This case has been cited 2 times or more.
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2012-10-09 |
CARPIO, J. |
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| There is no dispute, and respondents do not claim the contrary, that (1) foreigners own 64.27% of the common shares of PLDT, which class of shares exercises the sole right to vote in the election of directors, and thus foreigners control PLDT; (2) Filipinos own only 35.73% of PLDT's common shares, constituting a minority of the voting stock, and thus Filipinos do not control PLDT; (3) preferred shares, 99.44% owned by Filipinos, have no voting rights; (4) preferred shares earn only 1/70 of the dividends that common shares earn;[50] (5) preferred shares have twice the par value of common shares; and (6) preferred shares constitute 77.85% of the authorized capital stock of PLDT and common shares only 22.15%. | |||||
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2007-12-04 |
VELASCO, JR., J. |
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| PLDT wanted our July 28, 1999 Decision in G.R. No. 127937 clarified. It posited that the SRF should be based on the par value in consonance with our holding in Philippine Long Distance Telephone Company v. Public Service Commission,[7] and that the premiums on issued shares should not be included in the valuation of the outstanding capital stock. Through our November 15, 1999 Resolution in G.R. No. 127937, we elucidated that our July 28, 1999 decision was not in conflict with our ruling in Philippine Long Distance Telephone Company since we never enunciated in the said case that the phrase "capital stock subscribed or paid" must be determined at par value. We reiterated that the term "capital stock subscribed or paid" is the amount that the corporation receives, inclusive of the premiums, if any, in consideration of the original issuance of the shares. | |||||