In re Gypsy International Corp.

December 14, 2007 SEC EN BANC CASE NO. 07-07-0138 IN THE MATTER OF GYPSY INTERNATIONAL CORP. SEC REG. NO. 165240 , petitioner . FOR : Lifting of the Order of Revocation of the Certificate of Registration O R D E R Petitioner Gypsy International Corp. is a stock corporation registered with the Commission on 28 June 1989 to engage in the business of real estate. Its office address is located at 2226 Don Bosco St., Makati City. On 29 September 2003, petitioner's Certificate of Incorporation No. 165240 was revoked for non-compliance with the Commission's reportorial requirement pursuant to the Order dated 20 August 2003 which was published in a newspaper of general circulation on 28 August 2003. On 02 October 2007, petitioner filed a Supplemental Petition praying for the lifting of Order of Revocation on the following grounds: 1. petitioner is a family corporation with Mr. Jones Castro as the custodian of the records and books of the corporation; 2. the operation of the corporation was left completely in the hands of Mr. Castro; 3. Mr. Castro died on 20 May 2003 without informing the other stockholders of the status of the records of the corporation; 4. After the death of Mr. Castro, his estate was settled by the heirs and the stockholders came to know of the status of the corporation. The stockholders believed that Mr. Castro inadvertently failed to submit the Commission's reportorial requirements. Thus, petitioner's Certificate of Incorporation was revoked by the Commission on 29 September 2003; and 5. The corporation has acquired real properties which are registered under its name. On 12 November 2007, petitioner submitted the following lease contracts covering its properties: HSDIaC 1. Contract of Lease dated 16 April 2004 over a residential house in Bel-Air II Village, Makati City, entered into between Gypsy International Corporation and Mr. Richard J. Hirsch on 16 April 2004; 2. Lease agreement executed sometime in September 2003 over a residential split-type house in Amorsolo St., Dasmarias Village, Makati City, entered into between Gypsy International Corporation and the United States of America; and 3. Contract of Lease executed sometime in April 2005 over a house and lot in Ayala Alabang Village, Muntinlupa City, entered into between Gypsy International Corporation and Mr. Joseph Vance Christensen. In support of its Petition, petitioner submitted the following documents: 1. Transfer Certificates of Title No. 179688, 179689 and 179690 showing petitioner's ownership over parcel of lands; 2. Photocopy of the Certificate of Registration issued by the Bureau of Internal Revenue on 09 July 2007; and 3. Photocopy of the Documentary Stamp Tax Declaration/Return (BIR Form No. 2000). 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. In fact, petitioner paid the penalty on 30 July 2007, amounting to Twenty-One Thousand Pesos (P21,000.00) as evidenced by Official Receipt No. 0082486. Accordingly, petitioner is hereby directed to submit its 2008 Mayor's Permit within thirty (30) days from date of receipt hereof. Failure on the part of petitioner to comply with the 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 Gypsy International Corp. is hereby SET ASIDE. 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. cDIHES SO ORDERED. Mandaluyong City, Philippines, December 14, 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