Meralco, GSIS, SEC Asked to Air Side on Proxy Votes

Manila Bulletin, June 24, 2008 | Go to article overview

Meralco, GSIS, SEC Asked to Air Side on Proxy Votes


In an order issued after yesterday's hearing, the CA's ninth division chaired by Associate Justice Jose L. Sabio Jr. directed Meralco, the SEC, and the GSIS to concentrate their memorandum on three major issues.

They are:

1. Whether or not the proxy forms used by Meralco complied with SEC rules and regulations.

2. Whether the issue is an intra-corporate dispute that should be lodged with the trial court.

3. Whether SEC committed grave abuse of discretion in issuing the cease and desist order (CDO), granting it has authority to issue such order.

During yesterday's hearing, Meralco -- through lawyer Simeon Marcelo -- told the CA that SEC committed a grave abuse of discretion in issuing the CDO since the issue on the validity of proxy votes lies within the jurisdiction of the trial court..

"Election contest is an intra-corporate controversy, including the validation of proxies. The moment it goes to the validation process, that now comes within the jurisdiction of a regular court," Marcelo said.

He pointed out that the CDO issued by the SEC is null and void as the authority to issue such had already been transferred to the regional trial courts which have been designated as special commercial courts under the Securities Regulation Code (SRC). …

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Meralco, GSIS, SEC Asked to Air Side on Proxy Votes
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