CA junks Omico bid for TRO

The Court of Appeals has junked Omico Corp.’s petition for the issuance of a temporary restraining order and/or writ of preliminary injunction against the Securities and Exchange Commission from interfering with the intra-corporate dispute involving the listed mining firm.

In denying the petition, the Appellate Court said: “it does not appear that great or irreparable injury would result to the petitioners before the matter can be heard.”

According to the CA, Omico failed to establish the following requisites for preliminary injunctive relief: invasion of the right sought to be protected is material and substantial, the right of the complainant is clear and unmistakable and there is an urgent and paramount necessity for the writ to prevent serious damage.

The CA directed Astra Securities Corp., the other respondent to the case, to submit its comment within 10 days from notice of the order.

The CA order was in response to Omico’s plea, questioning SEC’s issuance of a cease-and-desist order last Oct. 31 against the company.

Omico said the SEC’s CDO was a “blatant contravention” of Republic Act 8799 and that the matter is an intra-corporate dispute that falls squarely within the jurisdiction of the regular courts.

Astra Securities, headed by Philippine Stock Exchange director William Ang, earlier asked the SEC to cite Omico directors in contempt for defying the corporate watchdog’s CDO.

Astra Securities likewise asked the SEC to impose the proper administrative sanctions and institute criminal proceedings against the respondents.

The CDO issued by the SEC enjoined Omico from accepting and including the objected proxies in determining a quorum and electing directors in its Nov. 3 annual meeting.