In re Power Resources and System Dev. Inc.

November 27, 2008 SEC EN BANC CASE NO. 05-08-0464 IN THE MATTER OF POWER RESOURCES AND SYSTEM DEV. INCORPORATED, SEC REGISTRATION NO. 147201 , petitioner. FOR: SETTING ASIDE THE ORDER OF REVOCATION OF THE CERTIFICATE OF REGISTRATION O R D E R Petitioner, POWER RESOURCES AND SYSTEM DEV. INCORPORATED, is a stock corporation registered with the Commission on 23 December 1987, under SEC Registration No. 147201, with principal office address at 132 West Avenue, Philam, Quezon City, engaged in electric and mechanical business, as stated in the Articles of Incorporation. cHSIDa On 29 September 2003, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 20 August 2003, published on 28 August 2003 in the Philippine Daily Inquirer, for non-filing of reports.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 20 August 2003, on the following grounds: 1. that Petitioner is still in operation; 2. that Petitioner was not aware of the Commission's reportorial requirements; and 3. that Petitioner has no intention to violate the law and any of the Commission's rules and regulations. In support of its Petition, Petitioner submitted the following documents: 1 1. Director's Certificate dated 24 April 2008, stating that at the regular joint meeting of the stockholders and the Board of Directors, held on 22 April 2008, at 132 West Avenue, Philam, Quezon City 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 the 2008 Business Permit, Quezon City; 3. Photocopy of the Official Receipt dated 18 April 2008 for payment of Mayor's Permit and other dues, issued by the Office of the City Treasurer, Quezon City; aTEADI 4. Photocopy of the Construction Contract with Atlanta Realty Development Corporation dated 26 September 2007; and 5. Photocopy of the Official Receipt issued by the Petitioner dated 22 August 2007. Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. It also commits to immediately pay the fines as due. On 19 May 2008, Petitioner paid the fine of Php129,325.10 under OR No. 0168371 for non-filing of the following, on the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 1996-2007 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. IcHDCS However, finding the submitted documents sufficient to establish Petitioner's intent to continue as a going concern entity, the Commission's Order dated 29 September 2003 revoking the Certificate of Registration of POWER RESOURCES AND SYSTEM DEV. INCORPORATED, is hereby SET ASIDE. SO ORDERED. Mandaluyong City. November 27, 2008. (SGD.) FE B. BARIN Chairperson (on leave) 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.