BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No. 68 of 2012

Date of Decision : 13.09.2012

1. Pan Asia Advisors Limited
   International Corporate Finance Minister House,
   42 Mincing Lane, London,
   United Kingdom.
2. Mr. Arun Panchariya
   Villa No. 29, Street No. 2,
   The Meadows – 6, Emirates Hills Living III,
   Dubai, UAE

…Appellants

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. Navroz Seervai, Senior Advocate with Mr. P.N. Modi, Mr. Vinay Chauhan,
Mr. Anant Upadhyay and Mr. Neville Lashkari, Advocates for the Appellants.
Mr. Shyam Mehta, Senior Advocate w ith Mr. Mobin Shaikh, Advocate for the
Respondent.

CORAM : P.K. Malhotra, Member & Presiding Officer ( Offg.)
S.S.N. Moorthy, Member

Per : P.K. Malhotra (Oral)
This appeal has been filed against the order dated January 17, 2012 passed by
the whole time member of the Securities and Exchange Board of India (the Board)
under section 11 and 11B of the Securities and Exchange Board of India Act, 1992
whereby the ex-parte order dated September 21, 2011 debarring the appellant from
rendering service in connection with securities in the Indian market or to deal with
them in any way was confirmed.

2. This matter is part heard. Learned counsel for the parties have come out with a
   suggestion that in view of the fact that Board has collected some additional material 2
   in the ongoing investigations and will issue a supplementary / fresh show cause notice
   on which the appellants will then submit their reply and a further suggestion has been
   made that the appeal can be disposed of with a direction that this process may be
   completed within a period of six months.
3. In view of the understanding between the parties, the appeal is disposed of
   with a direction to the Board th at the process of issuing a suppl ementary / fresh
   show cause notice may be completed expeditiously and a final order be passed within
   six months from today. We make it clear th at all contentions of the parties in the
   matter shall remain open. No costs. Sd/- P.K. Malhotra Member & Presiding Officer ( Offg.) Sd/- S.S.N. Moorthy Member 13.09.2012
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