In the Matter of Vales & Co., Inc.

January 30, 2009 SEC EN BANC CASE NO. 11-08-0555 IN THE MATTER OF VALES & CO., INC. SEC REGISTRATION NO. DS004352 FOR : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner, VALES & CO., INC., is a stock corporation registered with the Commission on September 03, 1990 under SEC Registration No. DS004352, with principal office address at Daliao, Toril, Davao City, engaged in the operation of beach resorts and other recreational facilities, as stated in its Articles of Incorporation. cAHDES On September 29, 2003, its Certificate of Registration was revoked by virtue of SEC Order dated August 20, 2003 which was published on August 28, 2003 in the Philippine Daily Inquirer for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated August 20, 2003, on the following grounds: 1. that Petitioner has been operational despite non-filing of reports, and it intends to continue its registration with the Commission and operation of its business; 2. that it commits to pay immediately any penalties by reason of its failure to comply with the Commission's reportorial requirements; and 3. that it shall henceforth submit reportorial requirements religiously. In support of its Petition, Petitioner submitted the following documents: 1 1. Directors' Certificate dated August 29, 2008, certifying that at the special joint meeting of stockholders and directors held on January 03, 2008, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside the Order of Revocation was approved; 2. Photocopies of 2001 to 2008 Business Permit, City of Davao; and 3. Photocopies of 2007, 2005, 2004, 2001 and 2000 Income Tax Return and Financial Statements, received by the Bureau of Internal Revenue. Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. SECcAI On November 10, 2008, the Petitioner paid the fine of PhP6,000.00 under O.R. No. 0231059, for non/late filing of the following, on the years indicated hereunder: REQUIREMENTS NOT FILED FILED LATE General Information Sheet 1996-2007 2008 Financial Statements 1996-2003; 2005, 2006 2007 WHEREFORE, finding the documents sufficient to establish that Petitioner has been operating since 2000 despite non-filing of reports and, its intent to continue as a juridical entity, the Order of the Commission dated August 20, 2003, revoking the Certificate of Registration of VALES & CO., INC., is hereby SET ASIDE. However, Petitioner is hereby directed to submit its 2009 Mayor's Permit within thirty (30) days from date of receipt hereof. Failure on the part of the Petitioner to comply with the directive shall cause the recall of this Order. SO ORDERED. Mandaluyong City, January 30, 2009. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner on leave JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner Footnotes 1. Photocopies are faithful reproductions of the originals of the documents.