"Considering the blatant and egregious failure of the company to comply with the directives of the Commission, the registration statement and permit to sell securities of Greensquare are revoked in accordance with Rules 54 and 13.1 of the Securities Regulation Code," the SEC said in an order.
In the same order, the SEC directed Greensquare to pay the original assessed penalty of P6.04 million within 30 days from receipt of the order.
The SEC earlier agreed to reduce the penalty to P2 million on the condition that Greensquare would settle fines within five days from Jan. 24.
Greensquare had sought a reduction in the fine imposed by the SEC in lieu of its plan to revive its planned initial public offering (IPO).
But despite notices given by the SEC, Greensquare neither submitted its amended prospectus and required reports nor settled the total reduced penalty of P2 million.
An SEC official said the failure of Greensquare to immediately pay the imposed fines shall result in the cancellation of its certificate of incorporation.
In 1994, Greensquare filed with both the then Makati and Manila Stock Exchanges a registration statement covering the sale of one billion class B common shares.
Greensquare, together with sister company Green Circle, has withdrawn its offer to donate a 3,000-hectare property to pre-used firm College Assurance Plan Phils. Inc. due to the latter’s failure to renew its dealership license with the SEC.