In re Altitude Realty Corp.

October 31, 2008 SEC EN BANC CASE NO. 05-08-0452 IN THE MATTER OF ALTITUDE REALTY CORPORATION, SEC REGISTRATION NO. AS095-007071 , petitioner. FOR: SETTING ASIDE THE ORDER OF REVOCATION OF THE CERTIFICATE OF REGISTRATION O R D E R Petitioner, ALTITUDE REALTY CORPORATION, is a stock corporation registered with the Commission on 24 July 1995, under SEC Registration No. AS095-007071, with principal office at 4 Apo Street, Quezon City, engaged in the real estate business, as stated in its Articles of Incorporation. On 03 November 2003, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 30 September 2003, published on 04 February 2004 in the Philippine Daily Inquirer, for non-filing of reports.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: EHSIcT 1. that Petitioner was not aware of the Commission's reportorial requirements; 2. that it has no intention to violate the law and any SEC rules and regulations; 3. that it intends to continue its registration and operation of its business despite; and, 4. that it commits to, henceforth, file reports religiously. AacDHE In support of its Petition, Petitioner submitted the following documents: * 1. Directors' Certificate dated 23 April 2008, certifying that at the regular meeting of the stockholders and Board of Directors, held on 26 March 2008, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside Order of Revocation was unanimously approved; 2. Photocopy of 2007 Annual Income Tax Return received by the Bureau of Internal Revenue of Quezon City on 15 April 2008; 3. Photocopy of 2008 Mayor's Permit, Quezon City; and 4. Photocopy of Transfer Certificate of Title No. T-106338 of a parcel of land in Indang, Cavite, registered in the name of the Petitioner on 1 June 2004 signed by the Register of Deeds, Registry of Deeds for Cavite. Petitioner submitted its 2007 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. It commits to immediately pay the fines due. aCSTDc On 30 April 2008, Petitioner paid the fine of Php19,000.00 under O.R. No. 0166263, for non-filing/registration of the following, for the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 1996-2003 Financial Statements 1996-2002, 2006 Stock and Transfer Book Registered Late 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 corporation is bound by the said provision of the law and it cannot claim ignorance to excuse it from compliance therewith. However, finding the submitted documents sufficient to establish Petitioner's intent to continue as a going concern entity, the Order of the Commission dated 30 September 2003, revoking the Certificate of Registration of ALTITUDE REALTY CORPORATION, is hereby SET ASIDE. SO ORDERED. CAaEDH Mandaluyong City, October 31, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (On leave) THADDEUS E. VENTURANZA Commissioner Footnotes * Photocopies are compared with the original of the documents.