Reconsider PLDT Verdict, SC Asked

MANILA, Philippines - The Supreme Court (SC) was asked Monday to reconsider its decision that declared that the term "capital" in a public utility corporation refers only to "common shares" and not to the total outstanding capital stocks composed of "common" or voting shares and "preferred" or non-voting shares.There were three motions for reconsideration filed with the SC in connection with its ruling on the 60-40 participation of Filipinos and foreigners, respectively, in public utility firms as provided for under Section 11, Article XII of the 1987 Constitution.Those who filed the motions were Manuel Pangilinan, chairman of the board of the Philippine Long Distance Telephone Co. (PLDT); Napoleon Nazareno, PLDT president; and the Philippine Stock Exchange (PSE).In his motion, Pangilinan warned of a possible collapse of the country's economy with the SC's redefinition of the term "capital" in the …

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Publication information: Article title: Reconsider PLDT Verdict, SC Asked. Contributors: Not available. Newspaper title: Manila Bulletin. Publication date: July 18, 2011. Page number: Not available. © 2009 Manila Bulletin Publishing Corp. COPYRIGHT 2011 Gale Group.

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