THE camp of Yanson 4 composed of Roy, Emily, Celina and Ricardo Yanson, Jr., has filed a new case against the group of Vallacar Transit Incorporated (VTI) head Leo Rey Yanson to invalidate the stockholders meeting he called earlier this month.
During the stockholders meeting, both camps elected separate presidents with Celina Yanson-Lopez being elected by the “Yanson 4” while Leo Rey was also reelected for the position.
In a statement issued by lawyer Raul Bito-on, spokesperson of Yanson 4, he said during the December 7 meeting, the meeting held by Leo Rey Yanson had no quorum as the majority shareholders of the company was represented by his clients which has 61.17 percent stake of the company.
Documents from the Securities and Exchange Commission (SEC) in Bacolod also disclosed that as of December 6, only 2.068 million shares had been duly issued of which the Yanson 4 cumulatively own a majority.
Bito-on said the basis for the call of Leo Ray and Ginette Yanson-Dumangcas of their own meeting claimed the issuance of shares that were never authorized for acquisition, violated the By-Laws of VTI 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 (BIR) nor subject for registration in the company’s books.
Meanwhile, he pointed out the Yanson 4’s meeting complied with all requirements of the company’s by-laws and complied with voting requirements under the Revised Corporation Code.
During the meeting, Roy invited the SEC-Bacolod director and her staff to attend the meeting as observers, wherein Celina was formally elected as VTI’s new president.
The presence of SC officials also shows the best way of showing transparency and compliance with the company’s by-laws.
The SEC in Bacolod, meanwhile, clarified that their role in attending the majority stakeholders’ meeting is to observe and made it clear that they were not favoring or passing judgement on that meeting.
They further stated they were invited to attend and that they did so consistent with their functions as regulators.
VTI is the largest subsidiary of the Yanson Group of Bus Companies and is the company behind Ceres Liner and Sugbo Transit.
It has fifteen bases of operations in the cities of Bacolod, Iloilo, Dumaguete, Cebu, Cagayan De Oro, Butuan, Davao, Pagadian, Dipolog, Bohol and Batangas./PR