HC Deb 22 January 1973 vol 849 c11W
Mr. Joel Barnett

asked the Secretary of State for Trade and Industry how many prosecutions there have been under Section 27 of the Companies Act 1967; and if he will list them.

Sir G. Howe

None.

Mr. Joel Barnett

asked the Secretary of State for Trade and Industry, how many cases of possible contravention of Section 27 of the Companies Act 1967 he has investigated; and if he will list them.

Sir G. Howe

Enquiries concerning a possible breach of Section 27 were made in 1970, but insufficient evidence to warrant proceedings was produced.

Mr. Joel Barnett

asked the Secretary of State for Trade and Industry if he will consider legislation to strengthen Section 27 of the Companies Act 1967.

Sir G. Howe

Disclosure of directors' interests in their companies is one of a number of matters I am considering in my review of company legislation.

Mr. Joel Barnett

asked the Secretary of State for Trade and Industry if, in the proposed new company legislation, he will include action to prevent those selling shares to the public in a flotation, from selling them within five years.

Sir G. Howe

While I will consider the suggested prohibition, my present view is that it would not be justified.