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MANILA, Philippines – Broadcast giant GMA Network Inc. has formally withdrawn its court challenge against the Securities and Exchange Commission’s (SEC) controversial independent director term limit rules, ending a legal battle that had drawn attention across the corporate sector.
In a disclosure on Thursday, GMA said the Regional Trial Court of Makati City, Branch 138, granted the company’s motion to withdraw its petition questioning SEC Memorandum Circular No. 7, Series of 2026. The order was dated June 2.
READ: Court denies GMA push vs SEC term rule
The petition, filed in March, sought to nullify the SEC circular and asked the court to issue a temporary restraining order, a writ of preliminary injunction and other injunctive remedies against its implementation.
