In the Matter of P.R.V. Realty, Inc.

January 26, 2009 SEC EN BANC CASE NO. 11-08-0564 IN THE MATTER OF P.R.V. REALTY, INCORPORATED SEC REGISTRATION NO. 0000049524 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, P.R.V. REALTY, INCORPORATED, is a stock corporation registered with the Commission on December 19, 1972, under SEC Registration No. 0000049524, with principal office address at 616 P. Paterno St., Quiapo, Manila, engaged in real estate business, as stated in its Articles of Incorporation. HEcSDa On July 2, 2003, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated May 27, 2003, published on June 2, 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated May 27, 2003, on the following grounds: 1. that it did not receive any notice of revocation of its certificate of registration; 2. that it has been in continuous operation since its inception and has several people in its employ; 3. that it has several parcels of land registered under its name and plans to develop and dispose such landholdings; 4. that it is a member in good standing of the Chamber of Real Estate & Builder's Associations, Inc. (CREBA); 5. that it has no intention to violate the law and any of the Commission's rules and regulations; and 6. that it commits to comply with the reportorial requirements religiously. In support of its Petition, Petitioner submitted the following documents: 1 1. Directors' Certificate dated May 14, 2008, certifying that at the stockholder's meeting, held on May 6, 2008, at its office address, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside Order of Revocation was approved; 2. Photocopy of the 2007 Annual Income Tax Return; 3. Photocopy of the 2008 Business Permit, Office of the Mayor, City of Manila; CTDacA 4. Photocopy of Certification dated February 15, 2008 by the CREBA on Petitioner's membership in good standing with the said Association; and 5. Photocopies of the Transfer Certificates of Title Nos. 529767, 529768, 529769, 529770, and 529771 evidencing Petitioner's ownership of certain parcels of land located in Cainta, Rizal. Petitioner submitted its 2007 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. On June 25, 2008, Petitioner paid the fine of P64,755.87 2 under Official Receipt No. 0181374, for non/late filing/registration of the following, on the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 1996-2005 2006-2007 Financial Statements 1996-2005 Stock and Transfer Book Registered Late WHEREFORE, Petitioner's allegation that it did not receive any notice of revocation is without merit, considering that the Order of Revocation dated May 27, 2003 was published on June 2, 2003 in the Philippine Daily Inquirer, a newspaper of general circulation, pursuant to SEC Memorandum Circular No. 4, series of 2003, which states that in cases where the Commission may deem practicable considering the great number or unknown addresses of corporations involved, the show cause order shall be published in a newspaper of general circulation. Publication in a newspaper of general circulation is sufficient notice for the corporations concerned. However, finding the submitted documents sufficient to establish Petitioner's operations since 2007, and its intent to continue as a juridical entity, the Order of the Commission dated May 27, 2003 revoking the Certificate of Registration of P.R.V. REALTY, INCORPORATED, is hereby SET ASIDE. SO ORDERED. Mandaluyong City, January 26, 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. 2. Includes penalty for violation of Section 43, by retaining surplus profits in excess of one hundred per cent (100%) of its paid-in capital stock. TADIHE