In re West Coast Transport Corp.

October 31, 2008 SEC EN BANC CASE NO. 09-08-0507 IN THE MATTER OF WEST COAST TRANSPORT CORPORATION SEC REGISTRATION NO. A199714060 RE : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner, WEST COAST TRANSPORT CORPORATION, is a stock corporation registered with the Commission on July 22, 1997 under SEC Registration No. A199714060, with principal office address at #165 Maharlika Highway, Brgy. Luna, Sta. Rosa, Nueva Ecija, engaged in the land transportation industry, as stated in its Articles of Incorporation. THDIaC On March 15, 2004, its Certificate of Registration was revoked by virtue of SEC Order dated February 10, 2004 which was published on February 14, 2004 in the Philippine Daily Inquirer for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated March 15, 2004, on the following grounds: 1. that Petitioner's failure to comply with the SEC reportorial requirements was due to the management's honest mistake and lack of knowledge and understanding of the filing of reports; and 2. that due to calamities which hit the locality, most of the documents of the Petitioner were lost, which cannot be retrieved even with diligent efforts, to prove past operation of Petitioner. In support of its Petition, Petitioner submitted the following documents: 1 1. Photocopy of Certification dated August 22, 2008, signed by the Municipal Treasurer, Municipality of Santa Rosa, Nueva Ecija, certifying that Petitioner has been operating and continuously paying its business permit since 1997 up to present; 2. Director's Certificate dated January 10, 2008, certifying that at the special joint meeting held on January 05, 2008, at #165 barangay Luna, Sta. Rosa, Nueva Ecija, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside the Order of Revocation was unanimously approved; 3. Photocopies of 2005, 2006 and 2008 Mayor's Permit, Santa Rosa, Nueva Ecija; 4. Photocopy of LPG Bulk Hauling Contract dated January 31, 2007, with Liquigaz Philippines Corporation, to transport and deliver LPG to the Petitioner; 5. Photocopies of ITRs for the calendar years 2007 and 2006, with attached Financial Statements, received by the Bureau of Internal Revenue; 6. Photocopy of Certificate of Registration No. 4RC0000340357 dated May 11, 2008, Revenue District No. 023, Revenue Region No. 004, Bureau of Internal Revenue; and AHCETa 7. Photocopy of Plate Registration No. 02-0921198-8-000 registered on August 1999, Social Security System, Cabanatuan, Nueva Ecija. Petitioner submitted its 2007 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. It also manifested that it has no intention to violate the law and commits to immediately pay the fines due. On September 04, 2008, the Petitioner paid the fine of PhP55,000.00 under O.R. No. 0203902, for non/late filing of the following, on the years indicated hereunder: REQUIREMENTS NOT FILED FILED LATE General Information Sheet 1998-2006 2007 Financial Statements 1998-2006 WHEREFORE, Petitioner's allegation that its failure to file the Commission's reportorial requirements was due to its lack of knowledge is without merit. Section 141 of the Corporation Code of the Philippines requires corporations to submit an annual report of its operations and such other requirements as the Commission may require. The corporation is bound by the said provision of the law and it cannot claim ignorance nor inadvertence to excuse it from compliance therewith. However, finding the submitted documents sufficient to establish that, Petitioner have n been operating despite non-filing of reports and, its intent to continue as a going concern entity, the Order of the Commission dated February 10, 2004, revoking the Certificate of Registration WEST COAST TRANSPORT CORPORATION, is hereby SET ASIDE. SO ORDERED. Mandaluyong City, October 31, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner on leave THADDEUS E. VENTURANZA Commissioner Footnotes 1. Photocopies are compared with the original of the documents. DISEaC n Note from the Publisher: Copied verbatim from the official document.