In re Davao Jack Traders, Inc.

March 10, 2008 SEC EN BANC CASE NO. 12-07-300 IN THE MATTER OF DAVAO JACK TRADERS, INC. (SEC REG. NO. DS-01139) , petitioner . FOR : Setting Aside of the Order of Revocation O R D E R Petitioner DAVAO JACK TRADERS, INC. is a stock corporation registered with the Commission on February 10, 1988 and engaged primarily in the business of "buying and selling of scrapped iron and metals". It has its principal office address at 18-B, 6th Avenue, Bangoy Street, Davao City. HETDAC On September 29, 2003, Petitioner's Certificate of Registration No. DS-01139 was revoked for non-compliance with the Commission's reportorial requirements, pursuant to the Order of Revocation dated August 20, 2003 which was published in a newspaper of general circulation on August 28, 2003. Petitioner now prays for the lifting of said Order of Revocation based on the ground that "it was not fully aware of the importance of submission of reports on a yearly basis. It became apparent to us only when we sought to submit amendments to our articles of incorporation and to increase our authorized capital stock." In support of its Petition, Petitioner submitted its 2007 General Information Sheet and 2006 Audited Financial Statements. As proof of its continued operation, Petitioner also submitted the following documents: a) Business Permit No. B-10090-0 issued by the Office of the City Mayor, City of Davao on January 19, 2007; and b) Income Tax Return for the year ended 2006. 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. It has also actually paid in full the penalty in the total amount of One Hundred Ninety-Five Thousand Pesos (P195,000.00) as assessed by the Davao Extension Office of this Commission and evidenced by Official Receipt Number 5490823 dated November 21, 2007. WHEREFORE, premises considered, the Order of the Commission dated August 20, 2003 revoking the Certificate of Registration of DAVAO JACK TRADERS, INC. is hereby SET ASIDE. Accordingly, petitioner is hereby directed to submit its Mayor's Permit for 2008 and copies of the pages of its stock and transfer book certified correct by its Corporate Secretary within thirty (30) days from date of receipt of this Order. Failure to submit the same within the prescribed period shall be an adequate cause for the recall of the instant Order. CSDAIa Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD), Law and Regulation Division, and the Economic Research and Information Department (ERID) of this Commission for their appropriate action. SO ORDERED. March 10, 2008, Mandaluyong City. (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