In re Nueva Montana Homebuilders, Inc.

November 24, 2008 SEC EN BANC CASE NO. 04-08-0436 IN THE MATTER OF NUEVA MONTANA HOMEBUILDERS, INC. SEC REGISTRATION NO. ASO92-003958 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, NUEVA MONTANA HOMEBUILDERS, INC., is a stock corporation registered with the Commission on 23 June 1992, under SEC Registration No. ASO92-003958, with principal office address at U2615 Cityland Condo 10, Tower 1 HV Dela Costa St., Makati City, engaged in real estate business, as stated in the Articles of Incorporation. AScTaD On 03 November 2003, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 30 September 2003, published on 04 October 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the said Order of Revocation dated 30 September 2003, on the following grounds: 1. that Petitioner was not aware of the Commission's reportorial requirements; 2. that Petitioner never ceased its operations and has been an on-going concern up to the present; and 3. that Petitioner's employees depend on it for their living. In support of its Petition, Petitioner submitted the following documents: 1 1. Photocopy of the Sanitary Permit, City of Makati dated 02 October 2008; 2. Photocopy of the 2007 and 2008 Business Permits, City of Makati; 3. Photocopy of the Marketing Agreement with Isabelo Lejano Soriano dated 10 September 2008; 4. Photocopy the Reservation Application by Jackielou M. Sinconiegue dated 08 September 2008; 5. Photocopy of the 2007 Annual Income Tax Return received by BIR-Makati City on 11 April 2008; 6. Board Resolution dated 19 September 2007, stating that at the special meeting of the Board of Directors, held on 30 June 2007, at U2615 Cityland Condo 10, Tower 1 HV Dela Costa St., Makati City at which a quorum was present, the resolution allowing the filing of Petition to Set Aside Order of Revocation was unanimously approved; and 7. Photocopy of the Official Receipts issued by the Petitioner on various dates in 2007 and 2008. DaScAI Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. It also manifested that it has no intention to violate the law and commits to immediately pay the fines as due. On 29 April 2008, Petitioner paid the fine of Php67,000.00 under OR No. 0158993 for non/late filing of the following, on the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 1996-2004; 2006 2005;2007 Financial Statements 1996-2006 WHEREFORE, Petitioner's allegation that it was not aware of the reportorial requirements to be submitted to the Commission is without merit considering that Section 141 of the Corporation Code of the Philippines requires corporations to submit an annual report of its operations and such other requirements as the Commission may require. The Petitioner is bound by the said provision of the law and it cannot claim ignorance as excuse from compliance therewith. However, finding the submitted documents sufficient to establish Petitioner's intent to continue as a going concern entity, the Commission's Order dated 30 September 2003 revoking the Certificate of Registration of NUEVA MONTANA HOMEBUILDERS, INC., is hereby SET ASIDE. SO ORDERED. Mandaluyong City, November 24, 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. Photocopies are faithful reproductions of the originals of the documents. cCaDSA