SC junks GSIS petition on Meralco proxies row

BAGUIO CITY–The Supreme Court’s (SC) Second Division on Friday junked a petition of the Government Service Insurance System (GSIS) seeking to uphold a Securities and Exchange Commission (SEC) cease and desist order (CDO) involving the solicitations of proxies in the annual stockholders’ meeting of Manila Electric Company (Meralco) last year.

In the decision penned by SC Associate Justice Dante Tinga, the court ruled that it is the regional trial court and not SEC that has jurisdiction over the question proferred by GSIS involving the solicitation of proxies in the Meralco stockholders meeting.

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