Any guesses about what is taking place here?

I know exactly what happened .. that's me in the green hat ... Where did you get this?

Their about to cast a vote as to whether to stay here or move on.

Um...she's telling them to follow the yellow brick road. 

I'm just wondering where her other hand is...

She is telling her boyfriend, in the brown jacket, that  since he would not wear a costume to her costume party..... they are over.

Hi Veena K~  The first thing that came to my mind was a famous ballet I see every year at Christmas time.  Are you familiar with the "The Nutcracker?" 
Well, this might be the naughtier version of this ballet. 
The opening scene is "Claire" receiving gifts and one of the gifts she receives is a Nutcracker from the Magician who comes to her party.  This resembles the scene where her sneaky little brother has already stolen the handsome "Nutcracker" and she is looking for it and asking where it may have gone.  
The costumes are different than the version I see with my parents and family; but, it does remind me of that scene. It is a great ballet.  If you have an opportunity, try and see it. :)