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    Makati Stock Exchange vs. Campos G.R No. 138814 J April 16 J 2009

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    Jefferson Sombillo
    Respondent Miguel Campos filed a petition against Makati Stock Exchange and its directors seeking (1) nullification of a resolution depriving him of participating equally in IPO allocations, (2) delivery of the IPO shares he was deprived of, and (3) moral, exemplary and attorney's fees damages. The Supreme Court ruled that Campos has no cause of action, as he failed to establish any basis or authority for his alleged right to participate equally in IPO allocations according to the Exchange's amended articles of incorporation. The petition was dismissed for failure to state a valid cause of action.

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    Makati Stock Exchange vs. Campos G.R No. 138814 J April 16 J 2009

    Uploaded by

    Jefferson Sombillo
    35 views1 page
    Respondent Miguel Campos filed a petition against Makati Stock Exchange and its directors seeking (1) nullification of a resolution depriving him of participating equally in IPO allocations, (2) delivery of the IPO shares he was deprived of, and (3) moral, exemplary and attorney's fees damages. The Supreme Court ruled that Campos has no cause of action, as he failed to establish any basis or authority for his alleged right to participate equally in IPO allocations according to the Exchange's amended articles of incorporation. The petition was dismissed for failure to state a valid cause of action.

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    case digest in ObliCon

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    Makati Stock Exchange vs. Campos G.R No. 138814^J April 16^J 2009

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    Respondent Miguel Campos filed a petition against Makati Stock Exchange and its directors seeking (1) nullification of a resolution depriving him of participating equally in IPO allocations, (2) delivery of the IPO shares he was deprived of, and (3) moral, exemplary and attorney's fees damages. The Supreme Court ruled that Campos has no cause of action, as he failed to establish any basis or authority for his alleged right to participate equally in IPO allocations according to the Exchange's amended articles of incorporation. The petition was dismissed for failure to state a valid cause of action.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    35 views1 page

    Makati Stock Exchange vs. Campos G.R No. 138814 J April 16 J 2009

    Uploaded by

    Jefferson Sombillo
    Respondent Miguel Campos filed a petition against Makati Stock Exchange and its directors seeking (1) nullification of a resolution depriving him of participating equally in IPO allocations, (2) delivery of the IPO shares he was deprived of, and (3) moral, exemplary and attorney's fees damages. The Supreme Court ruled that Campos has no cause of action, as he failed to establish any basis or authority for his alleged right to participate equally in IPO allocations according to the Exchange's amended articles of incorporation. The petition was dismissed for failure to state a valid cause of action.

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    © All Rights Reserved
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    Makati Stock Exchange vs. Campos G.R No.

    138814, April 16, 2009

    Facts:
    Respondent Miguel V. Campos, filed with the Securities, Investigation and Clearing
    Department (SICD) of the Securities and Exchange Commission (SEC), a Petition
    against herein petitioners Makati Stock Exchange, Inc. (MKSE) and MKSE directors, Ma.
    Vivian Yuchengco, Adolfo M. Duarte, Myron C. Papa, Norberto C. Nazareno, George Uy-
    Tioco, Antonio A, Lopa, Ramon B. Arnaiz, Luis J.L. Virata, and Antonio Garcia, Jr.
    Respondent, in said Petition, sought: (1) the nullification of the Resolution dated 3 June
    1993 of the MKSE Board of Directors, which allegedly deprived him of his right to
    participate equally in the allocation of Initial Public Offerings (IPO) of corporations
    registered with MKSE; (2) the delivery of the IPO shares he was allegedly deprived of,
    for which he would pay IPO prices; and (3) the payment of ₱2 million as moral
    damages, ₱1 million as exemplary damages, and ₱500,000.00 as attorney’s fees and
    litigation expenses.
    Issue: WON the complaint ha a valid cause of action.
    Ruling:
    No, the respondent has no cause of action, The Petition in should be dismissed for
    failure to state a cause of action.  Private respondent Campos has failed to establish the
    basis or authority for his alleged right to participate equally in the IPO allocations of the
    Exchange. He cited paragraph 11 of the amended articles of incorporation of the
    Exchange in support of his position but a careful reading of the said provision shows
    nothing therein that would bear out his claim. The provision merely created the position
    of chairman emeritus of the Exchange but it mentioned nothing about conferring upon
    the occupant thereof the right to receive IPO allocations.

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