BACOLOD City – The Yanson majority shareholders of Vallacar Transit, Inc. hauled to the Regional Trial Court here three shareholders for convening a meeting on Dec. 7.
According to Yanson plaintiffs Roy, Susan, Emily, Ricardo Yanson Jr. and Ma. Lourdes Celina and Juan Manuel Lopez, respondents Leo Rey Yanson, Charles and Ginette Dumancas are minority shareholders who conducted a meeting which had no quorum.
The plaintiffs also insisted they held 61.17 percent of Vallacar’s duly issued stocks.
Documents from the Securities and Exchange Commission (SEC) Bacolod Extension Office showed that as of Dec. 6, 2019 only 2.068 million shares had been duly issued of which Roy, Emily, Celina, and Ricardo Jr. cumulatively own a majority.
“The basis for the call of their own meeting claimed the issuance of shares that were never authorized for acquisition, violated the By-Laws of the company and the Corporation Code for not complying with rights of existing shareholders to buy unissued shares first, and no taxes on those transfers were paid to the Bureau of Internal Revenue nor subject for registration in the company’s books,” read part of a statement from the Yanson majority shareholders.
The majority shareholders themselves held a meeting also on Dec. 7. They insisted that theirs had a quorum, transparent and was attended by representatives from SEC.
“The best way of showing transparency and compliance with our By-Laws and requirements of existing law, is for the SEC to attend and watch how we comply with both,” said new company president Celina Yanson Lopez.
Vallacar Transit is the largest bus company in the country./PN
