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Nautica Canning Corporation, et al. vs. Roberto C. Yumul

NAUTICA CANNING CORPORATION, FIRST DOMINION PRIME HOLDINGS, INC. and FERNANDO R. ARGUELLES, JR., Petitioners, versus ROBERTO C. YUMUL, Respondent.

G.R. No. 164588 | 2005-10-19

D E C I S I O N 


YNARES-SANTIAGO, J.: 

Petitioners assail the September 26, 2001 Decision[1] of the Court of Appeals in CA-G.R. SP No. 61919, affirming in toto the Decision of the Securities and Exchange Commission (SEC) En Banc in SEC Case No. 10-96-5455, as well as the July 16, 2004 Resolution[2] denying the motion for reconsideration. 

The facts of the case show that Nautica Canning Corporation (Nautica) was organized and incorporated on May 11, 1994 with an authorized capital stock of P40,000,000 divided into 400,000 shares with a par value of P100.00 per share. It had a subscribed capital stock of P10,000,000 with paid-in...