In re Madan Jiwan Lending and Trading Corp.

October 19, 2017 SEC ADMIN CASE NO. 04-12-148 IN THE MATTER OF MADAN JIWAN LENDING AND TRADING CORP. ENFORCEMENT AND PROSECUTION DEPARTMENT , petitioner . DECISION For the consideration of the En Banc is a Petition for Revocation against MADAN JIWAN LENDING AND TRADING CORP. for Refusal or Defiance of a Lawful Order of the Commission under Section 6 [l] [3] of P.D. 902-A, as amended. In its Letter-Order dated 26 January 2012, the Commission's ENFORCEMENT AND PROSECUTION DEPARTMENT (EPD) 1 directed the Respondent corporation to immediately comply with the requirements of the Lending Company Act, i.e. , to deposit the Minimum Paid-up Capital and to obtain a Certificate of Authority to Operate as a Lending Company. Prior to this, Respondent had also refused the Notices of Conference dated 17 November 2011 and 14 December 2011, as well as the Subpoena Duces Tecum / Ad Testificandum dated 26 December 2011. Upon verification of its corporate records with the Commission, it appears that Respondent MADAN JIWAN LENDING & TRADING CORP. (SEC Registration No. CS200619699) has not been submitting its reportorial requirements from the time of its incorporation in 19 December 2006 to the present, or almost 11 years . Furthermore, there are reasonable grounds to believe that Respondent has not been operating since even before the filing of this case, since a Notice was posted in its corporate address stating that it "MOVED OUT" as early as February 2010, for more than 7 years now, without informing the Commission of any transfer/continuance of operations. Thus, the En Banc may alternatively grant Revocation pursuant to Section 6 (l) (6) of PD 902-A as amended, for failure to file required reports , and Section 6 (l) (4) of PD 902-A as amended, for continuous inoperation for more than 5 years . WHEREFORE , premises considered, the SEC Certificate of Registration No. CS200619699 issued to MADAN JIWAN LENDING AND TRADING CORP. is hereby REVOKED based on Section 6 (l) (6) and 6 (l) (4) . Let the Company Registration and Monitoring Department (CRMD) be furnished a copy of this Decision. SO ORDERED. Pasay City, Philippines, October 19, 2017. (SGD.) TERESITA J. HERBOSA Chairperson (SGD.) ANTONIETA F. IBE Commissioner (SGD.) EPHYRO LUIS B. AMATONG Commissioner (SGD.) BLAS JAMES G. VITERBO Commissioner (SGD.) EMILIO B. AQUINO Commissioner Footnotes 1. Now known as the Enforcement and Investor Protection Department (EIPD).