§ Mr. Cantasked the Secretary of State for Trade and Industry how many known contraventions of Section 44 of the Companies Act, 1948, took place in 1970, and to the latest available date in 1971.
§ Mr. RidleyNo contraventions of Section 44 have been established in 1970 or so far in 1971.
§ Mr. Cantasked the Secretary of State for Trade and Industry whether he will institute proceedings under Section 44 of the Companies Act, 1948, against the authors of a prospectus of Muldivo Computers Limited, details of which have been sent to him.
§ Mr. RidleyInquiries are proceeding to establish whether a contravention has taken place.
§ Mr. Cantasked the Secretary of State for Trade and Industry in respect of which companies during 1970, and to date this year, respectively, his Department granted dispensations under Section 76 of the Companies Act, 1967.
§ Mr. RidleyNone.
§ Mr. Arthur Lewisasked the Secretary of State for Trade and Industry what proportion of the reports of inspectors appointed by his Department since 1948 under Sections 164 or 165 of the Companies Act, 1948, have dealt with the affairs of foreign subsidiary or associated companies in so far as these have been relevant to a full understanding of the subject British parent company's affairs.
§ Mr. RidleyReports deal with the affairs of foreign subsidiary or associated companies in so far as they affect the matters being enquired into in the main company; and die powers of investigation are confined to companies which are or have been carrying on business in the United Kingdom. It is not possible, without undue expenditure, to identify the proportion of all reports which have found it necessary to consider such companies.
§ Mr. Arthur Lewisasked the Secretary of State for Trade and Industry what action his Department takes in relation to those responsible for persistent breaches of the Companies Acts.
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§ Mr. RidleyIt depends upon the nature of the breaches.
§ Mr. Arthur Lewisasked the Secretary of State for Trade and Industry what is the procedure followed by his Department when it receives an application supported under Section 164 of the Companies Act, 1948, in relation to a public company.
§ Mr. RidleyThe application is considered in the light of the evidence provided pursuant to Section 164(2) of the Companies Act, 1948 and, where necessary, additional information is sought.
§ Mr. Arthur Lewisasked the Secretary of State for Trade and Industry what is the procedure followed by his Department when it receives an application under Section 172(3) of the Companies Act, 1948, in relation to a public company.
§ Mr. RidleyThe application is considered and inspectors are appointed if the identity of the persons able to exercise control over the company is not known.
§ Mr. Arthur Lewisasked the Secretary of State for Trade and Industry what enforceable sections of the Companies Acts he will not enforce.
§ Mr. RidleyIn principle, none.
§ Mr. Arthur Lewisasked the Secretary of State for Trade and Industry which of his Department's discretionary powers under the Companies Acts are invoked regularly without applications first being made.
§ Mr. RidleyThe Department relies on complaints from members of the public and on its own information in varying degrees.
§ Mr. Arthur Lewisasked the Secretary of State for Trade and Industry under what power his Department's inspectors have investigated and reported upon the affairs of relevant foreign associated and/or subsidiary companies, when appointed to investigate the affairs of the parent British company.
§ Mr. RidleyThe Department's powers are provided by Sections 165–171 and 175 of the Companies Act, 1948 as amended by Section 42 of the Companies Act, 1967,424W but in respect of foreign companies are limited to those which are or have at any time been carrying on business in the United Kingdom.
§ Mr. Arthur Lewisasked the Secretary of State for Trade and Industry which provisions in the Companies Acts have been chiefly contravened, in the latest period for which information is available, by public and private companies, respectively.
§ Mr. RidleyMost convictions have been obtained for contraventions of Section 126 of the Companies Act, 1948.
§ Mr. Arthur Lewisasked the Secretary of State for Trade and Industry whether he will list all his Department's insurance and companies powers that have never been used.
§ Mr. RidleyAs far as can be ascertained, powers under the following Sections have not hitherto been used: Sections 65, 174, 210 and Schedule 8 (paragraph 24) of the Companies Act, 1948, Schedule 2 (paragraph 9) of the Insurance Companies Act, 1958, Section 12 of the Prevention of Fraud (Investments) Act, 1958, Sections 17 and 26 of the Protection of Depositors Act, 1963, and Sections 32, 48, 60, 76 and 91 of the Companies Act, 1967.