In re Ancestral Holdings Corp.

January 25, 2008 SEC EN BANC CASE NO. 10-07-0230 IN THE MATTER OF ANCESTRAL HOLDINGS CORP. (SEC REG. NO. A199712118) , petitioner. FOR: SETTING ASIDE OF THE ORDER OF REVOCATION OF CERTIFICATE OF REGISTRATION O R D E R Petitioner Ancestral Holdings Corp. is a stock corporation registered with the Commission on 13 August 1997 1 to "invest in, purchase or otherwise acquire and own, hold, use, sell, assign, transfer, mortgage, pledge, exchange, or otherwise dispose of real and personal property of every kind and description." 2 Its principal office is located at 401 del Monte Avenue, Quezon City. CHTcSE On 15 March 2004, Petitioner's Certificate of Registration No. A199712118 was revoked pursuant to the Order dated 10 February 2004 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 14 February 2004. Petitioner now prays for the setting aside of the said Order of Revocation based on the ground that "[t]he unfavorable business climate during the late '90s further dampened the prospects of recovery in the real estate business. The stockholders realizing the futility opted to temporarily stop its operations and shall resume the same as soon as bright economic prospects are in the offing." 3 In support of its Petition and as proof of its intent to continue its business operation, Petitioner submitted the following: aHIEcS a) 2007 General Information Sheet; b) 2006 Audited Financial Statements; c) Transfer Certificates of Title Nos. T-33891, N-179509, N-179511, and N-179512; and d) Business Permit (No. 07-010288) issued on 09 November 2007 by the Office of the Mayor (Business Permits and License Office), Quezon City. CcSTHI Petitioner further alleges that it has no intention to violate the law and any SEC rules and regulations and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. It has also paid in full the penalty amounting to Ten Thousand Pesos (Php10,000.00) as evidenced by Official Receipt No. 0107351 dated October 15, 2007. WHEREFORE, premises considered, the Order of the Commission dated 10 February 2004 revoking the Certificate of Registration of Ancestral Holdings Corp. is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD) and the Economic Research and Information Department (ERID) of this Commission for their appropriate action. ITCHSa SO ORDERED. Mandaluyong City. January 25, 2008. (SGD.) FE B. BARIN Chairman (SGD.) MA. JUANITA E. CUETO Commissioner I dissent (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner Footnotes 1. Certificate of Registration of Petitioner. 2. Articles of Incorporation of Petitioner, Second Article. 3. Petition, par. No. 3. ESCacI