In re Naredico, Inc.

February 14, 2008 SEC EN BANC CASE NO. 09-07-0215 IN THE MATTER OF NAREDICO, INC. (SEC REG. NO. 17221) , petitioner . FOR: LIFTING OF ORDER OF REVOCATION O R D E R Petitioner Naredico, Inc. ("Petitioner") is a stock corporation registered with the Commission on July 22, 1960 under SEC Reg. No. 17221. Its office is located at S-102, The CK Business Center, 3rd Flr., Mile Long Building Amorsolo cor. Herrera Sts., Legaspi Village, Makati City. It was established to engage in logging and lumber business. On May 26, 2003, Petitioner's Certificate of Registration was revoked pursuant to the Order dated April 22, 2003 for non-compliance with the Commission's reportorial requirements. Such Order was published in a newspaper of general circulation on April 25, 2003. It now prays for the lifting of the Order of Revocation based on the ground that the "corporation is still operational and existing" . The ground relied upon by petitioner in seeking the reconsideration of the Order of Revocation is justifiable. In support of its petition, Petitioner submitted the following documents, among others: a) 2007 Mayor's Permit issued by the City of Makati; b) BIR Certificate of Registration; and c) 2006 Annual Income Tax Returns. 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 Eleven Thousand Five Hundred Pesos (Php11,500.00), the amount assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD) under O.R. No. 0100790 dated October 4, 2007. WHEREFORE, premises considered, the Order of Revocation dated April 22, 2003 of Naredico, Inc. is hereby SET ASIDE. Petitioner is likewise directed to submit its 2008 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. 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. Likewise, the corporation is hereby directed to amend its articles of incorporation changing its principal office from the City of Manila to its present address in Makati City within thirty (30) days from date of receipt hereof. SO ORDERED. Mandaluyong City. February 14, 2008. (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