In re Megaoro Mining Corp.

December 21, 2007 SEC EN BANC CASE NO. 08-07-0159 IN THE MATTER OF MEGAORO MINING CORPORATION (SEC REG. NO. ASO95-004546) , petitioner. FOR: LIFTING OF ORDER OF REVOCATION ORDER Petitioner Megaoro Mining Corporation ("Petitioner") is a stock corporation registered with the Commission on May 10, 1995 under SEC Registration No. ASO95-004546. Its principal office is located at 2B, The Plaza Royale, 120 Alfaro St., Salcedo Village, Makati City. It was established to provide technical services in exploration and other related mining activities. CcADHI On November 3, 2003, Petitioner's Certificate of Registration was revoked pursuant to the Order dated September 30, 2003 for non-compliance with the Commission's reportorial requirements. Such Order was published in a newspaper of general circulation on October 4, 2003. It now prays for the lifting of the Order of Revocation based on the following grounds: a. the officers were not aware of the strict implementation of the SEC reportorial requirements which leads to the revocation of the corporate registration; and b. the corporation, though not active in its business activities, is still operational since it maintains its office and files its Income Tax Returns with the Bureau of Internal Revenue. The grounds relied upon by petitioner in seeking the reconsideration of the Order of Revocation are justifiable. acCTIS In support of its petition, Petitioner submitted the following documents. a) 2006-2007 Official Receipts issued to Petitioner for Business Permit, Barangay Clearance and BIR; b) Barangay Clearance dated July 23, 2007; c) Minutes of Meeting of the corporation dated March 10, 2006; d) Certification issued by the City Treasurer of Butuan City attesting to the payment of the taxes of the property declared in the name of the corporation from 1989 to 2007; and e) 2006-2007 Income Tax Returns; f) 2007 Mayor's Permit. Petitioner further alleges that it has no intention to violate the law and henceforth, commits to immediately pay the penalties due and religiously comply with the SEC reportorial requirements. It also paid the penalty of Twenty-Three Thousand Pesos (Php23,000.00), the amount assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD), under O.R. No. 0090825 dated August 29, 2007. HTScEI WHEREFORE, premises considered, the Order of Revocation of charter of Megaoro Mining Corporation dated September 30, 2003 is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD) for implementation and attachment to the corporate records of Petitioner on file with the Commission. The Economic Research and Information Department (ERID) is hereby directed to delete the name of Petitioner from the List of Revoked Corporations immediately upon receipt of this Order. SO ORDERED. Mandaluyong City. December 21, 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