June 29, 2012
SEC-IPSD FC ORDER NO. 069-12
IN THE MATTER OF MALHI & RAI FINANCING CORPORATION
ORDER OF REVOCATION
The records on file with this Commission show that Malhi & Rai Financing Corporation failed to comply with the reportorial and other requirements of the Financing Company Act of 1998 and its Implementing Rules and Regulations and to pay the annual fees for 2005 up to present and the maximum penalty of One Hundred thousand Pesos (Php100,000.00).
Based on the ocular inspection conducted by the SEC-Baguio Extension Office (SEC-BEO) on 22 March 2012 in the principal office of the company at Quezon St., Cauayan City, Isabela, the subject corporation is no longer in operation. Likewise, the licensing unit of the Office of the City mayor, Cauayan City, Isabela, informed SEC-BEO that the company ceased its business in 2009 and officially retired its business establishment.
Pursuant to the resolution of the Commission in its meeting on 21 June 2012, the company's Certificate of Authority to Operate a Financing Company is hereby REVOKED.
Let a Copy of this Order be sent to the...
