9. Former name or former address, if changed since last report
-
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common
1,065,286,430
11. Indicate the item numbers reported herein
5
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Semirara Mining and Power CorporationSCC
PSE Disclosure Form 4-26 - Legal Proceedings References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Dismissal of PSI's Appeal with the Court of Appeals
Background/Description of the Disclosure
This is an update to the case docketed as “Power and Synergy, Inc., Plaintiff vs. Semirara Mining Corp., et. al., Defendants, Civil Case No. Q-10-66936, Regional Trial Court of Quezon City, Branch 97.”
We previously disclosed that in the complaint of Power and Synergy, Inc.’s (PSI) it alleged fraudulent acts against the defendants, Semirara Mining Corporation [now Semirara Mining and Power Corporation) (SMPC) and its directors and officers, and prayed that they be jointly and severally perform and comply with the terms and conditions under the Consultancy Agreement. PSI is in effect claiming a success fee of PhP1.3 billion (due to increase in coal volume sold to NPC) by the end of 2010. On June 2, 2010, SMPC moved for the dismissal for lack of jurisdiction and improper venue in so far as other individual defendants are concerned, and the complaint states no cause of action. The RTC required PSI to pay the correct docket fees, but PSI moved for reconsideration, which was later denied. On August 22, 2014, SMPC moved for the dismissal of the case for failure of PSI to comply with the order of the RTC to pay the correct docket fees.
The RTC issued and Order dated October 1, 2015 finding the motion of SMPC to be meritorious and dismiss PSI’s complaint with prejudice. PSI appealed the case to the Court of Appeals (CA) [CA-G.R. CV No. 106444] and seek to reverse the RTC Order dated October 1, 2015.
Name of the court or agency in which the proceedings are pending
Court of Appeals
Date Instituted
Jun 2, 2010
Docket Number
CA-G.R. CV No. 106444
Principal Parties
Power and Synergy, Inc., Plaintiff vs. Semirara Mining Corp., et. al., Defendants
Nature and description of the legal proceedings
Power and Synergy, Inc.’s (PSI) it alleged fraudulent acts against the defendants, Semirara Mining Corporation [now Semirara Mining and Power Corporation) (SMPC) and its directors and officers, and prayed that they be jointly and severally perform and comply with the terms and conditions under the Consultancy Agreement. PSI is in effect claiming a success fee of PhP1.3 billion (due to increase in coal volume sold to NPC) by the end of 2010.
The effect(s) on the Issuer's business or operations, if any
It does not have any effect on its business or operations.
Other Relevant Information
Today, we received a copy of the CA Decision dated June 30, 2017, which denied PSI’s appeal and affirmed the RTC Order. The dispositive portion of the Decision reads:
“WHEREFORE, the appeal is DENIED. The assailed Order dated 1 October 2015 of the Regional Trial Court of Quezon City, Branch 97, in Civil Case No. Q-10-66936 is hereby AFFIRMED.”