[PED * CASE NO. 97-2156. September 29, 1999.]
IN THE MATTER OF CELEBRITY CINEMA INTERNATIONAL, INC.
R E S O L U T I O N
The center of the investigation in the instant case is the corporate franchise of Celebrity Cinema International, Inc. for having withdrawn and returned its paid-up capital to its stockholders upon incorporation.
Records show that the above-mentioned corporation was registered with this Commission on July 2, 1996 under SEC Registry No. 11996-01861 with an authorized capital stock of ten million (P10,000,000.00) pesos, and six hundred twenty five thousand (P625,000.00) pesos of which has been paid.
At the scheduled conference before the Supervision and Monitoring Department, the Treasurer-in-trust, Isabelita Caponpon, submitted a verified affidavit stating that after paying the registration fees subject corporation was shelved due to some personal problems among the stockholders, and that the paid-up capital was withdrawn and returned to the stockholders even before the SEC verification without any corresponding receipt whatsoever.
On April 17, 1997, the Supervision and Monitoring Department indorsed the matter for appropriate action to this Department.
On May 28, 1997...
