BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI

Appeal No. 150 of 2012

Date of Decision : 19.07.2012

1. Mohit International
   104, Auto Commerce House,
   Near Kennedy Bridge,
   Nana Chowk,
   Mumbai – 400 007.
2. Nilesh Parmar
   C-703, Alka Bhuvan Chs Ltd.,
   Plot No.: 2, Sainatha Nagar,
   Off Eksar Road,
   Borivali – West.

…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. Manish Chhangani, Advocate with Mr. Shubhadeep Chaudhary, Advocate for the
Appellant.
Ms. Harshada Nagare, Advocate for the Respondent.
CORAM : P.K. Malhotra, Member & Presiding Officer ( Offg.)
S.S.N. Moorthy, Member

Per : P.K. Malhotra (Oral)

This appeal is directed against the ex -parte ad-interim order dated April 23, 2009 in the matter of Pyramid Saimira Theatre Limited. By the said ex-parte ad-interim order the appellant along with a large number of other entities was restrained from buying, selling or dealing in the securities market including in Initial Public Offerings, in any manner, either dire ctly or indirectly till further directions. The said order was treated as a show cause notice and the appellant was asked to file its reply within 30 days. It is the case of the appellant that reply was filed and thereafter a personal hearing was also granted on August 11, 2009. Thereafter there is complete silence on the part of the Board and no order has been passed inspite of repeated reminders sent by the appellant and appellant is unable to trade in the market for the last more than three years under the aforesaid ex-parte ad-interim order.

2.We have heard learned counsel for the parties. Having regard to the role allegedly played by the appellant as disclosed in the impugned order and also taking note of the fact that the appellant has remained out of the securities market for a period of more than three years, we are inclined to stay qua the appellant the
operation of the impugned order. It is made clear that this order is passed without prejudice to the rights of the respondent Board to proceed further in the matter and it shall not be taken as an expression of our opinion on the merits of the case.

3.The appeal stands disposed of accordingly. No costs.

Sd/-
P.K. Malhotra

Member & Presiding Officer ( Offg.)

Sd/-
S.S.N. Moorthy
Member

19.07.2012
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