November 2011 - Philippine Supreme Court Resolutions
Philippine Supreme Court Resolutions
[G.R. No. 197924 : November 14, 2011]
BENITO YAO CHUA AND WILSON GO v. LEONARDO L. VILLALON, ET AL.
G.R. No. 197924 (Benito Yao Chua and Wilson Go v. Leonardo L. Villalon, et al).
RESOLUTION
The Court, after a review of the records, resolves to DENY the petition for failure to show that the Court of Appeals committed reversible error when it affirmed the ruling of the Regional Trial Court that petitioners Benito Yao Chua and Wilson Go were no longer stockholders of Semicon, Inc. As aptly observed by the lower courts, Chua and Go were able to pay only 315 shares out of the total 1,000 shares issued to each of them. They have failed to show that they indeed paid the remaining 685 shares by showing any official receipt or other document showing payment. Thus, the board resolution declaring their shares as delinquent and ordering its sale at public auction was in order. Consequently, they can no longer demand the exercise or the recognition of their rights as stockholders.
Moreover, the Court NOTES that the petition lacked a statement of material dates detailing the receipt of the Court of Appeals decision and the filing of their motion for reconsideration.
SO ORDERED.
J. Perlas-Bernabe, no part. J. Reyes, additional member, per Raffle dated October 5, 2011.
Very truly yours,
(Sgd.) LUCITA ABJELINA-SORIANO
Division Clerk of Court