In re Sorongon Management Corp.

December 24, 2008 SEC EN BANC CASE NO. 09-08-0521 IN THE MATTER OF SORONGON MANAGEMENT CORPORATION SEC REGISTRATION NO. DS-01957 FOR : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner, SORONGON MANAGEMENT CORPORATION, is a stock corporation registered with the Commission on June 09, 1989 under SEC Registration No. DS-01957, with principal office address at 508 South Street, DBP Village, Matina, Davao City, engaged in the business of managing and operating commercial, industrial, residential and agricultural properties, as stated in its Articles of Incorporation. AHDTIE On September 29, 2003, its Certificate of Registration was revoked by virtue of SEC Order dated August 20, 2003 which was published on August 28, 2003 in the Philippine Daily Inquirer for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation date August 20, 2003, on the following grounds: 1. that Petitioner has been compliant with all the requirements of other government agencies but it was unaware of the submission of Commission's reportorial requirements; 2. that closing of the business of the Petitioner will result in the displacement of employees who benefit from its operation; and 3. it has no intention to violate the laws or SEC rules and regulations. In support of its Petition, Petitioner submitted the following documents: 1 1. Directors' Certificate dated September 08, 2008, certifying that at the regular joint meeting of stockholders and directors held on the same date, at 508 South St., DBP Village, Matina, Davao City at which a quorum was present, the resolution allowing the filing of Petition to Set Aside the Order of Revocation was unanimously approved; 2. Photocopies of Income Tax Returns for the years 2005-2007 received by the Bureau of Internal Revenue; 3. Copy of Minutes of Board Meeting held on December 22, 2007 prepared by the Corporate Secretary and noted by the President of Petitioner; and 4. Photocopies of O.R.s issued by Petitioner to various entities on various dates in 2005-2007. Petitioner submitted its 2007 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. Petitioner also manifested that it has no intention to violate the law and commits to immediately pay the fine as due. cIHDaE On September 08, 2008, the Petitioner paid the fine of PhP9,500.00, the amount assessed by the SEC-Davao Extension Office of the Commission, under O.R. No. 5524317, for non-filing of the following, on the years indicated hereunder: REQUIREMENTS NOT FILED FILED LATE General Information Sheet 1999, 2000, 2002, 2003, 2005, 2006 2001, 2004, 2007 Financial Statements 1998-2006 2007 WHEREFORE, Petitioner's allegation that its failure to comply with 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 as excuse from compliance therewith. Nevertheless, finding the submitted documents sufficient to establish that Petitioner is operating since 2005 and intends to continue as a juridical entity, the Order of the Commission dated August 20, 2003, revoking the Certificate of Registration of SORONGON MANAGEMENT CORPORATION, is hereby SET ASIDE. However, Petitioner is hereby directed to submit its 2008 Mayor's Permit within thirty (30) days from date of receipt hereof. Failure on the part of the Petitioner to comply with the directive shall cause the recall of this Order. SO ORDERED. Mandaluyong City, December 24, 2008. (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 Footnotes 1. Photocopies are faithful reproductions of the originals of the documents. cDTHIE