In re Maribeach Development Corp.

April 30, 2008 SEC EN BANC CASE NO. 03-08-0401 IN THE MATTER OF MARIBEACH DEVELOPMENT CORPORATION (SEC REG. NO. AS091-190061) , petitioner . RE: SETTING ASIDE ORDER OF REVOCATION O R D E R Petitioner Maribeach Development Corporation is a stock corporation registered with the Commission on 2 May 1991. 1 Its primary purpose is: "To acquire by purchase, lease, or otherwise, or by other lawful mode from individuals, the Government, or any public or private corporation, or entity, lands and/or interests in land; and to own, hold, improve, develop, and/or manage any real estate so acquired; and to erect and/or cause to be erected on any land owned, held, and/or occupied by the corporation, residential units, buildings, condominiums, edificies (sic) , roads, bridges, tunnels, dams, and/or other structures with their appurtenances; and rebuild, enlarge, alter or improve the same which now or hereafter may be erected and/or constructed on any land so owned, held, and/or occupied by the corporation; and to sell, alienate, mortgage, lease, encumber; and/or otherwise dispose of any land, and/or interests in lands, buildings, and/or structures, or part thereof which at any time is owned or held and/or may be owned and/or held by the corporation." 2 It has its business office address at 7/F Exchange Corner Bldg., 107 V. Rufino Cor. Esteban and Bolanos St., Legaspi Village, Makati City. EcTIDA On September 29, 2003, Petitioner's Certificate of Registration No. AS091-190061 was revoked pursuant to the Order dated 20 August 2003 for non-compliance with the Commission's reportorial requirements.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 on the ground that it intends to pursue its ongoing development projects of condominiums and real estate in the province of Cebu. In support of the Petition, Petitioner submitted the following documents: a) Mayor's Permit for 2007; b) Copies of the entries made in the Stock and Transfer Book; c) Audited Financial Statements for 2006, stamped received by the BIR; d) Income Tax Return for 2007, stamped received by the BIR; and e) Contract of Lease between Maribeach Development Corporation and Truly Lucky Yu Mfng. Corporation commencing from July 30, 2007 and expiring on July 30, 2009. 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 Nineteen Thousand One Hundred Pesos (Php19,100.00) as evidenced by Official Receipt No. 0151454 dated March 26, 2008. Consistent with its undertaking, Petitioner is hereby directed to submit a Mayor's Permit for 2008 within thirty (30) days from date of receipt of this Order. Failure on the part of Petitioner to comply with this directive shall cause the recall of the instant Order. WHEREFORE, premises considered, the Order of the Commission dated 20 August 2003 revoking the Certificate of Registration of MARIBEACH DEVELOPMENT CORPORATION is hereby SET ASIDE. ATaDHC 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.