Grounds for Revocation
- Failure to file mandatory reports covering period from 1997-2005, depending on registration years.
- Non-commencement of corporate charter within two years from incorporation.
- Failure to maintain continuous operation for at least five years in certain cases.
- Revocation publicized through newspapers (Philippine Daily Inquirer and Philippine Star).
Effectivity of Revocation Orders
- Revocation orders became effective on specified publication dates.
- Lists exact dates for publication and revocation per corporation registration grouping.
Petitions to Set Aside Revocation
- Corporations affected by these orders may file Petitions to Set Aside the Order of Revocation.
- Deadlines for filing these petitions range from May 26, 2009 to August 2, 2012, depending on original revocation date.
- Failure to file petitions within the prescribed deadlines will result in revocation becoming final and executory.
Verification and Assistance
- Corporations or interested parties may verify coverage under this Circular by visiting the Law and Regulation Division, Company Registration and Monitoring Department, SEC Building, Mandaluyong City.
Legal Authority and Adoption
- Circular issued by the SEC Chairperson FE B. Barin and the Commission en banc.
- Adopted on May 15, 2008.
Summary of Key Legal Concepts
- Emphasizes regulatory compliance via mandatory report filing.
- Maintains corporate accountability through revocation enforcement.
- Establishes procedural remedy through petition for revocation reconsideration.
- Provides clear timelines and guidance to ensure due process.
- Publishes revocation orders to ensure public notice and transparency.