The real estate major had appealed against a Securities and Exchange Board of India (Sebi) order which barred the company and key officials from the market for three years. The ban was on account of disclosure violations related to its 2007 initial public offer (IPO).

The tribunal heard arguments by counsel for Sebi. Counsel for DLF answered queries the tribunal had previously sought clarification on, beside making its arguments against the Sebi order.

Janak Dwarkadas, senior advocate and counsel for DLF, was countering the regulator’s earlier claim that the action had been taken after receiving multiple complaints against the company. SAT adjourned hearing of the appeal to Tuesday.

The tribunal has also called for correspondence involving DLF's merchant bankers, auditors and Sebi. The hearing is set to continue on Tuesday.

The company's counsel on Friday pleaded before the tribunal that the market regulator's order be set aside.

Admitting that the pages were missing, Chief Secretary PK Gupta said an internal inquiry has been instituted in the matter and efforts are on to reconstruct the file

The appeal is set to continue in the afternoon. The tribunal hears appeals against decisions of the stock market regulator.

The company was reacting to the Decemeber 8 Kerala High Court order directing it to demolish certain portions of its apartment complex, constructed on the banks of Chilavanoor backwaters in Kochi in violation of Coastal Regulation Zone (CRZ) norms.

The court also ordered to immediately stop any further construction of the apartment complex, which has several huge towers.

These proceedings are on under the Sebi Act sections pertaining to penalty for fraudulent and unfair trade practices (FUTP) and where there is no provision of a separate penalty.