Question
29. ABC Corporation operates several stores across Pangasinan. Due to a fraudulent case with the BIR it issued to stop operation for 2 year. On
29. ABC Corporation operates several stores across Pangasinan. Due to a fraudulent case with the BIR it issued to stop operation for 2 year. On the 4th year, ABC Corporation won the petition in the Court of Tax Appeals and was given the authority by the court to continue its operations. On the 6th year it started again its operation, but SEC has already revoked the corporation's certificate of incorporation. Which is correct?
a. The SEC is correct because failure to operate for 5 years will cause the revocation of the corporation's certificate of incorporation
b. The SEC is correct because their fraudulent case with the BIR is a ground for revocation of corporation's certificate of incorporation and ABC needs to reapply such in SEC
c. The SEC is incorrect because the case was cleared by the Court of Tax Appeals
d. The SEC is incorrect because upon ABC winning its case there was a retroactive effect of 4 years
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