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According to a report in the Observer, Miceal Ryan, the director-general of the panel, which is a regulatory body that oversees mergers and acquisitions, has reportedly contacted O'Brien's representatives asking them to explain comments made in another Observer story published at the end of last month.

The Observer story quoted sources close to O'Brien, who said the Irish tycoon was planning to bid for IN&M and sell off the company's flagship Independent newspapers within months

The panel could censure O'Brien or force him to issue a statement clarifying his intentions.

O'Brien began steadily building up his stake in IN&M in 2006, but over the past few weeks he has been buying tranches of shares. He now owns 21.07% of the company.

His frequent negative comments about the company's strategy and its chief executive Sir Anthony O'Reilly have prompted IN&M to label O'Brien a "dissident shareholder".

Last week, O'Reilly also increased his stake in the company in a bid to shake off the advances of O'Brien. When associated parties are included, O'Reilly's stake stands at over 28%.