BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI

       Appeal No. 163 of 2011 
      And  
 Misc. Application No.86 of 2011 

 Date of decision : 14.10.2011 

M/s. Alka Diamond Industries Limited
626, Panchratna, M.P. Road,
Opera House,
Mumbai – 400 004. …… Appellant

Versus

Securities and Exchange Board of India
SEBI Bhavan, Plot No.C-4A, ‘G’ Block,
Bandra Kurla Complex, Bandra (East),
Mumbai. …… Respondent
Mr. Biren Saraf, Advocate with Ms. Akshaya Bhansali and Mr. Manish Chhangani,
Advocates for the Appellant.
Ms. Daya Gupta, Advocate with Ms. Harshada Nagare Advocate for the Respondent.
Coram : Justice N.K. Sodhi, Presiding Officer
P. K. Malhotra, Member
S.S.N. Moorthy, Member
Per : Justice N.K. Sodhi, Presiding Officer (Oral)
This appeal is directed against the order dated December 9, 2009 passed by the
whole time member of the Securities and Exchange Board of India (for short the Board)
confirming the ex-parte ad-interim order da ted April 23, 2009 in the matter of Pyramid
Saimira Theatre Limited. The ex-parte orde r was passed restraining the appellant and
others from accessing the capital market pending investigations. We are informed that
the investigations have conc luded and that the Board will now take further steps in
accordance with law.

2. We have heard the learned counsel fo r the parties for some time and having
   regard to the role allegedly played by th e appellant as disclosed in the impugned order
   and also taking note of the fact that the a ppellant has remained out of the securities
   market for a considerable period of time, we are inclined to stay qua the appellant the
   operation of the impugned order by which the ex-parte order has been confirmed 2
   against it. We order accordingly. It is made clear that the order that we have passed
   shall be without prejudice to the rights of the respondent Board to proceed further in the
   matter and shall not be taken as an expression of our opinion on the merits of the case.
   The rights and contentions of both sides shall remain open. The appeal stands disposed
   of accordingly. No costs. Sd/- Justice N. K. Sodhi Presiding Officer Sd/- P. K. Malhotra Member Sd/- S.S.N. Moorthy Member 14.10.2011
   Prepared & compared by-ddg

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