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

March 8, 2013SEC CRMDIN THE MATTER OF REVOCATION OF CERTIFICATE OF INCORPORATION OF DELINQUENT CORPORATIONSORDERWHEREAS, pursuant to Section 141 of the Corporation Code of the Philippines and the SEC Rules and Regulations on Reportorial Requirements, corporations are required to submit annual reports such as the General Information Sheet (GIS) and the Financial Statements (FS); WHEREAS, the records of the Securities and Exchange Commission (the Commission) show that corporations registered in years 2002-2004, whose names are enumerated in the attached list marked as Annex "A", failed to submit the above mentioned reports within the prescribed period;WHEREAS, the failure of these corporations to submit the said reports can also be construed as non-operation for five (5) consecutive years;WHEREAS, the Commission, by virtue of Batas Pambansa Blg. 68, Presidential Decree No. 902-A, as amended, and Republic Act No. 8799, is vested with the authority to revoke, after proper notice and hearing, the certificate of incorporation of corporations upon any of the grounds provided by law, including the following:a) Failure to formally organize and commence the transaction of business...