GMA Network Inc. will have its day in court later this month as it pursues a case against a Securities and Exchange Commission (SEC) term limit directive after failing to secure a temporary restraining order.
In a disclosure on Monday, GMA said that Regional Trial Court-Makati City Branch 138 had set an April 16 hearing on the company’s application for a writ of preliminary injunction, where both parties are expected to present their respective witnesses.
The court earlier denied its application for a 20-day restraining order against the SEC ruling, citing lack of urgency. It noted that GMA’s board had already approved the postponement of its 2026 annual stockholders’ meeting from May 20 to Dec. 9, weakening the basis for immediate injunctive relief.
The SEC, through the Office of the Solicitor General, also served its opposition to GMA’s application for injunctive relief during the March 30 hearing.
GMA filed a petition for certiorari on March 26 seeking to nullify SEC Memorandum Circular 7, Series of 2026 that imposed term limits on independent directors. The circular capped the cumulative term of independent directors in the same company at nine years, counted from 2012.
GMA argued that the circular was issued with “grave abuse of discretion” and was “violative” of Sections 1 and 22 of Article III of the 1987 Constitution.
The company claimed that the circular effectively compelled it to replace two incumbent independent directors without sufficient time for a thorough vetting process.
GMA noted that while its board had already approved the postponement of its annual stockholders’ meeting to December, it had yet to secure the SEC’s approval for the rescheduling of said meeting, as required under the assailed circular.
GMA shares slipped P0.02, or 0.35 percent, to close at P5.69 each on Monday amid a 0.84 percent decline for the benchmark Philippine Stock Exchange index.
