In the Matter of ISU Holdings Corp.

February 20, 2009 SEC EN BANC CASE NO. 11-08-0569 IN THE MATTER OF ISU HOLDINGS CORPORATION SEC REGISTRATION NO. ASO94-001852 FOR : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner, ISU HOLDINGS CORPORATION, is a stock corporation registered with the Commission on February 24, 1994 under SEC Registration No. ASO94-001852, with principal office address at 110 Legaspi Bldg., Legaspi St., Makati City. aETAHD On November 03, 2003, its Certificate of Registration was revoked by virtue of SEC Order dated September 30, 2003 which was published on October 04, 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated September 30, 2003, on the following grounds: 1. that the incorporators of Petitioner were not aware of the Commission's reportorial requirements; 2. that after its incorporation, Petitioner's president was diagnosed with a serious ailment and had to be treated abroad, as such, the other stockholders who were also family members, devoted their time to his care, thus, nobody attended to the business of Petitioner; and 3. that Petitioner intends to continue with the operation of its business. In support of its Petition, Petitioner submitted the following documents: 1 1. Photocopy of 2008 Business Permit, City of Makati; 2. Photocopy of Locational Clearance, Zoning Administration Division, Urban Development Department, City of Makati; 3. Photocopy of 2008 Barangay Business Clearance, Barangay San Lorenzo, Makati City; 4. Photocopy of Certificate of Registration with the Bureau of Internal Revenue, Revenue District No. 008, Revenue District No. 047; 5. Copy of Directors' Certificate dated June 16, 2008, certifying that at the special joint meeting of stockholders and directors held on May 26, 2008, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside the Order of Revocation was approved; and aSTECA 6. Photocopy of Transfer Certificate of Title No. T-66647, Registry of Deeds Nasugbu, Batangas, of a certain parcel of land, in the name of Petitioner. Petitioner submitted its 2008 General Information Sheet (GIS) and 2007 Financial Statements (FS) to prove its intention to continue its registration with the Commission. Petitioner also manifested that it has no intention to violate the law and it commits to immediately pay the fines as due. On July 15, 2008 and November 13, 2008, Petitioner paid the fine of PhP25,000.00 under O.R. Nos. 0188108 and 0231380 respectively, for non/late filing/registration of the following, on the years indicated hereunder: REQUIREMENTS NOT FILED FILED LATE General Information Sheet 1996-2007 2008 Financial Statements 1996-2006 2007 Stock and Transfer Book Registered late WHEREFORE, Petitioner's allegation that its incorporators were not aware of the Commission's reportorial requirements is without merit. 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. The corporation is bound by the said provision of the law and it cannot claim ignorance as excuse from compliance therewith. Also, its allegation on its president's serious ailment is not given credence. While, the Commission understands the predicament of Petitioner's officers and stockholders, the illness of a corporate officer however, is not an excuse for the Petitioner to neglect or cease its business operation. However, finding the documents submitted sufficient to establish Petitioner's intent to continue as a juridical entity, the Order of the Commission dated September 30, 2003, revoking the Certificate of Registration of ISU HOLDINGS CORPORATION, is hereby SET ASIDE. Moreover, Petitioner is 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, February 20, 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. caCSDT