THE Supreme Court (SC) has ordered Panay Electric Co. to comment on a plea by Razon-led MORE Electric and Power Corp. to stop a Mandaluyong trial court from barring its takeover of Panay Electric’s assets.
In a two-page notice dated Aug. 14 but released only yesterday, the court’s Second Division did not issue the temporary restraining order sought by the plaintiff.
MORE earlier asked the high court to overturn a July 1 decision of the trial court, which voided the company’s franchise in Iloilo because it infringes on Panay Electric’s right to due process and equal protection of the law.
Panay Electric has no obligation to sell and MORE has no right to expropriate its assets, the Mandaluyong court said.
“Any expropriation efforts by Razon’s MORE has been disallowed by the Supreme Court and if they’re truly serious to serve the people of Iloilo, they will do what it takes to invest and do what President Rodrigo R. Duterte has called on all businesses: Build, build, build, and not take, take, take,” the Panay Electric Administrative Manager Marcelo U. Cacho said at a press briefing. — Vann Marlo M. Villegas