In the Matter of Revocation of Certificates of Incorporation of Delinquent 2007-Registered Corporations

December 23, 2013SEC CRMDIN THE MATTER OF REVOCATION OF THE CERTIFICATES OF INCORPORATION OF DELINQUENT 2007-REGISTERED CORPORATIONSORDERWHEREAS, pursuant to Section 141 of the Corporation Code of the Philippines and the rules and regulations on reportorial requirements of the Securities and Exchange Commission (the Commission), corporations are required to submit annual reports, such as General Information Sheet and the Financial Statements; WHEREAS, the records of the Commission show that some corporations registered in 2007, whose names are enumerated in the attached list marked as Annex "A", failed to submit any of the above mentioned reports for five (5) consecutive years covering the period from 2008 to 2012;WHEREAS, the failure of these corporations to submit said reports can likewise be construed as non-operation for at least five (5) consecutive years;WHEREAS, the Commission, by virtue of Section 5 (m) of Republic Act No. 8799, also known as the Securities Regulation Code, and Section 6 (i) of Presidential Decree No. 902-A, as amended, is vested with the authority to revoke, after proper notice and hearing, the Certificate of Incorporation...