In re Herco Agro Industries, Inc.

January 25, 2008 SEC EN BANC CASE NO. 11-07-0265 IN THE MATTER OF HERCO AGRO INDUSTRIES, INC. (SEC REG. NO. 111456) , petitioner. LIFTING OF THE ORDER OF REVOCATION OF THE CERTIFICATE OF REGISTRATION O R D E R Petitioner HERCO AGRO INDUSTRIES, INC. is a stock corporation registered with the Commission on March 30, 1983 to "buy, sell, import, export, mill and dispose of all kinds of agricultural products, such as palay, rice, peanuts, corn and its by-products like charcoal briquetting, whether wholesale or retail. It has its principal office in Mabini, Santiago, Isabela, Philippines. On August 11, 2003, Petitioner's Certificate of Registration was revoked by virtue of an Order dated July 8, 2003, published 11 July, 2003, for non-compliance with the Commission's reportorial requirements. Petitioner now prays for the lifting of the said order of revocation on the ground that the corporation remains active and a continuing business concern and it was the previous officers of the corporation which failed to comply with the law because they were negligent. SaHTCE As proof of its operation, Petitioner submitted the following: 1) Minutes of the Special Meeting of the Stockholders and the Board of Directors held on April 22, 2007. 2) Business Permit for the calendar year 2006-2007. 3) Community Tax Certificate for the Year 2006-2007. 4) Annual Income Tax Return for the Year 2005-2006 stamped received by Land Bank on April 12, 2006. 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. It also paid in full the penalty of One Hundred Eleven Thousand Pesos (P111,000.00), as evidenced by three Official Receipts (each for Thirty Seven Thousand Pesos [P37,000.00]), namely Receipt No. 0112710, 0112709, 0112708, all dated November 9, 2007, which amount was assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD). WHEREFORE, premises considered, the Order of the Commission dated July 8, 2003, revoking the Certificate of Registration of HERCO AGRO INDUSTRIES, INC. is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD) for implementation and attachment to the corporate records of petitioner on file with the Commission. The Economic Research and Information Department (ERID) is hereby directed to delete the name of Petitioner from the List of Revoked Corporations immediately upon receipt of this Order. cDTHIE SO ORDERED. Mandaluyong City. January 25, 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