In re Villarosa Industries, Inc.

May 8, 2008 SEC EN BANC CASE NO. 03-08-0379 IN THE MATTER OF VILLAROSA INDUSTRIES, INC. (SEC REG. NO. 92768) , petitioner . RE : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner Villarosa Industries Inc. is a stock corporation registered with the Commission on 9 May 1980. 1 The primary purpose of petitioner corporation is "to conduct, maintain and engage in the business of general manufacturing but not limited to producing, buying, selling, all kinds of TV and stereo cabinets, office, school and household furniture, fixture, accessories, equipment and building components as well as all other allied wood products either for local consumption and/or exports." 2 Its principal office is located at 97 20th Avenue, Cubao, Quezon City. 3 aDTSHc On 11 August 2003, petitioner's Certificate of Registration No. 92768 was revoked pursuant to SEC Order dated 8 July 2003 for non-compliance with the Commission's reportorial requirements.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: 1. the officers of the corporation were not aware of the former custodian's non-compliance with the Commission's reportorial requirements; 2. Petitioner was not able to reconstitute its records after the unlawful and unauthorized removal of records committed by its custodian in the premises of the corporation. In support of the Petition, the Petitioner submitted the following: a) 2008 Business Permit issued by Quezon City; b) 2006 Annual Income Tax Return; and c) Official Receipts No. 004566 and 004564 issued prior to the filing of the petition. 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 the penalty amounting to One Hundred Three Thousand Two Hundred Eighteen Pesos (Php103,218.00) as evidenced by Official Receipt No. 0145776 dated 5 March 2008. WHEREFORE, premises considered, the Order of the Commission dated 8 July 2003 revoking the Certificate of Registration of Villarosa Industries, Inc. is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department and the Economic Research and Information Department of this Commission for their appropriate action. SO ORDERED. Mandaluyong City, May 8, 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. 1.