March 7, 2019
SEC EN BANC CASE NO. 10-10-216
PACIFIC STAR PROPERTIES, INC., appellant, vs. COMPANY REGISTRATION AND MONITORING DEPARTMENT, appellee.
DECISION
This is an Appeal of the Letter-Orders dated 23 July 2010 and 25 August 2010 of the Company Registration and Monitoring Department (CRMD), which revoked Pacific Star Properties, Inc.'s Certificate of Approval of Increase of Authorized Capital Stock.
RELEVANT FACTS
Pacific Star Properties, Inc. (PACIFIC STAR) is a domestic corporation duly-registered with the Commission (SEC Reg. No. A199813548) on 8 September 1998. It had an initial Authorized Capital Stock of PHP50 Million.
Sometime in 2002, PACIFIC STAR applied for increase its Authorized Capital Stock to PHP150 Million, where eighteen (18) parcels of land (lots) would be transferred to it by the subscriber, 1 in consideration of the shares.
On 27 July 2004, the CRMD issued a Certificate of Approval of Increase of Authorized Capital Stock.
On 11 August 2005, the CRMD issued a Show Cause Order directing PACIFIC STAR to explain why the Certificate of Approval should not be revoked for failure to transfer the 18 lots to PACIFIC STAR's name...
