In re Angelour Development Corp.

February 15, 2008 SEC EN BANC CASE NO. 10-07-0250 IN THE MATTER OF ANGELOUR DEVELOPMENT CORP. (SEC REG. NO. 144988) , petitioner . FOR : Setting Aside of the Order of Revocation of Certificate of Registration O R D E R Petitioner Angelour Development Corp . is a stock corporation registered with the Commission on 05 October 1987 1 to " acquire by purchase, lease, donation or otherwise, and to own, use, improve, develop, sell, mortgage, exchange, lease, develop[,] and hold for investment or otherwise, real estate of all kinds ." 2 Its business office address is at 1716 Tayuman Street, Sta. Cruz, Manila. On 29 September 2003, Petitioner's Certificate of Registration No. 144988 was revoked pursuant to the Order dated 20 August 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 28 August 2003. Petitioner now prays for the setting aside of the said Order of Revocation based on the following grounds: 1. [it] needs a Certificate of Registration for its legal existence in order to carry out the activities, objectives[,] and purpose for which it was incorporated; 2. [it] intends to continue its business operations and generate employment as soon as the Order of Revocation is lifted . . . ; 3. [it] has an existing real estate property under its name; and 4. [its] failure to file the requirements proceed ( sic ) from sheer mistake and ignorance of the reportorial requirements without any intension ( sic ) whatsoever of violating the law and any SEC rules and regulations. 3 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, the photocopies of the following documents: a) Income Tax Return for the year ended December 2006; cDTaSH b) Minutes of the Annual Joint Meetings held by the Petitioner's Stockholders and Board of Directors on 11 September 2004, 10 September 2005, 16 September 2006, and 08 September 2007; c) 2007 BIR Certificate of Registration; and d) Business Permit issued on 02 October 2007 by the Office of the Mayor, City of Manila. 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 Twenty-Two Thousand Pesos (Php22,000.00) as evidenced by Official Receipt No. 0109409 dated October 25, 2007. WHEREFORE, premises considered, the Order of the Commission dated 20 August 2003 revoking the Certificate of Registration of Angelour Development 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. SO ORDERED. Mandaluyong City, February 15, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner on official leave THADDEUS E. VENTURANZA Commissioner Footnotes 1. Certificate of Registration of Petitioner. 2. Articles of Incorporation of Petitioner, Second Article. 3. Petition, Paragraph 3.