In re Negros Prawnland Development Corp.

July 24, 2007 SEC EN BANC CASE NO. 05-07-0065 IN THE MATTER OF NEGROS PRAWNLAND DEVELOPMENT CORPORATION (SEC REG. NO. 140728) FOR: LIFTING OF THE ORDER OF REVOCATION O R D E R Petitioner NEGROS PRAWNLAND DEVELOPMENT CORPORATION is a stock corporation registered with the Commission on May 20, 1987, the primary purpose of which is to engage in the business of agricultural farming. It has its primary office address at Yusay Realty Office, Yusay Arcade, Araneta St., Bacolod. On September 29, 2003, petitioner's Certificate of Registration No. 140728 was revoked for non-compliance with the Commission's reportorial requirements, pursuant to the Order of Revocation dated August 20, 2003. sec2008 Petitioner prays for the lifting of the said Order of Revocation based on the following grounds: 1. It has been in operation since its incorporation; 2. It has been paying its SSS and filing its Income Tax Return; and 3. It has employed a new accountant who will prepare and monitor reportorial requirements to government and non-government entities. In support of its petition, petitioner submitted the following documents: a) 2004 and 2005 Annual Income Tax Returns stamped received by the BIR; EIAScH b) SSS Contributions Payment Returns for the years 2004 to 2006; c) TCT Numbers T-140728 and T-140729 under the name of petitioner; d) 2007 General Information Sheet; and e) 2005 and 2006 Audited Financial Statements. Petitioner further alleges that it has no intention to violate the law and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. It has also actually paid in full the penalty in the total amount of Ten Thousand Pesos (P10,000.00) as evidenced by Official Receipt Number 5472180 dated May 15, 2007. WHEREFORE, premises considered, the Order of the Commission dated August 20, 2003 revoking the Certificate of Registration of Negros Prawnland Development Corporation is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department, Law and Regulation Division, and the Economic Research and Information Department of this Commission for their appropriate action. SO ORDERED. Mandaluyong City. July 24, 2007. (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