October 10, 2017
SEC CASE NO. 12-10-333
IN THE MATTER OF ARNULFO S. PILANDO, CHRISTINE B. WANGDALI AND ANTONIO ALVAREZ, petitioners, vs. NERISSA ORODIO, BENJAMIN DE SESTO, MARRIETTA JAMBARO, EFRAIM ORODIO, SAMUEL GARCIA and any and all of the other Board of Directors and/or Officers of the Rural Bank of Rizal (K.A.), Inc., respondents.
DECISION
This resolves the Petition to Cite or Punish for Indirect Contempt 1 filed by Arnulfo S. Pilando, Christine B. Wangdali and Antonio Alvarez (Petitioners) against Nerissa Orodio, Benjamin De Sesto, Marrietta Jambaro, Efraim Orodio, Samuel Garcia and any and all of the other Board of Directors and/or Officers of the Rural Bank of Rizal (K.A.), Inc. (Respondents). This originated from SEC Case No. 3-10-304 where the Petitioners prayed that a meeting be called by the Commission. 2
On 3 June 2010, the Commission in its Order granted the petition and ordered the corporation to conduct its Annual Stockholders meeting on the first Saturday of July 2010, or 3 July 2010. 3
On 3 July 2010, Petitioners sent their representatives to attend the annual stockholder's...
