In the Matter of Asianwide Realty Development Corp.

January 30, 2009 SEC EN BANC CASE NO. 11-08-0561 IN THE MATTER OF ASIANWIDE REALTY DEVELOPMENT CORPORATION SEC REGISTRATION NO. A199704413 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, ASIANWIDE REALTY DEVELOPMENT CORPORATION, is a stock corporation registered with the Commission on 12 March 1997 under SEC Registration No. A199704413, with principal office at 207 7th Avenue corner A. Del Mundo St., Kaloocan City, organized to engage in real estate business, as stated in its Articles of Incorporation. SHTaID On 15 March 2004, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 10 February 2004, published on 14 February 2004 in the Philippine Daily Inquirer, for non-filing of reports.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 1998 to present; and 2. that Petitioner intends to continue its operations. In support of its Petition, Petitioner submitted the following documents: 1 1. Directors' Certificate dated 27 October 2008, certifying that at the special meeting, held on 28 June 2008, at its principal office at 207 7th Avenue corner A. Del Mundo St., Kaloocan 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 1998 to 2008, City of Caloocan; and 3. Photocopies of the Annual Income Tax Returns for the years 2005 to 2007, with accompanying audited financial statements. 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 26 November 2008, Petitioner paid the fine of P51,000.00, under Official Receipt No. 0233661, for non/late filing of the following, on the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 1998-2005 2006, 2008 Financial Statements 1997-2004 WHEREFORE, finding the submitted documents sufficient to establish Petitioner's operation since 1998 to present, 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 ASIANWIDE REALTY DEVELOPMENT CORPORATION, is hereby SET ASIDE. caTESD However, the Petitioner is hereby directed to submit its 2009 Mayor's Permit within thirty (30) days from date of receipt of this Order. 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.