§ 2.47 p.m.
THE EARL OF CLANCARTYMy Lords, I beg leave to ask the Question which stands in my name on the Order Paper.
§ The Question was as follows:
§ To ask Her Majesty's Government whether they will instruct the Department of Trade and Industry to set a time limit for preliminary investigations into the affairs of publicly owned companies which have come under the notice of the Stock Exchange Council; and, where further investigation is necessary, whether they will instruct the Department of Trade and Industry to make a Statement as to the probable length of time such further investigation will take.
THE EARL OF GOWRIENo, my Lords, The Department has no authority over inquiries instituted by the Stock Exchange. As to further inquiries carried out by the Department, including references from the Stock Exchange, no estimate of the time they will take is possible, since they vary greatly in complexity and in the degree of co-operation afforded by the parties subject to investigation.
THE EARL OF CLANCARTYMy Lords, while thanking the Minister for his not very satisfactory Answer, may I ask whether he is aware that in one case, 730 the case of Pergamon Press, twenty institutions and over 2,800 small shareholders have been locked out, deprived of their capital and unable to get dividends, and have had the most dreadful treatment by one of Her Majesty's Ministries over the past four years?
THE EARL OF GOWRIEMy Lords, I very much doubt whether I can accept that there has been dreadful treatment of anyone on the part of any of Her Majesty's Ministries. I hope the noble Earl will realise that it would be quite improper for me to comment on individual companies under investigation, but I recognise that recently some cases have given rise to concern and the Department has, when appropriate, exercised these powers. In addition, noble Lords will know that a major review of company law is now under way and matters arising out of current inspections are being considered in this context.