In re Rosemund Development Company, Inc.

May 13, 2008 SEC EN BANC CASE NO. 02-08-0371 IN THE MATTER OF ROSEMUND DEVELOPMENT COMPANY, INC. (SEC REG. NO. AS094-004216) , petitioner. FOR: SETTING ASIDE OF THE ORDER OF REVOCATION OF CERTIFICATE OF REGISTRATION O R D E R Petitioner Rosemund Development Company, Inc. is a stock corporation registered with the Commission on 11 May 1994 1 "to acquire by purchase, lease, donation or otherwise, and to own, use, improve, develop, subdivide, sell, mortgage, exchange, lease develop and hold for investment or otherwise, real estate of all kinds." 2 Its business office address is at 102 New Jersey Street, Annex 22 Better Living Subdivision, Paraaque City. On 03 November 2003, Petitioner's Certificate of Registration No. AS094-004216 was revoked pursuant to the Order dated 30 September 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 04 October 2003. Petitioner now prays for the setting aside of the said Order of Revocation based on the following grounds: 1. it was not aware that its license was revoked as of November 3, 2003 until Maybank of which it has a loan[,] informed them of its status. This was confirmed upon verification by its staff; 2. it merely suspended its marketing activities but [it] continue[s] to exist to meet its obligation with the bank; 3. except [for] the Financial Statement[s], [it has] regularly filed the required General Information Sheet; and 4. [it] continues to exist and[,] as proof of its existence, [it] attached[,] as Annex "A", [a] list and [copies] of [the] documents. 3 In support of its Petition, Petitioner submitted its 2007 General Information Sheet (GIS) and 2006 Audited Financial Statements. Petitioner also submitted, as proof of its continued operation, copies of the following documents: a) Income Tax Return for the year ended December 2007 with the corresponding BIR Tax Payment Deposit Slip dated 28 November 2007; b) Minutes of the meeting of the Board of Directors held on 28 December 2007 at Paraaque, Metro Manila; and c) Business Permit (No. 34237) issued on 26 January 2008 by the City of Paraaque. 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 Twelve Thousand Five Hundred Pesos (Php12,500.00) as evidenced by Official Receipt No. 0143168 dated February 28, 2008. WHEREFORE, premises considered, the Order of the Commission dated 30 September 2003 revoking the Certificate of Registration of Rosemund Development Company, Inc. is hereby SET ASIDE. 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. SO ORDERED. Mandaluyong City. May 13, 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 of Petitioner. 2. Articles of Incorporation of Petitioner, Second Article. 3. Petition, Paragraph 3.