---

Company Law Reform Bill [HL]

moved Amendment No. A139A:"Page 298, line 28, leave out paragraph (b)." The noble Lord said: We come to the first of the probing amendments. I preface my comments on the amendments with a general inquiry. One issue that has been raised with us is the way in which the Bill links with the takeovers directive, which I understand has 20 May as a deadline for its implementation. It seems now certain that the Bill will not have cleared its parliamentary hurdles and received Royal Assent by that date. A number of people have asked us what provisions the Government have in mind for compliance with the directive until the process of the Bill is completed, so it would be helpful if the noble and learned Lord could explain his plan B to the Committee. On the amendment itself, it has been brought to our attention that the Takeover Panel has proposed abolishing the rules on substantial acquisition of shares—the SARs. The amendment is tabled to probe the Government over whether Clause 618(3)(b), which makes allowance for the SARs, will be excised from the Bill if they are abolished. I beg to move.