Retail chain fights SEC ruling in court to survive

The Uniwide Group is challenging before the Court of Appeals (CA) what it calls an “oppressive” decision by the Securities and Exchange Commission (SEC) to dissolve the once-dominant retail chain under its receivership and then dispose off its remaining assets.

In a Motion for Extension of Time to File Petition for Review, the six petitioner-companies of the Uniwide Group asked for more time to respond before the Court this July to the month-old en banc order of SEC to dissolve them.