In re Sorestrella Development Corp.

December 6, 2007 SEC EN BANC CASE NO. 11-07-0276 IN THE MATTER OF SORESTRELLA DEVELOPMENT CORPORATION (SEC REG. NO. DSO96-000101) , petitioner . FOR : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner Sorestrella Development is a stock corporation registered with the Commission on March 18, 1996, the primary purpose of which is "(t)o acquire by purchase, lease, donation and to own, use, improve, develop, subdivide, sell, mortgage, exchange, lease, develop and hold for investment or otherwise, real estate of all kinds, whether improve, manage or otherwise dispose of buildings, houses, apartments, and other structures of whatever kind, together with their appurtenances." CcHDSA Petitioner's principal office address is Nabunturan, Davao del Norte. On March 15, 2004, petitioner's Certificate of Registration No. DSO96-000101 was revoked pursuant to the Order of Revocation dated February 10, 2004 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on February 14, 2004. Petitioner now prays for the lifting of the said Order based on the following grounds: 1. petitioner began commercial operations last year and performed several acts preparatory thereto in 2005; 2. petitioner filed affidavits of non-operation and non-holding of meeting up until 2004 and paid the corresponding penalties with the Commission on June 28, 2004 at which point petitioner was not informed of the revocation even though it had already been effected; and 3. petitioner was unaware that failure to submit the financial statements during its period of non-operation would result in the revocation of its certificate of registration. In support of its Petition, petitioner submitted its 2007 General Information Sheet (GIS) and 2006 Audited Financial Statement (AFS). Petitioner also submitted, as proof of its continued operation, the following documents: 1. an Income Tax Return for 2006; 2. a Contract of Lease between petitioner and its incorporators for a parcel of land located on Boracay dated March 11, 2005; and 3. a Certificate of Business Name Registration from the Department of Trade and Industry dated October 11, 2005 that petitioner had registered the name "Sur Beach Resort". ASHICc 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 has also paid in full the total amount of the penalty of Five Thousand Pesos (P5,000.00) as assessed by the Davao Extension Office and evidenced by Official Receipt No. 5490449 dated October 23, 2007. In view of the notes in its AFS stating that it has a Business Permit, petitioner is hereby directed to submit a copy of its latest Business Permit within thirty (30) days from date of receipt of this Order. Failure on the part of petitioner to comply with this directive shall cause the recall of the instant Order. WHEREFORE, premises considered, the Order of the Commission dated February 10, 2004 revoking the Certificate of Registration of Sorestrella Development Corporation is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD), the Economic Research and Information Department (ERID) and the Davao Extension Office of this Commission for their appropriate action. SO ORDERED. Mandaluyong City, Metro Manila. December 6, 2007. (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