Power-P has filed a petition with the Central Administrative Court to revoke an order by the Securities and Exchange Commission (SEC) that the company amend its financial statement and arrange a special audit.

In a filing with the Stock Exchange of Thailand (SET) yesterday, the company said its action came after it tried in vain to appeal to the securities watchdog to cancel its instructions.

Power-P has emerged as the first listed company to file a lawsuit against the SEC.

"The company, by the consideration of its board, has seen that it is expedient to file an objection to such an order to the Administrative Court, so that the court would issue an order or a judgement to revoke the order to amend the financial statements and arrange a special audit, in accordance with Section 58 (3) of the Securities and Exchange Act of 1992 and the letter numbered Kor Lor Tor Chor 2469/2549 dated November 8, 2006. At present, this case is under the consideration of the Central Administrative Court," the company said.

Last year, the SEC instructed Power-P to amend its financial statements for the accounting cycle ending December 31, 2004, December 31, 2005, and for the quarter ending June 30, 2006, and ordered a special audit by a public accountant to consider whether the revenues of all items could be recognised as revenues by generally accepted accounting principles.

The SEC said in statement its instructions were made circumspectly under the Securities and Exchange Act and that it was normal SEC practice to let listed companies disclose information completely and correctly for the sake of investors' interests.

Power-P is eligible to petition to the Administrative Court, and the securities watchdog is ready to provide the complete truth to the court.

Earlier, International Enginee-ring (IEC) petitioned the Central Supreme Administrative Court to revoke the SET order banning intra-day and marginal loans on IEC stock. The Central Administrative Court ruled in favour of IEC before the Supreme Administrative Court reversed the ruling.

The SET yesterday requested Natural Park to explain the sequence after Ocean Life Insurance filed an appeal against the verdicts by the Central Bankruptcy Court and the Supreme Court ordering the dismissal of Natural Park's rehabilitation case from the list of the Central Bankruptcy Court by tomorrow.

The SET requires National Park to clarify the main points of the appeal of Ocean Life Insurance, date that the insurer filed an appeal and amount of debt under the appeal.