§ Mr. Arthur Lewisasked the Minister for Trade whether he will cause an investigation to be made under section 165 of the Companies Act 1948 into the failure upon the part of the directors of the Polly Peck and Wearwell companies to divulge to their shareholders full information of the companies' affairs particularly regarding note 4 in the 1982 accounts dated 12 January.
§ Dr. VaughanNo. There are currently no grounds for an investigation under section 165 of the Companies Act 1948. Although the company's liability for overseas tax is at present uncertain, the indications are that when the company's annual report and accounts for 1982 were sent to shareholders recently, the directors had reasonable grounds for believing that no such liability existed.
Imports of specified electrical appliances, 1982 Number (thousand) Value £ thousand cif Countries from which highest values (cif) consigned Washing machines (domestic) 646 77,316 Italy, FR Germany Italy, FR Germany, Clothes drying machines, non-centrifugal 46 5,170 USA, France Clothes drying machines centrifugal (domestic) 92 2,507 FR Germany, Spain Refigerators (domestic), whether or not containing a deep-freezer Italy, Denmark, FR compartment 650 65,017 Germany, Sweden France, USA, FR Germany, Irish Vacuum cleaners (domestic) 1,483 27,166 Republic Source: United Kingdom Overseas Trade Statistics, SITC (R2) 775.11 (part), 775.12, 743.5 (part), 775.21 (part), 775.71 (part).