In re C T Farm, Inc.

February 15, 2008 SEC EN BANC CASE NO. 12-07-0309 IN THE MATTER OF C T FARM INCORPORATED (S.E.C. REG. NO. AS092-0000002276) , petitioner. FOR: SETTING ASIDE ORDER OF REVOCATION O R D E R Petitioner C T FARM INCORPORATED is a stock corporation registered with the Commission on 31 March 1992. 1 Petitioner was organized to engage, undertake and carry on the business in all branches of agriculture, more particularly in piggery, poultry, cattle, goats and other foul and livestock hatching and raising, horticulture, nursery, seed and fishery. 2 Its principal office is located at Poblacion, Ibaan, Batangas. On 03 November 2003, petitioner's Certificate of Registration No. AS092-0000002276 was revoked by virtue of SEC Order dated 30 September 2003 for non-compliance with the Commission's reportorial requirements. The said order was published in the 04 October 2003 issue of the Philippine Daily Inquirer. Petitioner seeks reconsideration of the Order revoking petitioner's registration on the ground that the company is very much in existence and is still operating its business. Further, petitioner is religiously paying all government taxes and complies with the filing of monthly and annual returns. 3 As proof of continued business operation, petitioner submitted copies of the following: 1. Income Tax Return for the year ended December 2006 duly received by an authorized agent bank of the Bureau of Internal Revenue; 2. Mayor' Permit and Business License No. 2007-0323 issued by the Office of the Municipal Mayor of Ibaan, Batangas; 3. 2006 Audited Financial Statements; and 4. Various official receipts issued by petitioner. Petitioner further alleges that it has no intention to violate the law and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. As a matter of fact, petitioner already paid the penalty in the amount of THIRTY SEVEN THOUSAND FIVE HUNDRED PESOS (Php37,500.00) as evidenced by Official Receipt No. 0123618 dated 14 December 2007. WHEREFORE, premises considered, the Order of the Commission dated 30 September 2003 revoking the Certificate of Registration of C T FARM INCORPORATED is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department and the Economic Research and Information Department of this Commission for their appropriate action. SO ORDERED. Mandaluyong City. February 15, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner on official leave THADDEUS E. VENTURANZA Commissioner Footnotes 1. Petitioner's Certificate of Registration. 2. Petitioner's Articles of Incorporation, 2nd Article. 3. Petition, p. 1.