Manila Electric Co. yesterday said it will pay ?under protest? the P150,000 fine imposed by the Philippine Stock Exchange for non-disclosure of its dispute with Land Bank of the Philippines involving 42 million shares of the company.

In letter to the PSE, Meralco assistant corporate secretary Anthony Rosete said it did not violate the rules of the PSE, citing that the company is not a party to the dispute between LandBank and the claimant of the shares, Josefina Lubrica.

?Meralco is not, and has not been party to any case, either as a petitioner or defendant, as it is not claiming any right or interest over the 42,002,750 subject shares,? it said.

The company said Meralco did not take sides when it awarded the disputed shares to Lubrica, adding that it was merely complying with the order of the Regional Agrarian Reform Adjudicator pursuant to its demand to comply order.

?Meralco was simply performing with its clerical and ministerial duty of complying with said demand to comply, which was then uncontested and purportedly final, when it canceled the subject shares in the name of LBP,? the company said.

Meralco said penalizing the company for alleged non-disclosure was ?merely an afterthought? on the part of the PSE, who should have brought the same to the attention of the company immediately and prior to the suspension of the trading of its 1.1 billion shares. Alena Mae S. Flores