Correct. No pitch means anything that happens after No Pitch was called did not happen. The ball goes back to the pitcher. The pitcher may pitch the ball once the umpire lowers his arm and puts the ball back into play.
I know the answer, but this came up during a game last night.
Batter hits long foul ball that the right fielder attempts to catch in foul territory, but in doing so the ball pops out of the glove and lands in fair territory. What is the call?
:)