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Ramoso, Salvatierra, Cruz, et al vs CA, General Credit Corp. (Formerly Commercial Credit Corp.), CCC Equity Corp., et al

Avelina G. Ramoso, Renato B. Salvatierra, Benefrido M. Cruz, Leticia L. Medina, Pelagio Pascual, Domingo P. Santiago, Amado S. Veloira, Concepcion F. Blaylock, in their own behalf and in behalf of numerous other persons similarly situated, Commercial Credit Corp. of North Manila, Commercial Credit Corp. of Cagayan Valley, Commercial Credit Corp. of Olongapo City, and Commercial Credit Corp. of Quezon City, petitioners, vs. Court of Appeals, General Credit Corp. (Formerly Commercial Credit Corp.), CCC Equity Corp., Resource and Finance Corp., Generoso G. Villanueva and Leonardo B. Alejandrino, and Securities and Exchange Commission, respondents.

G.R. No. 117416 | 2000-12-08

D E C I S I O N

QUISUMBING, J.:

This petition for review on certiorari assails the decision1 Rollo, pp. 61-83.1 of the Court of Appeals dated October 8, 1993, and its resolution2 Id. at 85-88.2 dated September 22, 1994 in CA G.R. SP No. 29225, which affirmed the Securities and Exchange Commission's decision stating thus:

WHEREFORE, the appealed decision of the hearing officer in SEC Case No. 2581 is hereby MODIFIED as follows:

1. Piercing the veil of corporate fiction among GCC, CCC Equity and the franchise companies - Commercial Credit Corporation of North Manila, Commercial Credit Corporation of Cagayan Valley, Commercial Credit...