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Gimenez Stockbrokerage and Co., Inc. Vs. Securities & Exchange Commission, et al.

GIMENEZ STOCKBROKERAGE AND CO., INC., petitioner, vs. SECURITIES AND EXCHANGE COMMISSION, MANUEL G. ABELLO, JESUS J. VALDES, ROSARIO N. LOPEZ, JULIO A. SULIT, JR., ACKERMAN & CO., INC. and GONZALO T. SANTOS, respondents.

G.R. No. L-68568 | 1984-12-26

D E C I S I O N


AQUINO, J.:

The Commissioners of the Securities and Exchange Commission rendered a decision reversing the ruling of its hearing officer. They ordered Gimenez Stockbrokerage & Co., Inc. to pay Ackerman & Co., Inc., the sum of P124,426 with 12% interest per annum from the date of demand.

A copy of the decision was received by Gimenez Stockbrokerage on April 13, 1984. Twenty-seven days later, or on May 10, 1984, it filed a motion for reconsideration.

The SEC denied the motion for having been filed out of time, that is because it was filed beyond the fifteen-day period for appealing the case to this Court. In this...