In re Kraft-Asia Ventures, Inc.

January 9, 2008 SEC EN BANC CASE NO. 10-07-0218 IN THE MATTER OF PETITION TO SET ASIDE ORDER OF REVOCATION KRAFT-ASIA VENTURES, INC. (S.E.C. REG. NO. AS096-003944) , petitioner . O R D E R Petitioner Kraft-Asia Ventures Inc. is a stock corporation registered with the Commission on 15 April 1996. 1 Petitioner was organized primarily to acquire real estate of all kinds, improve, manage or otherwise dispose of buildings, houses, apartments and other structures of whatever kind, together with their appurtenances. 2 Its principal office is located at No. 415 Mariwasa Building, 717 Aurora Boulevard, Quezon City. On 15 March 2004, petitioner's Certificate of Registration No. AS096-003944 was revoked by virtue of SEC Order dated 10 February 2004 for non-compliance with the Commission's reportorial requirements. The said order was published in a newspaper of general circulation on 14 February 2004. Petitioner seeks reconsideration of the Order revoking petitioner's registration on the ground that petitioner is still existing and operating. 3 As proof of its intent to continue its business operation, petitioner submitted copies of the following: 1. 2006 Annual Income Tax Return; 2. 2006 Audited Financial Statements; and 3. Business Permit No. 99-013470 issued by the Office of the Mayor of Quezon City on 27 January 2007. Petitioner further alleges that it has no intention to violate the law and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. As a matter of fact, petitioner already paid the penalty in the amount of TWENTY THOUSAND PESOS (Php20,000.00) on 05 September 2007 as evidenced by Official Receipt No. 0088671. aEcSIH WHEREFORE, premises considered, the Order of the Commission dated 10 February 2004 revoking the Certificate of Registration of KRAFT-ASIA VENTURES, INC. is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department and the Economic Research and Information Department of this Commission for their appropriate action. SO ORDERED. Mandaluyong City, January 9, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner I dissent on the use of the name "KRAFT" (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner Footnotes 1. Petitioner's Certificate of Registration. 2. Petitioner's Articles of Incorporation, 2nd Article. 3. Petition, p. 1.