§ Mr. Cantasked the Secretary of State for Trade and Industry whether, having regard to Section 7(4) of the Parliamentary Commissioner Act, 1967, he will now specify the action, and the dates thereof, taken by his Department since the beginning of 1970 in relation to the affairs of Hartley Baird Limited.
§ Mr. RidleyIn the light of the considerations indicated in my Answer to the hon. Member on 10th November I think that it would be inappropriate for me to answer the Question at this stage. In any case I believe that the time and money required to extract the information would not be justified.
§ Mr. Cantasked the Secretary of State for Trade and Industry whether, having 160W regard to Section 7(4) of the Parlimentary Commissioner Act, 1967, he accepts the findings of counsel made available in the Hartley Baird case as to the inapplicability of the Jenkins Committee's reservations about the use of his Department's investigatory powers, when shareholders have sufficient facts, to the position of public shareholders in complex public company cases.
§ Mr. RidleyThe Department's decision not to appoint inspectors in relation to the affairs of Hartley Baird Limited is at present the subject of an inquiry by the Parliamentary Commissioner for Administration. For the reasons indicated in my Answer on 10th November I think that it would be inappropriate to answer this Question at the present time.
§ Mr. Cantasked the Secretary of State for Trade and Industry what representations his Department has received from the exchange control authorities with respect to the acquisition and ownership since 1962 of the majority shareholding of Hartley Baird Limited; and on what dates.
§ Mr. RidleyNone; but I understand that exchange control inquiries are in progress.
§ Mr. Cantasked the Secretary of State for Trade and Industry why he refuses to appoint inspectors in response to the application to investigate the acquisition and ownership since 1962 of the majority shareholding of Hartley Baird Limited.
§ Mr. RidleyBecause information as to the acquisition of the majority shareholding and the identity of the persons able to control the company has been given to the shareholders by the company.
§ Mr. Cantasked the Secretary of State for Trade and Industry whether his Department's Section 173 investigation of Hartley Baird Limited succeeded in determining whether the company was owed moneys whether directly or indirectly in respect of its majority shareholding.
§ Mr. RidleyThat was not the purpose of the investigation, which was undertaken to ascertain the true persons able to control the company.
§ Mr. Cantasked the Secretary of State for Trade and Industry whether his 161W Department's Section 173 investigation of Hartley Baird Limited succeeded in making inquiries or determining the whereabouts for the purpose of making inquiries, of the company's chairman.
§ Mr. RidleyInquiries were not at that time made of the chairman; his whereabouts were not material.
§ Mr. Cantasked the Secretary of State for Trade and Industry whether he is now aware of the whereabouts of the chairman of Hartley Baird Limited as at the time his Department was conducting its Section 173 investigation; and what steps he is taking to ensure that all members are informed.
§ Mr. RidleyThe answer to the first part of the Question is "Yes"; I am not responsible for the movement of company chairmen, nor for informing the members thereof.
§ Mr. Cantasked the Secretary of State for Trade and Industry whether his Department's Section 173 investigation of Hartley Baird Limited sought to determine whether the company's directors, secretary, and shareholders, respectively, were given all the information to which they were entitled or might reasonably expect, in relation to the acquisition and ownership since 1962 of the majority shareholdings of the company.
§ Mr. RidleyThe purpose of the investigation was to ascertain the persons truly able to control the company. I consider that shareholders have the information they might reasonably expect about the ownership of the majority shareholding.