Stop NTC from dunning us for arrears, NMI tells court
Stop NTC from dunning us for arrears, NMI tells court
By Darwin G. Amojelar Reporter
NEXT Mobile, Inc. has asked the Court of Appeals to stop the National Telecommunications Commission from collecting arrears from the phone company.
In its filing before the CA, Next said it wants to stop NTC from enforcing its 2005 order, which required the company to pay its supervision and regulatory fees (SRF) amounting to P135.76 million.
The Velarde Group-owned telephone firm said the fees are excessive and will undermine the company’s operation.
The NTC computes the supervision and regulatory fees (SRF) based on the company’s capitalization, in which companies pay 50 centavos for every P100 of paid capital.
The NMI said the regulator committed a mistake when it included in its 2004 and 2005 SRF computation the increase in the company’s paid-in capital, which, NMI said, was a result of the conversion of its liabilities to creditors into stockholder’s equity and, therefore, not part of the capital stock.
“The NTC should not have included in the computation of NMI”s SRF/SUF liabilities for 2004 and 2005 the superficial increase in NMI’s paid-in capital resulting from the latter’s debt-to-equity conversion scheme,” NMI said.
“No actual cash or money was infused into NMI. No actual property or equipment was added to NMI’s inventory which would possibly result in or enable NMI to expand its business, which, in turn, would require the NTC to conduct a more extensive regulation of NMI,” the company added.
NMI had already filed a motion for reconsideration, which NTC had denied.
NMI asked the CA to immediately issue a temporary restraining order and/or a writ of preliminary injunction directing the NTC to maintain the status quo and to cease and desist from collecting the P126 million SRF and P9.67-million spectrum users fee (SUF), respectively.
It also asked the court to order the NTC to issue a new assessment to NMI for SRF/SUF based on the paid-in capital of P339,766,300, excluding the increase in NMI’s paid-in capital
By Darwin G. Amojelar Reporter
NEXT Mobile, Inc. has asked the Court of Appeals to stop the National Telecommunications Commission from collecting arrears from the phone company.
In its filing before the CA, Next said it wants to stop NTC from enforcing its 2005 order, which required the company to pay its supervision and regulatory fees (SRF) amounting to P135.76 million.
The Velarde Group-owned telephone firm said the fees are excessive and will undermine the company’s operation.
The NTC computes the supervision and regulatory fees (SRF) based on the company’s capitalization, in which companies pay 50 centavos for every P100 of paid capital.
The NMI said the regulator committed a mistake when it included in its 2004 and 2005 SRF computation the increase in the company’s paid-in capital, which, NMI said, was a result of the conversion of its liabilities to creditors into stockholder’s equity and, therefore, not part of the capital stock.
“The NTC should not have included in the computation of NMI”s SRF/SUF liabilities for 2004 and 2005 the superficial increase in NMI’s paid-in capital resulting from the latter’s debt-to-equity conversion scheme,” NMI said.
“No actual cash or money was infused into NMI. No actual property or equipment was added to NMI’s inventory which would possibly result in or enable NMI to expand its business, which, in turn, would require the NTC to conduct a more extensive regulation of NMI,” the company added.
NMI had already filed a motion for reconsideration, which NTC had denied.
NMI asked the CA to immediately issue a temporary restraining order and/or a writ of preliminary injunction directing the NTC to maintain the status quo and to cease and desist from collecting the P126 million SRF and P9.67-million spectrum users fee (SUF), respectively.
It also asked the court to order the NTC to issue a new assessment to NMI for SRF/SUF based on the paid-in capital of P339,766,300, excluding the increase in NMI’s paid-in capital
Labels: arrears, next mobile, ntc, srf, supervision regulatory fee
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