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[ G.R. No. 95696.� October 11, 2005]
TAN vs . SEC
EN BANC
Sirs/Mesdames:
Quoted hereunder, for your information, is a resolution of this Court dated OCT 11 2005.
G.R. No. 95696 ( Alfonso S. Tan vs. Securities and Exchange Commission, et al .)
The Securities and Exchange Commission (SEC), thru the Solicitor General, seeks a partial reconsideration of the 03 March 1992 decision of this Court in G.R. No. 95696 (Alfonso S. Tan vs. Securities and Exchange Commission, Visayan Educational Supply Corporation, Tan Su Ching, Alfredo B. Uy, Angel S. Tan and Patricia Aguilar) insofar as the decision ruled negatively on the power of the SEC to award damages. When asked to comment on the motion, petitioner, through counsel, manifested his conformity thereto.
The issue at hand has been mooted by the enactment of the Securities Regulation Code (RA 8799) in September, 2000. Section 5.2 1 of RA 8799 divested the Commission of original and exclusive jurisdiction to hear and decide cases involving intra-corporate controversies which have been transferred to courts of general jurisdiction or the appropriate regional trial court.
WHEREFORE , the instant motion for partial reconsideration is merely NOTED for being moot and academic.
Very truly yours,
(Sgd.) MA. LUISA D. VILLARAMA
Clerk of Court
Endnotes:
1 The Commission's jurisdiction over all cases enumerated under Section 5 of Presidential Decree No. 902-A is hereby transferred to the Courts of general jurisdiction or the appropriate Regional Trial Court; Provided, That the Supreme Court in the exercise of its authority may designate the Regional Trial Court branches that shall exercise jurisdiction over theses cases. The Commission shall retain jurisdiction over pending cases involving intra-corporate disputes submitted for final resolution which should be resolved within one (10) year from the enactment of this Code. The Commission shall retain jurisdiction over pending suspension of payments/rehabilitation cases filed as of 30 June 2000 until finally disposed.
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