India, June 19 -- The Supreme Court on Thursday agreed to hear a plea by the Securities and Exchange Board of India (SEBI) challenging a part of the Securities Appellate Tribunal order granting relief to four managers and the company secretary of Sahara India Commercial Corporation Ltd (SICCL).

A bench of Chief Justice Surya Kant and Justice V Mohana tagged the matter with the pending petitions on the issue and listed it in the month of July.

On March 9, the tribunal 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...