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Forest Hell Golf etc. vs. Fil-Estate

FOREST HELLS GOLF AND COUNTRY CLUB, INC., REPRESENTED BY RAINIER L. MADRID, IN A DERIVATIVE CAPACITY AS SHAREHOLDER AND CLUB MEMBER, PETITIONER, VS. FIL-ESTATE PROPERTIES, INC., AND FIL-ESTATE GOLF DEVELOPMENT, INC., RESPONDENTS.

G.R. No. 206649 | 2016-07-20

D E C I S I O N
 
DEL CASTILLO, J.:
 
"A derivative action is a suit by a shareholder to enforce a corporate cause of action x x x on behalf of the corporation in order to protect or vindicate [its] rights [when its] officials refuse to sue, or are the ones to be sued, or hold control of [it]."[1] Upon the enactment of Republic Act (RA) No. 8799, otherwise known as "The Securities Regulation Code," jurisdiction over such action now lies with the special commercial courts designated by this Court pursuant to A.M. No. 00- 11-03-SC promulgated on November 21, 2000.[2]

This Petition for Review on Certiorari...