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D.Aguinaldo etal vs Securities & Exchange Comm etal

DANIEL R. AGUINALDO, DOMINADOR R. AYTONA, and ROMEO H. BORSOTO, petitioners, vs. THE SECURITIES AND EXCHANGE COMMISSION, JOSE G. RICAFORT, CONRADO T. CALALANG, BENJAMIN V. ARITAO, SALVADOR O. RIVERA, EDGARDO DE CASTRO, ARMANDO O. ONGSIOKO and NATIONWIDE DEVELOPMENT CORPORATION, respondents.

G.R. No. L-61377 | 1988-06-30

D E C I S I O N


GUTIERREZ, JR., J.:

Essentially, the only relief prayed for in this petition for certiorari is the lifting of the temporary restraining order which was issued by the respondent Securities and Exchange Commission (SEC). The petitioners ask for a rectification of "the manifestly oppressive inaction of the respondent Securities and Exchange Commission, which inaction has worked to the undue advantage of private respondents and irreparable damage of the petitioners."

The facts as summarized by the public respondent are as follows:

"Private respondents claim that NADECOR has a total outstanding capital stock of 30,000...