HC Deb 12 February 1969 vol 777 cc1302-3
19. Mr. Fletcher-Cooke

asked the President of the Board of Trade if he will order an investigation under the powers conferred by section 165 of the Companies Act, 1948, into the affairs of Inter-Continental Pharmaceuticals (Bletchley) Limited and allied and associated companies.

Mr. Dell

On 13th January the Board of Trade under Section 109 of the Companies Act, 1967, required the production of the books and papers of Inter-Continental Pharmaceuticals (Bletchley) Ltd. As a result of preliminary inquiries, the Board on 29th January appointed inspectors under Section 165(6) of the Companies Act, 1948, to investigate the affairs of the company and of Curtis & Co. Ltd.

Mr. Fletcher-Cooke

Is not this very late in the day? Has not the bird flown? Will not the Minister accept that reputable pharmaceutical companies gave the Board of Trade information about this concern two years ago and more? Why has the Board of Trade been so dilatory?

Mr. Dell

The hon. Gentleman will be aware that, as a result of Section 109 of the 1967 Act, the Board of Trade now has powers which are important in this regard and which we did not have before the Act was passed.

Mr. Ogden

May I thank my hon. Friend for having set up this inquiry, as I asked him to do three weeks ago? Will he bear in mind that the legislation available to the Board of Trade and other Ministries is totally inadequate to meet this kind of extraordinary situation? Can he give an assurance that there will be consultation with the Ministry of Social Security and other Ministries?

Mr. Dell

I think that my hon. Friend will find that Section 109 and Section 111 of the Companies Act, 1967, have considerably improved the situation in this respect.

Mr. Patrick Jenkin

The hon. Gentleman had this power in 1967. Why has it taken so long to do anything when, according to my hon. and learned Friend the Member for Darwen (Mr. Fletcher-Cooke), information was available two years ago?

Mr. Dell

The hon. Gentleman knows that the Act came into force at the end of 1967 or early 1968. Action has now been taken to pursue this investigation.