G.R. NO. 160358 - LYDIA LAO, WILLIAM CHUA LIAN, JEFFREY ONG AND HENRY SY, VS. PHILIP KING.D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE, the foregoing premises considered, the court finds for the [respondent] and as prayed for, hereby orders as follows: 1) The meetings held by the [petitioners] on 15 August 1998 and all acts performed by them as the alleged officers and Board of Directors of the corporation are declared null and void: 2) The alleged election of [petitioner] Lydia Lao as president and other [petitioners] as members of the Board of Directors of the corporation during the aforementioned meeting, declared null and void; 3) The reduction in the shareholdings of [the respondent] from 1,200 shares to only 500 shares, declared null and void; the shares of the [respondent] should be restored to 1,200 and which number he is entitled to vote; 4) The increase in the number of the shares of Mr. Sy Tian Ting and Dy Siok Bee, declared null and void; 5) The [petitioners] to account for the funds of the corporation disbursed by them during the period they took control; 6) The new elections of the corporate directors and officers should be based on the shareholdings reflected in the Articles of Incorporation modified only by such transfers as may be shown to be valid and legitimate. SO ORDERED.