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Ang
GR 178511
December 4, 2008
Facts: Vibelle Manufacturing Corporation (VMC) and Genato
Investments, Inc. (Genato) are family-owned corporations, where
petitioners Flordeliza C. Ang-Abaya, Jason A. Ang, Vincent G.
Genato, Hanna A. Ang and private respondent Eduardo G. Ang
are shareholders, officers and members of the board of
directors.
Prior to the controversy, the family corporations filed a civil case
for damages with prayer for issuance of a temporary restraining
order (TRO) and/or writ of preliminary injunction against herein
respondent Eduardo for allegedly conniving to fraudulently wrest
control/management of the corporations; that he interfered with
and disrupted the daily business operations of the corporations.
During the pendency of Civil Case, Eduardo sought permission to
inspect the corporate books on account of petitioners alleged
failure and/or refusal to update him on the financial and business
activities of these family corporations.
Petitioners denied the request claiming that Eduardo would use
the information obtained from said inspection for purposes
inimical to the corporations interests, considering the acts he
committed as stated in the complaint for damages.
Because of petitioners refusal, Eduardo filed a complaint,
charging petitioners with violation of Section 74, in relation to
Section 144, of the Corporation Code of the Philippines.
Petitioners prayed for the dismissal of the complaint for lack of
factual and legal basis. They denied violating Section 74 of
the Corporation Code and reiterated the allegations
contained in their complaint in Civil Case. Petitioners blamed
Eduardos lavish lifestyle, which is funded by personal loans and
cash advances from the family corporations. They alleged that
Eduardo consistently pressured petitioner Flordeliza, his daughter,