In re Quezon Capital Warehouse Corp.

February 19, 2008 SEC EN BANC CASE NO. 08-07-0166 IN THE MATTER OF QUEZON CAPITAL WAREHOUSE CORPORATION, SEC REG. NO. ASO95-000395 , petitioner . FOR : Lifting of the Order of Revocation of the Certificate of Registration O R D E R Petitioner Quezon Capital Warehouse Corporation is a stock corporation registered with the Commission on 17 January 1995. Its primary purpose is "to engage in the business of general warehousing, providing space and equipment facilities for farm products, stocks-in-trade, supplies and other goods, on lease or rental basis and to trade in similar goods and services, including the designing, feasibility studies, management, improvements and development of warehouse, stores, and other office facilities". It has its business office address at C.M. Recto cor. Perez St., Lucena City. On 03 November 2003, Petitioner's Certificate of Registration No. ASO95-000395 was revoked for non-compliance with the Commission's reportorial requirements, pursuant to the Order of Revocation dated 30 September 2003 which was published in a newspaper of general circulation on 04 October 2003. Petitioner now prays for the lifting of the said Order of Revocation based on the following grounds: 1. that petitioner has assets principally consisting of shares of stocks of Quezon Capital Rural Bank, Inc., which it acquired after it disposed its two buildings in 1998, such shares are recorded in the books at P1,376,800.00; 2. that after such transactions, it operates only to receive dividends from the shares of stocks and interest on its cash in bank, but failed to file the necessary reports to the Commission; 3. that the Board of Directors has decided to resume operations, including the construction of new building or warehouse and increase its capital; and 4. petitioner desires to continue its existence by having the revocation of its corporate franchise lifted. cSIHCA In support of its Petition, petitioner submitted as proof of its continued operation: a.) 2006 Audited Financial Statements; b.) 2007 General Information Sheet; c.) 2006 Income Tax Return; and d.) Minutes of the Meeting of the Board of Directors held on April 25, 2006. Petitioner further alleges that it intends to continue its business operations and comply with the registration requirements of the Commission as evidenced by its submission of its most recent General Information Sheet and Financial Statements. It has also paid in full the total amount of the penalty of Twenty Three Thousand Pesos (Php23,000.00) as assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD) and evidenced by Official Receipt No. 0090801. WHEREFORE, premises considered, the Order of the Commission dated 30 September 2003 revoking the Certificate of Registration of QUEZON CAPITAL WAREHOUSE CORPORATION is hereby SET ASIDE. Petitioner is hereby directed to secure its mayor's/business' permit and all necessary government permits and licenses for its operation within thirty (30) days from receipt hereof. Failure to comply with this directive will be sufficient ground for the recall of the instant Order. 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. cCSEaA SO ORDERED. February 19, 2008, Mandaluyong City. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner on official leave THADDEUS E. VENTURANZA Commissioner