In re Tiger Land Realty Corp.

April 30, 2008 SEC EN BANC CASE NO. 03-08-0381 IN THE MATTER OF TIGER LAND REALTY CORPORATION (SEC REG. NO. 167018) , petitioner. RE: SETTING ASIDE ORDER OF REVOCATION O R D E R Petitioner Tiger Land Realty Corporation is a stock corporation registered with the Commission on 14 August 1989 1 with the primary purpose of acquiring by purchase, lease, donation or otherwise, and owning, using, improving, developing, subdividing, selling, mortgaging, exchanging, leasing, developing, and holding for investment or otherwise, real estate of all kinds, whether to improve, manage or otherwise dispose of buildings, houses, apartments, and other structures of whatever kind, together with their appurtenances. 2 It has its business office address at 5/F Bloomingdale Building, Salcedo St., Legaspi Village, Makati City. On September 29, 2003, Petitioner's Certificate of Registration No. 167018 was revoked pursuant to the Order dated 20 August 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 28 August 2003. Petitioner now prays for the setting aside of the said Order of Revocation based, among others, on the following grounds: "a) Upon incorporation in 1989, its intention to operate commercially temporarily stopped due to unfavorable business climate. It is only now that an opportunity to pursue it purpose arises. Petitioner needs the certificate of registration for its legal existence to carry out its objective, function and activities. xxx xxx xxx "d) As its recent development, Petitioner granted (sic) approval by the Philippine Economic Zone Authority (PEZA) to develop its property in Batangas as Agro-Industrial Economic Zone under Resolution No. 08-001 dated January 9, 2008 as hereto attached as reference. xxx xxx xxx "e) Petitioner likewise sign (sic) an agreement with MAISCOR (Phils) and C.S. Santiago Construction Company, Inc. to develop petitioner's property in preparation of its operation as Agro-Industrial Economic Zone amounting to P85,000,000.00. A copy of the agreement is also hereto attached. xxx xxx xxx In support of the Petition, Petitioner submitted the following documents: a) Mayor's Permit for 2008; b) Copies of the entries made in the Stock and Transfer Book, certified correct by the Corporate Secretary; c) Audited Financial Statements for 2007, stamped received by the BIR; d) Income Tax Return for 2007, stamped received by the BIR; e) Copy of the Minutes of the Board and Stockholders Meeting dated August 13, 2007; f) Contract of Lease between Bloomingdale Enterprises, Inc. and Petitioner dated January 8, 2008; and g) Agreement between MAISCOR (Phils.), Inc. and Petitioner dated December 20, 2007 pertaining to the development of the latter's property. A perusal of the records show that Mr. Josefino Punzalan signed as Director/Secretary in the Directors' Certificate but his name does not appear in the copy of the Stock and Transfer Book submitted by Petitioner. In connection therewith, Petitioner was directed to file its Comment/Explanation in an Order dated 6 March 2008. On March 13, 2008, Petitioner submitted additional pages of the Stock and Transfer Book showing that Mr. Josefino Punzalan is a stockholder of Tiger Land Realty Corporation. Petitioner alleges that it has no intention to violate the law and any SEC rules and regulations and 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 Thirteen Thousand Pesos (Php13,000.00) as evidenced by Official Receipt No. 0143809 dated March 5, 2008. WHEREFORE, premises considered, the Order of the Commission dated 20 August 2003 revoking the Certificate of Registration of TIGER LAND REALTY CORPORATION 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. April 30, 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.