In re New City Builders, Inc.

March 10, 2008 SEC EN BANC CASE NO. 01-08-0331 IN THE MATTER OF NEW CITY BUILDERS, INC. (SEC REG. NO. 78042) , petitioner. RE: SETTING ASIDE ORDER OF REVOCATION O R D E R Petitioner New City Builders Inc. is a stock corporation registered with the Commission on February 10, 1978. 1 The primary purpose of petitioner corporation is "to carry on and conduct a general servicing and construction business." 2 Its principal office address, per its General Information Sheet, is located at 5th Floor Topaz Building, 101 Kamias Road, Quezon City. aHSAIT On 11 August 2003, Petitioner's Certificate of Registration No. 78042 was revoked pursuant to the SEC Order dated 08 July 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 11 July 2003. Petitioner now prays for the setting aside of the said Order of Revocation based on the following grounds: EISCaD 1. [Petitioner's] officers were not aware of the reportorial requirements ; 2. [It] is in active and continuous operation, and; 3. It has a lot of employees who depend on its (sic) corporation for their sustenance (sic). 3 In support of the Petition, the Petitioner submitted the following: TSacID a) 2007 General Information Sheet (GIS); b) 2006 Audited Financial Statements; c) Business Permits issued by the Mayor of Quezon City (2000-2007); d) 2006 Income Tax Return; e) Official Receipt No. A-22255196 issued by the Office of the Treasurer of Quezon City on 16 January 2008, indicating the payment of Mayor's Permit for 2008, among others; f) Excerpts of the Special Meeting of the Board of Directors held on December 4, 2007 authorizing Cresenciano M. Datol to represent New City Builders regarding all matters with the University of the East Ramon Magsaysay Memorial Medical Center (UERMMMC); and, g) Construction Contract entered into between the Petitioner Corporation and the University of the East Ramon Magsaysay Memorial Medical Center (UERMMMC) on 12 January 2008. cACHSE Petitioner further alleges that it has no intention to violate the law and any SEC rules and regulations and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. It has also paid in full the penalty amounting to One Hundred Twenty Thousand Pesos (Php120,000.00) as evidenced by Official Receipt No. 0131368 dated 17 January 2008. WHEREFORE, premises considered, the Order of the Commission dated 08 July 2003 revoking the Certificate of Registration of NEW CITY BUILDERS, INC. is hereby SET ASIDE. cHTCaI A careful examination of the records submitted, however, would show that the current principal office of petitioner is different from that stated in the Articles of Incorporation, which is located at Rm. 306 Intercontinental Bank Bldg., Juan Luna St., Binondo, Manila. In view of the discrepancy, petitioner is directed to amend its Articles of Incorporation and to file compliance therewith within thirty (30) days from receipt of this order. Failure on the part of petitioner to comply with this directive shall cause the recall of the instant order. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD) and the Economic Research and Information Department (ERID) of this Commission for their appropriate action. cECTaD SO ORDERED. Mandaluyong City. March 10, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner Footnotes 1. Certificate of Registration. 2. Primary Purpose of Petitioner's Articles of Incorporation. 3. Petition to Lift Order of Revocation. Par. 3. TDESCa