In the Matter of Great Depot, Inc.

January 5, 2009 SEC CRMD CASE NO. 08-11-0011 IN THE MATTER OF GREAT DEPOT, INC. SEC REGISTRATION NO. A200015502 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, GREAT DEPOT, INC., is a stock corporation registered with the Commission on 5 October 2000, under SEC Registration No. A200015502, with principal office at 102 Narra St., Ayala Alabang Village, Muntinlupa City, engaged in the trading of sports and athletic equipment and of food and beverage, as stated in its Articles of Incorporation. TcDHSI On 2 August 2006, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 27 June 2006, published on 3 July 2006 in the Philippine Star, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated 27 June 2006, on the following grounds: 1. that it is operational and intends to continue its operation under its registered name; 2. that its failure to file its reportorial requirements was inadvertent; 3. that it has no intention to violate the law and any of the SEC rules and regulations; and 4. that it shall henceforth submit reportorial requirements religiously. In support of its Petition, Petitioner submitted the following documents: * 1. Board Resolution dated 24 November 2008 certifying that at the special joint meeting of the stockholders and Board of Directors held on 7 November 2008, in Unit 101 South Center Tower, Venture Street, Madrigal Business Park, Muntinlupa City at which a quorum was present, the resolution allowing the filing of the Petition to Set Aside Order of Revocation was approved; 2. Photocopy of its 2008 Business License and Mayor's Permit, Muntinlupa City; 3. Photocopies of its 2002, 2003, 2004, 2005, 2006 and 2007 Annual Income Tax Returns, received by the BIR on April 21, 2003, June 4, 2004, March 15, 2005, April 17, 2006, April 18, 2007 and April 15, 2008, respectively; and 4. Photocopies of its Social Security System (SSS) Contribution Collection Lists for the quarters ending March, June, September and December 2007 and March, June and September 2008. Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. It also commits to immediately pay the fines as due. HAaDTI On 24 November 2008, Petitioner paid the fine of Php3,500.00, under Official Receipt No. 0235338, for non/late filing of the following, on the years indicated hereunder: Not Filed Filed Late General Information Sheet 2001-2006 2007 Financial Statements 2001-2006 2007 WHEREFORE, Petitioner's allegation that its failure to file its reportorial requirements was inadvertent is without merit, considering that Section 141 of the Corporation Code of the Philippines requires corporations to submit an annual report of its operations and such other requirements as the Commission may require. The corporation is bound by the said provision of the law and it cannot claim ignorance as excuse from compliance therewith. Nevertheless, finding the submitted documents sufficient to establish Petitioner's operation since 2002 and its intent to continue as a juridical entity, the Order of the Commission dated 27 June 2006, revoking the Certificate of Registration of the GREAT DEPOT, INC., is hereby SET ASIDE. SO ORDERED. Mandaluyong City, January 5, 2009. (SGD.) BENITO A. CATARAN Director Footnotes * Photocopies are faithful reproductions of the originals of the documents. DIEACH