BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI

            Appeal No. 51 of 2012 

    Date of decision: 4.4.2012     

Prachi Gems
325, Amrit Diamond House,
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 (E)
Mumbai- 400 051

                                …… Respondent 

Mr. Ankit Lohia, Advocate with Mr. Manish Chhangani, Advocate for the Appellant.
Mr. Kumar Desai, Advocate with Ms. Da ya Gupta and Ms. Harshada Nagare,
Advocates for the Respondent.
CORAM : P.K. Malhotra, Member
S.S.N. Moorthy, Member
Per : P.K. Malhotra, Member (Oral)
This appeal is directed against the ex-parte ad -interim order dated
April 23, 2009 in the matter of Pyramid Saimira Theatre Limited. It is the grievance of
the appellant that inspite of personal hear ing having been grante d and reply filed, the
Board has neither passed any order nor vacated the ex-parte ad-interim order.

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 considerably long period, we ar e inclined to stay, qua the appellant, the
   operation of the impugned order. It is made cl ear that the order that we have passed 2
   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 appeal stands disposed of accordingly. No costs. Sd/- P.K.Malhotra Member

Sd/-
S.S.N. Moorthy
Member
4.4.2012
Prepared & Compared By: Pk