In re Mariwasa Manufacturing, Inc.
SEC-CFD Order No. 017-08 • Securities and Exchange Commission Departments • Corporate Governance and Finance Department (CGFD) • Feb 12, 2008
Full text
February 12, 2008 SEC-CFD ORDER NO. 017-08 IN THE MATTER OF MARIWASA MANUFACTURING, INC. O R D E R MARIWASA MANUFACTURING, INC., having violated Section 54 (c) of the Securities Regulation Code and Section 23 of the Corporation Code of the Philippines, for nominating and electing a director who did not possess all the qualifications for the position at the time of his election, was penalized and required to pay a fine of One Hundred Ten Thousand Pesos (P110,000.00) which it paid under Official Receipt No. 0134999 on January 29, 2008. By this Order, the corporation is warned that, henceforth, it shall endeavor to take such measures as will ensure faithful compliance with the requirements of the aforementioned laws, otherwise, the Commission shall impose heavier penalties upon the corporation and/or its responsible officers. SO ORDERED. EDSA Greenhills, Mandaluyong City, Philippines. February 12, 2008. (SGD.) JUSTINA F. CALLANGAN Director
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