<\/p>\n
GMA NETWORK, Inc. said a Makati court has allowed it to withdraw its lawsuit difficult a Securities and Exchange Commission (SEC) ruling that imposes a nine-year term limit on independent directors of publicly listed corporations.<\/p>\n
In a disclosure on Thursday, the listed media company said Makati Regional Trial Court Branch 138 approved its motion to withdraw the lawsuit, which had also sought a short lived restraining order against the SEC order.<\/p>\n
The court earlier dismissed GMA\u2019s plea for a restraining order, ruling that the corporate had failed to indicate sufficient evidence of actual or imminent harm from the regulation.<\/p>\n
It also said the broadcaster wouldn’t suffer irreparable injury, noting that its independent directors may proceed serving until the following annual stockholders\u2019 meeting.<\/p>\n
The SEC rule, issued under Memorandum Circular No. 7 signed by SEC Chairman Francisco Ed. Lim, limits independent directors of listed corporations to a maximum cumulative term of nine years in the identical company. The policy took effect on Feb. 1 and applies retroactively to service ranging from 2012.<\/p>\n
GMA had argued against the appliance of the rule but has now opted to discontinue its legal challenge. The corporate had also sought SEC approval to maneuver its annual stockholders\u2019 meeting to December from May, but this request was denied.<\/p>\n
GMA shares slipped 1.2% to shut at P4.94 each on the Philippine Stock Exchange. \u2014 AEOJ<\/b><\/p>\n<\/p><\/div>\n
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