New Delhi, June 14 -- The Securities and Exchange Board of India (SEBI) has moved the Supreme Court partially challenging a Securities Appellate Tribunal (SAT) order granting relief to four managers and the company secretary of Sahara India Commercial Corporation Ltd (SICCL).

A vacation bench of Chief Justice Surya Kant and Justice V Mohana is scheduled to hear the plea of SEBI on June 18.

On March 9, the SAT upheld regulatory action by the SEBI against SICCL and dismissed appeals filed by the company and its directors in connection with the alleged illegal issuance of optionally fully convertible debentures (OFCDs).

The three-member SAT bench had ruled that the OFCDs issued by SICCL between 1998 and 2008 constituted a public offer, br...