In the Matter of Revocation of Certificates of Incorporation of Delinquent Corporations

July 4, 2013 IN THE MATTER OF REVOCATION OF CERTIFICATES OF INCORPORATION OF DELINQUENT CORPORATIONS ORDER WHEREAS, the Securities and Exchange Commission (the Commission) issued SEC Order dated March 8, 2013, published in the Philippine Star on April 1, 2013, directing delinquent corporations, registered in 2002-2004, whose names appeared thereon, to appear before the Commission within thirty (30) days from the date of its publication and to show cause why their certificates of registration should not be revoked, otherwise, their failure to comply therewith shall cause the revocation of their certificates of registration; WHEREAS, numerous corporations covered by SEC Order dated March 8, 2013, appealed to the Commission, requesting that they be given an opportunity to comply with the above directive even after the lapse of the given thirty (30)-day period; WHEREAS, the Commission finds that revocation of certificate of registration would be too drastic a penalty considering that many covered corporations are in fact operating and still willing to pay their penalties and, thus, all available remedies must be exhausted first; TEIHDa WHEREAS, on July 4, 2013, the Commission En Banc resolved to grant corporations covered by said SEC Order dated March 8, 2013 an extension of sixty (60) days from the date of its approval within which to comply with its directives; WHEREFORE, all delinquent corporations whose names appeared in SEC Order dated March 8, 2013 are hereby given an extension of sixty (60) days from July 4, 2013 or until September 2, 2013, within which to appear before the Commission and to update their reports, as well as, settle their corresponding penalties for non-compliance with reportorial requirements. After the lapse of the said sixty (60)-day period and covered corporations still fail to comply with this directive, their certificates of registration shall be deemed REVOKED. Let this Order be published in a newspaper of general circulation. SO ORDERED. Mandaluyong City, Philippines. July 4, 2013. (SGD.) TERESITA J. HERBOSA Chairperson