In the Matter of Revocation of Certificate of Incorporation of Delinquent Corporations

March 8, 2013 SEC CRMD IN THE MATTER OF REVOCATION OF CERTIFICATE OF INCORPORATION OF DELINQUENT CORPORATIONS ORDER WHEREAS, pursuant to Section 141 of the Corporation Code of the Philippines and the SEC Rules and Regulations on Reportorial Requirements, corporations are required to submit annual reports such as the General Information Sheet (GIS) and the Financial Statements (FS); WHEREAS, the records of the Securities and Exchange Commission (the Commission) show that corporations registered in years 2002-2004, whose names are enumerated in the attached list marked as Annex "A", failed to submit the above mentioned reports within the prescribed period; WHEREAS, the failure of these corporations to submit the said reports can also be construed as non-operation for five (5) consecutive years; WHEREAS, the Commission, by virtue of Batas Pambansa Blg. 68, Presidential Decree No. 902-A, as amended, and Republic Act No. 8799, is vested with the authority to revoke, after proper notice and hearing, the certificate of incorporation of corporations upon any of the grounds provided by law, including the following: a) Failure to formally organize and commence the transaction of business or the construction of works, within two (2) years from the date of incorporation; cTDIaC b) Continuous inoperation for a period of at least five (5) years; c) Failure to file required reports in appropriate forms as determined by the Commission within the prescribed period; WHEREAS, the Commission sent Notices of Conference/Show Cause Orders, to subject corporations, directing them, through their directors, trustees, and/or officers, to show cause why their Certificates of Registration should not be revoked for failure to comply with the Commission's reportorial requirements; WHEREAS, several Notices/Orders sent to the corporations in the attached list marked as Annex "A" are returned by the Post Office to the Commission, for reasons such as insufficient address, unknown address, etc.; WHEREAS, some corporations in the attached list marked as Annex "A" either failed to appear before the Commission despite receipt of Notices/Orders or failed to update their reports and pay the corresponding fines despite their appearance; WHEREAS, SEC Memorandum Circular No. 4, Series of 2003, provides that in cases where the Commission may deem practicable considering the great number of unknown addresses of corporations involved, the show cause order shall be published once in a newspaper of general circulation; WHEREFORE, NOTICE is hereby given that these corporations, registered in years 2002-2004, whose names are enumerated in the attached list marked as Annex "A", are directed to appear, within thirty (30) days from the date of publication of this Order before the Compliance Monitoring Division, Company Registration and Monitoring Department of this Commission located at the Ground Floor, SEC Bldg., EDSA-Greenhills, Mandaluyong City, or at any of the SEC Extension Offices, during regular office hours and to show cause why their Certificates of Incorporation should not be revoked. After the lapse of the said thirty (30)-day period and said delinquent corporations have not updated their reports, as well as, settled the corresponding fines, their Certificates of Incorporation are considered REVOKED. aIEDAC Let this Order be published in a newspaper of general circulation. SO ORDERED. Mandaluyong City, Philippines, March 8, 2013. (SGD.) FERDINAND B. SALES Acting Director Published in The Philippine Star on April 1, 2013. Attachments available upon request.