In re Tucumcari Phil. Inc.

March 10, 2008 SEC EN BANC CASE NO. 10-07-0240 IN THE MATTER OF TUCUMCARI PHIL., INC. (SEC REG. NO. AS095-007446) , petitioner . FOR : Setting Aside of the Order of Revocation of Certificate of Registration O R D E R Petitioner Tucumcari Phil. Inc . is a stock corporation registered with the Commission on 2 August 1995 1 to " acquire by purchase, lease, donation, or otherwise, and to own, use, improve, develop, subdivide, sell, mortgage, exchange, lease, develop[,] and hold for investment or otherwise, real estate of all kinds ." 2 Its principal office is located at 125 Pioneer St., Mandaluyong City. On 3 November 2003, Petitioner's Certificate of Registration No. AS095-007446 was revoked pursuant to the Order dated 30 September 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 4 October 2003. Petitioner now prays for the setting aside of the said Order of Revocation on the following grounds: a) [i]ts failure to comply with the reportorial requirements was due to honest inadvertence on the part of [its] officer who was in charge of complying with said requirements and miscommunication with [its] Corporate Secretary. b) [it] has been continuously operating since its incorporation in 1995; c) [it] has timely paid all its taxes, such as income tax and real property taxes and has regularly complied with all the necessary permits and licenses in the conduct of its business. [It] even continued to file the required GIS and Financial Statements after the SEC Order was issued; and d) it was only after the SEC refused to receive the 2005 Audited Financial Statements that [it] learned of the existence of the SEC Order and the revocation of its Certificate of Registration. ACTESI In support of its Petition, Petitioner submitted its 2007 General Information Sheet (GIS) and 2006 Audited Financial Statements. Petitioner also submitted, as proof of its continued operation, copies the following documents: 1. Income Tax Return for the year ended December 2006; 2. Mayor's Permit (No. T-67271) issued on 21 January 2008 by the Office of the Mayor, City of Mandaluyong; 3. Certificate of Registration issued by the Bureau of Internal Revenue on 07 December 2006; 4. Official Receipt No. 0057864 dated 28 March 2006 issued by the Office of the City Treasurer, City of Santa Rosa evidencing payment by Petitioner of realty taxes; 5. Application for Renewal of Business Permit dated 18 January 2008 with the Business Permit and Licensing Office of Mandaluyong City; 6. Bank of the Philippine Islands Statement of Account (for the period December 07, 2007 to January 07, 2008); 7. "Tax Order of Payment" issued by the Business Permits and Licensing Department (Mandaluyong City) on 21 January 2008; 8. "Transfer Certificates of Title ("TCT") Nos. T-165040 and T-165041; and 9. Tax Declaration for the properties covered by the aforesaid TCTs for the 1st quarter of year 2000. 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 Seven Thousand Five Hundred Pesos (Php7,500.00) as evidenced by Official Receipt No. 0106663 dated October 18, 2007. WHEREFORE, premises considered, the Order of the Commission dated 30 September 2003 revoking the Certificate of Registration of Tucumcari Phil. Inc . 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. aESTAI SO ORDERED. Mandaluyong City, March 10, 2008. (SGD.) FE B. BARIN Chairperson MA. JUANITA E. CUETO Commissioner (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.