BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI

 Appeal No. 124 of 2012 
 Date of decision: 21.06.2012   

Nakshatra Business Pvt. Ltd.
(Previously known as Hema Trading Company Pvt. Ltd.)
233, Panchratna, 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 – 400 051. … Respondent
Mr. Ankit Lohia, Advocate for the Appellant.
Mr. Kumar Desai, Advocate with Ms. Harshada Nagare, Advocate for the Respondent.
Coram : P. K. Malhotra, Member & Officiating Presiding Officer
S.S.N. Moorthy, Member
Per : P. K. Malhotra (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 2
   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
   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 expressi on 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/-
   P. K. Malhotra
   Member &
   Presiding Officer ( Offg.) Sd/- S.S.N. Moorthy Member 21.06.2012
   Prepared & compared by-ddg