the shares he held in a media company in the hope of keeping his bid to become Thailand's next prime minister alive.

However, as the shares were sold after he had applied to run in the May 14 election, he may still be disqualified for violating the election law.

The MFP leader is under scrutiny over the 42,000 shares he held in iTV, an independent broadcaster founded in the 1990s. Under the current constitution, a candidate is barred from running for office if he or she owns shares in a media company.

If found guilty of violating the election law, Mr Pita will be disqualified as an MP, which would complicate the MFP's efforts to form the next government.

According to Mr Pita, the shares were originally held by his father, who died in 2006.

Mr Pita said he tried to sell the shares but could not find a buyer.

iTV stopped broadcasting in 2007 and its licence was taken over by Thai PBS. The company was delisted from the Stock Exchange of Thailand in 2014.

However, its business registration remains active because of a dispute with the government over unpaid fees.

On Sunday, Mr Pita said that he was ready to explain the matter to the Election Commission, though the poll agency has yet to contact him. He said nothing would obstruct his party's bid to form a government.

The MFP finished first in last month's poll with 151 seats, 10 more than Pheu Thai. The two parties and six others have formed a 313-member coalition that hopes to be the next government.