§ 35. Mr. Oramasked the President of the Board of Trade whether, in the light of the observations in paragraph 172 of the Monopolies Commission's Report on Cigarettes and Tobacco, he will amend the Companies Act so as to require the publication of fuller information about shares held by one company in another.
§ Mr. MaudlingThe questions of disclosure of the beneficial ownership of shares in companies and of the names of subsidiary companies owned by parent companies are matters within the terms of reference of the Committee on Company Law under Lord Jenkins. The Committee has received much evidence bearing on these matters, and I propose to await its report before I consider modifying present legislation.
§ Mr. OramIs it not clear from the Report of the Monopolies Commission that Imperial Tobacco Co. purposely reduced its holding in Gallaher in order to conceal the extent of its holding? Has not the Commission reported that the holding, even at its existing level, is against the public interest? Will not the right hon. Gentleman therefore call the attention of the Jenkins Commit- 1460 tee to this evidence in the Commission's Report in order that it should take due notice of it?