In re Asiatic Land, Inc.

November 8, 2007 SEC EN BANC CASE NO. 09-07-0183 IN THE MATTER OF ASIATIC LAND, INC. (SEC REG. NO. A199606736) , petitioner . FOR : Lifting of Order of Revocation Petitioner Asiatic Land, Inc. is a stock corporation registered with the Commission on September 24, 1996, under SEC Registration No. A199606736. Its principal office is at Bldg. 8, Phoenix Sun Business Park, E. Rodriguez Jr., Ave., Libis, Quezon City. It was organized for the purpose of engaging in real estate business. CacHES On March 15, 2004, Petitioner's Certificate of Registration was revoked pursuant to the Order of Revocation dated February 10, 2004 for non compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on February 14, 2004. It now prays for the setting aside of the Order of Revocation based on the ground that it has entered into a Joint Venture Agreement (JVA) in which it made commitments and it would be a loss to the corporation if the revocation shall not be lifted. The ground relied upon by petitioner in seeking the reconsideration of the Order of Revocation is justifiable. As proof of its continuous operation, Petitioner submitted, among others, the following documents: a) Supplemental Memorandum of Agreement dated August 28, 2006; b) Memorandum of Agreement dated January 25, 2006; and c) Minutes of Meeting of the Board of Directors dated August 13, 2007. 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. On September 5, 2007, it also paid the penalty of Nineteen Thousand Five Hundred Pesos (Php19,500), the amount assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD), under O.R. No. 0088730. WHEREFORE, premises considered, the Order of Revocation dated February 10, 2004 of Asiatic Land, Inc . is hereby SET ASIDE. Petitioner is likewise directed to submit its 2007 Mayor's Permit within thirty (30) days from date of receipt of this Order. Failure on the part of the petitioner to submit the said permit within the aforestated period shall cause the recall of this Order. EDCcaS 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, November 8, 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