In the Matter of Smartcash Lending, Inc.

January 30, 2009 SEC EN BANC CASE NO. 11-08-0559 IN THE MATTER OF SMARTCASH LENDING INC. SEC REGISTRATION NO. A199700259 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, SMARTCASH LENDING INC., is a stock corporation registered with the Commission on 10 January 1997 under SEC Registration No. A199700259, with principal office address at Unit 212 Estrellita Bldg. 1, 236 Montillano St., Alabang, Muntinlupa City, as stated in its Articles of Incorporation. acIASE On 15 March 2004, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 10 February 2004, published on 14 February 2004 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated 10 February 2004, on the following grounds: 1. that Petitioner has been in operation since 1997 to present but the officers overlooked the submission of the reportorial requirements of the Commission due to minimal operations and meager capital; and 2. that Petitioner intends to continue its operations. In support of its Petition, Petitioner submitted the following documents: 1 1. Directors' Certificate dated 29 October 2008, certifying that at the special meeting, held on 27 September 2008, at its principal office at Chowking's Alabang, Muntinlupa City, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside Order of Revocation was approved; 2. Photocopies of Mayor's permit for the years 1997, 1999, 2001, 2003 and 2008, City Government of Muntinlupa, and of its business plate; 3. Photocopies of the Petitioner's Pag-IBIG Fund Membership Registration Form, received 15 October 2008 and Pag-IBIG Fund Receipt dated 15 October 2008 representing members' contributions; 4. Photocopies of the Annual Income Tax Returns for the years 1998, 2000, 2002 and 2007, with accompanying audited financial statements; 5. Photocopy of Philippine Health Insurance Corporation's 1st Indorsement dated 6 February 2004; 6. Photocopies of Petitioner's Social Security System plate, registered on March 1997, and SSS Employer ID card; and HEASaC 7. Photocopies of the Petitioner's Bureau of Internal Revenue Certificate of Registration, registered on 10 February 1997, and Tax Identification Number card. Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. It also manifested that it has no intention to violate the law and any SEC rules and regulations and commits to immediately pay the fines as due. On 21 November 2008, Petitioner paid the fine of P6,250.00, under Official Receipt No. 0236031, for non/late filing/registration of the following, on the years indicated hereunder: REQUIREMENTS NOT FILED FILED LATE General Information Sheet 1998-2007 Financial Statements 1997-2006 2007 Stock and Transfer Book Registered Late WHEREFORE, Petitioner's allegation that its officers overlooked the Commission's reportorial requirements due to minimal operations and meager capital is without merit considering that Section 141 of the Corporation Code of the Philippines requires corporations to submit an annual report of its operations and such other requirements as the Commission may require. Petitioner is bound by the said provision of the law and it cannot claim negligence as excuse from compliance therewith. However, finding the submitted documents sufficient to establish Petitioner's operations and its intent to continue as a juridical entity, the Order of the Commission dated 10 February 2004, revoking the Certificate of Registration of the SMARTCASH LENDING INC., is hereby SET ASIDE. SO ORDERED. Mandaluyong City. January 30, 2009. (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 Footnotes 1. Photocopies are faithful reproductions of the originals of the documents. IcSEAH