Novelist Ryo Takasugi has filed a lawsuit against Nihon Keizai Shimbun Inc., demanding the newspaper publisher allow him to hold shares in the firm after it had refused to do so and branded him an "outsider," his lawyers said.

A former employee of the company, which publishes the business daily Nihon Keizai Shimbun, had promised to sell Takasugi 1,000 shares for 7.36 million yen on July 4, according to the complaint filed Monday with the Tokyo District Court.

But the company, which is not listed, disapproved the transaction, saying only those associated with its business are allowed to own its shares, the complaint says.

The company then notified Takasugi that a cooperative composed of Nihon Keizai Shimbun employees had acquired the shares of the former employee.

In addition, the company canceled the former employee's "company friend" status, saying he "destroyed trust with the company," leading the former employee to sue for nullification of that status.

Takasugi argues he is deeply involved in the company's business as he has published books with it and proposed management reforms.

"The lawsuit is very regrettable," the Nihon Keizai Shimbun said. "We restrict who can own our shares to maintain independence as a newspaper publisher."