In the Matter of Stella Maris Agro Industrial Corp.

January 30, 2009 SEC EN BANC CASE NO. 12-08-0575 IN THE MATTER OF STELLA MARIS AGRO INDUSTRIAL CORPORATION SEC REGISTRATION NO. 0000104080 FOR : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner, STELLA MARIS AGRO INDUSTRIAL CORPORATION, is a stock corporation registered with the Commission on March 30, 1982 under SEC Registration No. 0000104080, with principal office address at 188 Scout Fuentebella, Kamuning, Quezon City, engaged in the agricultural, poultry and livestock business, as stated in its Articles of Incorporation. aDHCAE On August 11, 2003, its Certificate of Registration was revoked by virtue of SEC Order dated July 08, 2003 which was published on July 11, 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated July 08, 2003, on the following grounds: 1. that Petitioner's former management and staff were not aware of the Commission's reportorial requirements; and 2. that it has no intention to violate the laws or SEC rules and regulations. In support of its Petition, Petitioner submitted the following documents: 1 1. Directors' Certificate dated August 10, 2008, certifying that at the special joint meeting of stockholders and directors held on July 10, 2007, at #188 Scout Fuentebella, Kamuning, Quezon City, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside the Order of Revocation was approved; 2. Photocopy of 2008 Mayor's Permit, Municipality of Capas, Tarlac; 3. Photocopy of Memorandum dated July 19, 2008 by the Evaluation Team, Community Environment and Natural Resources Office (CENRO), Department of Environment and Natural Resources (DENR), on the annual accomplishment report of Petitioner; 4. Copy of Accomplishment Report dated January 18, 2006 prepared by Petitioner's President and received by DENR-CENRO 111, Tarlac City; and 5. Photographs of social activities conducted in the Petitioner's farm site in 2007. Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. It also commits to immediately pay the fine as due. On December 10, 2008, Petitioner paid the fine of PhP24,500.00 under O.R. No. 0238804 for non/late filing/registration of the following, on the years indicated hereunder: ScCIaA NOT FILED FILED LATE General Information Sheet 1996-2007 2008 Financial Statements 1996-2006 Stock and Transfer Book Registered Late WHEREFORE, Petitioner's allegation that its former management and staff 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. However, finding the documents submitted sufficient to establish the Petitioner's intent to continue as a juridical entity, the Order of the Commission dated July 08, 2003, revoking the Certificate of Registration of STELLA MARIS AGRO INDUSTRIAL CORPORATION, is hereby SET ASIDE. Further, Petitioner is hereby directed to submit its 2009 Mayor's Permit within thirty (30) days, and proofs of actual commercial operations not later than six (6) months after receipt of this Order. Failure on the part of Petitioner to comply with this 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. TIDcEH