By Perfecto T. Raymundo
MANILA, Feb. 13 (PNA) — The Court of Appeals (CA) has upheld the ruling of a Makati City Regional Trial Court (RTC) ordering the inspection of books of the Philcomsat Holdings Corporation (PHC).
In a ruling written by Associate Justice Ramon M. Bato, Jr., the CA’s 15th Division denied for lack of merit the petition for certiorari filed by Victoria C. De Los Reyes and PHC assailing the two orders both dated Sept. 16, 2013 by Makati City RTC Branch 149 Judge Cesar Untalan, as well as the Nov. 19, 2013 order denying petitioners’ motion for reconsideration (MR).
In its Jan. 14, 2015 ruling and made public on Friday, the CA said there was “no grave abuse of discretion attributed to the respondent judge when he granted Africa’s prayer to inspect the books of PHC immediately after the termination of the pre-trial conference.”
“Notably, respondent judge issued the assailed orders after he took into consideration the complaint, the affidavit of Africa attached to it as well as the annexes, the admissions by the petitioners in their answer, and the stipulations during the pre-trial conference,” the CA added.
Concurring with the ruling were Associate Justices Manuel M. Barrios and Zenaida T. Galapate-Laguilles.
The PHC is a corporation duly organized and existing under the laws of the Philippines.
De Los Reyes is the incumbent corporate secretary of PHC while respondent Victor Africa is one of the minority stockholders of PHC and a former director and president of the PHC.
Africa sent on June 10, 2011 a letter to the corporate secretary requesting the inspection of the corporate records of the company.
He made follow up letters but were not acted upon.
This prompted Africa to seek redress before the Makati City RTC.
Africa also sought damages.
De Los Reyes and other stockholders said that Africa only owns a mere 0.0005% of the total outstanding shares of PHC, roughly valued at Php5,000.
The Makati City RTC favored Africa but said that all expenses to be incurred shall be at his expense until the case reached the CA.(PNA)